<SEC-DOCUMENT>0001292814-20-000674.txt : 20200309
<SEC-HEADER>0001292814-20-000674.hdr.sgml : 20200309
<ACCEPTANCE-DATETIME>20200309164753
ACCESSION NUMBER:		0001292814-20-000674
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200309
DATE AS OF CHANGE:		20200309

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33422
		FILM NUMBER:		20698537

	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>6-K
<SEQUENCE>1
<FILENAME>edn20200309_6k1.htm
<DESCRIPTION>EDN20200309_6K1
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"><BR>UNITED STATES</FONT></P>

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<P style="BACKGROUND: white; 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">SECURITIES AND EXCHANGE COMMISSION</FONT></P>

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<P style="BACKGROUND: white; 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">FORM 6-K</FONT></P>

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<P style="BACKGROUND: white; 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">REPORT OF FOREIGN PRIVATE ISSUER</FONT></P>

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<P style="BACKGROUND: white; 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">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</FONT></P>

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<P style="BACKGROUND: white; 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">THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

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<P style="BACKGROUND: white; 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">For the month of&nbsp;<FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">March</FONT></FONT>, 2020</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR)</FONT></P>

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<P style="BACKGROUND: white; 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">(DISTRIBUTION AND MARKETING COMPANY OF THE NORTH )</FONT></P>

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<P style="BACKGROUND: white; 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">(Translation of Registrant's Name Into English)</FONT></P>

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<P style="BACKGROUND: white; 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">Argentina</FONT></P>

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<P style="BACKGROUND: white; 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">(Jurisdiction of incorporation or organization)</FONT></P>

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<P style="BACKGROUND: white; 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">Av. del Libertador 6363,</FONT></P>

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<P style="BACKGROUND: white; 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">12th Floor,</FONT></P>

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<P style="BACKGROUND: white; 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">City of Buenos Aires (A1428ARG),</FONT></P>

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<P style="BACKGROUND: white; 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">Tel: 54-11-4346-5000</FONT></P>

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<P style="BACKGROUND: white; 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">(Address of principal executive offices)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Form 20-F&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;X&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)</FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Yes&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;&nbsp;No&nbsp;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">&nbsp;X&nbsp;&nbsp;</FONT></U></P>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-</FONT><U><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;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">.)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=verdana,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>MINUTES No. 205.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif> In the City of Buenos Aires, on the 5<SUP>th</SUP> day of the month of March of 2020, the undersigned members of the Audit Committee, Directors Gustavo J. Capatti, Chairman of the Audit Committee, and Carlos Iglesias, meet at the 11<SUP>th</SUP> floor of the main administrative offices of EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE SOCIEDAD AN&#211;NIMA (EDENOR S.A.), located at 6363 Libertador Ave. At 9.00 a.m., the legally and statutorily required quorum being present, Mr. Gustavo J. Capatti, Chairman of the Audit Committee, calls the meeting to order to deal with the ONLY ITEM of the Agenda: </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-TRANSFORM: uppercase" face=verdana,sans-serif>THE AUDIT COMMITTEE&#8217;s aNnual REPORT For THE YEAR ENDED DECEMBER 31, 2019:</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>Mr. Capatti recaps on the work performed by the Committee in relation to fiscal year 2019. Immediately afterwards, Mr. Capatti informs that taking into account the issues for which the Committee is responsible and the work performed, he has prepared a proposed Audit Committee&#8217;s Annual Report relating to fiscal year 2019, which he distributed in advance to the other Committee members, and proposes that such proposed report be considered. Upon consideration and discussion, Mr. Iglesias proposes that said proposed report as well as the actions taken by the Committee during fiscal year 2019 be approved. The motion is unanimously approved. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>Mr. Iglesias then proposes that the signing of the report be delegated to the Chairman and that the Secretariat be entrusted with the duty to inform about it at the next Board of Directors&#8217; meeting. The proposal is unanimously approved. The pertinent report is included as an appendix to these minutes. There being no further issues to discuss, the meeting is adjourned at 9.45 a.m.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,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;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>Appendix </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>AUDIT COMMITTEE&#8217;S REPORT </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>FOR THE YEAR ENDED DECEMBER 31, 2019</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Buenos Aires, March 5, 2020</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>To the Directors and Shareholders of </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 10pt" face=verdana,sans-serif>EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=ES style="FONT-SIZE: 10pt" face=verdana,sans-serif>NORTE S.A. (EDENOR S.A.)</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>6363 Av. Del Libertador Avenue, 11<SUP>th</SUP> floor</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In our capacity as members of the Audit Committee of Empresa Distribuidora y Comercializadora Norte S.A. (&#8220;EDENOR S.A.&#8221; or &#8220;the Company&#8221;), and as required by the National Securities Commission (hereinafter &#8220;CNV&#8221;), we submit the following report on the treatment given by the Committee to those issues for which it is responsible, related to the fiscal year ended December 31, 2019 (hereinafter &#8220;the fiscal year&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>I.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>DUTIES AND RESPONSIBILITIES OF THE AUDIT COMMITTEE</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>A brief summary of the main duties and responsibilities of the Audit Committee is included below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=tahoma,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As regards reporting, internal control and risk management:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=tahoma,sans-serif>A.</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=verdana,sans-serif>To oversee the external audit, assess its independence, plans and performance, expressing an opinion thereon in the annual report and informing about the fees of the external audit and other services rendered by the auditing firm, as well as those of other firms for auditing, accounting, IT, internal control, and financial and administrative advisory services, as well as those for courses delivered in connection with these issues, and, if applicable, to issue an opinion on:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 63.8pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>1.</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=verdana,sans-serif>The Board of Directors&#8217; proposal to appoint or remove the external auditors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 63.8pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=verdana,sans-serif>2.</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=verdana,sans-serif>The requests for special audits made by non-controlling shareholders (there has been none in the fiscal year).</FONT></P></DIV>

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<p style="margin:0in;margin-bottom:6.0pt;margin-left:63.8pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">B.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To assess the internal
audit function&#8217;s plans and performance, expressing an opinion thereon in the
annual report. </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">C.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To oversee internal control
and, as part of it, the operation and reliability of the administrative and
accounting system.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">D.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To monitor implementation
of the Company&#8217;s information policies on risk management.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">E.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To assess compliance with
the rules of conduct applicable in the Company.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">F.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To monitor the operation
of a channel for reporting concerns about accounting, internal control and
auditing matters.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">G.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To monitor the
reliability of the financial information and information on relevant events filed
with the CNV and with the securities markets.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:14.2pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-14.2pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:14.0pt;">-</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">Other duties:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">H.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To express an opinion on
the agreements entered into with related parties for amounts in excess of 1% of
the Company&#8217;s Equity, in accordance with the most recently approved statement
of financial position submitted for the Committee&#8217;s consideration by the Board
of Directors or one of its members, in relation to whether they conform to
market conditions.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">I.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To issue an opinion on
any case of conflict of interest, providing the market with complete
information thereon.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">J.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To express an opinion on
the reasonableness of the proposals made by the Board of Directors in
connection with fees and stock option plans for directors and managers.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">K.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To inform on the Board of
Directors&#8217; resolution required in the case of other purchases of the Company&#8217;s
own shares (in addition to those indicated in B).</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">L.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To prepare, on an annual
basis, an action plan for the fiscal year and report it to both the Board of Directors
and the Supervisory Committee.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">M.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To analyze, on an annual
basis, the adequacy of the Committee&#8217;s Regulations and to inform any proposed
changes to the Board of Directors for their review and approval. </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">N.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To provide each and every
report, opinion or pronouncement required by current regulations.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">O.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To express an opinion on the
compliance with legal requirements and on the reasonableness of the terms and conditions
of issue, in the case of an issue of shares or convertible securities that
excludes or restricts preemptive rights (there has been none in the fiscal year).</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">P.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To express an opinion on
the public tender offer of shares under voluntary delisting (there has been
none in the fiscal year). </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:35.45pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-17.85pt;"><font face=tahoma,sans-serif lang=EN-US style="font-size:11.0pt;">Q.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">To consider any other
issue delegated to it by the Board of Directors, as well as to fulfill any
other duty imposed on it by the Law (there has been none in the fiscal year).</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">The following section
deals with the aforementioned duties and responsibilities applicable during the
fiscal year. Nevertheless, for the sake of their understanding, we suggest reading
the pertinent provisions (Law No. 26,831, Sections 64, 72, 73, 98, 108 and 110,
CNV&#8217;s Regulations, Title II, Chapter III, Part V, Section 18) and the Regulations
of the Company&#8217;s Audit Committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:28.35pt;text-align:justify;text-indent:-28.35pt;"><b><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">II.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><u><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">TREATMENT GIVEN BY THE
AUDIT COMMITTEE TO THE ISSUES ABOVE </font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">On February 26, 2019 the
Committee approved its work plan for fiscal year 2019.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">We summarize below the
treatment given by the Audit Committee to the issues under the scope of its
responsibility, as described in the preceding section, except for those issues indicated
in I.A.2, I.O., I.P. and I.Q., as they are not applicable. In such regard, we
describe the main tasks performed and the conclusions in relation to each of
those issues.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:17.0pt;text-align:justify;text-indent:-.25in;"><b><font face=tahoma,sans-serif lang=EN-US style="font-size:10.0pt;">A.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font></b><b><u><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">External Audit</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">On March 8, 2019, the
Board of Directors proposed that Price Waterhouse &amp; Co. S.R.L. be appointed
as the Company&#8217;s external auditors for the fiscal year, with Mr. Sergio Cravero
as the regular auditor and Messrs. Fernando Rodr&#237;guez and Ezequiel Miraz&#243;n as the
alternate auditors, all of them partners of said professional firm.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">On April 1, 2019, the
Audit Committee rendered a favorable opinion on the aforementioned Board of
Directors&#8217; proposal.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><font face=verdana,sans-serif lang=EN-US style="font-size:10.0pt;">On April 24, 2019, the
Shareholders&#8217; Meeting appointed the auditors as proposed by the Board of
Directors.</font></p>


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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>For the purposes of assessing whether the quality of the work performed by the external audit provides a satisfactory level of assurance on the documents subject to its examination, we have analyzed the following issues, to the extent they relate to such purpose:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 17pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,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: 10pt" face=verdana,sans-serif>The background information of the external auditing firm and particularly the personal and professional data of the regular and alternate auditors with regard to their qualifications and independence, including, but not limited to, the following tasks:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>a.</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=verdana,sans-serif>Reading of the sworn statements required under section 104 of Law No. 26,831.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>b.</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=verdana,sans-serif>Analysis of the auditors&#8217; quality control and independence policies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>c.</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=verdana,sans-serif>Gathering of information on their training, experience, working methods, working team and clients.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>d.</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=verdana,sans-serif>Obtaining of a statement by the auditors about their independence.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>e.</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=verdana,sans-serif>Discussion of the issues above with the Company&#8217;s officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 17pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The development of auditing tasks basically through meetings with the auditors at which the following issues, among others, were analyzed and assessed:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>a.</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=verdana,sans-serif>Implementation of the relevant policies and application of working methods. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>b.</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=verdana,sans-serif>General planning of tasks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>c.</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=verdana,sans-serif>Tasks performed in key areas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>d.</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=verdana,sans-serif>Main written communications between the auditors and the Company&#8217;s officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>e.</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=verdana,sans-serif>Outcome of the most important works and relevant conclusions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><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=verdana,sans-serif>f.</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=verdana,sans-serif>Criteria applied in relation to key accounting and auditing matters.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 17pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The reports issued by the auditors as a result of their work, including, among others, the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>a.</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=verdana,sans-serif>The audit reports on the financial statements as of December 31, 2019 and on the review of the relevant Informative Summary and supplementary information requested by the CNV.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 44.5pt; TEXT-INDENT: -44.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>b.</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=verdana,sans-serif>The limited review reports on the condensed interim financial statements as of March 31, June 30, and September 30, 2019 and on the review of the respective Informative Summaries and supplementary information requested by the CNV.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 17pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The services rendered by the external auditors for a total invoicing amount in the fiscal year of ARS $ 15,133,484 as auditing services and other services intended to build trust in third parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In accordance with the provisions of the Audit Committee&#8217;s Internal Regulations, it is our responsibility to also inform about the fees for the services rendered by other professionals in the fiscal year in connection with auditing, accounting, IT, internal control and financial and administrative advisory issues, as well as those related to courses delivered on those issues. In this regard, we inform on the pertinent fees for fiscal year 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>SERVICES RENDERED</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" face=verdana,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>AMOUNT</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>(IN ARGENTINE PESOS)</FONT></B></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 5pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 5pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 5pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Internal Audit and Internal Control</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>4,018,179</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="73%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>IT Consulting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>327,311</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Accounting Advisory</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>90,000</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Tax Advisory</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" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>1,830,290</FONT></P></TD></TR>

<TR style="HEIGHT: 14.65pt">

   <TD style="HEIGHT: 14.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="73%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Financial and Administrative Advisory</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>8,779,577</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&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" face=verdana,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>15,045,357</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As a result of the work performed, as previously described and for the above-mentioned purposes, no significant issue has come to our attention that we should mention in relation to the external auditors appointed by the Shareholders&#8217; Meeting for the fiscal year, concerning their engagement, independence, qualifications, performance, reports and the services requested of them by the Company in said fiscal year. Based on the foregoing, in our opinion the external audit planning and development in the fiscal year were satisfactory as regards their purposes to offer a proper level of assurance on the audited information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>B.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Internal Audit</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The Internal Audit is an independent and objective assurance and consulting activity that adds value and improves the Company&#8217;s operations. To that end, it helps accomplish the Company objectives by building a systematic, disciplined approach to assess and improve the effectiveness of risk management, control and governance processes. The Internal Audit Department&#8217;s objective consists of ascertaining if the risk management scheme and corporate </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>governance and control processes designed and performed by management are appropriate and effectively work to ensure that:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>risks are properly identified and managed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>interaction among the different groups across corporate governance is appropriate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>critical information (whether on finance, management or operations) is complete, accurate, reliable and provided on a timely basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>actions taken by employees are in line with applicable polices, rules, procedures, laws and regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>resources are economically acquired, efficiently used and properly protected.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>f)</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=verdana,sans-serif>goals set are achieved and the approved plans and programs are implemented.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>g)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>quality and continuous improvement are developed in the organization&#8217;s processes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Our work in connection with the internal audit does not cover those matters related to the efficiency and effectiveness of operations as we believe that they fall outside the scope of our responsibility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>For the purposes of assessing whether the Internal Audit Department properly complied with its relevant responsibilities, we have performed the following tasks:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 28.35pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Review of the following elements, to the extend they are related to the aforementioned purpose:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>a.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Mission, responsibilities and work methodology of the Internal Audit Department in line with its Internal Audit General Regulation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>b.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Organizational and reporting structures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>c.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Its staff&#8217;s key skills.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 63.8pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>d.</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=verdana,sans-serif>Annual work plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 28.35pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Holding of regular meetings with the Internal Audit Department to follow up the full implementation of the audit plan and analyze the results of the works performed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As a result of our work, performed for the purposes and with the scope mentioned above, no relevant issue has come to our attention that we should mention in relation to the organization, independence, oversight and performance of the tasks carried out during the fiscal year, or to the communication of their results. Based on the foregoing, in our opinion the planning and development of the internal audit work performed by said Department during the fiscal year were appropriate in relation to their aforementioned objectives, except that we express no opinion on the work performed in relation to the efficiency and effectiveness of operations as they fall outside the scope of our responsibility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>C.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Internal Control</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Internal control is a process carried out by the Board of Directors, Management and the rest of the Company's staff designed to provide reasonable assurance in the achievement and fulfillment of the objectives: (i) operational objectives: they refer to the effectiveness and efficiency of operations, including operational and financial performance goals, as well as the safeguarding of assets, (ii) reporting objectives: they refer to internal and external financial and non-financial information covering reliability, timeliness, transparency and other regulatory, regulatory or established aspects of the Company's policies, and (iii) compliance objectives: they are linked to compliance with the laws and regulations to which the Company is subject. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Our work in connection with internal control did not cover those matters related to the efficiency and effectiveness of operations, as we believe that they fall outside the scope of our responsibility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In order to assess the extent to which the Company&#8217;s internal control in general, and its administrative and accounting system in particular (that is a part thereof) properly fulfills the aforementioned purposes, to which we have limited the scope of our work, we have performed the following tasks:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=verdana,sans-serif>1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=verdana,sans-serif>Discussion of matters related to the Company&#8217;s internal control and its administrative and accounting system with the Company&#8217;s key officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Consideration of the tasks mentioned in caption B above. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Analysis of the work performed by the External Audit in that regard and its results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Analysis of the tasks performed by the Company in compliance with the applicable provisions of the Sarbanes-Oxley Act:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Due to the fact that the Company is subject to complying with the provisions of the Sarbanes-Oxley Act, it must perform all the tasks required to certify the internal control as prescribed by said Act.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The Audit Committee has become aware of the tasks already performed and has analyzed their results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As a result of the work performed, for the purposes and with the scope previously described, we have not become aware of any relevant issue particularly in relation to the Company&#8217;s internal control and its administrative and accounting system, that has not been properly dealt with by the Company during the fiscal year, limiting this conclusion to the internal control aspects related to the protection of the Company&#8217;s assets, the compliance with applicable regulations, and the reliability and appropriate disclosure of accounting and financial information and information on relevant events. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>D.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Risk management</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The Committee&#8217;s responsibilities in relation to risk management consist of monitoring the implementation of the Company&#8217;s information policies on risk management. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>For the purposes of assessing the Company&#8217;s implementation of information policies on risk management, we have performed the following tasks:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Reading of the Company&#8217;s regulation on Risk Management. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 32.2pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Consideration of the work performed by the Company until the date hereof in that regard and its results. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 28.35pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Evaluation of the extent to which identified and assessed risks, if applicable, were properly informed in accordance with the applicable legal, regulatory, professional (on accounting issues) and the Company&#8217;s own regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As a result of the work performed, as previously described and for the above-mentioned purposes, we have not become aware of any issue that could imply a deviation from the implementation of the Company&#8217;s information policies on risk management, or from the legal, regulatory and the accounting profession&#8217;s regulations on risk information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>E.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Rules of conduct </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In relation to our responsibility to assess compliance with the applicable rules of conduct, our work was focused, as regards the members of the Company&#8217;s managing board and other officers of the accounting and financial areas, on matters related to the integrity, transparency, reliability and appropriate disclosure of financial information and information on relevant events, and the proper use and protection of the Company&#8217;s assets. In this regard, we have considered the legal, regulatory and the Company&#8217;s own rules and regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Our work was limited to those matters of which we became aware either in our capacity as Directors of the Company, or through both the work performed in relation to other matters that fall within the scope of the Committee&#8217;s responsibility (particularly those mentioned in captions B and C) and the tasks mentioned below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>1.</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=verdana,sans-serif>Review of the main rules established by the Company, including the Code of Ethics and other related regulations and policies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Consideration of the Supervisory Committee&#8217;s reports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Discussion of the issues above with the Company&#8217;s key officers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As a result of the work performed, as indicated above and for the purposes and with the scope already mentioned, no issue has come to our attention that we should mention in relation to the compliance with the previously referred to rules of conduct.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>F.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Reporting of concerns about accounting and auditing matters</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In compliance with the regulations applicable to the Company, it has a channel in place to report and submit for the consideration of the Audit Committee any concerns and complaints about accounting, internal control and auditing matters, guaranteeing anonymity and confidentiality at the reporting party&#8217;s request. In addition, the Company has other channels of its own to receive complaints.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The Audit Committee has dealt with the Internal Audit Management on the operation of the channels, the complaints received, the investigations carried out and the actions taken accordingly.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The Committee has no relevant issues to report or observe regarding the operation of the complaints channel, the analysis of the information received and the results obtained in what is a matter of its competence.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>G.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Financial information and information on relevant events</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>For the purposes of monitoring the reliability of the financial information and the information on relevant events filed with the CNV and with the markets where the Company&#8217;s shares are listed, we have performed the tasks indicated further below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Our responsibility in this regard does not include the performance of examinations in accordance with auditing standards, and, therefore, we have not performed them. Our work has been limited to the tasks described below, and, therefore, our conclusion on the information mentioned below should not be construed as a professional opinion thereon, but rather as a description of the results of tasks performed. In relation to the financial statements for the fiscal year, the external auditors and the Supervisory Committee are the parties responsible for issuing the reports thereon. We have relied, in part, on the work performed by them.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Our work covered the following documents:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 26pt; TEXT-INDENT: -26pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>a.</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=verdana,sans-serif>The financial statements for the fiscal year ended December 31, 2019 and for the interim periods ended March 31, June 30, and September 30, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 26pt; TEXT-INDENT: -26pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>b.</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=verdana,sans-serif>The informative summaries required by the CNV&#8217;s Regulations for the fiscal year and the interim periods mentioned in the preceding item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 26pt; TEXT-INDENT: -26pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>c.</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=verdana,sans-serif>The supplementary information required by the CNV for the above-mentioned fiscal year and periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 26pt; TEXT-INDENT: -26pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>d.</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=verdana,sans-serif>The Board of Directors Annual Report for the fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 26pt; TEXT-INDENT: -26pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>e.</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=verdana,sans-serif>The communications on relevant events and on key financial information, other than the information referred to above, filed with the CNV and with the markets where the Company&#8217;s shares are listed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In relation to these documents, and for the purposes and with the scope already mentioned, we have performed the following tasks:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,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: 10pt" face=verdana,sans-serif>Reading and analysis of the information contained in the cited documents.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Analysis of the Company&#8217;s main accounting policies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Consideration of the work performed as indicated in captions A to F and the results thereof with regard to the previously mentioned documents.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Discussion of key accounting matters with the external auditors and the Company&#8217;s key officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>5.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Analysis of the documents mentioned in items a) through c) of this caption, as applicable and prior to their issue, with the external auditors and the Company&#8217;s key officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>6.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Analysis of the Annual Report for the fiscal year, and its discussion with the Company&#8217;s officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>7.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Analysis of the information mentioned in item e) above, considering that which is indicated in paragraph 8., and its discussion with the Company&#8217;s pertinent officers when deemed necessary. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>8.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Verification of the inclusion in the above-mentioned information of all the relevant events and circumstances of which we became aware at the time of its issue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>9.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Consideration of the Disclosure Committee&#8217;s tasks in this regard.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Based on the work performed, as indicated above and for the purposes and with the scope already mentioned, no material comment has come to our attention that we should make on the information mentioned above or on the policies, procedures and controls related to their preparation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>H.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Agreements with related parties</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Our responsibility with respect to the Company&#8217;s related-party transactions is to pronounce on the agreements for significant amounts submitted to our consideration by the Company&#8217;s Board of Directors or any of its members, expressing an opinion on whether they have been made under market conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Pursuant to Law No. 26,831, section 72, we have considered as significant amount that amount equal to 1% of Equity, in accordance with the balance sheet most recently approved by the Shareholders&#8217; Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In fulfillment of our responsibility, in the fiscal year we expressed a favorable opinion with respect to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=tahoma,sans-serif>-</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=verdana,sans-serif>The agreement with Sociedad Argentina de Construcci&#243;n y Desarrollo S.A. on removing underground and overhead facilities owned by the Company from the path of Parque del Buen Ayre highway&#8217;s extension (January 31, 2019).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=tahoma,sans-serif>-</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=verdana,sans-serif>The terms and conditions of the Edenor negotiable obligations repurchase operations with maturity 2022 held by Pampa Energ&#237;a S.A. (November 20, 2019).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>During the fiscal year, no other agreement with related parties for a significant amount was approved by the Board of Directors, nor did we become aware of any other relevant agreement with related parties.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>I.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Conflicts of interest </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>During the tasks performed by us, both in our capacity as members of the Audit Committee and as the Company&#8217;s Directors, we did not become aware of any relevant case in which a member of the Company&#8217;s governing bodies had been involved in any conflict of interest, violating the applicable provisions of the Law, the regulations or the Company&#8217;s own rules and regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Additionally, we inform that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,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: 10pt" face=verdana,sans-serif>After the reading and conceptual analysis of the financial statements, we have verified that the information on transactions with parent companies, subsidiaries and related companies is disclosed therein by the Company as provided for by the applicable legal, regulatory and professional regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We have discussed with the external auditors the work performed by them in relation to the reliability of the data mentioned in the preceding item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>We have verified that the Supervisory Committee has made no comment on that respect in its reports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Based on the work performed, as described above, no relevant comment has come to our attention that we should make with respect to our responsibility to report any case of conflict of interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>J.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Proposal of fees payable to directors</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>In relation to our responsibility to express an opinion on the reasonableness of the fees payable to Directors, we inform that on April 1, 2019, the Committee issued an opinion on the reasonableness of the proposal of fees payable to Directors for fiscal year 2018. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 4pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>K.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Informing on the Board of Directors&#8217; resolution required in the case of other purchases of the Company&#8217;s own shares</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>On April 8, the Committee issued a report without comments on the terms and conditions proposed by the Board of Directors for the acquisition of treasury shares issued by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>L.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Work plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>On February 20, 2020, the Committee approved its work plan for fiscal year 2020.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>M.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Adequacy of the Committee&#8217;s Regulations </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>The Committee has performed a review of the adequacy of the Committee&#8217;s Regulations and considered that no changes were necessary. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>N.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>Reports issued </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As set forth in the preceding captions, the Committee has issued all the relevant and/or required reports and opinion (see captions A, H, J and K).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>III.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>GENERAL CONCLUSION</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As indicated above, in our capacity as members of the Company&#8217;s Audit Committee, we have carried out several tasks in fulfillment of the responsibilities assigned to us by legal, regulatory and statutory regulations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=verdana,sans-serif>As a result of the tasks described above, and as previously mentioned, we have not become aware of any comment that, according to our loyal knowledge and understanding, should be made in this report in relation to those matters that fall within the scope of our responsibility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=verdana,sans-serif></FONT>&nbsp;</P>

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   <TD width="50%" align=center><FONT face=Verdana>Gustavo J. Capatti&nbsp;</FONT></TD>

   <TD width="50%" align=center><FONT face=Verdana>Carlos Iglesias</FONT></TD></TR></TABLE></DIV>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Empresa Distribuidora y Comercializadora Norte S.A.</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">&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">/s/ Leandro Montero</FONT></U></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">Leandro Montero</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">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Date:&nbsp;<FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">March</FONT></FONT> 9, 2020</FONT></P>

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