<SEC-DOCUMENT>0001292814-24-000761.txt : 20240311
<SEC-HEADER>0001292814-24-000761.hdr.sgml : 20240311
<ACCEPTANCE-DATETIME>20240311154650
ACCESSION NUMBER:		0001292814-24-000761
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240311
DATE AS OF CHANGE:		20240311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDENOR
		CENTRAL INDEX KEY:			0001395213
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		24737857

	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>ednfs2023_6k.htm
<DESCRIPTION>6-K
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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">Washington, D.C. 20549</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">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: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</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">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">March</FONT>, 2024</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=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: 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">(Translation of Registrant's Name Into English)</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">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: 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">(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: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</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">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: 13.5pt; LINE-HEIGHT: normal" color=black face="times new roman"></FONT>&nbsp;</P>

<P></P>

<P></P>

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

<P></P>

<P></P>

<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>

<P></P>

<P></P>

<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>

<P></P>

<P></P>

<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></P>

<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>

<P></P>

<P></P>

<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></P>

<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>

<P></P>

<P></P>

<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="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">This Form 6-K for Empresa Distribuidora y Comercializadora Norte S.A. (&ldquo;Edenor&rdquo; or the &ldquo;Company&rdquo;) contains:</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><B>Exhibit 1</B>: <A HREF="ex99-1.htm">Financial Statements</A></P>

<P STYLE="margin: 0"><B>Exhibit 2</B>: <A HREF="ex99-2.htm">Management&rsquo;s Report on Internal Control Over Financial Reporting</A></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P></P>

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

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</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">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></P>

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   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="52%" colSpan=2>

   <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>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="48%">

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

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

<TR>

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

<TR>

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

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

   <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/ Germ&aacute;n Ranftl</FONT></U></P></TD></TR>

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   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

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

<P></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR 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; MARGIN: 0in 0in 0pt"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Date:
March 11, 2024</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><IMG SRC="ednfs20236k_001.jpg" ALT="" STYLE="height: 189px; width: 431px"></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2022
AND 2021</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of Argentine Pesos in constant
currency &ndash; Note 3)</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<FONT STYLE="color: #595959"><B>Legal Information</B></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 44.4pt; text-align: right; text-indent: -44.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>2</B></FONT></TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: -3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>Statement of Comprehensive Income (Loss) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 44.4pt; text-align: right; text-indent: -44.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>3</B></FONT></TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: -3.85pt; padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>Statement of Financial Position</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 44.4pt; text-align: right; text-indent: -44.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>4</B></FONT></TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: -3.85pt; padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>Statement of Changes in Equity </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 44.4pt; text-align: right; text-indent: -44.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>6</B></FONT></TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: -3.85pt; padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>Statement of Cash Flows </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 44.4pt; text-align: right; text-indent: -44.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>7</B></FONT></TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 63.8pt; text-indent: -63.8pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-indent: -63.8pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Notes to the Financial Statements:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-indent: -63.8pt">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>1 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General information&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>2 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regulatory framework</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>3 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basis of preparation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>4 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounting policies</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>5 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial risk management</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>6 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Critical accounting estimates and judgments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>7 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>8 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contingencies and lawsuits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>9 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue from sales and energy purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>10 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses by nature</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>11 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating income (expense)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>12 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>13 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic and diluted earnings (loss) per share</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>14 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>15 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>16 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>17 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>18 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>19 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>20 |</B></FONT></TD>
    <TD STYLE="padding-left: 1.35pt; text-indent: -1.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>21 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>22 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share capital and additional paid-in capital</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>23 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allocation of profits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>24 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company&rsquo;s share-based compensation plan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>25 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>26 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>27 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>28 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</FONT></TD>
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    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>29 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries and social security taxes payable</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>30 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Benefit plans</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>31 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax and deferred tax</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>32 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>33 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>34 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Related-party transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>35 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keeping of documentation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>36 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders&rsquo; Meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.1pt; text-align: right"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0079C0"><B>37 |</B></FONT></TD>
    <TD STYLE="padding-left: 63.8pt; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Events after the reporting year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 63.8pt; text-indent: -63.8pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 63.8pt; text-indent: -63.8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #595959"><B>Report of Independent Registered Public Firm </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #595959">(PCAOB &ndash; ID 1349)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding-left: 63.8pt; text-align: right; text-indent: -63.8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Glossary of Terms</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following definitions, which are not technical
ones, will help readers understand some of the terms used in the text of the notes to the Company&rsquo;s Financial Statements.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 7.1pt; font: 8pt Times New Roman, Times, Serif; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"><I>Terms</I></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 7.1pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"><I>Definitions</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ADS</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">American Depositary Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">AMBA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Buenos Aires Metropolitan Area</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BCRA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Central Bank of Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">BNA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Banco de la Naci&oacute;n Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CABA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">City of Buenos Aires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CAMMESA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico
    S.A.</P>
    <P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">(the company in charge of the regulation and operation of the
    wholesale electricity market)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CNV</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">National Securities Commission</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">CPD</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Distribution Own Cost</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">DNU</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Executive Order issued on the grounds of Necessity and Urgency</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">EASA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Electricidad Argentina S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"><B>edenor</B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Empresa Distribuidora y Comercializadora Norte S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">ENRE</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">National Regulatory Authority for the Distribution of Electricity</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">FACPCE</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Argentine Federation of Professional Councils in Economic Sciences</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GBA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Greater Buenos Aires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">GWh</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Gigawatt hour</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IAS</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">International Accounting Standards</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IASB</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">International Accounting Standards Board</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IFRIC</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">International Financial Reporting Interpretations Committee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IFRS</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">International Financial Reporting Standards</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">IGJ</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Inspecci&oacute;n General de Justicia (the Argentine governmental regulatory agency of corporations)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">INDEC</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">National Institute of Statistics and Census</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">MEM</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Wholesale Electricity Market</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PBA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Province of Buenos Aires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">PEN</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Federal Executive Power</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RECPAM</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Gain (Loss) on exposure to the changes in the purchasing power of the currency</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">RT</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Tariff Structure Review</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">SACME</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">S.A. Centro de Movimiento de Energ&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">SE</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Energy Secretariat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">SEGBA</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Servicios El&eacute;ctricos del Gran Buenos Aires S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">VAD</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">Distribution Added Value</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 7.1pt">&nbsp;</TD></TR>
  </TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Legal Information</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0 10pt; text-align: justify"><B>Corporate name:</B> Empresa Distribuidora
y Comercializadora Norte S.A.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0 10pt; text-align: justify"><B>Legal address: </B>6363 Av. Del Libertador
Ave., City of Buenos Aires</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><B>Main business: </B>Distribution and
sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>Date of registration
with the Public Registry of Commerce</B></FONT><B>: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of the Articles of Incorporation: August 3, 1992</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of the last amendment to the Bylaws: <FONT STYLE="color: windowtext">April
10, 2023 (Note 36)</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>Term of the Corporation</B></FONT><B>:
</B>August 3, 2087</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>Registration number
with the &ldquo;Inspecci&oacute;n General de Justicia&rdquo; (the Argentine governmental regulatory agency of corporations)</B></FONT><B>:
</B>1,559,940</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Parent company: </B>Empresa de Energ&iacute;a del
Cono Sur S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Legal address: </B>1252 Maip&uacute; Ave., 12<SUP>th</SUP>
Floor - CABA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Main business of the parent company: </B>Investment
company and provider of services related to the distribution of electricity, renewable energies and development of sustainable technology.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Interest held by the parent company in capital stock
and votes: </B>51%</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CAPITAL STRUCTURE</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AS OF DECEMBER 31, 2023</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(amounts stated in pesos)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 73%">Class of shares</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 26%">&nbsp;Subscribed and paid-in<BR>
(See Note 22)&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Common, book-entry shares, face value 1 and 1 vote per share</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class A</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;462,292,111</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class B (1)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;442,566,330</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class C (2)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;1,596,659</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;906,455,100</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes 30,852,251 treasury shares
as of December 31, 2023. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relates to the Employee Stock
Ownership Program Class C shares that have not been transferred.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 425.25pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-indent: 162.7pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>Statement of Comprehensive Income
(Loss) </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>for the years ended December 31,
2023, 2022 and 2021</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">(Stated in millions of Argentine Pesos
in constant currency &ndash; Note 3)</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; width: 51%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 14%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 14%">12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;701,098</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;640,994</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">688,502</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Energy purchases</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(458,944)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(446,030)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(423,413)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Distribution margin</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">242,154</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">194,964</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">265,089</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Transmission and distribution expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(214,428)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(171,625)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(176,595)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">27,726</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">23,339</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">88,494</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(82,764)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(73,717)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(69,728)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(69,122)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(55,598)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(45,170)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-weight: bold; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;25,335</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;32,412</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;29,369</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expense</TD>
    <TD STYLE="font-weight: bold; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(20,951)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(23,730)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(29,643)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">(Loss) Income from interest in joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">7</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(10)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(17)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Operating result</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(119,786)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(97,311)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(26,666)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; text-align: center">2.c</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;197,731</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;56,479</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">367</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">203</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">395</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(319,435)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(273,335)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(163,544)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(31,286)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(4,452)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;10,560</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Net financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(350,354)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(277,584)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(152,589)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Monetary gain (RECPAM)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;454,589</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;310,205</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">144,620</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Income (Loss) before taxes</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;182,180</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(8,211)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(34,635)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Income tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">31</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(133,809)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(46,187)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(94,840)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Income (Loss) for the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;48,371</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(54,398)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(129,475)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 9px; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: top; text-align: left">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Results related to benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">30</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,447)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(2,037)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,215</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Tax effect of actuarial profit (loss) on benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">31</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">507</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">713</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(427)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total other comprehensive results</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(940)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(1,324)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">788</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Comprehensive income (loss) for the year attributable to:</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Owners of the parent&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;47,431</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(55,722)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(128,687)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Comprehensive income (loss) for the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;47,431</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(55,722)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(128,687)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Basic and diluted income (loss) per share:</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income (Loss) per share (argentine pesos per share)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">55.28</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(62.17)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(147.97)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The accompanying notes are an integral part of the
Financial Statements.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>Statement of Financial Position </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>as of December 31, 2023 and 2022</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of Argentine Pesos in constant currency
&ndash; Note 3)</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 16%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Non-current assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; text-align: center">14</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,272,989</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,233,003</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Interest in joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">7</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;57</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;66</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Right-of-use asset</TD>
    <TD STYLE="font-weight: bold; text-align: center">15</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,540</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,202</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">18</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;1,276,589</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;1,235,280</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;39,816</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;20,048</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">18</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;34,046</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;58,232</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trade receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">19</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;66,597</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;87,167</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial assets at fair value through profit or loss</TD>
    <TD STYLE="font-weight: bold; text-align: center">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;82,628</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;89,379</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,128</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,076</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;232,215</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;259,902</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">TOTAL ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;1,508,804</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;1,495,182</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>Statement of Financial Position </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>as of December 31, 2023 and 2022</B>
<I>(continued)</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">(Stated in millions of Argentine Pesos
in constant currency &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 35.45pt; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 12%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 16%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Share capital and reserve attributable to the owners of the Company&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Share capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;875</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Adjustment to share capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;340,453</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;340,419</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Treasury stock</TD>
    <TD STYLE="font-weight: bold; text-align: center">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;31</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Adjustment to treasury stock</TD>
    <TD STYLE="font-weight: bold; text-align: center">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,288</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,322</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Additional paid-in capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">22</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,716</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,674</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Cost treasury stock</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(27,946)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(27,946)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Legal reserve</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;23,621</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;23,621</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;228,747</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;228,747</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other comprehensive loss</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(3,472)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(2,532)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Accumulated losses</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(135,502)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(183,873)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">TOTAL EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;438,811</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;391,338</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Non-current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">25</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,597</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,866</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">26</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;158,924</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;54,458</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Borrowings</TD>
    <TD STYLE="font-weight: bold; text-align: center">28</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;44,345</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;45,268</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center">27</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;13,474</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;11,451</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Salaries and social security payable</TD>
    <TD STYLE="font-weight: bold; text-align: center">29</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,449</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,402</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">30</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,922</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,795</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; text-align: center">31</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;478,696</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;345,384</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Provisions</TD>
    <TD STYLE="font-weight: bold; text-align: center">33</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,861</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;17,293</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total non-current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;714,268</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;484,917</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">25</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;240,950</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;559,936</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">26</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;29,340</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;19,692</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Borrowings</TD>
    <TD STYLE="font-weight: bold; text-align: center">28</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;50,663</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;573</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center">27</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;50</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;137</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Salaries and social security payable</TD>
    <TD STYLE="font-weight: bold; text-align: center">29</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;26,636</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;29,084</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">30</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;578</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;729</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Tax liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">32</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,639</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,102</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Provisions</TD>
    <TD STYLE="font-weight: bold; text-align: center">33</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,869</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,674</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total current liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;355,725</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;618,927</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">TOTAL LIABILITIES</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;1,069,993</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;1,103,844</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">TOTAL LIABILITIES AND EQUITY</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;1,508,804</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;1,495,182</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The accompanying notes are an integral part of the Financial
Statements.</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>Statement of Changes in Equity</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>for the years ended December 31,
2023, 2022 and 2021 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">(Stated in millions of Argentine Pesos in
constant currency &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; width: 31%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Share
    capital</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Adjust-
    ment to share capital</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Treasury
    stock</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Adjust-
    ment to treasury stock</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Additional
    paid-in capital</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Cost
    treasury stock</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">Legal
    reserve</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Voluntary
    reserve</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Other
    reserve</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-size: 7pt">&nbsp;Other
    comprehen- sive results&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Accumula-
    ted (losses) profits</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 7pt">Total&nbsp;equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 7pt">Balance at December 31, 2020</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">875</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">340,329</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">7,412</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">4,609</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(27,946)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">23,621</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">390,734</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(1,996)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(161,987)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">575,682</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Ordinary Shareholders&rsquo; Meeting held on April
    27, 2021</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(161,987)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">161,987</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-size: 7pt">Other Reserve Constitution - Share-based compensation
    plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Payment of Other Reserve Constitution - Share-based
    compensation plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">56</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(56)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(37)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Other comprehensive results</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">788</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">788</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Loss for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(129,475)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">(129,475)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 7pt">Balance at December 31, 2021</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">875</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">340,385</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">7,356</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">4,646</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(27,946)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">23,621</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">228,747</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(1,208)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(129,475)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="font-size: 7pt">447,032</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-size: 7pt">Other Reserve Constitution - Share-based compensation
    plan</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Payment of Other Reserve Constitution - Share-based
    compensation plan</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">34</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(34)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Other comprehensive results</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(1,324)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(1,324)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Loss for the year</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">(54,398)</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 7pt">(54,398)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 7pt">Balance at December 31, 2022</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">875</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">340,419</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">7,322</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">4,674</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(27,946)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">23,621</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">228,747</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(2,532)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(183,873)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">391,338</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">Other Reserve Constitution - Share-based compensation
    plan (Note 24)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;42</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Payment of Other Reserve Constitution - Share-based compensation plan (Note
    24)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;34</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(34)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">42</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;(42)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Other comprehensive results</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(940)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">(940)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Income for the year</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">48,371</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">48,371</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white"><FONT STYLE="font-size: 7pt">Balance at December 31, 2023</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">875</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">340,453</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">7,288</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">4,716</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(27,946)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">23,621</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">228,747</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(3,472)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">(135,502)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 7pt">438,811</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 113.4pt; text-align: center; text-indent: -77.95pt">The accompanying
notes are an integral part of the Financial Statements.</P>


<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: center"><B>Statement of Cash Flows</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: center"><B>for the years ended December 31,
2023, 2022 and 2021</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">(Stated in millions of Argentine Pesos
in constant currency &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from operating activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Income (Loss) for the year</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;48,371</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(54,398)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(129,475)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Adjustments to reconcile net (loss) income to net cash flows from operating activities:</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">14</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;82,753</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;56,656</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;55,207</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Depreciation of right-of-use assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">15</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,829</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,216</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,777</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Loss on disposals of property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">14</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;889</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,084</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,510</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Net accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;318,507</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;272,679</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;162,928</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Income from customer surcharges</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(14,003)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(9,439)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(11,743)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Exchange difference</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;48,327</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(4,604)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,716</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">31</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;133,809</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;46,187</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;94,840</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables, net of recovery</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,662</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,847</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;11,902</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Adjustment to present value of receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,410</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,054</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;909</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provision for contingencies, net of recovery</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">33</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,718</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;13,719</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;14,263</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Changes in fair value of financial assets and financial liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(33,778)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(8,799)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(24,065)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Accrual of benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,428</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,743</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,580</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Recovery of provision for credit RDSA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(3,519)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Result from the cancelattion of Corporate Notes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,132</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(19)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Loss on debt restructuring</TD>
    <TD STYLE="font-weight: bold; text-align: center">12</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,398</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income from non-reimbursable customer contributions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(157)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(192)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(283)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other financial costs</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;15,327</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;14,271</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,418</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Result from interest in joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">7</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;10</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;17</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(12)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">2.c</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(197,731)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;(56,479)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Recovery of allowance for the impairment of trade receivables - Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">2.c</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(8,252)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Monetary gain (RECPAM)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(454,589)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(310,205)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(144,620)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Changes in operating assets and liabilities:&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in trade receivables&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(29,798)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(21,578)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(16,305)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in other receivables&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(3,838)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(37,273)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(4,902)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in inventories</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(11,033)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(7,222)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(5,138)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in deferred revenue</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;940</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,390</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in trade payables</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;110,373</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;192,586</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;110,626</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in salaries and social security payable</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;18,975</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;16,184</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,319</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Decrease in benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(470)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(831)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(430)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase (Decrease) in tax liabilities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">3,283</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(1,454)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(11,927)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase (Decrease) in other payables</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;13,125</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(4,145)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,134</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Decrease in provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">33</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(867)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,672)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,825)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payment of income tax payable</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(299)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Net cash flows generated by operating activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;71,472</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;110,321</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;129,504</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 14.15pt 0 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center"><B>Statement of Cash Flows</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center"><B>for the years ended December 31,
2023, 2022 and 2021 </B><I>(continued)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of Argentine Pesos in constant currency
&ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 12%">12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from investing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of property, plants and equipments&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(119,781)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(98,797)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(89,331)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Sale (Purchase) net of Mutual funds and negotiable instruments</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;40,720</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(17,057)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(65,658)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivative financial instruments payments</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(489)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mutuum charges granted to third parties</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Net cash flows used in investing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(79,061)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(116,343)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(154,958)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from financing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;17,424</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;13,764</TD>
    <TD STYLE="color: red; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Payment of borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,032)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(18,928)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Payment of lease liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(6,461)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(3,647)</TD>
    <TD STYLE="color: red; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(3,192)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of interests from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,857)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(2,790)</TD>
    <TD STYLE="color: red; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(5,428)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of Corporate Notes issuance expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(736)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,759)</TD>
    <TD STYLE="color: red; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Cancelattion of Corporate Notes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,470)</TD>
    <TD STYLE="color: red; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(103)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Net cash flows generated by (used in) financing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,338</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(14,830)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(8,723)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Decrease in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(251)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(20,852)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(34,177)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">21</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,076</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;19,242</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;39,926</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial results in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">4,510</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,767</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;13,518</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Result from exposure to inflation</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(207)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(81)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(25)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decrease in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(251)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(20,852)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(34,177)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Cash and cash equivalents at the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">21</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,128</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,076</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,242</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Supplemental cash flows information</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-cash activities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Adquisition of advances to suppliers, property, plant and equipment through increased trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(3,847)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(6,774)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(9,240)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Adquisition of advances to suppliers, right-of-use assets through increased trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(4,166)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(2,840)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(3,270)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The accompanying notes are an integral part of the Financial
Statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
                                            </FONT><FONT STYLE="color: Black; font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">General
                                            information</FONT></B></TD></TR></TABLE>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Empresa Distribuidora y Comercializadora
Norte S.A. (hereinafter &ldquo;<B>edenor</B>&rdquo; or &ldquo;the Company&rdquo;) is a corporation (<I>sociedad an&oacute;nima</I>) organized
under the laws of Argentina, with legal address at 6363 Av. Del Libertador Ave - City of Buenos Aires, Argentine Republic, whose shares
are traded on Bolsas y Mercados Argentinos S.A. (ByMA) (Argentine Stock Exchange and Securities Market) and the New York Stock Exchange
(NYSE).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The corporate purpose of <B>edenor</B>
is to engage in the distribution and sale of electricity within the concession area. Furthermore, among other activities, the Company
may subscribe or acquire shares of other electricity distribution companies, subject to the approval of the regulatory agency, assign
the use of the network to provide electricity transmission or other voice, data and image transmission services, and render advisory,
training, maintenance, consulting, and management services and know-how related to the distribution of electricity both in Argentina and
abroad. These activities may be conducted directly by <B>edenor</B> or through subsidiaries or related companies. In addition, the Company
may act as trustee of trusts created under Argentine laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>History and development of
the Company</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>edenor</B> was organized on
July 21, 1992 by Executive Order No. 714/92 in connection with the privatization and concession process of the distribution and sale of
electric power carried out by SEGBA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By means of an International
Public Bidding, the PEN awarded 51% of the Company&rsquo;s capital stock, represented by the Class &quot;A&quot; shares, to the bid made
by EASA, the parent company of <B>edenor</B> at that time. The award as well as the transfer contract were approved on August 24, 1992
by Executive Order No. 1,507/92 of the PEN.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On September 1, 1992, EASA took
over the operations of <B>edenor</B>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As a consequence of the share
purchase and sale agreement entered into on December 28, 2020 between Pampa Energ&iacute;a S.A. and Empresa de Energ&iacute;a del Cono
Sur S.A., all the Class A shares, representing 51% of the Company&rsquo;s share capital and votes were transferred to the latter. That
transaction was approved by means of ENRE Resolution No. 207/2021 dated June 24, 2021. Therefore, Empresa de Energ&iacute;a del Cono Sur
S.A. is the parent company of <B>edenor</B>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>The Company&rsquo;s economic
and financial situation</B>&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023, the
Company shows a notable improvement in its economic performance, as a consequence of the positive trend towards the sector&rsquo;s normalization
-closely related to the electricity rate increases of the first six-month period-, the Agreements on the Regularization of Payment Obligations
entered into with CAMMESA, and the prospect that the electricity rates will be periodically adjusted and subsidies will be reduced in
the short term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In particular, the recent electricity
rate adjustments of February 2023 implied an increase in the CPD of 107.8% for the month of April and 73.7% for the month of June, which
resulted in an improvement in the Company&rsquo;s gross profit for the current fiscal year. Despite the fact that this trend did not continue
until the end of the fiscal year, and that the subsequent changes made to the values of the Company&rsquo;s electricity rate schedules
implied only the passing through of the seasonal prices, the investments necessary, both for the operation of the network and for maintaining
and even improving the quality of the service, have been made, complying with the investment targets for fiscal year 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Furthermore, by means of Executive
Order No. 55/2023, the new Administration provided for the emergency of the National Energy Sector until December 31, 2024. In line with
that, ENRE Resolution No. 102/2024 approved the values of the Company&rsquo;s electricity rate schedule as from February 16, 2024, which
implies the granting of a 319.2% increase in the CPD and monthly adjustments from May 2024, making it possible to restore the Company&rsquo;s
electricity rate situation and its economic and financial equation, ensuring the economic self-sufficiency of the electricity system for
a foreseeable future (Note 2.b).&#9;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">In this regard, the Company has
begun to regularize the debt with CAMMESA for energy purchased in the MEM, as from the maturities taking place from March 2020 until February
2023, by means of the implementation of two payment plans of 96 monthly installments, pursuant to the Agreements on the Regularization
of Payment Obligations signed by and between the Company and CAMMESA (Note 2.c). It is worth mentioning that the Company postponed once
again the payments for energy purchased as from the maturity taking place in September 2023, situation which, by virtue of the aforementioned
ENRE Resolution No. 102/2024, the Company expects to regularize.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Additionally, the Executive Power
issued Executive Order No. 70/2023, which provided for the economic, financial, fiscal, pension, tariff, healthcare, social and administrative
emergency until December 31, 2025, together with other measures of a deregulatory nature for the economy as a whole, with the aim, as
stated, of achieving fiscal balance. Furthermore, supplementing the aforementioned Executive Order, the bill entitled &ldquo;Law of bases
and starting points for the freedom of the Argentine people&rdquo;, which included a comprehensive package of measures and provided, among
other issues, for changes in energy-related regulations and the creation of a new regulatory entity, was introduced to Congress. Due to
the fact that the aforementioned bill was rejected by a majority of lawmakers, the Executive Power decided that the bill, as it had been
introduced to Congress to be dealt with in the extraordinary legislative sessions, would not be discussed again.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">The context of volatility and
uncertainty continues at the date of issuance of these financial statements. The reforms proposed by the new administration have begun,
as mentioned in the preceding paragraph, to be discussed in the legislature. At this point in time it is not possible to predict the outcome
of such discussions or if new measures will be announced. The Company&rsquo;s Management permanently monitors the development of the variables
that affect its business, in order to define its course of action and identify the potential impacts on its financial and cash position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s financial
statements must be read in the light of these circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Notwithstanding the above-described
situation, it is worth pointing out that even though in the last few fiscal years the Company recorded negative working capital, as a
consequence of the insufficient adjustments of the electricity rate over the last few years, in general terms, the quality of the electricity
distribution service has been improved, both in duration and frequency of power cuts. In this regard, the Company is optimistic that the
new electricity rates will result in the Company&rsquo;s operating once again under a regulatory framework with clear and precise rules,
which will make it possible to meet the costs associated with the provision of the service, as well as the need for additional investments
to satisfy the demand, in order to maintain the provision of the public service, object of the concession, in a satisfactory manner in
terms of quality and reliability. Therefore, these financial statements have been prepared using the ongoing concern basis of accounting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>2 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regulatory framework </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Concession</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The term of the concession is
95 years, which may be extended for an additional maximum period of 10 years. The term of the concession is divided into management periods.
At the end of each management period, the Class &ldquo;A&rdquo; shares representing 51% of <B>edenor</B>&lsquo;s share capital, currently
held by Empresa de Energ&iacute;a del Cono Sur S.A., must be offered for sale through a public bidding. If the latter makes the highest
bid, it will continue to hold the Class &ldquo;A&rdquo; shares, and no further disbursements will be necessary. On the contrary, if Empresa
de Energ&iacute;a del Cono Sur S.A. is not the highest bidder, then the bidder who makes the highest bid shall pay Empresa de Energ&iacute;a
del Cono Sur S.A. the amount of the bid in accordance with the conditions of the public bidding. The proceeds from the sale of the Class
&ldquo;A&rdquo; shares will be delivered to Empresa de Energ&iacute;a del Cono Sur S.A. after deducting any amounts receivable to which
the Grantor of the concession may be entitled.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has the exclusive
right to render electric power distribution and sales services within the concession area to all the customers who are not authorized
to obtain their power supply from the MEM, thus being obliged to supply all the electric power that may be required in due time and in
accordance with the established quality levels. In addition, the Company must allow free access to its facilities to any MEM agents whenever
required, under the terms of the Concession. No specific fee must be paid by the Company under the Concession Agreement during the term
of the concession.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is subject to the
terms and conditions of its Concession Agreement and the provisions of the Regulatory Framework comprised of Federal Laws Nos. 14,772,
15,336 and 24,065, Executive Order No. 714/92 of the PEN, resolutions and regulatory and supplementary regulations issued by the authorities
responsible for this matter, with the Company being responsible for the provision of the public service of electricity distribution and
sale with a satisfactory quality level, complying for such purpose with the requirements set forth in both the aforementioned agreement
and the Regulatory Framework.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Failure to comply with the established
guidelines will result in the application of penalties, based on the economic damage suffered by the customer when the service is provided
in an unsatisfactory manner, the amounts of which will be determined in accordance with the methodology stipulated in the above-mentioned
agreement. The ENRE is the authority in charge of controlling strict compliance with the pre-established guidelines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Electricity rate situation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On December 16, 2023, the Federal
Government, by means of Executive Order No. 55/2023, declares the emergency of the National Energy Sector -including the electricity distribution
segment- until December 31, 2024, and provides for the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The implementation by the SE
of a program of necessary and indispensable measures in order to establish the mechanisms for setting prices under conditions of competition
and free access, maintain, in real terms, income levels and cover investment needs to ensure the continuous provision of the public services
of electricity transmission and distribution under appropriate technical and economic conditions, both for the providers and all user
categories.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The commencement of the RT for
the providers of the public services of electricity transmission and distribution under federal jurisdiction, with the proviso that the
resulting electricity rate schedules shall come into effect not later than December 31, 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The intervention of the ENRE
from January 1, 2024 until the appointment of the members comprising the Board of Directors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The implementation of mechanisms
allowing for citizen participation in the transitional rate adjustment process.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on January 2, 2024,
by means of Resolution No. 2/2024, the ENRE called a Public Hearing for January 26, 2024, to make known and listen to opinions on the
transitional electricity rate system of the distribution companies in charge of the public service of electricity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the above-mentioned Hearing,
the Company&rsquo;s presentation focused on the following:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The importance of its customer
service role, as it is the link that attends and provides the service to users.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The fact that it acts as a collecting
agent, but only 29% of the bill it &ldquo;collects&rdquo; constitutes real income, with the remaining percentage going to the other MEM
participants and to the Federal Government through taxes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The insufficient adjustment of
the electricity rate, which has once again led to the Company&rsquo;s not having the necessary funds to pay its debts for energy purchased.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The commencement of a process
for the offsetting of the regulatory assets (receivables from non-compliance with the RT), and the consideration of the debt with CAMMESA
resulting from the insufficient adjustment of the electricity rate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Finally, on February 15, 2024,
by means of Resolution No. 102/2024, the ENRE approved the values of the Company&rsquo;s electricity rate schedule effective from the
billing relating to the reading of meters subsequent to 12:00 AM on the date of publication of the aforementioned resolution in the <I>Official
Gazette</I>, which was February 16, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In view of the National Energy
Sector emergency declared by Executive Order No. 55/2023 and the Public Hearing held on January 26, 2024, the approval of ENRE Resolution
No. 102/2024 implies the readjustment of the Company&rsquo;s electricity rate through the granting of a 319.2% increase in the CPD, with
the aim of reducing the Federal Government&rsquo;s transfers to the electricity sector and promoting a sustainable economic balance. The
&ldquo;correction&rdquo; of electricity rates is essential for restoring relative prices in the economy, ensuring the economic self-sufficiency
of the electricity system and laying the foundations to promote private investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to the foregoing,
it is provided that the electricity rate set in the aforementioned resolution will be temporarily in effect for a term of one year and
will be adjusted on a monthly basis as from May 2024, so as to maintain its real value, by means of an adjustment mechanism of the CPD
that will take into consideration the Consumer Price Index (CPI), the Wholesale Price Index (WPI), and the Salary Variation Index prepared
by the INDEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The following resolutions were
issued by the SE and the ENRE, in connection with the Company&rsquo;s electricity rate schedules and the seasonal reference prices (Stabilized
Price of Energy and Power Reference Price):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 21%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Resolution</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>What it approves</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Effective as from</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 323/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 29, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 399/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 4, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 423/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 31, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 612/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 25, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 574/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 1, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 884/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 31, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 784/2023</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 2, 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 7/2024</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February 2, 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February 1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 102/2024</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February 15, 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February 16</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It approves
the Winter Seasonal Programming for the MEM submitted by CAMMESA, relating to the May 1, 2023-October 31, 2023 period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It approves
the Summer Seasonal Programming for the MEM submitted by CAMMESA, relating to the November 1, 2023-April 30, 2024 period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Memorandum of Agreement on Regularization of Payment Obligations
&ndash; Debt for the purchase of energy in the MEM</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to the Memorandum
of Agreement entered into on December 29, 2022 by the Company, the Federal Government and the ENRE, of which CAMMESA was notified, concerning
the Regularization of Payment Obligations for the periods between September 30, 2020 and August 31, 2022 (Note 2.c to the Financial Statements
as of December 31, 2022), on July 27, 2023, the SE instructed CAMMESA to define the Payment plan in accordance with the methodologies
set forth therein. In this regard, on July 31, 2023, CAMMESA agreed to the payment plan by means of Note B-168538-1. The Company has recognized
that it owes a sum of $ 32,985, which adjusted in accordance with the established procedures amounts to $ 52,276.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Pursuant to Article Six of the
Memorandum of Agreement, the payment of all the obligations when due has as a condition precedent that the ENRE grant an increase in
the VAD, which also implies the approval of the payment schedule, independently of the readjustment of the electricity rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on July 28, 2023,
the Company and CAMMESA entered into an Agreement on the Regularization of Payment Obligations for the periods between September 1, 2022
and February 28, 2023 (SE Resolutions Nos. 56 and 555/2023), pursuant to which the Company recognizes that it owes CAMMESA a sum of $
26,388, which adjusted in accordance with the procedure set forth in SE Resolution No. 56/2023 amounts to $ 42,391, for the past due periods
from September 2022 through February 2023. The Company agrees to pay the aforementioned debt through a new Payment plan in 96 installments,
with the value of each monthly installment being adjusted in accordance with the development of the MWh value in effect at each time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
the impact of the aforementioned agreements -those signed on December 29, 2022 and on July 28, 2023, and the one signed on December 29,
2022 (the part relating to the credits recognized by CAMMESA)-, amounts to $ 197,731 and $ 56,479, respectively, and is disclosed in the
Agreement on the Regularization of Payment Obligations line item of the Statement of Comprehensive Income (Loss). The Payment plan liability,
including both financial components accrued and payments made, amounts to $ 121,224, and is disclosed in the Other payables account of
the Statement of Financial Position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance of these
financial statements, the Company has delivered post-dated checks for $ 5,022 to pay the first ten installments with maturities from August
2023 through January 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, based on the provisions
of Article Six of the Memorandum of Agreement and taking into consideration that the ENRE had not granted an increase in the VAD, the
Company was forced to partially suspend the payment of its current obligations. Due to that situation, the SE, in the event of a communication
from CAMMESA, and after having demanded that the Company regularize its payment obligations, could at its sole discretion provide that
the Memorandum of Agreement or any part thereof be terminated. The Company believes that the likelihood of this situation occurring is
remote due to the ongoing negotiations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreement on Recognition of Consumption in Vulnerable
Neighborhoods</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 30, 2022, the Company,
the Federal Government and the PBA, entered into an Agreement to Renew the Agreement on the Recognition of Electricity Consumption in
Vulnerable Neighborhoods (Framework agreement).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electricity consumption from
August through December 2020: the ENRE validated receivables for $ 1,115, which the Company recognized as the ENRE certified compliance
with the degree of completion of the works of the Preventive and Corrective Maintenance Work Plan for the Electricity Distribution Network,
as stipulated in the Agreement described in Note 2.d to the Financial Statements as of December 31, 2022.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electricity consumption from
January through December 2021: the Company opted to offset it against the debts incurred for the purchase of energy from CAMMESA (Note
2.d to the Financial Statements as of December 31, 2022). On March 21, 2023, the Federal Government&rsquo;s portion had been effectively
settled in accordance with CAMMESA&rsquo;s statement of accounts, with the relevant adjustments having been recognized.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electricity consumption from
January through December 2022: the Federal Government must make a contribution of $ 1,436, and the PBA a contribution of $ 553, which
total a receivable in favor of the Company of $ 1,989 that has been recognized along with the receivable mentioned in the preceding paragraph.
In this regard, the PBA&rsquo;s contribution will be made in six monthly installments, the first four of which have been already collected
by the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electricity consumption from
January through September 2023: on October 19, 2023, the ENRE validated receivables for $1,431 and $ 1,056, which must be contributed
by the Federal Government and the PBA, respectively. The PBA&rsquo;s contribution is pending collection.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance of these
financial statements, the Company has recognized for the described concepts a total of $ 5,986, which is disclosed in the Other operating
income line item of the Statement of Comprehensive Income (Loss).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>e)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Agreement on the Regularization
of Obligations &ndash; Transfer of jurisdiction and offsetting of receivables and payables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #111111">On
May 10, 2019, <B>edenor</B>, Edesur S.A. and the SE entered into the Agreement on the Regularization of Obligations for the Transfer of
Concession Holders to the Local Jurisdictions, whereby, prior to the transfer of the respective concessions to the jurisdictions of the
PBA and the CABA, respectively, (i) the existing debts and credits are mutually offset; (ii) a term and modality of payment of the fines
payable to users and the Government are agreed-upon, in three and five years, respectively; (iii) settlement of the fines payable to the
Government is allowed to be made through investments in specific works to improve the service; and (iv) it is agreed that any legal </FONT>actions
against the Federal Government <FONT STYLE="color: #111111">for damages caused by the freeze on rates since 2017 will be abandoned. The
effects of this agreement were recognized in the Company&rsquo;s financial statements as of December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in; color: #111111">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">On January 19, 2021, the
Federal Government, the <FONT STYLE="color: #111111">PBA and the CABA </FONT>entered into a new Agreement <FONT STYLE="color: #111111">according
to which </FONT>the Federal Government retains the capacity as grantor of the concession in connection with the concession agreements
(Executive Order No. 292/2021 and SE Resolution No. 16/2021<FONT STYLE="color: #111111">).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-align: justify; color: #111111">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; text-indent: 35.45pt; color: #111111">On September
21, 2021, the National Ministry of Economy issued ME Resolution No. 590/2021 declaring the Agreement contrary to the public interest,
thus paving the way for the filing of a legal action to declare it null and void. It also provided for the suspension of the administrative
procedures relating to the fulfilment of the obligations arising from such Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Without prejudice to the foregoing,
at the date of issuance of these financial statements, the Company has not been served notice of the filing of any legal action in order
for the Agreement or the acts resulting therefrom to be declared null and void. The administrative act in question has not provided for
the suspension of the legal effects of said Agreement, which is, therefore, in full force and effect. Against this resolution, the Company
has filed an appeal (<I>recurso jer&aacute;rquico</I>) to the Office of the Head of the Cabinet of Ministers (higher administrative authority)
and a motion for clarification with the Ministry of Economy, which was granted and answered by ME Resolution No. 656/2021, notified on
October 20, 2021, whereby said Ministry confirms that such Agreement has not been suspended.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Finally, on August 22, 2022,
by means of ENRE Resolution No. 292/2022, it is provided that all the proceedings be provisionally terminated because the docket shows
no activity as a result of ME Resolutions Nos. 590 and 656/2021, and that the provisions of such resolutions shall be in effect until
notice of the final judgements on the related proceedings is given to the ENRE by any reliable means, situation which remains unchanged
at the date of issuance of these financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>f)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Penalties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The ENRE is empowered to control
the quality levels of the technical product and service, the commercial service and the compliance with public safety regulations, as
provided for in the Concession Agreement. If the Distribution Company fails to comply with the obligations assumed, the ENRE may apply
the penalties stipulated in the aforementioned Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
the Company has recognized in its financial statements the penalties accrued, whether imposed or not yet issued by the ENRE, relating
to the control periods elapsed as of those dates, following the criteria and estimates available, which may differ from the actual ones.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, ENRE Resolution
No. 63/17, as amended and supplemented, has set out the control procedures, the service quality assessment methodologies, and the penalty
system, applicable as from February 1, 2017, for the 2017&ndash;2023 period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with the provisions
of Sub-Appendix XVI to the referred to Resolution, the Company is required to submit in a term of sixty calendar days the calculation
of global indicators, interruptions for which force majeure had been alleged, the calculation of individual indicators, and will determine
the related discounts, crediting the amounts thereof within ten business days. In turn, the ENRE will examine the information submitted
by the Company, and in the event that the crediting of such discounts were not verified will impose a fine, payable to the Federal Government,
equivalent to twice the value that should have been recorded. The referred to Sub-Appendix provides for a similar treatment for the analysis
of product quality and commercial service quality. With regard to Public Safety, a penalty is imposed on the existence of facilities that
due to their condition pose a risk to public safety; to define them ENRE Resolution No. 421/11 provided a list of those situations to
be regarded as anomalous.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The penalty system provides that
penalties are updated in accordance with the variation of the Distributor&rsquo;s CPD or by the energy tariff average price, as the case
may be. Furthermore, whom the penalty amounts will be payable/credited to varies between the affected users, total active users or the
administration, depending on each case and as defined by the regulator.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By means of Resolution No. 15/2021,
the ENRE approved the new methodology for crediting and distributing the penalties payable to all the Active Users and the modality of
crediting penalties to the Solidarity Account for Users in Vulnerable Situations, as well as the manner in which <B>edenor</B> must produce
that information and send it to the ENRE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, there exist certain
penalties related to the quality of the information and the quality of the technical service, the penalty procedure of which is being
challenged by the Company due to the fact that it applies retroactively to time-barred periods and has calculation defects in relation
to the applicable regulations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The effects of the resolutions
detailed in this note have been quantified by the Company and recognized as of December 31, 2023 and 2022, which does not imply the Company&rsquo;s
consent to the applied criteria.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>g)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restriction on the transfer
of the Company&rsquo;s common shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt; text-align: justify">The Bylaws provide that Class
&ldquo;A&rdquo; shareholders may transfer their shares only with the prior approval of the ENRE. The ENRE must communicate its decision
within ninety days upon submission of the request for such approval, otherwise the transfer will be deemed approved.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt; text-align: justify">Furthermore, Caja de Valores
S.A. (the Public Register Office), which keeps the Share Register of the shares, is entitled (as stated in the Bylaws) to reject such
entries which, at its criterion, do not comply with the rules for the transfer of common shares included in (i) the Business Organizations
Law, (ii) the Concession Agreement and (iii) the Bylaws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt; text-align: justify">In addition, the Class &ldquo;A&rdquo;
shares will be pledged during the entire term of the concession as collateral to secure the performance of the obligations assumed under
the Concession Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt; text-align: justify">In connection with the issuance
of Corporate Notes, during the term thereof, Empresa de Energ&iacute;a del Cono Sur S.A. is required to be the beneficial owner and owner
of record of not less than 51% of the Company&rsquo;s issued, voting and outstanding shares, otherwise the maturity of principal of the
corporate notes could be accelerated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>3 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basis of preparation </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial statements for
the year ended December 31, 2023 have been prepared in accordance with IFRS issued by the IASB and IFRIC interpretations, which have been
adopted and incorporated by the CNV. The financial statements were approved for issue by the Company&rsquo;s Board of Directors on March
8, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By means of General Resolution
No. 622/2013, the CNV provided for the application of Technical Resolution No. 26 of the FACPCE, which adopts the IFRS issued by the IASB,
for those entities that are included in the public offering system of Law No. 17,811, as amended, whether on account of their capital
or their corporate notes, or have requested authorization to be included in the aforementioned system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Comparative information </B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances as of December 31,
2022, disclosed in these financial statements for comparative purposes, arise as a result of restating the financial statements as of
that date to the purchasing power of the currency at December 31, 2023. This, as a consequence of the retrospective adjustment of the
financial information described hereunder. Furthermore, certain amounts of the financial statements presented on a comparative basis have
been reclassified in order to maintain consistency of presentation with the amounts of the reporting year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Restatement of financial information
</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial statements as of
December 31, 2023, including the figures relating to the previous year, have been stated in terms of the measuring unit current at December
31, 2023, in accordance with IAS 29 &ldquo;Financial reporting in hyperinflationary economies&rdquo;. As a result thereof, the financial
statements are stated in terms of the measuring unit current at the end of the reporting year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The inflation rate applied for
the fiscal year commenced January 1, 2023 and ended December 31, 2023, based on that indicated in the preceding paragraph, was 211.4%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">According to IAS 29, the restatement
of financial statements is necessary when the functional currency of an entity is that of a hyperinflationary economy. To define a state
of hyperinflation, IAS 29 provides a set of guidelines, including but not limited to the following, which consist of (i) analyzing the
behavior of population, prices, interest rates and wages faced with the development of price indexes and the loss of the currency&rsquo;s
purchasing power, and (ii) as a quantitative feature, which, in practice, is the mostly considered condition, verifying whether the cumulative
inflation rate over three years approaches or exceeds 100%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Consequently, the Argentine economy
should be regarded as highly inflationary as from July 1, 2018. The standard states that the adjustment will be resumed from the date
on which it was last made, February 2003. Moreover, on July 24, 2018, the FACPCE issued a communication confirming that which has been
previously mentioned. Additionally, it should be taken into account that on December 4, 2018 the <I>Official Gazette</I> published Law
No. 27,468 pursuant to which the provisions of Executive Order No. 664/2003 of the PEN, which did not allow for the filing of inflation-adjusted
financial statements, are no longer in effect. This regulation states that the provisions of section 62 of Business Organizations Law
No. 19,550 -preparation of financial statements to reflect the effects of inflation- will continue to apply, thus reinstating the adjustment
for inflation. On December 28, 2018, the CNV, reaffirming the provisions of Law No. 27,468, published Resolution No. 777/18 stating that
issuing companies shall apply the restatement method of financial statements to reflect the effects of inflation in conformity with IAS
29.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to not only assess the
aforementioned quantitative condition but also restate the financial statements, the CNV has stated that the series of indexes to be used
for the application of IAS 29 is that determined by the FACPCE. That series of indexes combines the CPI published by the INDEC from January
2017 (base month: December 2016) with the WPI published by the INDEC through that date, computing for the months of November and December
2015 -in respect of which there is no available information from the INDEC on the development of the WPI-, the variation recorded in the
CPI of the City of Buenos Aires.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Taking into consideration the
above-mentioned index, in the fiscal years ended December 31, 2023, 2022, 2021, 2020 and 2019, the inflation rate amounted to 211.4%,
94.8%, 50.9%, 36.1% and 53.8%, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The effects of the application
of IAS 29 are summarized below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Restatement of the Statement
of Financial Position</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Monetary items (those with a
fixed nominal value in local currency) are not restated inasmuch as they are already expressed in terms of the measuring unit current
at the closing date of the reporting year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-monetary items carried at
historical cost or at the current value of a date prior to the end of the reporting year are restated using coefficients that reflect
the variation recorded in the general level of prices from the date of acquisition or revaluation to the closing date of the reporting
year. Depreciation charges of property, plant and equipment and amortization charges of intangible assets recognized in profit or loss
for the year, as well as any other consumption of non-monetary assets will be determined on the basis of the new restated amounts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The restatement of non-monetary
assets in terms of the measuring unit current at the end of the reporting year without an equivalent adjustment for tax purposes, gives
rise to a taxable temporary difference and to the recognition of a deferred tax liability, whose contra-account is recognized.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Restatement of the Statement
of Comprehensive Income</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income and expenses are restated
from the date when they were recorded, except for those profit or loss items that reflect or include in their determination the consumption
of assets carried at the purchasing power of the currency as of a date prior to the recording of the consumption, which are restated based
on the date when the asset to which the item is related originated (for example, depreciation, impairment and other consumptions of assets
valued at historical cost).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The net gain from the maintenance
of monetary assets and liabilities is presented in a line item separately from the profit or loss for the year, called RECPAM.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Restatement of the Statement
of Changes in Equity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The components of equity, except
for reserved earnings and unappropriated retained earnings, have been restated from the dates on which they were contributed, or on which
they were otherwise set up.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The restated unappropriated retained
earnings were determined by the difference between net assets restated at the date of transition and the other components of opening equity
expressed as indicated in the preceding headings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">After the restatement at the
date indicated in (i) above, all components of equity are restated by applying the general price index from the beginning of the year,
and each variation of those components is restated from the date of contribution or the date on which it otherwise arose.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Restatement of the Statement
of Cash Flows</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">IAS 29 requires all the items
of this Statement to be restated in terms of the measuring unit current at the closing date of the reporting year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The monetary gain or loss generated
by cash and cash equivalents is presented in the statement of cash flows separately from cash flows from operating, investing and financing
activities, as a specific item of the reconciliation between cash and cash equivalents at the beginning and end of the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>4
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
                                            </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Accounting
                                            policies</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The main accounting policies
used in the preparation of these financial statements are detailed below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.1 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.15pt">New accounting standards, amendments
and interpretations issued by the IASB, </FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that are
effective as of December 31, 2023 and have been adopted by the Company&#9;</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company has first applied the following standards and/or amendments</FONT> a<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">s
from January 1, 2023:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IFRS 17 &ldquo;Insurance
contracts&rdquo;, issued in May 2017 and amended in June 2020 and December 2021. It replaces IFRS 4, introduced as an interim standard
in 2004, which allowed entities to account for insurance contracts using their local accounting requirements, resulting in multiple application
approaches. IFRS 17 sets the principles for the recognition, measurement, presentation, and disclosure of insurance contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IAS 1 &ldquo;Presentation
of financial statements&rdquo;, amended in January and July 2020, February 2021 and October 2022. It incorporates the requirement that
an entity disclose its material accounting policies rather than its significant accounting policies. It explains how an entity can identify
a material accounting policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IAS 8 &ldquo;Accounting
policies, changes in accounting estimates and errors&rdquo;, amended in February 2021. It replaces the definition of accounting estimates.
Under the new definition, accounting estimates are monetary amounts in the financial statements that are subject to measurement uncertainty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IAS 12 &ldquo;Income tax&rdquo;,
amended in May 2021. It clarifies how an entity accounts for deferred tax on transactions such as leases and decommissioning obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">There are no new IFRS or IFRIC
applicable as from this fiscal year that have a material impact on the Company&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="letter-spacing: -0.15pt"><B>New
accounting standards, amendments and interpretations </B></FONT><B>issued by the IASB that are not yet effective and have not been early
adopted by the Company</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IAS 1 &ldquo;Presentation
of financial statements&rdquo;, amended in January and July 2020, February 2021 and October 2022. It incorporates amendments to the classification
of liabilities as current or non-current. The amendments apply to annual periods beginning as from January 1, 2024, with early adoption
permitted. The application thereof will impact neither the Company&rsquo;s results of operations nor its financial position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IFRS 16 &ldquo;Leases&rdquo;,
amended in September 2022. It clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements
in IFRS 15 to be accounted for as a sale. The amendments apply to annual periods beginning as from January 1, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IFRS Sustainability Disclosure
Standards, amended in June 2023. IFRS S1 sets out overall requirements in order for an entity to disclose information about its sustainability-related
risks and opportunities that is useful to the users of general purpose financial reports in making decisions relating to providing resources
to the entity. IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and
opportunities that is useful to the users of general purpose financial reports in making decisions relating to providing resources to
the entity. The amendments apply to annual periods beginning as from January 1, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.2 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property, plant and equipment</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Property, plant and equipment,
except for works in progress, is valued at acquisition cost restated to reflect the effects of inflation, net of accumulated depreciation
and recognized impairment losses. Depreciation has been calculated by applying the straight-line method over the remaining useful life
of the assets, which was determined on the basis of engineering studies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Subsequent costs (major maintenance
and reconstruction costs) are either included in the value of the assets or recognized as a separate asset, only if it is probable that
the future benefits associated with the assets will flow to the Company, being it possible as well that the costs of the assets may be
measured reliably and the investment will improve the condition of the asset beyond its original state. The other maintenance and repair
expenses are recognized in profit or loss in the year in which they are incurred.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with the Concession
Agreement, the Company may not pledge the assets used in the provision of the public service nor grant any other security interest thereon
in favor of third parties, without prejudice to the Company&rsquo;s right to freely dispose of those assets which in the future may become
inadequate or unnecessary for such purpose. This prohibition does not apply in the case of security interests granted over an asset at
the time of its acquisition and/or construction as collateral for payment of the purchase and/or installation price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The residual value and the remaining
useful lives of the assets are reviewed and adjusted, if appropriate, at the end of each fiscal year (reporting period).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Land is not depreciated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Facilities in service: between
30 and 50 years</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furniture, tools and equipment:
between 5 and 20 years</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Construction in process is valued
based on the degree of completion and is recorded at cost restated to reflect the effects of inflation less any impairment loss, if applicable.
Cost includes expenses attributable to the construction, when they are part of the cost incurred for the purposes of acquisition, construction
or production of property, plant and equipment that necessarily takes a substantial period of time to get ready for its intended use.
These assets begin to be depreciated when they are in economic conditions of use.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Gains and losses on the sale
of property, plant and equipment are calculated by comparing the price collected with the carrying amount of the asset, and are recognized
within Other operating expense or Other operating income in the Statement of Comprehensive Income (Loss).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company considers three alternative
probability-weighted scenarios and analyzes the recoverability of its long-lived assets as described in Critical accounting estimates
and judgments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The valuation of property, plant
and equipment, taken as a whole, does not exceed its recoverable value, which is measured as the higher of value in use and fair value
less costs to sell at the end of the year (Note 6.c).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.3 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interests in joint ventures</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The main conceptual definitions
are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A joint arrangement takes place
among two or more parties when they have joint control: joint control is the contractually agreed sharing of control of an arrangement,
which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -7.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A joint venture is a joint arrangement
whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Such parties are called
joint venturers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A joint operation is a joint
arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities,
relating to the arrangement. These parties are called joint operators.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company accounts for its
investment in joint ventures in accordance with the equity method. Under this method, the interest is initially recognized at cost and
subsequently adjusted by recognizing the Company&rsquo;s share in the profit or loss obtained by the joint venture, after acquisition
date. The Company recognizes in profit or loss its share of the joint venture&rsquo;s profit or loss and in other comprehensive income
its share of the joint venture&rsquo;s other comprehensive income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the Company carries out
transactions in the joint ventures, the unrealized gains and losses are eliminated in accordance with the percentage interest held by
the Company in the jointly controlled entity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The joint ventures&rsquo; accounting
policies have been modified and adapted, if applicable, to ensure consistency with the policies adopted by the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, taking into account
that the interests in joint ventures are not regarded as significant balances, the disclosures required under IFRS 12 have not been made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.4 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue recognition</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with IFRS 15 Revenue
from Contracts with Customers, the Company has classified the most relevant contracts with customers as detailed herein below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Revenue from sales</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 7.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The contracts with customers
for the provision of the electricity distribution service and other services (Note 9) are recognized when all of the following conditions
is met:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Identification of the contracts
with customers, where &ldquo;contract&rdquo; is understood to mean an agreement between two or more parties that creates enforceable rights
and obligations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Identification of the performance
obligations, which are understood to mean a promise in the contract with the customer to either transfer a good or provide a service.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Determination of the transaction
price, in reference to the amount of the consideration for satisfying each performance obligation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allocation of the transaction
price to each of the identified performance obligations, in accordance with the methods described in the standard. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recognition of revenue when the
performance obligations identified in the contracts with customers are satisfied.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">According to IFRS 15, revenue
is recognized when the customer obtains control of the service or product, in this case the electricity supply. Furthermore, the incremental
costs of obtaining the contracts with customers are recognized as an asset, if the Company expects to recover those costs.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Revenue from sales is measured
at the fair value of the consideration collected or to be collected, taking into account the estimated amount of any discount, thus determining
the net amounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Revenue from the electricity
supplied by the Company to low-income areas and shantytowns is recognized to the extent that a renewal of the Framework Agreement is formalized
for the period in which the service was rendered (Note 2.d).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Revenue from operations is recognized
on an accrual basis and derives mainly from electricity distribution. Such revenue includes electricity supplied, whether billed or unbilled,
at the end of each year, which has been valued on the basis of applicable electricity rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company also recognizes revenue
from other concepts included in distribution services, such as new connections, reconnections, rights of use on poles, transmission of
electricity to other distribution companies, inasmuch as the services are provided on the basis of the price established in each contract.
Revenue is not adjusted for the effect of the financing components as sales&rsquo; payments are not deferred over time, which is consistent
with market practice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest income</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest income is disclosed
separately from revenue from contracts with customers and has been recognized only to the extent that the related asset of the contract
(or account receivable) has been recognized in the accounting for a contract with a customer. Interest income is recognized when it is
probable that the economic benefits associated with the transaction will flow to the Entity and the amount of the transaction can be measured
reliably.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Interest income is recognized
by applying the effective interest rate method. Interest income is recorded in the accounting on a time basis by reference to the principal
amount outstanding and the applicable effective rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.5 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effects of the changes in foreign currency exchange rates</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Functional and presentation currency</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The information included in the
financial statements is measured using the Company&rsquo;s functional currency, which is the currency of the main economic environment
in which the Entity operates. The financial statements are measured in pesos (legal currency in Argentina), restated to reflect the effects
of inflation as indicated in Note 3, which is also the presentation currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transactions and balances</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Foreign currency denominated
transactions and balances are translated into the functional and presentation currency using the rates of exchange prevailing at the date
of the transactions or revaluation, respectively. The gains and losses generated by foreign currency exchange differences resulting from
each transaction and from the translation of monetary items valued in foreign currency at the end of the year are recognized in the Statement
of Comprehensive Income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The foreign currency exchange
rates used are the buying (bid price) and selling (offer price) rates for monetary assets and liabilities, respectively, and the specific
exchange rate for foreign currency denominated transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.6 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade and other receivables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 22.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Trade receivables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The receivables arising from
services billed to customers but not collected as well as those arising from services rendered but unbilled at the closing date of each
year are recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The receivables from electricity
supplied to low-income areas and shantytowns are recognized, along with revenue, when the Framework Agreement has been renewed for the
period in which the service was provided and the Federal or the Provincial Government assumes responsibility for the payment of consumption.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 22.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other receivables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Other receivables are initially
recognized at fair value (generally the original billing/settlement amount) and subsequently measured at amortized cost, using the effective
interest rate method, and when significant, adjusted by the time value of money. The Company records impairment allowances when there
is objective evidence that it will not be able to collect all the amounts owed to it in accordance with the original terms of the receivables.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Assigned and held-in-custody
assets are measured in accordance with Note 4.8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The subsidies received from the
Government are recognized when the defined works plans are carried out.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.7
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Inventories</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s inventories
are materials and supplies to be consumed in the service rendering process. Inventories are valued at acquisition cost restated to reflect
the effects of inflation, less recognized impairment losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">They are valued based on the
purchase price, import duties (if applicable), and other taxes (that are not subsequently recovered), and other costs directly attributable
to the acquisition of those assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cost is determined by applying
the weighted average price (WAP) method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has classified inventories
into current and non-current depending on the period of time in which they are expected to be used, whether for maintenance or capital
expenditures. The non-current portion of inventories is disclosed in the &ldquo;Property, plant and equipment&rdquo; account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The valuation of inventories,
taken as a whole, does not exceed their recoverable value at the end of each fiscal year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.8 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>4.8.1
|</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0; letter-spacing: -0.15pt">&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.15pt">Classification</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company classifies financial
assets into the following categories: those measured at amortized cost and those subsequently measured at fair value. This classification
depends on whether the financial asset is an investment in a debt or an equity instrument. In order for a financial asset to be measured
at amortized cost, the two conditions described in the following paragraph must be met. All other financial assets are measured at fair
value. IFRS 9 requires that all investments in equity instruments be measured at fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets at amortized cost</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets are measured
at amortized cost if the following conditions are met:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The objective of the Company&rsquo;s
business model is to hold the assets to collect the contractual cash flows; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.85pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The contractual terms give rise,
on specified dates, to cash flows that are solely payments of principal and interest on principal. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets at fair value</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If any of the above-detailed
conditions is not met, financial assets are measured at fair value through profit or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">All investments in equity instruments
are measured at fair value. For those investments that are not held for trading, the Company may irrevocably elect at the time of their
initial recognition to present the changes in fair value in other comprehensive income. The Company&rsquo;s decision was to recognize
the changes in fair value in profit or loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>4.8.2
|</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0; letter-spacing: -0.15pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recognition and measurement</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The regular way purchase or sale
of financial assets is recognized on the trade date, i.e. the date on which the Company agrees to acquire or sell the asset. Financial
assets are derecognized when the rights to receive the cash flows from the investments have expired or been transferred and the Company
has transferred substantially all the risks and rewards of the ownership of the assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets are initially
recognized at fair value plus, in the case of financial assets that are not measured at fair value through profit or loss, transaction
costs directly attributable to the acquisition of those financial assets.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The gains or losses generated
by investments in debt instruments that are subsequently measured at fair value and are not part of a hedging transaction are recognized
in profit or loss. Those generated by investments in debt instruments that are subsequently measured at amortized cost and are not part
of a hedging transaction are recognized in profit or loss when the financial asset is derecognized or impaired and by means of the amortization
process using the effective interest rate method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company subsequently measures
all the investments in equity instruments at fair value. When it elects to present the changes in fair value in other comprehensive income,
such changes cannot be reclassified to profit or loss. Dividends arising from these investments are recognized in profit or loss to the
extent that they represent a return on the investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company reclassifies financial
assets if and only if its business model to manage financial assets is changed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expected losses, in accordance
with calculated coefficients, are detailed in Note 6.a).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>4.8.3
|</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0; letter-spacing: -0.15pt">&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.15pt">Impairment of financial
assets</FONT></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the end of each annual reporting
period, the Company assesses whether there is objective evidence that the value of a financial asset or group of financial assets measured
at amortized cost is impaired. The value of a financial asset or group of financial assets is impaired, and impairment losses are incurred
only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the
asset (a &ldquo;loss event&rdquo;), and that loss event (or events) has an impact on the estimated future cash flows of the financial
asset or group of financial assets that can be reliably measured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Impairment tests may include
evidence that the debtors or group of debtors are undergoing significant financial difficulties, have defaulted on interest or principal
payments or made them after they had come due, the probability that they will enter bankruptcy or other financial reorganization, and
when observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in payment terms
or in the economic conditions that correlate with defaults.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the case of financial assets
measured at amortized cost, the amount of the impairment loss is measured as the difference between the asset&rsquo;s carrying amount
and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial
asset&rsquo;s original effective interest rate. The asset&rsquo;s carrying amount is reduced and the amount of the impairment loss is
recognized in the Statement of Comprehensive Income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">While cash, cash equivalents
and financial assets measured at amortized cost are also subject to the impairment requirements of IFRS 9, the identified impairment loss
is immaterial.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0; letter-spacing: -0.15pt"><B>4.8.4
|</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0; letter-spacing: -0.15pt">&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: -0.15pt">Offsetting of financial
instruments</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial assets and liabilities
are offset, and the net amount reported in the Statement of Financial Position, when there is a legally enforceable right to offset the
recognized amounts, and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.9 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative financial instruments</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Derivative financial instruments
are initially recognized at fair value on the date on which the relevant contract is signed. Subsequent to the initial recognition, they
are remeasured at their fair value. The method for recognizing the resulting loss or gain depends on whether the derivative has been designated
as a hedging instrument and, if that is the case, on the nature of the item being hedged. As of December 31, 2022, the economic impact
of these transactions, which resulted in a loss of $ 539, is recorded in the &ldquo;Other finance income (costs)&rdquo; account of the
Statement of Comprehensive Income (Loss).</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.10
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Cash and cash equivalents</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cash and cash equivalents include
cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months
or less from their acquisition date, with significant low risk of change in value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and banks in local currency:
at nominal value.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 64.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and banks in foreign currency:
at the exchange rate in effect at the end of the year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money market funds, which have
been valued at the prevailing market price at the end of the year. Those that do not qualify as cash equivalents are disclosed in the
Financial assets at fair value through profit or loss account.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.11 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Changes in this account have
been accounted for in accordance with the relevant legal or statutory regulations and the decisions adopted by the shareholders&rsquo;
meetings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share capital</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Share capital represents issued
capital, which is comprised of the contributions committed and/or made by the shareholders, represented by shares, including outstanding
shares at nominal value, restated to reflect the effects of inflation as indicated in Note 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury stock</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Treasury stock account represents
the nominal value of the Company&rsquo;s own shares acquired by the Company, restated to reflect the effects of inflation as indicated
in Note 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other comprehensive income (loss)</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Represents recognition, at the
end of the year, of the actuarial gain (loss) associated with the Company&rsquo;s employee benefit plans, restated to reflect the effects
of inflation as indicated in Note 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>d.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retained earnings</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Retained earnings are comprised
of profits or accumulated losses with no specific appropriation. When positive, they may be distributed, if so decided by the Shareholders&rsquo;
Meeting, to the extent that they are not subject to legal restrictions. Retained earnings, where applicable, are comprised of the amounts
transferred from other comprehensive income and prior year adjustments due to the application of accounting standards, restated to reflect
the effects of inflation as indicated in Note 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Pursuant to Section 27 Part I
Chapter I of the CNV&rsquo;s Regulations, the Shareholders in the Meetings at which they should decide upon the approval of financial
statements in which the Unappropriated retained earnings account has a significant negative balance that requires the application, as
appropriate, of sections 94 -sub-section 5-, 96 or 206 of the Business Organizations Law, or, quite to the contrary, a positive balance,
must adopt an express resolution as to the allocation of such balance (taking into consideration for calculation purposes the fiscal year&rsquo;s
results as well as its retained earnings/accumulated deficit), whether to dividend distribution, capitalization, setting up of reserves
or a combination of these. The Company Shareholders&rsquo; Meetings have complied with the above-mentioned requirement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">CNV General Resolution No. 593/11
provided that Shareholders in the Meetings at which they should decide upon the approval of financial statements in which the Unappropriated
retained earnings account has a positive balance, must adopt an express resolution as to the allocation of such balance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.12
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Trade and other
                                            payables</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Trade payables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Trade payables are payment obligations
with suppliers for the purchase of goods and services in the ordinary course of business. Trade payables are classified as current liabilities
if payments fall due within one year or in a shorter period of time. Otherwise, they are classified as non-current liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Trade payables are initially
recognized at fair value and subsequently measured at amortized cost using the effective interest rate method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Customer deposits</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Customer deposits are initially
recognized at the amount received and subsequently measured at amortized cost using the effective interest rate method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with the Concession
Agreement, the Company is allowed to receive customer deposits in the following cases:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When the power supply is requested
and the customer is unable to provide evidence of his legal ownership of the premises; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When service has been suspended
more than once in one-year period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When the power supply is reconnected
and the Company is able to verify the illegal use of the service (fraud).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iv.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When the customer is undergoing
liquidated bankruptcy or reorganization proceedings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has decided
not to request customer deposits from residential tariff customers.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Customer deposits may be paid
either in cash or through the customer&rsquo;s bill and accrue monthly interest at a specific rate of BNA for each customer category.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the conditions for which
the Company is allowed to receive customer deposits no longer exist, the customer&rsquo;s account is credited with the principal amount
plus any interest accrued thereon, after deducting, if appropriate, any amount owed by the customer to the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Customer contributions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Refundable</I>: The Company
receives assets or facilities (or the cash necessary to acquire or build them) from certain customers for services to be provided, based
on individual agreements and in the framework of ENRE Resolution No. 215/12 provisions. These contributions are initially recognized as
trade payables at fair value with a contra-account in property, plant and equipment, and subsequently measured at amortized cost using
the effective interest rate method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.55in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other payables</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The financial liabilities recorded
in Other Payables and the advances for the execution of works are initially recognized at fair value and subsequently measured at amortized
cost.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The recorded liabilities for
penalties accrued, whether imposed or not yet issued by the ENRE (Note 2.f), and other provisions are the best estimate of the settlement
value of the present obligation in the framework of IAS 37 provisions at the closing date of these financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances of ENRE Penalties
and Discounts are updated in accordance with the regulatory framework applicable thereto and on the basis of the Company&rsquo;s estimate
of the outcome of the renegotiation process described in Note 2.f.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4.13
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Borrowings</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Borrowings are initially recognized
at fair value, less direct costs incurred in the transaction. Subsequently, they are measured at amortized cost; any difference between
the funds obtained (net of direct costs incurred in the transaction) and the amount to be paid at maturity is recognized in profit or
loss during the term of the borrowings using the effective interest rate method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.14 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred revenue</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Non-refundable customer contributions</I>:
The Company receives assets or facilities (or the cash necessary to acquire or build them) for services to be provided, based on individual
agreements. The assets received are recognized by the Company as property, plant and equipment with a contra-account in deferred revenue,
the accrual of which depends on the nature of the identifiable services, in accordance with the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63.8pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Customer connection to the grid:
revenue is accrued until such connection is completed;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Continuous provision of the electric
power supply service: throughout the shorter of the useful life of the asset and the term for the provision of the service.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Government grants</I>: The
Company receives transfers of resources in return for past or future compliance with certain conditions related to the entity&rsquo;s
operating activities. The grants related to assets are recognized as deferred income items and amortized on a systematic basis over the
useful life of the relating asset.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.15 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee benefits</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Benefit plans</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company operates several
benefit plans. Usually, benefit plans establish the amount of the benefit an employee will receive at the time of his/her retirement,
generally based on one or more factors such as age, years of service and salary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The liability recognized in the
Statement of Financial Position in respect of benefit plans is the present value of the benefit plan obligation at the closing date of
the year, together with the adjustments for past service costs and actuarial gains or losses. The benefit plan obligation is calculated
annually by independent actuaries in accordance with the projected unit credit method. The present value of the benefit plan obligation
is determined by discounting the estimated future cash outflows using actuarial assumptions about demographic and financial variables
that affect the determination of the amount of such benefits. The benefit plans are not funded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s accounting
policy for benefit plans is as follow:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Service costs are immediately recorded in profit
or loss, unless the changes to the benefit plan are conditional on the employees&rsquo; remaining in service for a specified period of
time (the vesting period). In this case, past service costs are amortized on a straight-line basis over the vesting period.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognized in &ldquo;Other comprehensive income&rdquo; in the year in which they
arise.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The Company&rsquo;s Share-based Compensation
Plan</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company had a share-based
compensation plan under which it received services from some employees in exchange for the Company&rsquo;s shares. The fair value of the
services received is recognized as an operating expense in the &ldquo;Salaries and social security taxes&rdquo; line item. The total amount
of the referred to expense is determined by reference to the fair value of the shares granted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">When the employees provide the
services before the shares are granted, the fair value at the grant date is estimated in order to recognize the relevant result.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, taking into account
that share-based payments are not considered significant balances, the disclosures required under IFRS 2 have not been made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.16 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The income tax is recognized
in profit or loss, other comprehensive income or in equity depending on the items from which it originates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company determines the income
tax payable by applying the effective 35% rate, resulting from the application of the tax scale in effect, to the estimated taxable profit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">By means of Law No. 27,630, a
change was introduced in the corporate income tax rate, applicable to fiscal years beginning from January 1, 2021. The tax is determined
according to the following scale:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Accumulated net taxable income</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Amount to be paid $</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Plus</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>% </B></P></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>On the amount exceeding $</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>From more than $</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>To $</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 0</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 5</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 0</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1.25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">onwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 14.75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 50</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">The amounts of the detailed scale will be
adjusted annually, beginning January 1, 2022, taking into consideration the annual variation of the Consumer Price Index (CPI) provided
by the National Institute of Statistics and Census (INDEC).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, the deferred tax
is recognized, in accordance with the liability method, on the temporary differences arising between the tax base of assets and liabilities
and their carrying amounts in the Statement of Financial Position. However, no deferred tax liability is recognized if such difference
arises from the initial recognition of goodwill, or from the initial recognition of an asset or liability other than in a business combination,
which at the time of the transaction affected neither the accounting nor the taxable profit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The deferred tax is determined
using the effective rate resulting from the application of the tax scale in effect at the closing date of the financial statements and
which is expected to apply when the deferred tax assets are realized or the deferred tax liabilities are settled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets and liabilities
are offset if the Company has a legally enforceable right to offset recognized amounts and when deferred tax assets and liabilities relate
to income tax levied by the same tax authority on the same taxable entity. Deferred tax assets and liabilities are stated at their undiscounted
nominal value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Moreover, in accordance with
the provisions of Law No. 27,430, the Company has applied the tax inflation adjustment set forth in Title VI of the Income Tax Law, effective
for fiscal years beginning as from January 1, 2018, albeit with a limited scope of application for certain accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The tax inflation adjustment
for the first, second and third fiscal year was applicable as from its effective date in the year 2018, if the CPI cumulative variation,
calculated from the beginning to the end of each year, exceeded fifty-five percent (55%), thirty percent (30%) and fifteen percent (15%)
for fiscal years 2018, 2019 and 2020, respectively. Although as of December 31, 2018, the CPI cumulative variation did not exceed the
55% threshold for the application of the tax inflation adjustment in that first fiscal year, as of December 31, 2020 and 2019, the CPI
cumulative variations for the 12 months of each year had amounted to 36.13% and 53.77%, respectively, which exceeded the 15% and 30% thresholds
fixed for the third and second transition years of the tax inflation adjustment, and, therefore, the Company recognized the effect of
the tax inflation adjustment in the calculation of the current and deferred income tax provision in those fiscal years.</P>


<!-- Field: Page; Sequence: 30 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As from fiscal years ended in
December 2021, fourth fiscal year since the implementation of the tax inflation adjustment, the threshold for its application is that
the cumulative variation of the aforementioned index for the thirty-six months prior to the closing date of the relevant fiscal year be
greater than 100%. Furthermore, unlike fiscal years 2019 and 2020, for fiscal year 2021, such adjustment was no longer to be applied with
deferrals (over six fiscal years) but rather computed in full in the tax balance sheet for that period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, in accordance with
the provisions of Law 27,701 on the 2023 Budget, the deferral in thirds (over three fiscal years) of the tax inflation adjustment is to
be retroactively applied to the first and second fiscal years beginning as from January 1, 2022. Such deferral applies to those taxpayers
whose investments in the purchase, construction, manufacturing, processing or definitive importation of fixed assets (except for automobiles),
during each of the two fiscal periods immediately following the period of the initial one-third computation, are greater than or equal
to $ 30,000. Failure to comply with this requirement will result in the loss of the benefit. The Company recognized the effects of the
deferral of the tax inflation adjustment in the calculation of the current and deferred income tax provision.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.17 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right-of-use assets</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">A right-of-use asset and a lease
liability are recognized for lease contracts from the date on which the leased asset is available for use, at the present value of the
payments to be made over the term of the contract, using the discount rate implicit in the lease contract, if it can be determined, or
the Company&rsquo;s incremental borrowing rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Subsequent to their initial measurement,
leases will be measured at cost less accumulated depreciation, impairment losses, and any adjustment resulting from a new measurement
of the lease liability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.18 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provisions and contingencies</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Provisions have been recognized
in those cases in which the Company is faced with a present obligation, whether legal or constructive, that has arisen as a result of
a past event, whose settlement is expected to result in an outflow of resources, and the amount thereof can be estimated reliably.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The amount recognized as provisions
is the best estimate of the expenditure required to settle the present obligation at the end of the reporting year, taking into account
the corresponding risks and uncertainties. When a provision is measured using the estimated cash flow to settle the present obligation,
the carrying amount represents the present value of such cash flow. This present value is obtained by applying a pre-tax discount rate
that reflects market conditions, the time value of money and the specific risks of the obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The provisions included in liabilities
have been recorded to face contingent situations that could result in future payment obligations. To estimate the amount of provisions
and the likelihood of an outflow of resources, the opinion of the Company&rsquo;s legal advisors has been taken into account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.19 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balances with related parties</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Receivables and payables with
related parties are recognized at amortized cost in accordance with the terms agreed upon by the parties involved.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4.20 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Classification of assets and liabilities into current
and non-current</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Assets and liabilities are presented
as current and non-current in the Statement of Financial Position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">An asset is classified as current
when the Company:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expects to realize the asset
or intends to sell or consume it in its normal&nbsp;operating cycle; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">holds the asset primarily for
the purpose of trading; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expects to realize the asset
within twelve months after the reporting year; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the asset is&nbsp;cash&nbsp;or
a cash equivalent unless the asset is&nbsp;restricted&nbsp;and cannot be exchanged or used for the settlement of a liability for at least
twelve months after the closing of the reporting year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">All other assets are classified
as non-current.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">A liability is classified as
current when the Company:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expects to settle the liability
in its normal&nbsp;operating cycle; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the liability is due to be&nbsp;settled&nbsp;within
twelve months after the closing date of the reporting year; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">does not have an unconditional
right to defer&nbsp;settlement&nbsp;of the liability for at least twelve months after the closing date of the reporting year. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">All other liabilities are classified
as non-current.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets and liabilities
are always classified as non-current assets or liabilities as appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>5 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial risk management</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify"><B>&nbsp;</B></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Nota</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B> 5.1
                                                                                                                                                                      |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
                                                                                                                                                                      risk factors</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s activities
and the market in which it operates expose the Company to a number of financial risks: market risk (including currency risk, cash flows
interest rate risk, fair value interest rate risk and price risk), credit risk and liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The management of the financial
risk is part of the Company&rsquo;s overall policies, which focus on the unpredictability of the financial markets and seek to minimize
potential adverse effects on its financial performance. Financial risks are the risks derived from the financial instruments to which
the Company is exposed during or at the end of each year. The Company uses derivative instruments to hedge exposure to certain risks whenever
it deems appropriate in accordance with its internal risk management policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Risk management is controlled
by the Finance and Control Division, which identifies, evaluates and hedges financial risks. Risk management policies and systems are
periodically reviewed so that they can reflect the changes in the market&rsquo;s conditions and the Company&rsquo;s activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">This section includes a description
of the main risks and uncertainties that could have a material adverse effect on the Company&rsquo;s strategy, performance, results of
operations and financial position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>a.</I></B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market risks</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt">&nbsp;</P>

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<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Currency risk </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Currency risk is the risk of
fluctuation in the fair value or future cash flows of a financial instrument due to changes in foreign currency exchange rates. The Company&rsquo;s
exposure to currency risk relates to the collection of its revenue in pesos, in conformity with regulated electricity rates that are not
indexed in relation to the US dollar, whereas a significant portion of its existing financial debt is denominated in US dollars. Therefore,
the Company is exposed to the risk of a loss resulting from a devaluation of the peso. The Company may hedge its currency risk by trying
to enter into currency futures. At the date of issuance of these financial statements, the Company has not hedged its exposure to the
US dollar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If the Company continued to be
unable to effectively hedge all or a significant part of its exposure to currency risk, any devaluation of the peso could significantly
increase its debt service burden, which, in turn, could have a substantial adverse effect on its financial and cash position (including
its ability to repay its Corporate Notes) and the results of its operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
the Company&rsquo;s balances in foreign&nbsp;currency are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 11%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 12%">&nbsp;Amount in foreign currency&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Exchange rate (1)</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
12.31.22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">ASSETS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;26.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">805.450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21,183</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;10,635</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">USD</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;51.1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">805.450</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41,158</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;45,024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;0.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">805.450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;161</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;109</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">TOTAL CURRENT ASSETS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">62,502</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;55,768</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL ASSETS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">62,502</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;55,768</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;54.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">808.450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">44,345</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;45,268</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL NON-CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">44,345</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;45,268</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade payables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;22.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">808.450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18,514</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;9,768</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">EUR</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;0.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">894.712</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;537</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;118</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">CHF</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;0.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">963.121</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;289</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;62.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">808.450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50,379</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;573</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">CNY</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;2.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">113.910</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;284</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other payables&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;1.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">808.450</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;1,129</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;710</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">TOTAL CURRENT LIABILITIES</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">71,132</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;11,169</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;115,477</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;56,437</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The exchange rates used are the
BNA exchange rates in effect as of December 31, 2023 for US Dollars (USD), Euros (EUR), Swiss francs (CHF) and Chinese yuans (CNY).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below shows the Company&rsquo;s
exposure to currency risk resulting from the financial assets and liabilities denominated in a currency other than the Company&rsquo;s
functional currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Net position</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">US dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(51,865)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(551)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Chinese Yuan</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(284)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Euro</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(537)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(118)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Swiss franc</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(289)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">Total&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(52,975)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(669)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company estimates that a
10% devaluation of the Argentine peso with respect to each foreign currency, with all other variables held constant, would give rise to
the following decrease in the profit (loss) for the year:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -4.5pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Net position</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">US dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5,187)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(55)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Chinese Yuan</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(28)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Euro</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(54)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(12)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Swiss franc</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(29)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Decrease in the results of operations for the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(5,298)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(67)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -4.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Price risk</U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s investments
in listed equity instruments are susceptible to market price risk arising from the uncertainties concerning the future value of these
instruments. Due to the low significance of the investments in equity instruments in relation to the net asset/liability position, the
Company is not significantly exposed to the referred to instruments price risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, the Company is not
exposed to commodity price risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iii.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Interest rate risk </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">It is the risk of fluctuation
in the fair value or cash flows of an instrument due to changes in market interest rates. The Company&rsquo;s exposure to interest rate
risk is related mainly to the long-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Indebtedness at floating rates
exposes the Company to interest rate risk on its cash flows. Indebtedness at fixed rates exposes the Company to interest rate risk on
the fair value of its liabilities. As of December 31, 2023 and 2022, except for the Payment plan with CAMMESA that is disclosed in the
Other payables account (Note 2.c and 26), 100% of the loans were obtained at fixed interest rates. The Company&rsquo;s policy is to keep
the largest percentage of its indebtedness in instruments that accrue interest at fixed rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company analyzes its exposure
to interest rate risk in a dynamic manner. Several scenarios are simulated taking into account the positions with respect to refinancing,
renewal of current positions, alternative financing and hedging. Based on these scenarios, the Company calculates the impact on profit
or loss of a specific change in interest rates. In each simulation, the same interest rate fluctuation is used for all the currencies.
Scenarios are only simulated for liabilities that represent the most relevant interest-bearing positions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>b.</I></B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Credit risk</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">It is the risk of a financial
loss as a consequence of a counterparty&rsquo;s failure to comply with the obligations assumed in a financial instrument or commercial
contract. The Company&rsquo;s exposure to credit risk results from its operating (particularly from its commercial receivables) and financial
activities, including deposits in financial entities and other instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Credit risk arises from cash
and cash equivalents, deposits with banks and financial entities and derivative financial instruments, as well as from credit exposure
to customers, including outstanding balances of accounts receivable and committed transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to banks and financial
entities, only those with high credit quality are accepted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to debtors, if there
are no independent credit risk ratings, the Finance Department evaluates the debtors&rsquo; credit quality, past experience and other
factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Individual credit limits are
set in accordance with the limits set by the Company&rsquo;s CEO, on the basis of the internal or external ratings approved by the Finance
and Control Division.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has different procedures
in place to reduce energy losses and allow for the collection of the balances owed by its customers. The Operations and Customer Service
Divisions periodically monitor compliance with the above-mentioned procedures.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">One of the significant items
of delinquent balances is that related to the receivable amounts with Municipalities, in respect of which the Company applies different
offsetting mechanisms against municipal taxes it collects in the name and to the order of those government bodies and debt refinancing
plans, with the aim of reducing its exposure.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At each fiscal year-end, the
Company analyzes whether the recording of an impairment is necessary. As of December 31, 2023 and 2022, delinquent trade receivables totaled
approximately $ 11,355 and $ 20,435, respectively. As of December 31, 2023 and 2022, the financial statements included allowances for
$ 6,241 and $ 14,431, respectively.</P>


<!-- Field: Page; Sequence: 34 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The inability to collect the
amounts receivable in the future could have an adverse effect on the Company&rsquo;s results of operations and its financial position,
which, in turn, could have an adverse effect on the Company&rsquo;s ability to repay loans, including payment of the Corporate Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances of the bills for
electricity consumption of T1 (small-demand), T2 (medium-demand) and T3 (large-demand) customers that remain unpaid seven working days
after the bills&rsquo; first due dates are considered delinquent trade receivables. Additionally, the amounts included in the Framework
Agreement are not considered within delinquent balances of the electricity supplied to low-income areas and shantytowns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s maximum exposure
to credit risk is based on the book value of each financial asset in the financial statements, after deducting the corresponding allowances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>c.</I></B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Liquidity risk</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company monitors the risk
of a deficit in cash flows on a periodical basis. The Finance Department supervises the updated projections of the Company&rsquo;s liquidity
requirements in order to ensure that there is enough cash to meet its operating needs, permanently maintaining sufficient margin for undrawn
credit lines so that the Company does not fail to comply with the indebtedness limits or covenants, if applicable, of any line of credit.
Such projections give consideration to the Company&rsquo;s debt financing plans, compliance with covenants, with internal balance sheet
financial ratios objectives and, if applicable, with external regulations and legal requirements, such as, restrictions on the use of
foreign currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cash surpluses held by the Company
and the balances in excess of the amounts required to manage working capital are invested in money market funds and/or time deposits that
accrue interest, currency deposits and securities, choosing instruments with appropriate maturities or sufficient liquidity to provide
sufficient margin as determined in the aforementioned projections. As of December 31, 2023 and 2022, the Company&rsquo;s current financial
assets at fair value amount to $ 82,628 and $ 89,379, respectively, which are expected to generate immediate cash inflows to manage the
liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below includes an analysis
of the Company&rsquo;s non-derivative financial liabilities, which have been classified into maturity groupings based on the remaining
period between the closing date of the fiscal year and the contractual maturity date. Derivative financial liabilities are included in
the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed
in the table are the contractual undiscounted cash flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 25%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;No deadline&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Less than 3 months&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;From 3 months to 1 year&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;From 1 to 2 years&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;From 2 to 5 years&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">&nbsp;Total&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">As of December 31, 2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade payables and other liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;100,329</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;158,282</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44,816</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,809</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161,323</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;483,559</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">50,663</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,345</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;95,008</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;100,329</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;158,282</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">95,479</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">63,154</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">161,323</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;578,567</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">As of December 31, 2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade payables and other liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;375,157</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;210,919</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,484</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;1,274</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;73,820</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;690,654</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;573</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45,268</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;45,841</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;375,157</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;210,919</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30,057</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">46,542</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;73,820</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;736,495</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Nota</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>5.2 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concentration risk factors</FONT></B></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Related to customers</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s receivables
derive primarily from the sale of electricity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">No single customer accounted
for more than 10% of sales for the years ended December 31, 2023 and 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Related to employees who are union members</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023, the
Company&rsquo;s employees are members of unions, Sindicato de Luz y Fuerza de Capital Federal (Electric Light and Power Labor Union of
the Federal Capital) and Asociaci&oacute;n del Personal Superior de Empresas de Energ&iacute;a (Association of Supervisory Personnel of
Energy Companies). These employees labor cost depends on negotiations between the Company and the unions; a sensitive change in employment
conditions generates a significant impact on the Company&rsquo;s labor costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Collective bargaining agreements
were entered into in the months of February, April, September, November and December 2023, as a consequence of the inflationary context
in which the Argentine economy is immersed. At the date of issuance of the financial statements, there is no certainty concerning future
collective bargaining agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Nota</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>5.3 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital risk management</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s objectives
when managing capital are to safeguard its ability to continue operating as a going concern and to maintain an optimal capital structure
to reduce the cost of capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Consistent with others in the
industry, the Company monitors its capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital.
Net debt is calculated as total liabilities (current and non-current) less cash and cash equivalents. Total capital is calculated as equity,
as shown in the Statement of Financial Position, plus net debt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">The gearing ratios at December 31, 2023
and 2022 were as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 24%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Total liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;1,069,993</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;1,103,844</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less: Cash and cash equivalents and Financial assets at fair value through profit or loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(91,756)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(94,455)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Net debt</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;978,237</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;1,009,389</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Total Equity</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;438,811</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;391,338</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Total capital attributable to owners</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;1,417,048</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;1,400,727</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Gearing ratio</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">69.03%</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">72.06%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Nota</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>5.4 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regulatory risk factors</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Pursuant to caption C of Section
37 of the Concession Agreement, the Grantor of the Concession may, without prejudice to other rights to which the Grantor is entitled
thereunder, foreclose on the collateral granted by the Company when the cumulative value of the penalties imposed to the Company in the
previous one-year period exceeds 20% of its annual billing, net of taxes and fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s Management
evaluates the development of this indicator on an annual basis. At the date of issuance of these financial statements, there are no events
of non-compliance by the Company that could lead to that situation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Nota</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>5.5 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information security-related risk factors</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has a Security Information
and Event Management System in place to access data-based information, mitigating risks at scale with machine learning-based analysis.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, there are information
security awareness programs addressed to the staff, and a liability insurance that covers the Company against the residual risks and costs
associated with cybersecurity events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Nota</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>5.6
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Fair value estimate</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company classifies the measurements
of financial instruments at fair value using a fair value hierarchy that reflects the relevance of the variables used to carry out such
measurements. The fair value hierarchy has the following levels:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><BR>
&middot; <B>Level 1</B>: quoted prices (unadjusted) in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><BR>
&middot; <B>Level 2</B>: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly
(i.e. prices) or indirectly (i.e. derived from the prices).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><BR>
&middot; <B>Level 3</B>: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below shows the Company&rsquo;s
financial assets and liabilities measured at fair value as of December 31, 2023 and 2022:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-left: 18px; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 24%">&nbsp;LEVEL 1&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 24%">&nbsp;LEVEL 2&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 18px; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">At December 31, 2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Transferred assets and in custody</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20,406</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;588</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">82,040</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;7,730</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total assets</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;110,764</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Liabilities</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other liabilities:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment plan - CAMMESA</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">59,988</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total liabilities</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">59,988</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 32%">&nbsp;LEVEL 1&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">At December 31, 2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Transferred assets and in custody</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14,558</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42,713</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46,666</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;2,375</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total assets</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;106,312</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the financial instruments
traded in active markets is based on the quoted market prices at the Statement of Financial Position date. A market is regarded as active
if quoted prices are regularly available from a stock exchange, broker, sector-specific institution or regulatory agency, and those prices
represent current and regularly occurring market transactions on an arms&rsquo; length basis. The quoted market price used for financial
assets held by the Company is the current offer price. These instruments are included in level 1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair value of financial instruments
that are not traded in active markets is determined by using valuation techniques. These valuation techniques maximize the use of observable
market data, where it is available, and rely as little as possible on the Company&rsquo;s specific estimates. If all the significant variables
to determine the fair value of a financial instrument are observable, the instrument is included in level 2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If one or more of the significant
variables used to determine fair value are not observable in the market, the financial instrument is included in level 3. There are no
financial instruments that are to be included in level 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>6 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Critical accounting estimates and judgments</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The preparation of the financial
statements requires the Company&rsquo;s Management to make estimates and assessments concerning the future, exercise critical judgments
and make assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities and revenues
and expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These estimates and judgments
are continually evaluated and are based upon past experience and other factors that are reasonable under the existing circumstances. Future
actual results may differ from the estimates and assessments made at the date of preparation of these financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The estimates that have a significant
risk of causing adjustments to the amounts of assets and liabilities during the next fiscal year are detailed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Impairment
of financial assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 28.4pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The allowance for the impairment
of accounts receivable is assessed based on the delinquent balance, which comprises all such debt arising from the bills for electricity
consumption of T1 (small-demand), T2 (medium-demand), and T3 (large-demand) customers that remain unpaid seven working days after their
first due dates. The Company&rsquo;s Management records an allowance by applying to the delinquent balances of each customer category
an uncollectibility rate that is determined according to each customer category, based on the historical comparison of collections made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, and faced with
temporary and/or exceptional situations, the Company&rsquo;s Management may redefine the amount of the allowance, specifying and supporting
the criteria used in all the cases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has performed a review
of the financial assets it currently measures and classifies at fair value through profit or loss or at amortized cost and has concluded
that they meet the conditions to maintain their classification; consequently, the initial adoption affected neither the classification
nor the measurement of the Company&rsquo;s financial assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Revenue
recognition</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Revenue is recognized on an accrual
basis upon delivery to customers, which includes the estimated amount of unbilled distribution of electricity at the end of each year.
The accounting policy for the recognition of estimated revenue is considered critical because it depends on the amount of electricity
effectively delivered to customers, which is valued on the basis of applicable electricity rates. Unbilled revenue is classified as current
trade receivables.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Impairment
of long-lived assets</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company analyzes the recoverability
of its long-lived assets on a periodical basis or when events or changes in circumstances indicate that the recoverable amount of the
long-lived assets, which is measured as the higher of value in use and fair value less costs to sell at the end of the year, may be impaired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #222222">Due
to the new events that occurred in the fiscal year, mainly those mentioned in Notes 1, 2.b. and 2.c., the projections made by the Company
concerning the recoverability of its property, plant and equipment have been updated</FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value in use is determined
on the basis of projected and discounted cash flows, using discount rates that reflect the time value of money and the specific risks
of the assets under consideration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Cash flows are prepared based
on estimates concerning the future performance of significant assumptions that are sensitive to the determination of the recoverable amount,
including the following: (i) nature, timing, and modality of the electricity rate increases; (ii) demand for electricity projections;
(iii) development of the costs to be incurred; (iv) investment needs in line with the service quality levels required by the regulatory
authority, and (v) macroeconomic variables, such as growth rates, inflation rates and foreign currency exchange rates. The other variables
have low impact on the calculation and have been estimated by the Company using the best available information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has made its projections
under the assumption that in the next few years it will obtain the long overdue electricity rates adjustments to which it is entitled
in accordance with the applicable regulations, using as a basis a Discount rate (WACC) in dollars of 16.24%, translating it into Argentine
pesos for the discount in each of the scenarios presented.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">However, the Company is not in
a position to ensure that the future performance of the assumptions used for making its projections will be in line with that which the
control authorities will define, therefore, they could differ significantly from the estimates and assessments made at the date of preparation
of these financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to consider the estimation
risk included in the projections of the aforementioned variables, the Company has taken into consideration three alternative probability-weighted
scenarios, which are detailed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scenario No. 1: considers the
adjustments in the VAD according to ENRE Resolution No. 102/2024 (Note 2.b.) as from February 2024, and an automatic and monthly adjustment
from the monthly CPD as from May 2024. Includes an increase resulting from the RT in February 2025. Probability of occurrence assigned
<FONT STYLE="color: #222222">25</FONT>%.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scenario No. 2: considers the
adjustments in the VAD according to ENRE Resolution No. 102/2024 (Note 2.b.) as from February 2024, and an automatic and monthly adjustment
from the monthly CPD as from May 2024. Includes a smaller increase resulting from the RT in February 2025<FONT STYLE="color: #222222">.
</FONT>Probability of occurrence assigned <FONT STYLE="color: #222222">60</FONT>%.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scenario No. 3: considers the
adjustments in the VAD according to ENRE Resolution No. 102/2024 (Note 2.b.) as from February 2024, and an automatic and monthly adjustment
from the monthly CPD as from May 2024. Includes a minimal increase resulting from the RT in February 2025. Probability of occurrence assigned
<FONT STYLE="color: #222222">15</FONT>%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In all the cases, payments under
the payment plan resulting from the Agreements on the Regularization of Payment Obligations for the debt with CAMMESA (Note 2.c) are made.
The debt generated between September 2023 and March 2024 is offset with the regulatory asset. As from April 2024, 100% of the invoice
is paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has assigned to these
three scenarios the previously detailed probability of occurrence percentages based mainly on experience and giving consideration to the
long overdue electricity rate adjustment, the current economic and financial situation, and the need to keep the public service, object
of the concession, operative.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">After having carried out the
analysis of recoverability of long-lived assets, as of the date of these financial statements, the Company has recorded no additional
impairments of property, plant and equipment.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Sensitivity analysis:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The main factors that could result
in impairment charges or recoveries in future periods are: i) a distortion in the nature, timing, and modality of the electricity rate
increases, ii) a distortion in the nature, timing, and modality of the settlement of the debt with CAMMESA. These factors have been taken
into account in the aforementioned weight of scenarios. Due to the uncertainty inherent in these assumptions, the Company estimates that
any sensitivity analysis that considers changes in any of them taken individually could lead to significant changes in the determination
of the recoverable value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current
and deferred income tax</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">A degree of judgment is required
to determine the income tax provision inasmuch as the Company&rsquo;s Management has to evaluate, on an ongoing basis, the positions taken
in tax returns in respect of situations in which the applicable tax regulation is subject to interpretation and, whenever necessary, make
provisions based on the amount expected to be paid to the tax authorities. When the final tax outcome of these matters differs from the
amounts initially recognized, such differences will impact both the income tax and the deferred tax provisions in the fiscal year in which
such determination is made.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">There are many transactions and
calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual tax claims based on
estimates of whether additional taxes will be due in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Deferred tax assets are reviewed
at each reporting date and reduced according to the probability that a sufficient taxable base will be available to allow for the total
or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. The realization of deferred tax assets depends
on the generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment,
the Company&rsquo;s Management takes into consideration the scheduled reversal of deferred tax liabilities, the projected future taxable
income, the prevailing rates to be applied in each period, and tax planning strategies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>e.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Benefit
plans</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 53.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The liability recognized by the
Company is the best estimate of the present value of the cash flows representing the benefit plan obligation at the closing date of the
year together with the adjustments for past service costs and actuarial losses. Cash flows are discounted using a rate that contemplates
actuarial assumptions about demographic and financial conditions that affect the determination of benefit plans. Such estimate is based
on actuarial calculations made by independent professionals in accordance with the projected unit credit method.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>f.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ENRE
penalties and discounts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company considers its applicable
accounting policy for the recognition of ENRE penalties and discounts critical because it depends on penalizable events that are valued
on the basis of the Management&acute;s best estimate of the expenditure required to settle the present obligation at the date of these
financial statements. The balances of ENRE penalties and discounts are adjusted in accordance with the regulatory framework applicable
thereto and have been estimated based on that which has been described in Note 2.f.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>g.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Contingencies
and provisions for lawsuits</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is a party to several
complaints, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages,
reimbursement for losses or compensation. The Company&rsquo;s potential liability with respect to such claims, lawsuits and legal proceedings
cannot be accurately estimated. The Company&rsquo;s Management, with the assistance of its legal advisors, periodically analyzes the status
of each significant matter and evaluates the Company&rsquo;s potential financial exposure. If the loss deriving from a complaint or legal
proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Provisions for contingent losses
represent a reasonable estimate of the losses that will be incurred, based on the information available to Management at the date of the
financial statements preparation, taking into account the Company&rsquo;s litigation and settlement strategies. These estimates are mainly
made by Management. However, if the Management&rsquo;s estimates proved wrong, the current provisions could be inadequate and result in
a charge to profits that could have a material effect on the Statements of Financial Position, Comprehensive Income (Loss), Changes in
Equity and Cash Flows.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>7 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest in joint ventures</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt; background-color: white; color: #222222">The Company&rsquo;s
interests in joint ventures as of December 31, 2023 and 2022 are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt; background-color: white; color: #222222">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">&nbsp;Percentage interest held in capital stock and votes&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">&nbsp;Corporate purpose&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">&nbsp;Legal address&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;Equity attributable to the owners&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: center">&nbsp;(Loss) Income from interest in joint ventures&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">12.31.23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.22&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">12.31.23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.22&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.21&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 27%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 9%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;SACME&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">50.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;Control of the operation of both the electric power generation and transmission in the GBA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;Av. Espa&ntilde;a 3251, CABA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;57</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;66</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(10)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(17)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;12</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>8 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contingencies and lawsuits</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has contingencies
and is a party to lawsuits that arise from labor, civil and commercial complaints that relate to atomized legal actions for individual
non-significant amounts, which in the Company&rsquo;s opinion are likely to result in an outflow of resources, and for which a provision
in the amount of $ 12,730 has been recorded as of December 31, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, there are significant
judicial processes whose outcome, depending on the evidence produced in the cases and based on the legal advisors&rsquo; assessment, is
uncertain. These judicial processes are detailed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Legal action brought by
Consumidores Financieros Asociaci&oacute;n Civil Para Su Defensa (13563/2009) </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In March 2010, Consumidores Financieros
Asociaci&oacute;n Civil Para Su Defensa (&ldquo;CFD&rdquo;) brought a class action against the Company and Edesur in National Court of
Original Jurisdiction in Federal Administrative Matters No. 2, Clerk&rsquo;s Office No. 3, seeking the reimbursement of: (i) interest
applicable to the payment of energy purchased from the MEM, transferred to customers, (ii) the Value Added Tax (VAT) percentage on that
interest, calculated on a taxable base that is allegedly contrary to the Consumer Protection Law; and (ii) the late payment charges calculated
at the lending rate published by Banco de la Naci&oacute;n Argentina.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On April 22, 2010, the Company
answered the complaint, filing a motion to dismiss for lack of standing (&ldquo;<I>excepci&oacute;n de falta de legitimaci&oacute;n</I>&rdquo;),
requesting, at such opportunity, that a summons be served upon the Federal Government, the AFIP and the ENRE as third-party defendants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Prior to the time allowed to
produce evidence, the Tax authorities were ordered to conduct a review of the proceedings in order to issue an opinion on the motion to
dismiss for lack of standing filed by <B>edenor</B>. After the proceedings were sent back to the court, the motion was rejected. At the
time, the Company filed an appeal against such denial.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In 2022, evidence was offered
and arguments were submitted, with the Company invoking lack of standing and the termination of the action by lapse of time. The rendering
of a decision on the motions filed by the Company has been deferred and will be considered when final judgment is rendered. The action
brought by ADDUC (which is detailed below) will be considered together with these actions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance of these
financial statements, this case is pending resolution.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Legal action brought by
Asociaci&oacute;n de Defensa de Derechos de Usuarios y Consumidores - ADDUC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On October 21, 2011, Asociaci&oacute;n
de Defensa de Derechos de Usuarios y Consumidores (&ldquo;ADDUC&rdquo;) brought a class action against the Company requesting: (i) that
the Company be ordered to reduce or mitigate the default or late payment interest rates charged to customers; (ii) that the pacts or accords
that would have stipulated the interest rates that the Company applies to its customers, as well as the administrative resolutions based
on which it justifies the collection of interest be declared non-applicable; and (iii) that interest thus collected be reimbursed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On April 8, 2014, the Court admitted
the motion to dismiss due to the fact that the claims at issue were being litigated in another lawsuit (&ldquo;<I>excepci&oacute;n de
litispendencia</I>&rdquo;), and ordered that the proceedings be sent to the Court hearing the case entitled &ldquo;Consumidores Financieros
Asociaci&oacute;n Civil vs Edesur and Other defendants, for breach of contract&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Prior to the time allowed to
provide evidence, the Tax authorities were ordered to conduct a review of the proceedings in order to issue an opinion on the motion to
dismiss for lack of standing filed by the Company, which was rejected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company filed an appeal,
which, on October 16, 2020, the National Court of Appeals in Federal Administrative Matters rejected, confirming the decision of the court
of original jurisdiction. The case has been brought to trial.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance of these
financial statements, this case is pending resolution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Legal action brought by
Consumidores Financieros Asociaci&oacute;n Civil para su Defensa (9119/2022)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On May 4, 2021, CFD brought a
class action against the Company in the Court having jurisdiction in Administrative and Tax Matters of the City of Buenos Aires, Clerk&rsquo;s
Office No. 3 of the Judicial Management Office in Consumer Relations, claiming damages allegedly caused by the Company to customers by
virtue of the Agreement on the Regularization of Payment Obligations entered into in 2019 by the Company, the Energy Secretariat and the
Electric Power Market and Renewable Resources Secretariat, and claiming the reinstatement of the penalties set forth therein, plus interest,
loss of profit or opportunity and punitive damages.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company answered the complaint
and filed a motion to dismiss for lack of jurisdiction (&ldquo;<I>excepci&oacute;n de incompetencia</I>&rdquo;) of the local courts. The
court admitted the motion to dismiss for lack of jurisdiction and, as a consequence thereof, on January 6, 2022, sent the proceedings
to the Court having jurisdiction in Civil and Commercial Federal Matters No. 5 &ndash; Clerk&rsquo;s Office No. 9. At present, the case
has been brought to trial. The Company&rsquo;s management believes there exist reasonable grounds to believe that <B>edenor</B> should
prevail in this case.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Legal action brought by
the Office of the Ombudsman of the City of Buenos Aires (Court record 30815/2023)</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On April 4, 2023, the Ombudsman
of the City of Buenos Aires filed a complaint against the Company and Edesur in Court of Original Jurisdiction in Administrative, Tax
and Consumer Relations Matters of the City of Buenos Aires No. 25, sole Clerk&rsquo;s Office, claiming punitive damages adducing deficiency
in the information about service interruptions, and requesting the granting of a precautionary measure consisting of the setting up of
a workgroup to implement a communication system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company filed an appeal against
the precautionary measure, answered the complaint and filed a motion to dismiss for lack of jurisdiction of the local courts. On February
27, 2024, the court admitted the motion to dismiss for lack of jurisdiction. The Company&rsquo;s management believes there exist reasonable
grounds to believe that <B>edenor</B> should prevail in this case.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Claim of the City of Buenos
Aires Tax Authorities (&ldquo;AGIP&rdquo;). Assessment Resolution No. 3417/2017 </B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On December 5, 2017, the AGIP
claims alleged differences in the contribution that impacts electric power companies. The difference is based on the content of the contribution&rsquo;s
taxable base, which in the AGIP&rsquo;s opinion, is made from the Company&rsquo;s monthly income deriving from sales, without admitting
the deduction for the sale of energy to railway companies provided for in the federal laws governing the contribution. The main objections
made by the AGIP are the following: a) challenged the tax returns for the 2011-2013 tax periods; b) assessed the resulting tax for the
2011-2013 tax periods, plus interest; c) provided that for the income obtained in connection with the activity of &ldquo;distribution
of electricity and sale services&rdquo; the Company should pay the aforementioned contribution for the referred to fiscal years at the
rate of 6%; and (d) imposed fines.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On January 18, 2018, the Company
filed a post-judgement motion for reversal (&ldquo;<I>recurso de reconsideraci&oacute;n</I>&rdquo;), which was rejected on July 4, 2019.
Against this denial, the Company filed an appeal before a higher administrative authority (&ldquo;<I>recurso jer&aacute;rquico</I>&rdquo;).
To date, the AGIP has issued no resolution in regard to this appeal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Federal Administration of
Public Revenues (&ldquo;AFIP&rdquo;) &ndash; Difference in contribution rate to the Single Social Security System (&ldquo;SUSS&rdquo;)
(executive order 814/2001) for the 12/2011- 11/2019 fiscal periods</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company, based on the opinion
(pronouncements) of its legal advisors in 2011, decided to apply the reduced rate for contributions to the SUSS set forth in section 2,
sub-section b) of Executive Order No. 814/2001 as it is a corporation in which the Sustainability Guarantee Fund, managed by ANSES, has
an equity interest in its business (Law 26,425, as amended).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In 2021, after the tax audits
conducted by the Large Employer Social Security Resources Control Division, three AFIP resolutions fell on the Company claiming the adjustment
of the contribution rate and rejecting the inclusion of <B>edenor</B> in section 2, sub-section b) of Executive Order No. 814/2001.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s position
is supported by the three appeals filed against the debt assessments (all of them filed in Courtroom III of the Federal Social Security
Court of Appeals) given the nature of the shareholder ANSES-FGS, its significant role in the Board of Directors, the Federal Government&rsquo;s
participation in the Supervisory Committee through the SIGEN, the recognition that minority state-owned corporations are regarded as included
among those entitled to the benefit of Executive Order No. 814/2001, inasmuch as this changed as from the enactment of the referred-to
Law No. 27,541, as well as the existence of three similar cases with a favorable outcome in the other two courtrooms comprising the Court
of Appeals (with such cases having been appealed by the AFIP before the CSJN).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the three court records, the
Company filed a surety bond as a substitute for the <I>solve et repete</I> (&ldquo;Pay First&rdquo;) requirement applicable to the filing
of the appeals. The state of the appeals filed by the Company is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><U>(i)&nbsp;Edenor
S.A. VS AFIP, CHALLENGE OF DEBT, Court record 20408/2021 (CI 25.329) (OI No. 1.578.472- for the 12/2011-12/2016 tax periods): </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&#9;On September 13, 2021 an appeal
was filed. At present, judgment on the case is still pending.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On February 29, 2024 proof that
the Company is unable to comply with the First Pay requirement due to the long-overdue readjustment of revenue, as with rates, which
must be issued by the relevant authorities, was filed in the court record.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><U>(ii)&nbsp;Edenor
S.A. VS AFIP, CHALLENGE OF DEBT, Court record 11840/2021 (CI 25.329) (OI No. 1.806.371- for the 01/2017-06/2019 tax periods):</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 21.3pt">&#9;On February 22, 2024, the
Company was served notice of the Court of Appeals&rsquo; decision, whereby the appeal filed by the Company was rejected as inadmissible,
inasmuch as the appellate court does not agree with the criterion of the other courtrooms that accept the surety bond as a replacement
for the &ldquo;Pay First&rdquo; requirement. In that regard, it stated that in order for the surety bond to be accepted, the impossibility
of payment must be founded. The Company will file a federal extraordinary appeal (&ldquo;<I>recurso extraordinario federal</I>&rdquo;)
(with a stay of execution) with the Supreme Court of Justice, and, should it be denied, it will file an appeal against the denial to admit
the extraordinary appeal (&ldquo;<I>recurso de queja</I>&rdquo;) (without a stay of execution), which implies the immediate availability
of the funds to continue with the Company&rsquo;s defense.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><U>(iii)&nbsp;Edenor
S.A. VS AFIP, SOCIAL SECURITY CONTRIBUTIONS (CI 24.920) (OI: 1893337- for the 07/2019-11/2019 tax periods- Court record No.: CSS 053731/2022):</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&#9;On October 4, 2022 an appeal
was filed. At present, judgment on the case is still pending.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on February 29,
2024 proof that the Company is unable to comply with the First Pay requirement was filed in the court record, in the same way as in the
court record mentioned in (i).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Without prejudice to the immediacy
of the appeal filed to the CSJN against the denial to admit the extraordinary appeal, which would be granted without a stay of execution
and, therefore, the conditions to enforce payment of the debt in question in this specific process mentioned in (ii) above would exist;
the merits of the case have not yet been dealt with in this Courtroom and, according to the Company&rsquo;s understanding and based on
the opinion of its legal advisors, the Company&rsquo;s management considers that it has solid arguments to defend the inclusion of the
Company under section 1 of Law 22,016, as it was in effect until the issuance of Executive Order No. 814/2001.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- National Regulatory Authority
for the Distribution of Electricity, Proceeding for the Determination of a Claim&rdquo; (Court record No. 16/2020)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On May 4, 2021, the Company was
served notice of a complaint filed by the ENRE in connection with <B>edenor</B>&lsquo;s compliance with captions 9.2.1 and 9.2.2 of the
&ldquo;Agreement on the Renegotiation of the Concession Agreement&rdquo; for differences arising from the date of payment of certain penalties
included therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company answered the complaint,
with the proceedings currently being at the stage of producing evidence. The Company&rsquo;s management believes there exist reasonable
grounds to believe that <B>edenor</B> should prevail in this case.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AFIP&rsquo;s tax claim for
Income Tax, Undocumented outflows and VAT</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The AFIP initiated a verification
process to assess differences in connection with the VAT, undocumented outflows and the income tax, at the request of the Court hearing
the case entitled &ldquo;Garc&iacute;a Veronica Elizabeth and other defendants, Fraudulent tax evasion and Violation of law 24,769 &ndash;
Prosecutor AFIP and others&rdquo; (Case No. 58258/2017&rdquo;), for bills issued by certain former suppliers of the Company, considered
in such proceedings to be &ldquo;<I>usinas mixtas</I>&rdquo; (companies used as real and fake invoice plants). This led to the following
proceedings:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">(i)&nbsp;&ldquo;Garc&iacute;a
Veronica Elizabeth and other defendants, Fraudulent tax evasion and Violation of law 24,769 &ndash; Prosecutor AFIP and others&rdquo;
(2017 and 2018 fiscal periods):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.4pt">On July 2, 2020, the AFIP
initiated a <I>sua sponte</I> assessment process.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.4pt">On July 6, 2021, the Company
answered the notice and filed a motion for annulment in connection with the AFIP&rsquo;s tax claim, stating the legal foundations and
submitting the relevant documentary evidence.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.4pt">On November 17, 2021 the
AFIP notified the Company of the <I>sua sponte</I> assessments made relating to the three taxes (VAT, IT and undocumented outflows), which
were appealed by the Company to the Federal Tax Court on December 10, 2021. This appeal stays the execution of payment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On December 26, 2022, the Company
was served notice of the acquittal of all its former Board of Directors members. The AFIP appealed such decision, and, on March 30, 2023,
the San Mart&iacute;n Federal Court of Appeals revoked the acquittal based on the lack of conclusive evidence to either dismiss or confirm
the charges against them. It also ordered that the investigation be reopened and that new evidence be produced. In that regard an accounting
expert report was issued by the CSJN&rsquo;s Corps of Experts, whose conclusions were favorable to the Company. At present, no decision
has yet been issued by the court hearing the case and the case is pending resolution.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">(ii)&nbsp;Verification
Process Order (01/2019-10/2021 fiscal periods):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.4pt">On February 18, 2022, the
Company was notified of the initiation of a new verification process in respect of the same suppliers in question, with a request for
additional information on transactions performed from January 2019 until October 2021. At present, the verification process is in process,
and no debt has yet been assessed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">(iii)&nbsp;Verification
Process Order (11/2021-06/2022 fiscal periods):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 35.4pt">On July 11, 2023 the Company
was notified of the initiation of a new verification process in respect of the same suppliers in question, with a request for additional
information on transactions performed from November 2021 until June 2022. At present, the verification process is in process, and no debt
has yet been assessed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s management
believes there exist reasonable grounds to believe that <B>edenor</B> should prevail in this case.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Protecci&oacute;n a los Consumidores y Usuarios de
la Rep&uacute;blica Argentina Asociaci&oacute;n Civil (Procurar) &ndash; Class action for the protection of a constitutional right (&ldquo;<I>amparo
colectivo</I>&rdquo;)</B></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Protecci&oacute;n a los Consumidores
y Usuarios de la Rep&uacute;blica Argentina Asociaci&oacute;n Civil, jointly with two users domiciled in the District of San Mart&iacute;n,
brought an action against the Company, the SE and CAMMESA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In that framework, a provisional
measure was issued, pursuant to which:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Company was ordered to refrain
from paying CAMMESA any amounts earmarked for the carrying out of the investments necessary for ensuring the appropriate quality of the
electricity service.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAMMESA was ordered to refrain,
both from claiming judicial payment by the Company of the energy supplied and/or to be supplied in the future to <B>edenor</B>, and from
issuing any precautionary measure affecting the latter&rsquo;s equity, as a result of and/or due to energy supplied, maintaining the normal
and regular dispatch of energy, affecting neither the continuity nor the quality of the public service the distributor must provide to
its customers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Legal action brought by the Company (Study, Review
and Inspection of Works in Streets and/or Public Spaces Tax &quot;TERI&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On October 9, 2020, the Company
filed a declaratory judgment action in the Supreme Court of Justice (&quot;CSJN&quot;), against the Government of the City of Buenos Aires
(&quot;GCBA&quot;) in order to put an end to the state of uncertainty arising between the federal regulations governing the public service
of electricity and the GCBA&rsquo;s claim to impose payment of the TERI on the Company. Additionally, a petition for the granting of a
prohibitory injunction was filed, requesting that the GCBA be ordered to refrain from claiming payment of the TERI, and from bringing
enforcement actions and/or levying an attachment on the Company&rsquo;s assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 40pt">On December 21, 2022, the CSJN
resolved that it had original jurisdiction over the case, ordered that notice of the complaint be served upon the GCBA for a term of sixty
days, and rejected the precautionary measure sought by the Company. On August 13, 2023, the GCBA answered the complaint. At present, the
proceedings are at the stage of producing evidence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, the Company has
filed complaints requesting the nullification of the GCBA&rsquo;s Resolutions providing for the payment of the TERI. In one of those proceedings
in particular (&ldquo;Edenor S.A. vs GCBA, Challenge of actions taken by the Governmental Authority&rdquo; Court record 286603/2024) a
favorable judgement was rendered on February 28, 2024, considering section 377 of the City of Buenos Aires Tax Code to be unconstitutional.
The Company&rsquo;s management believes there exist reasonable grounds to believe that <B>edenor</B> should prevail in this case.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>9 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue from sales and energy purchases </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">We provide below a brief
description of the main services provided by the Company:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>Sales of electricity</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Small demand segment: Residential use and public lighting (T1)</FONT></TD>
    <TD STYLE="width: 81%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relates to the highest demand average recorded over 15 consecutive minutes that is less than 10 kilowatts. In turn, this segment is subdivided into different residential categories based on consumption. This segment also includes a category for public lighting. Users are categorized by the Company according to their consumption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Medium demand segment: Commercial and industrial customers (T2)</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relates to the highest demand average recorded over 15 consecutive minutes that is equal to or greater than 10 Kilowatts but less than 50 Kilowatts. The Company agrees with the user the supply capacity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Large demand segment (T3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relates to the highest demand average recorded over 15 consecutive minutes that is greater than 50 Kilowatts. In turn, this segment is subdivided into categories according to the supply voltage -low, medium or high-, from voltages of up to 1 Kilovolt to voltages greater than 66 Kilovolts.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Other: (Shantytowns/</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Wheeling system)</P></TD>
    <TD STYLE="border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue is recognized to the extent that a renewal of the Framework Agreement has been formalized for the period in which the service was rendered. In the case of the service related to the Wheeling system, revenue is recognized when the Company allows third parties (generators and large users) to access to the available transmission capacity within its distribution system upon payment of a wheeling fee. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The KWh price relating to the
Company&rsquo;s sales of electricity is determined by the ENRE by means of the periodic publication of electricity rate schedules (Note
2.b), for those distributors that are regulated by the aforementioned Regulatory Authority, based on the rate setting and adjustment process
set forth in the Concession Agreement.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>Other services</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right of use of poles</FONT></TD>
    <TD STYLE="width: 81%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue is recognized to the extent that the rental value of the right of use of the poles used by the Company&rsquo;s electricity network has been agreed upon for the benefit of third parties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Connection and reconnection charges</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relate to revenue accrued for the carrying out of the electricity supply connection of new customers or the reconnection of already existing users.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><B>Energy purchases</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy purchase </FONT></TD>
    <TD STYLE="width: 81%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company bills its users the cost of its purchases of energy, which includes charges for purchases of energy and power. The Company purchases electric power at seasonal prices approved by the SE. The price of the Company&rsquo;s electric power represents transmission costs and other regulatory charges.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Energy</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">losses</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy losses are equivalent to the difference between energy purchased and energy sold. These losses can be classified into technical and non-technical losses. Technical losses represent the energy lost during transmission and distribution within the network as a consequence of the natural heating of the conductors and transformers that carry electricity from power generation plants to users. Non-technical losses represent the remainder of the Company&rsquo;s energy losses and are mainly due to the illegal use of its services or the theft of energy. Energy losses require that the Company purchase additional energy in order to meet the demand and its Concession Agreement allows it to recover from its users the cost of these purchases up to a loss factor specified in its concession for each rate category. The current loss factor recognized in the electricity rate by virtue of its concession amounts to approximately 9.1%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -7.1pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">12.31.22</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 36%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">$</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">$</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Sales of electricity</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Small demand segment: Residential use and public lighting (T1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;13,585</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;417,487</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;13,052</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;351,439</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,373</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;405,529</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Medium demand segment: Commercial and industrial (T2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,552</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">78,638</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,529</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">65,506</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;1,447</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">73,705</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Large demand segment (T3)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,680</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;174,939</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,714</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;191,177</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;3,492</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;173,070</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Other: (Shantytowns/Wheeling system)<BR></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,721</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,682</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,531</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,023</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;4,398</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31,496</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Subtotal - Sales of electricity</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;23,538</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;697,746</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;22,826</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;637,145</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">21,710</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;683,800</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Other services</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Right of use of poles</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;2,934</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;3,472</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;4,257</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Connection and reconnection charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;418</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;377</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;445</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Subtotal - Other services</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;3,352</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;3,849</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;4,702</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total - Revenue</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;701,098</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;640,994</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;688,502</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">12.31.22</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">$</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">$</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Energy purchases <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">27,676&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(458,944)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">27,158&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(446,030)</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;26,373&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(423,413)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As of December 31, 2023, 2022
and 2021, includes technical and non-technical energy losses for 4,138 GWh, 4,332 GWh and 4,663 GWh, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="text-align: justify"><B>10 | <FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Expenses
                                            by nature</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The breakdown of expenses by
nature is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Expenses by nature at 12.31.23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 48%">&nbsp;Description&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Transmission and distribution expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Selling&nbsp;&nbsp;expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Administrative expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Salaries and social security taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;76,213</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,521</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">24,024</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">110,758</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Pension plans</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1,670</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">231</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;527</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;2,428</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Communications expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;2,370</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;2,425</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4,805</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;6,662</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;6,662</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Supplies consumption&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,316</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;745</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;11,061</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Leases and insurance&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">659</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;14</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,861</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;2,534</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Security service</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;2,910</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">213</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,597</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4,720</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fees and remuneration for services</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;49,005</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;18,882</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">29,640</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;97,527</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Public relations and marketing</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;6,646</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;6,646</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advertising and sponsorship&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,424</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;3,424</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reimbursements to personnel&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;4</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;65,094</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;9,700</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;7,959</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;82,753</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Depreciation of right-of-use asset</TD>
    <TD STYLE="text-align: right">283</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">566</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,980</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;2,829</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Directors and Supervisory Committee <BR>
members&rsquo; fees&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;161</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;5,898</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;12,749</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;18,647</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Taxes and charges&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,729</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;432</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;11,161</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;182</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">194</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">214,428</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;82,764</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">69,122</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">366,314</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; line-height: 115%"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included in the
chart above are net of the Company&rsquo;s own expenses capitalized in property, plant and equipment as of December 31, 2023 for $ 16,783.0.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Expenses by nature at 12.31.22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 48%">&nbsp;Description&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Transmission and distribution expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Selling&nbsp;&nbsp;expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Administrative expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Salaries and social security taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;70,230</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,509</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">21,192</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">101,931</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Pension plans</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;2,579</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">386</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;778</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;3,743</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Communications expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1,381</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;2,630</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;4</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4,015</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;6,847</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;6,847</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Supplies consumption&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,145</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,025</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;11,170</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Leases and insurance&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">609</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;14</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;2,885</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;3,508</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Security service</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,453</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">445</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;549</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4,447</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fees and remuneration for services</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;31,903</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;17,875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20,679</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;70,457</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Public relations and marketing</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;5,905</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;5,905</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advertising and sponsorship&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,042</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;3,042</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reimbursements to personnel&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;6</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;6</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;44,566</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;6,641</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;5,449</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;&nbsp;56,656</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Depreciation of right-of-use asset</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">322</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">643</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;2,251</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;3,216</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Directors and Supervisory Committee<BR>
members&rsquo; fees&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;215</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">215</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;6,432</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;8,728</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;15,160</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Taxes and charges&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,051</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;428</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;10,479</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;137</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">143</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">171,625</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;73,717</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">55,598</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">300,940</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included in the
chart above are net of the Company&rsquo;s own expenses capitalized in property, plant and equipment as of December 31, 2022 for $ 13,966.5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Expenses by nature at 12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 48%">&nbsp;Description&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Transmission and distribution expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Selling&nbsp;&nbsp;expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Administrative expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Salaries and social security taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;68,495</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,899</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15,474</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;94,868</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Pension plans</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,307</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">526</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;747</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4,580</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Communications expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1,579</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,503</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;3</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;5,085</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;11,902</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;&nbsp;11,902</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Supplies consumption&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;13,733</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,289</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;15,022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Leases and insurance&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;3,102</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;3,105</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Security service</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,074</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">262</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;707</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;4,043</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fees and remuneration for services</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;35,380</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;18,836</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15,689</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;69,905</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Public relations and marketing</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">704</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">704</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advertising and sponsorship&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">364</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">364</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reimbursements to personnel&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;6</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;43,426</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;6,471</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;5,310</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;55,207</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Depreciation of right-of-use asset</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">277</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">554</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;1,946</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;2,777</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">Directors and Supervisory Committee<BR>
members&rsquo; fees&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;215</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">215</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;7,321</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;5,079</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;12,400</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Taxes and charges&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;10,622</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;517</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;11,139</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;165</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">171</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 12.31.21</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">176,595</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;69,728</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">45,170</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">291,493</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included in the
chart above are net of the Company&rsquo;s own expenses capitalized in property, plant and equipment as of December 31, 2021 for $ 13,954.3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>11 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other operating income (expense)</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 46%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 16%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">12.31.22</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 15%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Other operating income</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Income from customer surcharges</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;14,003</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;9,439</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,743</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Commissions on municipal taxes collection</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,127</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;2,095</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;2,180</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Fines to suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">561</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;366</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;713</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Services provided to third parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,147</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;1,917</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;1,501</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income from non-reimbursable customer <BR>
contributions</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">157</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;192</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;283</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Expense recovery</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;5</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;155</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;190</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Framework agreement</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">2.d</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,986</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;9,384</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12,494</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Recovery of allowance for the impairment of trade receivables - Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">2.c</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;8,252</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">349</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;612</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;265</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total other operating income</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;25,335</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">32,412</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">29,369</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Other operating expense</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gratifications for services</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,344)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(707)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(5,238)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cost for services provided to third parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(1,761)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,701)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(679)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Severance paid&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(183)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(317)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(221)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Debit and Credit Tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(6,562)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,062)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(6,480)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provision for contingencies</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">33</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(9,718)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(13,719)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(14,263)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Disposals of property, plant and equipment&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(466)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,084)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(1,510)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;(917)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(140)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(1,252)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total other operating expense</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(20,951)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(23,730)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(29,643)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 49 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>12 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net finance costs</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 42%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 18%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 18%">12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 18%">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Financial income</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">367</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">203</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">395</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Commercial interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(256,214)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(232,268)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;(134,857)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest and other&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(62,622)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(40,590)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;(28,438)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Fiscal interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(38)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(24)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(28)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Bank fees and expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(561)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(453)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;(221)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(319,435)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(273,335)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(163,544)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Other financial results</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in fair value of financial assets and financial liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;33,778</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,799</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;24,065</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Loss on debt restructuring</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(1,398)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Net (loss) gain from the cancelattion of Corporate Notes</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(1,132)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Exchange differences</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;(48,327)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,604</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(9,716)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Adjustment to present value of receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(1,410)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(1,054)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(909)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Recovery of provision for credit RDSA</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,519</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other financial costs (*)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;(15,327)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;(14,271)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(6,418)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total other financial results</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(31,286)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(4,452)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">10,560</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total net financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(350,354)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(277,584)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(152,589)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">(*) As of December 31, 2023, 2022 and 2021,
includes $ 14,875, $ 13,241 and $ 5,528 relating to EDELCOS&rsquo; technical assistance, respectively (Note 34).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>13 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic and diluted earnings (loss) per share</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 124.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt"><B><I>Basic</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The basic earnings (loss) per
share is calculated by dividing the profit (loss) attributable to the holders of the Company&rsquo;s equity instruments by the weighted
average number of common shares outstanding as of December 31, 2023, 2022 and 2021, excluding common shares purchased by the Company and
held as treasury shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The basic earnings (loss) per
share coincides with the diluted earnings (loss) per share, inasmuch as the Company has issued neither preferred shares nor Corporate
Notes convertible into common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 52%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 15%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.22</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income (Loss) for the year attributable to the owners of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;48,371</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(54,398)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(129,475)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Weighted average number of common shares outstanding</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">875</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;875</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;875</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Basic and diluted income (loss) per share &ndash; in pesos</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">55.28</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(62.17)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;(147.97)</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="text-align: justify"><B>14 | <FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Property,
                                            plant and equipment</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">&nbsp;Lands and buildings&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Substations&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&nbsp;High, medium and low voltage lines&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Meters and Transformer chambers and platforms&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Tools, Furniture, vehicles, equipment and communications&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Construction in process&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;&nbsp;Supplies and spare parts&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 12.31.22&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;34,578</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;323,650</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;803,775</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;353,649</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;91,728</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;279,728</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,750</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,890,858</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(7,865)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(117,901)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(332,320)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(150,143)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(49,626)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(657,855)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;26,713</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;205,749</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;471,455</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;203,506</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;42,102</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;279,728</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,750</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,233,003</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Additions</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">467</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;79</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,401</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;6,766</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;9,742</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;101,173</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;123,628</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Disposals</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(17)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(28)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(392)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(437)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(889)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Transfers</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,642</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;6,519</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;21,283</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;8,042</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;15,777</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(55,524)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,261</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Depreciation for the year</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(2,621)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(14,117)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(36,700)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(17,610)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(11,705)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(82,753)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;Net amount 12.31.23&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;26,184</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;198,202</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;461,047</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;200,267</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;55,901</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;325,377</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">6,011</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,272,989</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 12.31.23&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;36,666</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;330,212</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;829,146</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;367,811</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;117,149</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;325,377</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,011</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,012,372</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Accumulated depreciation</TD>
    <TD STYLE="text-align: right">(10,482)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(132,010)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(368,099)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(167,544)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(61,248)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(739,383)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;26,184</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;198,202</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;461,047</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;200,267</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;55,901</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;325,377</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,011</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,272,989</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -31.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: -31.5pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the year ended December 31, 2023, the Company capitalized
as direct own costs $ 16,783.0.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">&nbsp;Lands and buildings&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Substations&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&nbsp;High, medium and low voltage lines&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Meters and Transformer chambers and platforms&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Tools, Furniture, vehicles, equipment and communications&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Construction in process&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;&nbsp;Supplies and spare parts&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 12.31.21&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;34,442</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;309,219</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;770,045</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;334,608</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;72,378</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;264,591</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,924</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,788,207</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(7,334)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(106,873)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">(308,210)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(137,575)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;(43,043)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(603,035)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;27,108</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;202,346</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;461,835</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;197,033</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;29,335</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;264,591</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,924</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,185,172</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Additions</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">250</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;264</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,417</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;3,144</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;6,318</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">93,177</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;105,571</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Disposals</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(670)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(414)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(1,084)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Transfers</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;87</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14,175</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;33,391</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">16,533</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;13,029</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(78,040)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;825</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Depreciation for the year</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(732)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(11,036)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(25,518)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(12,790)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,580)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(56,656)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;Net amount 12.31.22&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;26,713</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;205,749</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;471,455</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;203,506</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;42,102</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;279,728</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,750</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,233,003</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 12.31.22&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;34,578</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;323,650</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;803,775</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;353,649</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;91,728</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;279,728</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,750</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,890,858</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(7,865)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(117,901)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(332,320)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(150,143)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(49,626)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(657,855)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;26,713</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;205,749</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;471,455</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;203,506</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;42,102</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;279,728</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,750</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,233,003</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the year ended December 31, 2022, the Company capitalized
as direct own costs $ 13,966.5.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="text-align: justify"><B>15 | <FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Right-of-use
                                            asset</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company leases commercial
offices, two warehouses, the headquarters building (comprised of administrative, commercial and technical offices), the Energy Handling
and Transformer Center (two buildings and a plot of land located within the perimeter of Puerto Nuevo and Nuevo Puerto Power Generation
Plant) and Las Heras Substation. The Company&rsquo;s lease contracts have cancelable terms and lease periods of 2 to 3 years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The leases recognized as right-of-use
assets in accordance with IFRS 16 and the development thereof are disclosed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 20%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;2,202</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;2,578</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Additions</TD>
    <TD STYLE="text-align: right">&nbsp;4,167</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;2,840</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Depreciation for the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;(2,829)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,216)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;3,540</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;2,202</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The lease expense balance as
of December 31, 2023 and 2022 is disclosed in Other payables (Note 26).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>16 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 62%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.22</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Supplies and spare-parts</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;39,816</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;20,047</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Advance to suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total inventories</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;39,816</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;20,048</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>17 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial instruments</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #0070C0"><B>Note 17.1 |</B></FONT><B>
Financial instruments by category</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt calibri; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Financial
    assets at amortized cost&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Financial
    assets at fair value through profit or loss&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: center; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Non-financial
    assets&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Total&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;As
    of December 31, 2023&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade receivables</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;66,597</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;66,597</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other receivables</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,887</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;20,406</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,756</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;34,049</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Cash and Banks</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,398</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,398</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Mutual funds</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,730</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,730</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial assets at
    fair value through profit or loss:</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Negotiable
    instruments</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">588</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">588</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Mutual
    funds</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;82,040</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;82,040</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Total&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;72,882</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">110,764</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,756</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">192,402</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;As
    of December 31, 2022&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Assets&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade receivables</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;87,167</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;87,167</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other receivables</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;14,694</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;12,939</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;30,608</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;58,241</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri; font-style: italic"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Cash and Banks</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,701</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,701</FONT></TD></TR>
  <TR STYLE="font-family: calibri; vertical-align: bottom">
    <TD STYLE="font-family: calibri"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Mutual funds</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,375</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,375</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; font-style: italic; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
    assets at fair value through profit or loss:</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Negotiable
    instruments</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;42,713</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;42,713</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;Mutual
    funds</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;46,666</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;46,666</FONT></TD></TR>
  <TR STYLE="font-family: calibri">
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Total&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">104,562</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">104,693</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;30,608</FONT></TD>
    <TD STYLE="font-family: calibri; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: calibri; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">239,863</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: center; text-indent: -49.65pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 43%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;Financial liabilities at amortized cost&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;Financial liabilities at fair value through profit or loss&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;As of December 31, 2023&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;Liabilities&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: top; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;Trade payables&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">242,547</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">242,547</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;Other payables&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">128,276</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;59,988</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">188,264</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;Borrowings&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;95,008</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;95,008</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;Total&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">465,831</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;59,988</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">525,819</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;As of December 31, 2022&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;Liabilities&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;Trade payables&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">562,802</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">562,802</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;Other payables&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;74,150</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;74,150</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;Borrowings&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;45,841</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;45,841</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;Total&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">682,793</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">682,792</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: center; text-indent: -49.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: center; text-indent: -49.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Financial instruments categories
have been determined based on IFRS 9.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The income, expenses, gains and
losses resulting from each financial instrument category are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left; width: 43%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;Financial assets at amortized cost&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;Financial assets at fair value through profit or loss&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;As of December 31, 2023&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Interest income&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">367</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">367</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange differences</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;38,751</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;32,949</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;71,700</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Changes in fair value of financial assets</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;66,062</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;66,062</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">Total&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;39,118</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;99,011</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">138,129</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;As of December 31, 2022&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">Interest income&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">203</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">203</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange differences</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;12,193</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;24,823</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;37,016</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Changes in fair value of financial assets</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">8,799</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">8,799</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">Total&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;12,396</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;33,622</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;46,018</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;Financial liabilities at amortized cost&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;Financial liabilities at fair value through profit or loss&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;As of December 31, 2023&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest expense</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(318,836)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(318,836)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">Exchange differences</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(120,027)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(120,027)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Changes in fair value of financial liabilities</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">(32,284)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">(32,284)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(15,327)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(15,327)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;Total&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(454,190)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(32,284)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(486,474)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;As of December 31, 2022&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest expense</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(272,858)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(272,858)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">Exchange differences</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(32,412)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(32,412)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss on debt restructuring</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(1,398)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;(1,398)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">Net loss from the repurchase of Corporate Notes</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;(1,132)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: right">&nbsp;(1,132)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(14,271)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(14,271)</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;Total&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(322,071)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;-</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(322,071)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 28.35pt"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #0070C0"><B>Note 17.2 |</B></FONT><B>&#9;Credit
quality of financial assets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The credit quality of financial
assets that are neither past due nor impaired may be assessed based on external credit ratings or historical information:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 23%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 23%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;Customers with no external credit rating:&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;Group 1&nbsp;&nbsp;(i)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;34,143</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;60,408</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;Group 2 (ii)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;26,906</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">6,944</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;Group 3 (iii)</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">5,548</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;&nbsp;19,815</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: left">&nbsp;Total trade receivables&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;66,597</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;87,167</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relates to customers with debt to become due.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relates to customers with past due debt from 0 to 3 months.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relates to customers with past due debt from 3 to 12 months.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>18 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other receivables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current:</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;34.c&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current:</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Framework agreement <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400">(1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;2.d&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;276</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">8,624</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Assigned assets and in custody <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400">(2)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;20,406</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;14,558</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Judicial deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;374</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;649</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Security deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;366</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;307</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;897</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,184</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advances to personnel</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial credit&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;43</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advances to suppliers</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,373</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;961</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Tax credits</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">8,756</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;30,608</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Debtors for complementary activities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,642</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,265</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: right">&nbsp;15</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;164</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Allowance for the impairment of other receivables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(59)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(136)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;34,046</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;58,232</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of December 31, 2023 and 2022,
$ 276 and $ 4,724 relate to the Framework Agreement related to the Recognition of consumption in vulnerable neighborhoods period 2022,
respectively, and as of December 31, 2022, $ 3,900 relates to the Framework Agreement signed in December 2020 related to the Works Plan
of the AMBA&rsquo;s network.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of December 31, 2023 and 2022,
relate to Securities issued by private companies for NV 19,610,291 and NV 11,771,500, respectively, assigned to Global Valores S.A. As
of December 31, 2022, included cash deriving from the collection of securities for USD 2,924,022. The Company retains the risks and rewards
of the aforementioned assets and may make use of them at any time, at its own request.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the Company&rsquo;s
other financial receivables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The non-current other receivables
are measured at amortized cost, which does not differ significantly from their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 55 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The roll forward of the allowance for the impairment
of other receivables is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;&nbsp;136</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;&nbsp;178</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increase</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;56</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from exposure to inflation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(133)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;(95)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;(22)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;59</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;136</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The aging analysis of these other
receivables is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Without expiry date</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">740</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">956</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Past due</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">3,247</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">6,976</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Up to 3 months&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">2,101</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;11,382</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 3 to 6 months&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">4,856</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;12,516</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 6 to 9 months&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">1,365</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">6,783</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 9 to 12 months&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;21,737</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;19,619</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">More than 12 months&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;3</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;9</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;34,049</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;58,241</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center; color: #76923C">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the Statement of Financial
Position date, the maximum exposure to credit risk is the carrying amount of each class of other receivables.&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The carrying amount of the
Company&rsquo;s other receivables is denominated in Argentine pesos.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>19 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade receivables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current:</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Sales of electricity &ndash; Billed&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;35,566</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;49,863</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Receivables in litigation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;104</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;893</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Allowance for the impairment of trade receivables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(6,241)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(14,431)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Subtotal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;29,429</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;36,325</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Sales of electricity &ndash; Unbilled</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;34,214</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;47,749</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">PBA &amp; CABA government credit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,952</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,087</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Fee payable for the expansion of the transportation and others</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;66,597</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;87,167</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the Company&rsquo;s
trade receivables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The roll forward of the allowance for the impairment
of trade receivables is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;14,431</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;36,435</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increase</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6,606</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6,794</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;(1,566)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(978)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Recovery - Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;2.c&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;(8,252)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from exposure to inflation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;(13,230)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;(19,568)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,241</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;14,431</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt">The aging analysis
of these trade receivables is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Past due</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;32,454</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;26,759</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Up to 3 months</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;34,143</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 9px; vertical-align: top; text-align: right">&nbsp;&nbsp;60,408</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total trade receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;66,597</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;87,167</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; text-indent: -36.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #76923C"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #76923C"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the Statement of Financial
Position date, the maximum exposure to credit risk is the carrying amount of each class of trade receivables.&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The carrying amount of the
Company&rsquo;s trade receivables is denominated in Argentine pesos.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Sensitivity analysis of
the allowance for impairment of trade receivables:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left; width: 69%">&nbsp;- 5% increase in the uncollectibility rate estimate&nbsp;</TD>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 22%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.23&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Allowance&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,553</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Variation&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;312</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left">&nbsp;- 5% decrease in the uncollectibility rate estimate&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.23&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Allowance&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,928</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Variation&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(313)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>20 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial assets at fair value through profit or loss </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;588</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;42,713</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;82,040</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;46,666</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total Financial assets at fair value through profit or loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;82,628</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;89,379</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; color: #76923C"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>21 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 60%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and banks</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,398</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,701</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7,730</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,375</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,128</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,076</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #76923C"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt; color: #76923C"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt; color: #76923C"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt; color: #76923C"><B></B></P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="text-align: justify"><B>22 | <FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Share
                                            capital and additional paid-in capital</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 49%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">&nbsp;Share capital&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">&nbsp;Additional paid-in capital&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">&nbsp;Total&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Balance at December 31, 2021</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">348,647</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;4,646</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">353,293</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Payment of Other reserve constitution - Share-based compensation plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;28</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;28</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Balance at December 31, 2022</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">348,647</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;4,674</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">353,321</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Payment of Other reserve constitution - Share-based compensation plan</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;42</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;42</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Balance at December 31, 2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">348,647</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;4,716</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">353,363</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On April 20, 2023, the Company&rsquo;s
Ordinary and Extraordinary Shareholders&rsquo; Meeting approved the conversion of 355,945 Class C shares into Class B shares, in the framework
of the termination of the Employee Stock Ownership Program, which had been authorized by the CNV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023, the
Company&rsquo;s share capital amounts to 906,455,100 shares, divided into 462,292,111 common, book-entry Class A shares with a par value
of one peso each and the right to one vote per share; 442,566,330 common, book-entry Class B shares with a par value of one peso each
and the right to one vote per share; and 1,596,659 common, book-entry Class C shares with a par value of one peso each and the right to
one vote per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>Listing of the Company&rsquo;s shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s shares are
listed on ByMA, forming part of the Merval Index, as well as on the NYSE, where each ADS represents 20 common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>23 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allocation of profits</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The restrictions on the distribution
of dividends by the Company are those provided for by the Business Organizations Law and the negative covenants established by the Corporate
Notes Global Program. As of December 31, 2023, the Company complies with the debt ratio established in such Program (see Note 28).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If the Company&rsquo;s Debt Ratio
were higher than 3, the negative covenants included in the Corporate Notes program, which establish, among other issues, the Company&rsquo;s
impossibility to make certain payments, such as dividends, would apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, in accordance with
Title IV, Chapter III, section 3.11.c of the CNV, the amounts subject to distribution will be restricted to the amount equivalent to the
acquisition cost of the Company&rsquo;s own shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>24 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company&rsquo;s Share-based Compensation Plan</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Of the total of treasury shares
acquired in the framework of the Program for the repurchase of shares approved in 2008, 6,991,651 shares are to be used for the implementation
of a Long-Term Incentive Plan in favor of the staff in an employment relationship with the Company in 2017, in accordance with the provisions
of section 67 of the Law on Capital Markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On April 14, 2023, 142,040 treasury
shares were awarded, as part of the implementation of an Incentive Plan, to certain employees, beneficiaries of said plan, which was to
be in effect and which was approved by the shareholders&rsquo; meeting of April 18, 2017. The fair value of the shares at the award date
amounted to $ 65 and has been recorded in the Salaries and social security taxes line item, with a contra account in Equity. The amount
recorded in Equity is net of the tax effect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>25 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade payables </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Customer guarantees</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,235</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,881</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Customer contributions</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;362</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;985</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,597</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,866</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payables for purchase of electricity - CAMMESA <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400">(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;135,632</TD>
    <TD STYLE="text-align: right"></TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;444,332</TD>
    <TD STYLE="text-align: right"></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provision for unbilled electricity purchases - CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;43,738</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;72,827</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Suppliers</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;59,658</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;40,221</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Related parties&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;34.c&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;624</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Advance to customer&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,225</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,809</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Customer contributions</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;37</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;106</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Discounts to customers</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;36</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;240,950</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;559,936</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of December 31, 2023, includes
$ 22,550 ($ 13,162 for principal plus $ 9,388 of interest) relating to post-dated checks issued by the Company in favor of CAMMESA.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair values of non-current
customer contributions as of December 31, 2023 and 2022 amount to $ 43.1 and $ 121.1, respectively. The fair values are determined based
on estimated discounted cash flows in accordance with a representative market rate for this type of transactions. The applicable fair
value category is Level 3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the rest of the
financial liabilities included in the Company&rsquo;s trade payables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>26 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other payables </FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payment plan - CAMMESA</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;2.c&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;106,298</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties and discounts <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-weight: 400">(1)</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;51,875</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;54,335</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial Lease Liability&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-weight: 400">(2)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;751</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;123</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total Non-current</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;158,924</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;54,458</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payment plan - CAMMESA</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;2.c&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;14,926</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties and discounts <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-weight: 400">(1)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;11,005</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;17,391</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;34.c&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,234</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;828</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Advances for works to be performed</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;13</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial Lease Liability<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-style: normal; font-weight: 400">(2)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">2,161</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,428</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total Current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;29,340</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;19,692</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P>


<!-- Field: Page; Sequence: 59 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023, the
fair value of the payment plan with CAMMESA, which is adjusted in accordance with the development of the MWh value (Note 2.c) amounts
to $ 59,988. Such value has been determined on the basis of the MWh monomic price published by CAMMESA at the end of each period. The
applicable fair value category is Level 2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the rest of the
financial liabilities included in the Company&rsquo;s other payables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The development of ENRE penalties
and discounts is as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Balance at the beginning of the year</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;71,726</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;78,423</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increases</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;72,552</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;49,530</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Decreases</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(6,043)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(8,274)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Result from exposure to inflation for the year</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(75,355)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(47,953)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Balance at the end of the year</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;62,880</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;71,726</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.05pt 0 35.45pt; text-align: justify">(*) As of December 31, 2023 and 2022,
the balances of $ 51,390 and $ 53,519 relate to penalties payable to users as stipulated in Article 2 of the Agreement on the Regularization
of Payment Obligations signed in May 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The development of the Finance
lease liability is as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 20%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;1,551</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;2,106</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Increase</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;3,067</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;1,812</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Payments</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;(6,461)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,647)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Exchange difference</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;4,901</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;1,510</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Interest</TD>
    <TD STYLE="vertical-align: middle; text-align: right">908</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;791</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Result from exposure to inlfation</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;(1,054)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,021)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance at end of the year</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;2,912</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;1,551</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 7.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
future minimum payments with respect to finance leases are those detailed below:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2023</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,868</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2024</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">5,251</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;212</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2025</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">1,430</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;47</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2026</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;329</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total future minimum lease payments</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7,010</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,127</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has entered into
contracts with certain cable television companies granting them the right to use the network poles. As of December 31, 2023 and 2022,
future minimum collections with respect to operating assignments of use are those detailed below:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2023</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,036</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2024</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;956</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;93</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2025</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;952</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;93</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2026</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;931</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;78</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center">2027</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">Total future minimum lease collections</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,839</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,300</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 85.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>27 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deferred revenue</FONT></B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 52%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-current</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Nonrefundable customer contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;13,474</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;11,451</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Nonrefundable customer contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;50</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;137</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="color: Black; text-align: justify; font: 11pt calibri"><B>28 | Borrowings</B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Corporate notes (1)</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;44,345</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;45,268</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Corporate notes (1)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;49,271</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest from corporate notes</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">1,108</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;573</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Financial loans</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;284</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;50,663</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;573</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net of debt issuance, repurchase
and redemption expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relate to Import financing loans
taken with ICBC bank, for 2,489,696 Chinese yuans (CNY). Annual interest rate: 15.5%</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair values of the Company&rsquo;s
existing Corporate Notes as of December 31, 2023 and 2022 amount approximately to $ 94,623.4 and $ 43,689.1 respectively. Such values
were determined on the basis of the estimated market price of the Company&rsquo;s Corporate Notes at the end of each year. The applicable
fair value category is Level 1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On March 7, 2023, upon the expiration
of the Tender Period of Class No. 2 Additional Corporate Notes, the Company approved the issuance and placement of the Additional Corporate
Notes for a nominal value of USD 30,000,000, as set forth in the Prospectus Supplement dated February 28, 2023. The issuance was above
par, with the issuance total value thus amounting to USD 30,945,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, an amount of $ 480
was disbursed as issuance expenses of Class No. 2 Additional Corporate Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is subject to restrictions
on its ability to incur indebtedness pursuant to the terms and conditions of Class No. 2 Corporate Notes due 2024 and Class No. 1 Corporate
Notes due 2025, which indicate that the Company may not incur new Indebtedness, except for certain Permitted Indebtedness or when the
Debt ratio is not greater than 3.75 or less than zero and the Interest Expense Coverage ratio is less than 2. As of December 31, 2023,
the values of the above-mentioned ratios meet the established parameters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, on March 22, 2023,
the Company convened Meetings of the Holders of Corporate Notes to deal with a consent solicitation so that the Company can provide guarantees
in favor of CAMMESA and thereby comply with the Memorandum of Agreement on the Regularization of Payment Obligations dated December 29,
2022 (Note 2.c).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this regard, on April 25,
2023, the waiver of Section 9.1 of the Indenture pursuant to which the Company&rsquo;s Class No 1 Corporate Notes due October 2025 had
been issued was approved. However, the Extraordinary Meeting of the Holders of Class No. 2 Corporate Notes was not constituted as the
quorum required to call the meeting to order was not present.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on January 30, 2024
the Company approved the terms and conditions of issue of Class No. 3 and Class No. 4 Corporate Notes, for an aggregate nominal value
of USD 60,000,000, which may be extended to USD 100,000,000, in the framework of the Global Program for the Issuance of Simple Corporate
Notes, in accordance with the provisions of the Prospectus Supplement dated February 22, 2024.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On March 7, 2024, the Company
issued Class No. 3 and Class No. 4 Corporate Notes for a nominal value of USD 95,762,688 and $ 3,577, respectively.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Class No. 3 Corporate Notes
were paid-in in accordance with the following detail: (i) USD 34,157,571 relates to the Integration in Kind Tranche through the delivery
of Class 2 Corporate Notes at the Exchange Ratio; and (ii) USD 61,605,117 relates to the Regular Integration Tranche.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Consequently, Class No. 2 Corporate
Notes for a nominal value of USD 32,766,541 have been settled, with the remaining balance in outstanding nominal value (USD 27,233,459)
maturing on November 22, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s borrowings
are denominated in the following currencies:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">US dollars</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;94,724</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;45,841</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Chinese yuans</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;284</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;95,008</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;45,841</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The maturities of the Company&rsquo;s
borrowings and their exposure to interest rates are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">Fixed rate</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less than 1 year</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;50,663</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;573</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 1 to 2 years</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;44,345</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;45,268</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total fixed rate</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;95,008</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;45,841</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 21.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The roll forward of the Company&rsquo;s
borrowings during the year was as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">&nbsp;12.31.22&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">&nbsp;12.31.21&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance at beginning of the year</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;45,841</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;62,245</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;76,922</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Proceeds from borrowings&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;17,424</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;13,764</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payment of borrowings' interests&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(1,857)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(2,790)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(5,428)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Paid from repurchase of Corporate Notes&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(1,470)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(103)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gain from repurchase of Corporate Notes&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,132</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(19)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Payment of borrowings</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(1,032)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(18,928)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Loss on debt restructuring</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,398</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Payment of Corporate Notes issuance expenses</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(736)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(1,759)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange diference and interest accrued&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;81,985</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;25,277</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;16,798</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Result from exposure to inflation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(46,617)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(33,028)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(25,925)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance at the end of year</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;95,008</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;45,841</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;62,245</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>Corporate Note programs</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has a Corporate Notes
program, the relevant information of which is detailed below:</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I><U>Debt issued in United States
dollars </U></I></P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s Corporate
Note debt structure as of December 31, 2023 and 2022, is comprised of as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 27%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in USD&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in millions of $&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Corporate Notes&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Class&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Exchange</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Issue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Payment / Repurchase</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2023</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate par note - Maturity 2024&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: right">&nbsp;30,000,000</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;30,945,000</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;60,945,000</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;16,010</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;49,854</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">&nbsp;Fixed rate par note - Maturity 2025&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1</TD>
    <TD STYLE="text-align: right">&nbsp;55,244,538</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;55,244,538</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;29,831</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;44,870</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Total&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;85,244,538</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;30,945,000</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">116,189,538</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;45,841</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;94,724</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in USD&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in millions of $&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Corporate Notes&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Class&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Exchange</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Issue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Payment / Repurchase</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2022</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2021</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Debt structure at 12/31/2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;Fixed rate par note - Maturity 2022&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;98,057,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(52,695,600)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(45,361,400)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;62,248</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate par note - Maturity 2024&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;30,000,000</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;30,000,000</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;16,010</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">&nbsp;Fixed rate par note - Maturity 2025&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">1</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;55,244,538</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;55,244,538</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;29,831</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Total&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;98,057,000</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;2,548,938</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;30,000,000</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(45,361,400)</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;85,244,538</TD>
    <TD STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;62,248</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;45,841</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 62 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>The main covenants are
those detailed below:</B></P>

<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Negative Covenants</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The terms and conditions
of the Corporate Notes include a number of negative covenants that limit the Company&rsquo;s ability to, among other things:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Create or permit liens on its
property or assets;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Incur indebtedness, in certain
specified cases;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Sell the Company&rsquo;s assets
related to its main business;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Carry out transactions with
shareholders or related companies;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: 0.05pt">- Make certain payments
(including, but not limited to, dividends, purchases of <B>edenor</B>&rsquo;s common shares or payments on subordinated debt);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- Enter into merger transactions,
unless they meet certain criteria.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Suspension of Covenants:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Certain negative covenants
set forth in the terms and conditions of the Corporate Notes will be suspended or adapted if:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company attains an Investment
Grade Rating on its long term debt, or the Debt Ratio is equal to or lower than 3.75 and the Interest Expense Coverage Ratio is less than
2.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Company subsequently loses
its Investment Grade rating or its Debt Ratio is greater than 3.75 and the Interest Expense Coverage Ratio is less than 2, as applicable,
the suspended negative covenants will again be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance
of these financial statements, the previously mentioned ratios have been met.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>29 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salaries and social security taxes payable</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>a.</I></B></FONT></TD><TD STYLE="padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Salaries and social security
taxes payable</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 53%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 22%">&nbsp;12.31.23&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 22%">&nbsp;12.31.22&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Seniority-based bonus</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">2,449</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">2,402</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries payable and provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;23,375</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;25,719</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Social security payable</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,988</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,276</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Early retirements payable</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;273</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;89</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;26,636</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;29,084</TD></TR>
  </TABLE>
<P STYLE="text-indent: 20pt; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the Company&rsquo;s
salaries and social security taxes payable approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>b.</I></B></FONT></TD><TD STYLE="padding-right: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Salaries and social security
taxes charged to profit or loss</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 46%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.22</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;79,746</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;73,390</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;68,305</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Social security taxes</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;31,012</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;28,541</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;26,563</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total salaries and social security taxes</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;110,758</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;101,931</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&nbsp;94,868</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Early retirements payable correspond
to individual optional agreements. After employees reach a specific age, the Company may offer them this option. The related accrued liability
represents future payment obligations, which, as of December 31, 2023 and 2022, amount to $ 438.8 and $ 45.2, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The seniority-based bonus included
in collective bargaining agreements in effect consists of a bonus to be granted to personnel with a certain number of years of service.
As of December 31, 2023 and 2022, the related liabilities amount to $ 2,329.6 and $ 2,278.3, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
the number of employees amounts to 4,635 and 4,658, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>30 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Benefit plans</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The defined benefit plans granted
to Company employees consist of a bonus for all the employees who have the necessary years of service and have made the required contributions
to retire under ordinary retirement plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The amounts and conditions vary
depending on the collective bargaining agreement and for non-unionized personnel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 61%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.22</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Non-current</TD>
    <TD STYLE="vertical-align: top; text-align: right">4,922</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">5,795</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;578</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;729</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total Benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,500</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,524</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The breakdown of the benefit
plan obligations as of December 31, 2023 and 2022 is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.23</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Benefit payment obligations at beginning of year</TD>
    <TD STYLE="font-weight: bold; text-align: right">6,524</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">6,835</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Current service cost</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;284</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,165</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest cost</TD>
    <TD STYLE="text-align: right">2,144</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,578</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Actuarial losses</TD>
    <TD STYLE="text-align: right">1,447</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,037</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from exposure to inflation for the year</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;(4,429)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;(5,260)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Benefits paid to participating employees</TD>
    <TD STYLE="text-align: right">(470)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(831)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Benefit payment obligations at end of year</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,500</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,524</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
the Company does not have any assets related to post-retirement benefit plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The breakdown of the charge recognized
in the Statement of Comprehensive Income (Loss) is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.22</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Cost</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;284</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,165</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;402</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,144</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,578</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;4,178</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Actuarial results - Other comprehensive results</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">1,447</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">2,037</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">(1,215)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">3,875</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">5,780</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;3,365</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The actuarial assumptions used
are based on market interest rates for Argentine government bonds, past experience, and the Company Management&rsquo;s best estimate of
future economic conditions. Changes in these assumptions may affect the future cost of benefits and obligations. The main assumptions
used are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 51%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">12.31.22</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Discount rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">5%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">5%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">5%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salary increase</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Inflation</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">89%</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">48%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">57%</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Sensitivity analysis:</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 99.25pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 61%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 19%">12.31.23</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Discount Rate: 4%</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Obligation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,294</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Variation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">450</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Discount Rate: 6%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Obligation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,300</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Variation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(544)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(9%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Salary Increase : 0%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Obligation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,280</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Variation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(564)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(10%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Salary Increase: 2%</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Obligation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,311</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Variation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">467</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8%</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expected payments of benefits
are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 21%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;In 2024&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;In 2025&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;In 2026&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;In 2027&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;In 2028&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Between 2029 to 2033&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">At December 31, 2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Benefit payment obligations</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">578</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">108</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">108</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;19</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">101</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Estimates based on actuarial
techniques imply the use of statistical tools, such as the so-called demographic tables used in the actuarial valuation of the Company&rsquo;s
active personnel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to determine the mortality
of the Company&rsquo;s active personnel, the &ldquo;1971 Group Annuity Mortality&rdquo; table has been used. In general, a mortality table
shows for each age group the probability that a person in any such age group will die before reaching a predetermined age. Male and female
mortality tables are elaborated separately inasmuch as men and women&rsquo;s mortality rates are substantially different.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to estimate total and
permanent disability due to any cause, 80% of the &ldquo;1985 Pension Disability Study&rdquo; table has been used.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In order to estimate the probability
that the Company&rsquo;s active personnel will leave the Company or stay therein, the &ldquo;ESA 77&rdquo; table has been used.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Liabilities related to the above-mentioned
benefits have been determined taking into consideration all the rights accrued by the beneficiaries of the plans through the closing date
of the year ended December 31, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These benefits do not apply
to key management personnel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="text-align: justify"><B>31 | <FONT STYLE="font-size: 10pt; color: Black">Income
                                            tax and deferred tax</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The breakdown of income tax, determined in accordance
with the provisions of IAS 12 is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.23</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">12.31.22</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Deferred tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(133,382)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(46,757)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(38,478)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Change in the income tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(45,332)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Current tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(12,388)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between provision and tax return</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(427)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">570</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,358</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income tax expense</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(133,809)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(46,187)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(94,840)</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of the income tax
expense for the year includes two effects: (i) the current tax for the year payable in accordance with the tax legislation applicable
to the Company; and (ii) the effect of applying the deferred tax method on the temporary differences arising from the valuation of assets
and liabilities for accounting and tax purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The breakdown of deferred tax assets and liabilities
is as follows:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.22</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Result from exposure to inflation</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Charged to Profit and loss</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Charged to Other comprenhen- sive income / Equity</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 11%">12.31.23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Deferred tax assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Tax loss carryforward (1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">51,511</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(34,970)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9,939</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">26,480</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4,474</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(3,037)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">997</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2,434</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Trade payables and other payables</TD>
    <TD STYLE="text-align: right; background-color: white">5,322</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3,613)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5,278</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6,987</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries and social security taxes payable</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2,435</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1,653)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,216</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(10)</TD>
    <TD STYLE="font-size: 8pt; vertical-align: middle">(*)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,988</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Benefit plans</TD>
    <TD STYLE="text-align: right; background-color: white">629</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(427)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">507</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">708</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Tax liabilities</TD>
    <TD STYLE="text-align: right; background-color: white">134</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(91)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">61</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">104</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Provisions</TD>
    <TD STYLE="text-align: right; background-color: white">7,053</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4,788)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,225</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4,490</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">71,558</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(48,579)</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">19,715</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">497</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">43,191</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Deferred tax liabilities:</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(357,251)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">242,531</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(295,107)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(409,827)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5,466)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3,711</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(15,487)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(17,242)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(616)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">418</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">185</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(13)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(53,609)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">36,394</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(77,590)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(94,805)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(416,942)</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">283,054</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(387,999)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(521,887)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net deferred tax liability</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(345,384)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">234,475</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(368,284)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">497</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(478,696)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.21</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Result from exposure to inflation</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Charged to Profit and loss</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Charged to Other comprenhen- sive income / Equity</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 11%">12.31.22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Deferred tax assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Tax loss carryforward (1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51,511</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">51,511</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">13,546</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,593)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,479)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4,474</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Trade payables and other payables</TD>
    <TD STYLE="text-align: right; background-color: white">7,287</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3,547)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,582</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5,322</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries and social security taxes payable</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3,229</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,573)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">789</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="font-size: 8pt; vertical-align: middle">(*)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2,435</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Benefit plans</TD>
    <TD STYLE="text-align: right; background-color: white">106</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(53)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(137)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">713</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">629</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Tax liabilities</TD>
    <TD STYLE="text-align: right; background-color: white">153</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(75)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">56</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">134</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Provisions</TD>
    <TD STYLE="text-align: right; background-color: white">9,803</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4,771)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,021</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7,053</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">34,124</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(16,612)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">53,343</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">703</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">71,558</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Deferred tax liabilities:</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(309,280)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">150,505</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(198,476)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(357,251)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2,320)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,130</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4,276)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5,466)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(613)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(616)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(22,418)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">10,909</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(42,100)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(53,609)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(334,024)</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">162,547</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(245,465)</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(416,942)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net deferred tax liability</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(299,900)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">145,935</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(192,122)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">703</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(345,384)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"></FONT></P>

<P STYLE="font: 6.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt">(*) Note 24 &ndash; The Company&rsquo;s Share-based Compensation
Plan<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The accumulated tax losses and
the years in which they become statute-barred are as follow:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; width: 34%">Tax loss - Year of origin</TD>
    <TD STYLE="font-weight: bold; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 29%">Nominal value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 29%">Year of prescription</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: center">2022</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45,418</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: center">2023</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">30,239</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">2028</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">75,657</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 78pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023 and 2022,
the accumulated tax losses do not exceed their recoverable value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The reconciliation between the
income tax expense recognized in profit or loss and the amount that would result from applying the applicable tax rate to the accounting
profit (loss) before taxes, is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 17%">12.31.23</TD>
    <TD STYLE="text-align: right; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 17%">12.31.22</TD>
    <TD STYLE="text-align: right; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 16%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Income (loss) for the year before taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">182,180</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(8,211)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(34,635)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Applicable tax rate</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">35%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Result for the year at the tax rate</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(63,763)</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">2,874</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">12,122</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Gain (loss) on net monetary position</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">59,413</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18,725</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(20,368)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Adjustment effect on tax inflation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(128,994)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(68,289)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(42,293)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Non-taxable income&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(67)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(327)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between provision and tax return</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(427)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">570</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,358</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Change in the income tax rate</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(45,332)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income tax expense</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(133,809)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(46,187)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(94,840)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-indent: 21.25pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>32 |</B></FONT><B>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax liabilities</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #333399; width: 62%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.23</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">12.31.22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Provincial, municipal and federal contributions and taxes</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">1,778</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,104</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax withholdings</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,915</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,767</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">SUSS withholdings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;149</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;181</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Municipal taxes</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;797</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,050</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,639</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,102</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><FONT STYLE="color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0070C0"><B>33 |</B></FONT><B> Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">For contingencies</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 20%">12.31.23</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 20%">12.31.22</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">At 12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">17,293</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">24,150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Increases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,767</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,165</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Result from exposure to inflation for the year</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,199)</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15,022)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">At 12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,861</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;17,293</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline">Included in current liabilities</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">For contingencies</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">12.31.23</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">12.31.22</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">At 12.31.22</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4,674</TD>
    <TD STYLE="color: #31869B; font: bold 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">3,257</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Increases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,951</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,554</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Decreases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(867)</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,672)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Result from exposure to inflation for the year</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,889)</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,465)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">At 12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,869</TD>
    <TD STYLE="color: #31869B; font: 9pt Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,674</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.65pt"><B>Note</B></TD><TD STYLE="text-align: justify"><B>34 | Related-party transactions</B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt">The following transactions were carried out with related parties:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>a.</B></FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Expense</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 99.25pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 25%">Company</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 33%">Concept</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 13%">12.31.22</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 12%">12.31.21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">EDELCOS</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Technical advisory services on financial matters</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,875)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13,241)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,528)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>SACME</TD>
    <TD>&nbsp;</TD>
    <TD>Operation and oversight of the electric power transmission system</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(633)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(735)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,921)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Andina PLC</TD>
    <TD>&nbsp;</TD>
    <TD>Financial interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(229)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(84)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Estudio Cuneo Libarona Abogados</TD>
    <TD>&nbsp;</TD>
    <TD>Legal fees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(7)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(16)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Grieco Maria Teresa</TD>
    <TD>&nbsp;</TD>
    <TD>Legal fees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(15,746)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(14,076)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(7,449)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 21.2pt 0 7.1pt; text-align: center; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 21.2pt 0 0; text-align: center; text-indent: 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>b.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Key Management personnel&rsquo;s remuneration</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 99.25pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 43%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.23</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.22</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 16%">12.31.21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Salaries&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;5,844</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">2,846</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;9,208</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 21.2pt 0 63.8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt">The balances with related parties are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Receivables and payables</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63.8pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.23</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 22%">12.31.22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline">Other receivables - Non current</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>SACME</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;3</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; text-decoration: underline; vertical-align: bottom">Trade payables</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; background-color: white"><U></U></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">EDELCOS</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; background-color: white"><U></U></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;(624)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;(638)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline">Other payables</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Andina PLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(1,129)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;(710)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">SACME</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(105)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;(118)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;(1,234)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;(828)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 92.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 14.15pt 0 56.7pt; text-align: center; text-indent: -18.7pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The other receivables with related
parties are not secured and do not accrue interest. No allowances have been recorded for these concepts in any of the periods covered
by these financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">According to IAS 24, paragraphs
25 and 26, the Company applies the exemption from the disclosure requirement of transactions with related parties when the counterpart
is a governmental agency that has control, joint control or significant influence.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The agreements with related parties
that were in effect throughout fiscal year 2023 are detailed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><I>SACME</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In the framework of the regulation
of the Argentine electric power sector established by Law No. 24,065 and SEE Resolution No. 61/92, and after the awarding of the CABA
and the Greater Buenos Aires distribution areas to <B>edenor</B> and Edesur S.A., the bidding terms and conditions of the privatization
provided that both companies were to organize in equal parts SACME to operate the electric power supervision and control center of the
transmission and sub-transmission system that feeds the market areas transferred to those companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The purpose of this company is
to manage, supervise and control the operation of both the electric power generation, transmission and sub-transmission system in the
CABA and Greater Buenos Aires and the interconnections with the Argentine Interconnection System, to represent Distribution Companies
in the operational management before CAMMESA, and, in general, to carry out the necessary actions for the proper development of its activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The operating costs borne by
the Company in fiscal year 2023 amounted to $ 633.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><I>Agreement with EDELCOS</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The agreement comprises the provision
to the Company of technical advisory services especially on financial topics. It expires in December 2026, but may be extended if so agreed
by the parties. In consideration of these services, the Company pays EDELCOS either an annual amount of $ 1,766 or the amount equivalent
to 1.75% of the annual gross billing, whichever results in the higher amount, plus the related value added tax. Any of the parties may
terminate the agreement at any time by giving 60 days&rsquo; notice, without having to comply with any further obligations or paying any
indemnification to the other party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2023, the
Company recorded charges for EDELCOS technical advisory services for a total of $ 14,875 relating to the services rendered in fiscal year
2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>35 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keeping of documentation</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 14, 2014, the CNV issued
General Resolution No. 629 which introduced changes to its regulations concerning the keeping and preservation of corporate and accounting
books and commercial documentation. In this regard, it is informed that for keeping purposes the Company has sent its workpapers and non-sensitive
information, whose periods for retention have not expired, to the warehouses of the firm Iron Mountain Argentina S.A., located at:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2396 Amancio Alcorta Av. &ndash; CABA</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">601 San Miguel de Tucum&aacute;n St., Municipality of Carlos
Spegazzini, Ezeiza, PBA</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2450 Puente del Inca St., Municipality of Trist&aacute;n
Su&aacute;rez, Ezeiza, PBA</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.7pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of the documentation
stored outside the Company&rsquo;s offices for keeping purposes, as well as the documentation referred to in Section 5 sub-section a.3)
of Part I of Chapter V of Title II of the Regulations (Technical Rule No. 2,013, as amended) is available at the Company&rsquo;s registered
office.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0"><B>36 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders&rsquo; Meetings</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s Ordinary
and Extraordinary Shareholders&rsquo; Meeting held on April 20, 2023 resolved, among other issues, the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To approve the Company&rsquo;s
Annual Report and Financial Statements as of December 31, 2022.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To allocate the $ 17,468 loss
for the year ended December 31, 2022 (which at the purchasing power of the currency at December 31, 2023 amounts to $ 54,398) to the Unappropriated
Retained Earnings account.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To approve the actions taken
by the Directors and Supervisory Committee members, together with their respective remunerations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To appoint the authorities and
the external auditors for the current fiscal year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To approve the conversion of
355,945 Class C shares into Class B shares in the framework of the termination of the Employee Stock Ownership Program (Note 22).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, the amendment to
Sections Nos. 4, 13, 23 and 33 of the Bylaws, which had been approved by the Ordinary and Extraordinary Shareholders&rsquo; Meeting held
on November 2, 2022 and by the ENRE by means of Resolution No. 243/2023 dated February 28, 2023, was registered with the IGJ on April
10, 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<!-- Field: Page; Sequence: 69 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; width: 90%"><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>2023 FINANCIAL STATEMENTS</B></FONT></P><P STYLE="font: 9pt/115% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #A6A6A6"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0070C0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>37
                                            |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">
                                            </FONT><FONT STYLE="font-family: calibri; font-size: 11pt; color: Black">Events after the
                                            reporting year</FONT></B></TD></TR></TABLE>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">The following are the events that
occurred subsequent to December 31, 2023:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Public Hearing &ndash; ENRE Resolution
No. 2/2024, see Note 2.b.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to both the seasonal
reference prices and the values of the Company&rsquo;s electricity rate schedules &ndash; SE Resolution No. 7/2024 and ENRE Resolution
No. 102/2024, see Note 2.b.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuance of new Class No. 3 and
Class No. 4 Corporate Notes, Note 28.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal action for difference in
contribution rate to the Single Social Security System, Executive Order 814/2011, Note 8.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal action for unconstitutionality
of the TERI, Note 8.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse; margin-bottom: 7.75pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 3.55pt; padding-left: 3.55pt; font-size: 10pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NEIL BLEASDALE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.55pt; padding-left: 3.55pt">
    <P STYLE="text-align: center; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 5pt"><B>Chairman</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; text-align: center"><B>Report of Independent Registered Public Accounting Firm
</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">To the Board of Directors and Shareholders of</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Empresa Distribuidora y Comercializadora Norte</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Sociedad An&oacute;nima (Edenor S.A.)</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><B><I>Opinions on the Financial Statements and Internal Control over Financial
Reporting</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">We have audited the accompanying statement of financial position of Empresa Distribuidora
y Comercializadora Norte Sociedad An&oacute;nima (the &ldquo;Company&rdquo;) as of December 31, 2023 and 2022, and the related statements
of comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2023, including
the related notes (collectively referred to as the &ldquo;financial statements&rdquo;). We also have audited the Company&rsquo;s internal
control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">In our opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2023 in conformity with International Financial Reporting Standards
as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework
(2013) issued by the COSO.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><B><I>Basis for Opinions</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">The Company's management is responsible for these financial statements, for maintaining
effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting,
included in Management&rsquo;s Annual Report on Internal Control over Financial Reporting appearing under Exhibit 2. Our responsibility
is to express opinions on the Company&rsquo;s financial statements and on the Company's internal control over financial reporting based
on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">We conducted our audits in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material
respects.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Our audits of the financial statements included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining
an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</P>
<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><B><I>Definition and Limitations of Internal Control over Financial Reporting</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">A company&rsquo;s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over financial reporting includes
those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><B><I>Critical Audit Matters</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">The critical audit matter communicated below is a matter arising from the current
period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (i) relates
to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken
as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter
or on the accounts or disclosures to which it relates.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"><I>Impairment Assessment of Property, Plant and Equipment </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify">As described in Notes 6.c and 14 to the financial statements,
as of December 31, 2023, the Company&rsquo;s property, plant and equipment balance was $1,272,989 million. As disclosed in Note 6.c, the
Company analyzes the recoverability of its long-lived assets (including property, plant and equipment) on a periodic basis or when events
or changes in circumstances indicate that the recoverable amount of the long-lived assets, which is measured as the higher of value in
use or fair value less costs to sell at the end of the period, may be impaired. According to the situation described in Notes 1 and 2.b.,
the projections made by the Company concerning the recoverability of its property, plant and equipment have been updated. The value in
use is determined on the basis of projected and discounted cash flows, using discount rates that reflect the time value of money and the
specific risks of the assets under consideration. Management&rsquo;s cash flow projections included significant judgments and assumptions
relating to nature, timing, and form of the electricity rate increases; demand for electricity projections; development of the costs to
be incurred; investment needs to maintain the service quality levels required by the regulatory authority, and macroeconomic variables,
such as growth rates, inflation rates and foreign currency exchange rates.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">The principal consideration for our determination that performing procedures relating
to impairment assessment of property, plant and equipment is a critical audit matter is that there was significant judgment by management
when developing the recoverable value measurement of the property, plant and equipment, which, in turn, led to a high degree of auditor
judgment, subjectivity, and effort in performing procedures to evaluate management&rsquo;s cash flow projections and significant assumptions,
including the discount rate; nature, timing, and form of the electricity rate increases; demand for electricity projections; development
of the costs to be incurred; investment needs to maintain the service quality levels required by the regulatory authority, and macroeconomic
variables, including growth rates, inflation rates and foreign currency exchange rates. In addition, the audit effort involved the use
of professionals with specialized skill and knowledge to assist us in performing these procedures and evaluating the audit evidence obtained
from these procedures.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Addressing the matter involved performing procedures and evaluating audit evidence
in connection with forming our overall opinion on the financial statements. These procedures included testing the effectiveness of controls
relating to management&rsquo;s impairment assessment, including controls over the valuation of the Company&rsquo;s property, plant and
equipment. These procedures also included, among others, testing management&rsquo;s process for developing the value-in-use estimate;
evaluating the appropriateness of the discounted cash flow model, as well as the mathematical accuracy of the calculations; testing the
completeness, accuracy, and relevance of underlying data used in the model; and evaluating the significant assumptions used by management
relating to the discount rate; nature, timing, and form of the electricity rate increases; demand for electricity projections; development
of the costs to be incurred; investment needs to maintain the service quality levels required by the regulatory authority, and macroeconomic
variables, including growth rates, inflation rates and foreign currency exchange rates. Evaluating management&rsquo;s assumptions involved
evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the energy distribution
business, (ii) the consistency with external market and industry data, and (iii) whether these assumptions were consistent with evidence
obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist us in the evaluation of the
Company&rsquo;s discounted cash flow model and certain significant assumptions, including the discount rate. The procedures performed
also included evaluating the sufficiency of the information disclosed in the financial statements regarding the evaluation of the recoverable
amount of property, plant and equipment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/&nbsp;</FONT><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">PRICE
WATERHOUSE &amp; CO. S.R.L.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">______________________________</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">/s/ Ra&uacute;l Leonardo Viglione (Partner)</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; text-align: justify">Autonomous City of Buenos Aires, Argentina</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">March 8, 2024</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">We have served as the Company&rsquo;s auditor since 2006.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<FILENAME>ex99-2.htm
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<TITLE></TITLE>
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<BODY>


<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; color: #1D558C; margin: 0 0 0 49.65pt; text-align: left"><B><IMG SRC="image_002.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; color: #1D558C; margin: 0 0 0 49.65pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; color: #1D558C; text-align: center"><B></B></P>

<P STYLE="color: #1D558C; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: center"><B>Empresa Distribuidora
y Comercializadora Norte Sociedad An&oacute;nima (Edenor S.A.)</B></P>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; color: #1D558C; text-align: center"><B></B></P>

<P STYLE="color: #1D558C; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: center"><B>Management&#8217;s
Report on Internal Control Over Financial Reporting</B></P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">Edenor S.A.&#8217;s
Management is responsible for establishing and maintaining adequate internal control over financial reporting for Edenor S.A. as defined
in Exchange Act Rule 13a-15(f) and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
International Financial Reporting Standards issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). Internal control
over financial reporting includes those policies and procedures that:</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&bull; pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Edenor
S.A.;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&bull; provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts
and expenditures of Edenor S.A. are being made only in accordance with authorizations of Management and directors of Edenor S.A.; and</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&bull; provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Edenor S.A.&#8217;s assets that
could have a material effect on the financial statements.</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">Management conducted
an evaluation of the effectiveness of Edenor S.A.&#8217;s internal control over financial reporting based on the framework in Internal
Control &#8211; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;)
in 2013 Based on such evaluation, Management concluded that the Edenor S.A.&#8217;s internal control over financial reporting was effective
as of December 31, 2023. The effectiveness of Edenor S.A.&#8217;s internal control over financial reporting as of December 31, 2023 has
been audited by Price Waterhouse &amp; Co S.R.L., an independent registered public accounting firm, as stated in their report which accompanies
this report.</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">Date: March 8, 2024</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center"><FONT STYLE="font-family: Helv,sans-serif; color: black">Neil Bleasdale</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center"><FONT STYLE="font-family: Helv,sans-serif; color: black">German Ranftl Moreno </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center"><FONT STYLE="font-family: Helv,sans-serif; color: black">Chief Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; color: #404040; text-align: center"><FONT STYLE="font-family: Helv,sans-serif; color: black">Chief Financial Officer</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 9pt/150% Arial, Helvetica, Sans-Serif; color: #404040">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
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<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-indent: 496.15pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="color: #404040; font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="font: 12pt Cambria, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: gray">1</FONT></TD></TR>
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<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in; color: #1D558C"><B>Empresa Distribuidora y Comercializadora Norte Sociedad
An&oacute;nima (EDENOR S.A.).</B></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in; color: #1D558C">Inscripta en IGJ el 3/08/92, N&deg;
7041, L&deg; 111 T&deg; A.</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in; color: #1D558C">Sede Social: Avda. del Libertador 6363
- C1428ARG - Ciudad Aut&oacute;noma de Buenos Aires.</P>

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