----

----

| Distribution      and Marketing Company of the North S.A.  | Argentine      Republic                              |
|------------------------------------------------------------|------------------------------------------------------|
| (Translation      of registrant’s name into English) | (Jurisdiction      of incorporation or organization) |

| Ivana      Del Rossi54      11 4346 5127 / 54 11 4346 5325Azopardo      1025 (C1107ADQ) Bs. As.Investor      Relations Officer |
|--------------------------------------------------------------------------------------------------------------------------------|

| Title of each class:                                                                                                         |   | Name of each exchange on which      registered |
|------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|
| Class      B Shares                                                                                                          |   | New      York Stock Exchange, Inc.*            |
| American      Depositary Shares, or ADSs, evidenced by AmericanDepositary      Receipts, each representing 20 Class B Shares |   | New      York Stock Exchange,Inc.              |

| * | Not      for trading, but only in connection with the registration of American      Depositary Shares, pursuant to the requirements of the Securities and      Exchange Commission. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Item      1.                       | Identity      of Directors, Senior Management and Advisors                             |   |   | 2   |
|------------------------------------|----------------------------------------------------------------------------------------|--------|--------|-----|
| Item      2.                       | Offer      Statistics and Expected Timetable                                           |   |   | 2   |
| Item      3.                       | Key      Information                                                                   |   |   | 2   |
| Item      4.                       | Information      on the Company                                                        |   |   | 21  |
| Item      4A.                      | Unresolved      Staff Comments                                                         |   |   | 45  |
| Item      5.                       | Operating      and Financial Review and Prospects                                      |   |   | 46  |
| Item      6.                       | Directors,      Senior Management and Employees                                        |   |   | 84  |
| Item      7.                       | Major      Shareholders and Related Party Transactions                                 |   |   | 93  |
| Item      8.                       | Financial      Information                                                             |   |   | 97  |
| Item      9.                       | The      Offer and Listing                                                             |   |   | 100 |
| Item      10.                      | Additional      Information                                                            |   |   | 103 |
| Item      11.                      | Quantitative      and Qualitative Disclosures about Market Risk                        |   |   | 121 |
| Item      12.                      | Description      of Securities Other than Equity Securities                            |   |   | 122 |
| Item      13.                      | Defaults,      Dividend Arrearages and Delinquencies                                   |   |   | 122 |
| Item      14.                      | Material      Modifications to the Rights of Security Holders and Use of      Proceeds |   |   | 122 |
| Item      15.                      | Controls      and Procedures                                                           |   |   | 123 |
| Item      16A.                     | Audit      Committee Financial Expert                                                  |   |   | 124 |
| Item      16B.                     | Code      of Ethics                                                                    |   |   | 124 |
| Item      16C.                     | Principal      Accountant Fees and Services                                            |   |   | 124 |
| Item      16D.                     | Exemptions      from the Listing Standards for Audit Committees                        |   |   | 125 |
| Item      16E.                     | Purchases      of Equity Securities by the Issuer and Affiliated    Purchasers         |   |   | 125 |
| Item      16G.                     | Corporate      Governance                                                              |   |   | 125 |
| Item      17.                      | Financial      Statements                                                              |   |   | 128 |
| Item      18.                      | Financial      Statements                                                              |   |   | 128 |
| Item      19.                      | Exhibits                                                                               |   |   | 128 |
| Index      to Financial Statements |                                                                                   |   | F-1    |

----

| Item      1. | Identity of Directors, Senior      Management and Advisors |
|--------------|------------------------------------------------------------|

| Item      2. | Offer Statistics and Expected      Timetable |
|--------------|----------------------------------------------|

| Item      3. | Key      Information |
|--------------|----------------------|

|   | · | the      outcome and timing of the integral tariff revision process we are      currently undertaking with the Ente Nacional Regulador de la      Electricidad (Argentine National Electricity Regulator, or the ENRE) and,      more generally, uncertainties relating to future government approvals to      increase or adjust our tariffs; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | general      political, economic, social, demographic and business conditions in      Argentina and particularly in the geographic market we    serve; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      global financial crisis and its impact on liquidity and access to      capital; |
|--------|--------|------------------------------------------------------------------------------------------|

|   | · | the      impact of regulatory reform and changes in the regulatory environment in      which we operate; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | electricity      shortages; |
|--------|--------|-----------------------------|

|   | · | potential      disruption or interruption of ourservice; |
|--------|--------|----------------------------------------------------------|

|   | · | restrictions      on the ability to exchange Pesos into foreign currencies or to transfer      funds abroad; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | the      revocation or amendment of our concession by the granting      authority; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | our      ability to implement our capital expenditure plan, including our ability      to arrange financing when required and on reasonable  terms; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | fluctuations      in inflation and exchange rates, including a devaluation of the Peso;      and |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | additional      matters identified in “Riskfactors.” |
|--------|--------|------------------------------------------------------------------|

----

----

|                                                                                                                                                                                                                     |   | For      the year ended December 31,                      |              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-------------------|
|                                                                                                                                                                                                                     |   | 2008                                                      |              |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                                                                                                                                                                                                                     |   | (in      millions, except for per share and per ADS data) |              |
| Statement      of operations data                                                                                                                                                                                        |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine      GAAP                                                                                                                                                                                                      |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales(1)                                                                                                                                                                                                             |   | U.S.      $                                               |        579.3 |   |   | Ps. | 2,000.2 |   |   | Ps. | 1,981.9 |   |   | Ps. | 1,378.3 |   |   | Ps. | 1,262.2 |   |   | Ps. | 1,107.2 |   |
| Electric      power purchases                                                                                                                                                                                            |   |                                                      | (270.7            | ) |   |   | (934.7 | ) |   |   | (889.9 | ) |   |   | (799.1 | ) |   |   | (757.7 | ) |   |   | (599.1 | ) |
| Gross      margin                                                                                                                                                                                                        |   |                                                      | 308.6             |   |   |   | 1,065.5 |   |   |   | 1,092.0 |   |   |   | 579.3 |   |   |   | 504.5 |   |   |   | 508.1 |   |
| Transmission      and distribution expenses                                                                                                                                                                              |   |                                                      | (144.2            | ) |   |   | (497.9 | ) |   |   | (417.6 | ) |   |   | (362.1 | ) |   |   | (346.1 | ) |   |   | (332.8 | ) |
| Selling      expenses                                                                                                                                                                                                    |   |                                                      | (36.5             | ) |   |   | (126.0 | ) |   |   | (120.6 | ) |   |   | (87.9 | ) |   |   | (86.0 | ) |   |   | (81.8 | ) |
| Administrative      expenses                                                                                                                                                                                             |   |                                                      | (40.2             | ) |   |   | (138.7 | ) |   |   | (124.7 | ) |   |   | (93.3 | ) |   |   | (72.9 | ) |   |   | (60.7 | ) |
| Net      operating income (loss)                                                                                                                                                                                         |   |                                                      | 87.7              |   |   |   | 302.9 |   |   |   | 429.2 |   |   |   | 35.9 |   |   |   | (0.4 | ) |   |   | 32.7 |   |
| Financial      income (expenses) and holding gains (losses):                                                                                                                                                             |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Generated      by assets:                                                                                                                                                                                                |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exchange      difference                                                                                                                                                                                                 |   |                                                      | 2.4               |   |   |   | 8.1 |   |   |   | (0.9 | ) |   |   | 2.6 |   |   |   | 2.1 |   |   |   | 4.8 |   |
| Interest                                                                                                                                                                                                                 |   |                                                      | 2.8               |   |   |   | 9.8 |   |   |   | 13.4 |   |   |   | 13.9 |   |   |   | 12.9 |   |   |   | 10.1 |   |
| Holding      results                                                                                                                                                                                                     |   |                                                      | (2.1              | ) |   |   | (7.3 | ) |   |   | 0.1 |   |   |   | 0.1 |   |   |   | (0.6 | ) |   |   | (11.0 | ) |
| Generated      by liabilities:                                                                                                                                                                                           |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial      expenses                                                                                                                                                                                                  |   |                                                      | (2.9              | ) |   |   | (10.0 | ) |   |   | (21.0 | ) |   |   | (25.4 | ) |   |   | (14.1 | ) |   |   | (10.1 | ) |
| Exchange      difference                                                                                                                                                                                                 |   |                                                      | (26.8             | ) |   |   | (92.7 | ) |   |   | (29.9 | ) |   |   | (13.3 | ) |   |   | (29.0 | ) |   |   | (26.1 | ) |
| Interest                                                                                                                                                                                                                 |   |                                                      | (27.6             | ) |   |   | (95.3 | ) |   |   | (74.5 | ) |   |   | (101.3 | ) |   |   | (119.5 | ) |   |   | (87.7 | ) |
| Holding      results                                                                                                                                                                                                     |   |                                                      | —           |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (0.2 | ) |   |   | 9.3 |   |
| Adjustment to present      value of the retroactive tariff increase arising from the application of      the new electricity rate schedule and from the Payment Plan Agreement with      the Province of Buenos Aires(2) |   |                                                      | 3.9               |   |   |   | 13.5 |   |   |   | (29.6 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Gain on      extinguishment of former debt(3)                                                                                                                                                                            |   |                                                      | —           |   |   |   | — |   |   |   | — |   |   |   | 179.2 |   |   |   | — |   |   |   | — |   |
| Adjustment to present      value of notes(4)                                                                                                                                                                             |   |                                                      | (2.4              | ) |   |   | (8.5 | ) |   |   | (21.5 | ) |   |   | 57.1 |   |   |   | — |   |   |   | — |   |
| Gain (loss) from the      purchase and redemption of notes(5)                                                                                                                                                            |   |                                                      | 24.5              |   |   |   | 84.6 |   |   |   | (10.2 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Adjustment to present      value of purchased and redeemed notes(4)                                                                                                                                                      |   |                                                      | 2.6               |   |   |   | 9.0 |   |   |   | (8.6 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Other      income (expenses), net                                                                                                                                                                                        |   |                                                      | (8.6              | ) |   |   | (29.8 | ) |   |   | 1.0 |   |   |   | (22.9 | ) |   |   | (0.7 | ) |   |   | (12.0 | ) |
| Income      (loss) before taxes                                                                                                                                                                                          |   |                                                      | 53.5              |   |   |   | 184.3 |   |   |   | 247.4 |   |   |   | 125.9 |   |   |   | (149.6 | ) |   |   | (89.9 | ) |
| Income tax(6)                                                                                                                                                                                                            |   |                                                      | (17.7             | ) |   |   | (61.2 | ) |   |   | (125.0 | ) |   |   | 167.2 |   |   |   | — |   |   |   | — |   |
| Net      income (loss)                                                                                                                                                                                                   |   | U.S.      $                                               |        35.8  |   |   | Ps. | 123.1 |   |   | Ps. | 122.5 |   |   | Ps. | 293.1 |   |   | Ps. | (149.6 | ) |   | Ps. | (89.9 | ) |
| Net income      (loss) per ordinary share – basic and diluted                                                                                                                                                 |   |                                                      | 0.039             |   |   |   | 0.137 |   |   |   | 0.135 |   |   |   | 0.352 |   |   |   | (0.180 | ) |   |   | (0.108 | ) |
| Dividends declared      per ordinary share(7)                                                                                                                                                                            |   |                                                      | —           |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Net      income per ADS(8)      — basic and diluted                                                                                                                                                                |   |                                                      | 0.787             |   |   |   | 2.716 |   |   |   | 2.702 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Number      of shares outstanding                                                                                                                                                                                        |   |                                                      | 906,455,100       |   |   |   | 906,455,100 |   |   |   | 906,455,100 |   |   |   | 831,610,200 |   |   |   | 831,610,200 |   |   |   | 831,610,200 |   |
|                                                                                                                                                                                                                     |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S.      GAAP                                                                                                                                                                                                           |   |                                                      |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      sales/service revenues                                                                                                                                                                                          |   | U.S.      $                                               |        596.3 |   |   | Ps. | 2,059.0 |   |   | Ps. | 1,937.0 |   |   | Ps. | 1,403.5 |   |   | Ps. | 1,334.9 |   |   |   | — |   |
| Electric      power purchases                                                                                                                                                                                            |   |                                                      | (270.7            | ) |   |   | (934.7 | ) |   |   | (889.9 | ) |   |   | (799.1 | ) |   |   | (757.7 | ) |   |   | — |   |
| Transmission      and distribution expenses                                                                                                                                                                              |   |                                                      | (167.1            | ) |   |   | (577.0 | ) |   |   | (477.5 | ) |   |   | (450.3 | ) |   |   | (425.3 | ) |   |   | — |   |
| Gross      margin                                                                                                                                                                                                        |   |                                                      | 158.5             |   |   |   | 547.3 |   |   |   | 569.6 |   |   |   | 154.1 |   |   |   | 151.0 |   |   |   | — |   |
| Operating      expenses, net                                                                                                                                                                                             |   |                                                      | (85.9             | ) |   |   | (296.6 | ) |   |   | (207.5 | ) |   |   | (194.1 | ) |   |   | 185.0 |   |   |   |   |   |
| Net      operating income (loss)                                                                                                                                                                                         |   |                                                      | 72.6              |   |   |   | 250.7 |   |   |   | 362.1 |   |   |   | 40.0 |   |   |   | (33.1 | ) |   |   | — |   |
| Financial      (expense), net and holding gains                                                                                                                                                                          |   |                                                      | 23.7              |   |   |   | 82.0 |   |   |   | (46.5 | ) |   |   | (133.3 | ) |   |   | (139.1 | ) |   |   | — |   |
| Net      income (loss) before income taxes                                                                                                                                                                               |   |                                                      | 96.4              |   |   |   | 332.7 |   |   |   | 315.7 |   |   |   | (173.3 | ) |   |   | (172.1 | ) |   |   | — |   |
| Income      tax                                                                                                                                                                                                          |   |                                                      | (19.8             | ) |   |   | (68.2 | ) |   |   | (99.9 | ) |   |   | 128.0 |   |   |   | 8.1 |   |   |   | — |   |
| Net      income (loss) for the year                                                                                                                                                                                      |   |                                                      | 76.6              |   |   |   | 264.5 |   |   |   | 215.8 |   |   |   | (45.3 | ) |   |   | (164.0 | ) |   |   | — |   |
| Net income (loss) per      ordinary share – basic and diluted(7)                                                                                                                                                   |   |                                                      | 0.085             |   |   |   | 0.292 |   |   |   | 0.238 |   |   |   | (0.054 | ) |   |   | (0.197 | ) |   |   | — |   |
| Net      income per ADS(8)      — basic and diluted                                                                                                                                                                |   |                                                      | 1.70              |   |   |   | 5.84 |   |   |   | 4.761 |   |   |   | — |   |   |   | — |   |   |   | — |   |

----

| (1) | Net      sales for 2007 include the retroactive portion of the February 2007 tariff      increase, which amounts in aggregate to Ps. 218.6 million, and is      being invoiced in 55 equal and consecutive monthly installments, starting      in February 2007. As of December 31, 2008 we had invoiced      Ps. 99.7  million of thisamount. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Reflects      the adjustment to present value of the retroactive portion of the tariff      increase that is being invoiced in 55 consecutive monthly installments,      starting in February 2007, and the adjustment to present value of Ps. 38.4      million due under the payment plan agreement with the Province of Buenos      Aires that is being invoiced in 18  installments, starting in January      2007.  As of December 31, 2008 and 2007, Ps. 2.3 million and      Ps.13.6 million were due under the payment plan agreement with the      Province of Buenos Aires, respectively and Ps. 118.9 million and      Ps. 171.3 million of the retroactive tariff increase had not been      invoiced in 2008 and 2007.  In accordance with Argentine GAAP,       we account for these long-term receivables at their present value, which      we calculate at a discount rate of 10.5%, and record a charge as an      adjustment to present value of these two receivables.  See      “Item 4. Information on the Company —Framework agreement      (Shantytowns).” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | Our      debt restructuring generated a one-time gain of      Ps. 179.2 million in the year ended December 31, 2006,      reflecting the recognition of a Ps. 55.3 million waiver of      principal amount on our financial debt, a Ps. 75 million waiver      of accrued interest on our financial debt and a Ps. 65.7 million      waiver of penalties related to the non-payment of our financial debt,      which more than offset Ps. 16.8 million in related restructuring      costs.  See “Item 5. Operating and Financial Review and      Prospects—Liquidity and capital resources—Debt” for a description of the      restructuring notes. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | We      record our financial debt in our balance sheet at fair value reflecting      our management’s best estimate of the amounts expected to be paid at each      year end, calculated at a discount rate of 10.5% for the years ended      December 31, 2008 and 2007 and 10% for the year ended December 31,      2006.  We did not record any adjustment to present value in any year      before the year ended December 31, 2006 because our financial debt      was in default. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | In      2007, we repurchased U.S. $43.7 million principal amount of our      outstanding Fixed Rate Par Notes due 2016 and redeemed and      repurchased  U.S. $240 million principal amount of our outstanding      Discount Notes due 2014. In addition, in the year ended December 31, 2008,      we repurchased U.S. $32.5 million principal amount of our outstanding      Fixed Rate Par Notes due 2016 and U.S. $17.5 million principal amount      of our outstanding Senior Notes due 2017. These figures do not reflect      repurchases made after December 31, 2008.  As of the date of this      annual report, we had repurchased an additional U.S. $30.2 million      principal amount of our outstanding Fixed Rate Par Notes due 2016 and      U.S. $15.7 million principal amount of our outstanding Senior Notes      due 2017. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (6) | In      2006, our income tax result reflects the reversal of net deferred tax      assets, primarily due to the fact that, as a consequence of the      ratification of the Adjustment Agreement in January 2007 and the      renegotiation of our financial debt in April 2006, we generated      taxable income that allowed us to offset a significant portion of the tax      loss carryforwards we generated in2002. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | We      have not declared or paid any dividends since August 14,    2001. |
|-----|---------------------------------------------------------------------------|

| (8) | Each      ADS represents 20 Class B ordinaryshares. |
|-----|-----------------------------------------------------|

----

|                                                  |   | As      of December 31, |                |
|-------------------------------------------------------|--------|-------------------------|---------------------|
|                                                  |   | 2008                    |                |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                                                  |   | (in      millions)      |                |
| Balance sheet data                                    |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine      GAAP                                   |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      Assets:                                  |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and banks                                   |   | U.S.$                   |        1.80    |   |   | Ps. | 6.1 |   |   | Ps. | 3.5 |   |   | Ps. | 0.5 |   |   | Ps. | 11.7 |   |   | Ps. | 8.5 |   |
| Investments                                           |   |                    | 35.0                |   |   |   | 121.0 |   |   |   | 97.7 |   |   |   | 32.2 |   |   |   | 296.5 |   |   |   | 242.6 |   |
| Trade      receivables                                |   |                    | 129.2               |   |   |   | 446.0 |   |   |   | 346.0 |   |   |   | 270.9 |   |   |   | 231.9 |   |   |   | 194.8 |   |
| Other      receivables                                |   |                    | 12.4                |   |   |   | 42.8 |   |   |   | 26.0 |   |   |   | 30.2 |   |   |   | 21.7 |   |   |   | 10.0 |   |
| Supplies                                              |   |                    | 4.8                 |   |   |   | 16.7 |   |   |   | 23.2 |   |   |   | 13.6 |   |   |   | 13.8 |   |   |   | 13.5 |   |
| Total      current assets                             |   | U.S.$                   |        183.2   |   |   | Ps. | 632.6 |   |   | Ps. | 496.3 |   |   | Ps. | 347.5 |   |   | Ps. | 575.6 |   |   | Ps. | 469.4 |   |
| Non-Current      Assets:                              |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade      receivables                                |   |                    | 19.1                |   |   |   | 65.8 |   |   |   | 100.3 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Other      receivables                                |   |                    | 28.8                |   |   |   | 99.5 |   |   |   | 144.1 |   |   |   | 256.5 |   |   |   | 74.7 |   |   |   | 59.3 |   |
| Investments      in other companies                   |   |                    | 0.1                 |   |   |   | 0.4 |   |   |   | 0.4 |   |   |   | 0.4 |   |   |   | 0.4 |   |   |   | 0.4 |   |
| Other      Investments                                |   |                    | 19.5                |   |   |   | 67.2 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Supplies                                              |   |                    | 3.7                 |   |   |   | 12.8 |   |   |   | 13.8 |   |   |   | 4.9 |   |   |   | 36.5 |   |   |   | 31.4 |   |
| Property,      plant and equipment                    |   |                    | 943.0               |   |   |   | 3,256.3 |   |   |   | 3,092.7 |   |   |   | 2,925.4 |   |   |   | 2,889.3 |   |   |   | 2,944.1 |   |
| Total      non-current assets                         |   | U.S.$                   |  1,014.2       |   |   | Ps. | 3,502.0 |   |   | Ps. | 3,351.3 |   |   | Ps. | 3,187.2 |   |   | Ps. | 3,000.9 |   |   | Ps. | 3,035.3 |   |
| Total      assets                                     |   | U.S.$                   |  1,197.4       |   |   | Ps. | 4,134.6 |   |   | Ps. | 3,847.6 |   |   | Ps. | 3,534.7 |   |   | Ps. | 3,576.5 |   |   | Ps. | 3,504.6 |   |
| Current      liabilities:                             |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade      account payable                            |   |                    | 98.3                |   |   |   | 339.3 |   |   |   | 316.2 |   |   |   | 267.6 |   |   |   | 205.1 |   |   |   | 154.3 |   |
| Loans                                                 |   |                    | 7.9                 |   |   |   | 27.2 |   |   |   | 29.3 |   |   |   | 2.0 |   |   |   | 1,620.1 |   |   |   | 1,525.6 |   |
| Salaries      and social security taxes               |   |                    | 27.5                |   |   |   | 94.8 |   |   |   | 59.9 |   |   |   | 51.4 |   |   |   | 34.1 |   |   |   | 31.2 |   |
| Taxes                                                 |   |                    | 32.1                |   |   |   | 111.0 |   |   |   | 84.6 |   |   |   | 62.2 |   |   |   | 67.9 |   |   |   | 44.3 |   |
| Other      liabilities                                |   |                    | 12.7                |   |   |   | 44.0 |   |   |   | 9.7 |   |   |   | 26.4 |   |   |   | 175.8 |   |   |   | 139.0 |   |
| Accrued      litigation                               |   |                    | 15.3                |   |   |   | 52.8 |   |   |   | 39.9 |   |   |   | 25.9 |   |   |   | 18.3 |   |   |   | 12.3 |   |
| Total      current liabilities                        |   | U.S.$                   |        193.8   |   |   | Ps. | 669.1 |   |   | Ps. | 539.6 |   |   | Ps. | 435.6 |   |   | Ps. | 2,121.3 |   |   | Ps. | 1,906.7 |   |
| Non-current      liabilities:                         |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade      account payable                            |   |                    | 11.6                |   |   |   | 40.2 |   |   |   | 35.5 |   |   |   | 31.3 |   |   |   | 26.8 |   |   |   | 23.1 |   |
| Loans(1)                                              |   |                    | 264.4               |   |   |   | 913.1 |   |   |   | 949.1 |   |   |   | 1,095.5 |   |   |   | — |   |   |   | — |   |
| Salaries      and social security taxes               |   |                    | 11.6                |   |   |   | 40.1 |   |   |   | 24.7 |   |   |   | 20.3 |   |   |   | 12.4 |   |   |   | 10.9 |   |
| Other      liabilities                                |   |                    | 97.2                |   |   |   | 335.5 |   |   |   | 281.4 |   |   |   | 241.1 |   |   |   | — |   |   |   | — |   |
| Accrued      Litigation                               |   |                    | 13.1                |   |   |   | 45.1 |   |   |   | 42.8 |   |   |   | 40.6 |   |   |   | 38.7 |   |   |   | 37.0 |   |
| Total      non-current liabilities                    |   |                    | 397.9               |   |   |   | 1,374.0 |   |   |   | 1,333.5 |   |   |   | 1,428.7 |   |   |   | 77.8 |   |   |   | 71.0 |   |
| Total      liabilities                                |   | U.S.$                   |        591.7   |   |   | Ps. | 2,043.1 |   |   | Ps. | 1,873.0 |   |   | Ps. | 1,864.3 |   |   | Ps. | 2,199.2 |   |   | Ps. | 1,977.7 |   |
| Shareholders’      equity                       |   |                    | 605.7               |   |   |   | 2,091.6 |   |   |   | 1,974.6 |   |   |   | 1,670.4 |   |   |   | 1,377.3 |   |   |   | 1,526.9 |   |
| Total      liabilities and shareholders’ equity |   | U.S.$                   |        1,197.4 |   |   | Ps. | 4,143.6 |   |   | Ps. | 3,847.6 |   |   | Ps. | 3,534.7 |   |   | Ps | 3,576.5 |   |   | Ps. | 3,504.6 |   |
|                                                  |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S.      GAAP                                        |   |                    |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current      assets                                   |   | U.S.$                   |        193.6   |   |   | Ps. | 668.6 |   |   | Ps. | 536.7 |   |   | Ps. | 547.0 |   |   | Ps. | 728.8 |   |   |   | — |   |
| Property,      plant and equipment, net               |   |                    | 964.7               |   |   |   | 3,331.2 |   |   |   | 3,175.7 |   |   |   | 3,016.4 |   |   |   | 3,009.7 |   |   |   | — |   |
| Other      non-current assets                         |   |                    | 74.8                |   |   |   | 258.4 |   |   |   | 346.6 |   |   |   | 201.5 |   |   |   | 145.5 |   |   |   | — |   |
| Total      assets                                     |   | U.S.$                   |        1,233.1 |   |   | Ps. | 4,258.2 |   |   | Ps. | 4,059.0 |   |   | Ps. | 3,764.9 |   |   | Ps. | 3,884.0 |   |   |   | — |   |
| Current      liabilities                              |   | U.S.$                   |        204.9   |   |   | Ps. | 707.5 |   |   | Ps. | 573.7 |   |   | Ps. | 470.0 |   |   | Ps | 2,124.8 |   |   |   | — |   |
| Non-current      liabilities                          |   |                    | 527.5               |   |   |   | 1,821.6 |   |   |   | 2,018.2 |   |   |   | 2,225.1 |   |   |   | 640.3 |   |   |   | — |   |
| Total      liabilities                                |   |                    | 732.4               |   |   |   | 2,529.1 |   |   |   | 2,591.9 |   |   |   | 2,695.1 |   |   |   | 2,765.1 |   |   |   | — |   |
| Shareholders’      equity                       |   |                    | 500.7               |   |   |   | 1,729.1 |   |   |   | 1,467.1 |   |   |   | 1,069.8 |   |   |   | 1,118.8 |   |   |   | — |   |
| Total      liabilities and shareholders’ equity |   | U.S.$                   |        1,233.1 |   |   | Ps. | 4,258.2 |   |   | Ps. | 4,059.0 |   |   | Ps. | 3,764.9 |   |   | Ps. | 3,884.0 |   |   |   | — |   |

----

|                                                                                                                                                                                                                |   | Year      ended December 31, |             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|------------------|
|                                                                                                                                                                                                                |   | 2008                         |             |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                                                                                                                                                                                                                |   | (in      millions)           |             |
| Cash flow data                                                                                                                                                                                                      |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine      GAAP                                                                                                                                                                                                 |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      activities:                                                                                                                                                                                          |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                                                                                                                                                                              |   | U.S.$                        |        35.7 |   |   | Ps. | 123.1 |   |   | Ps. | 122.5 |   |   | Ps. | 293.1 |   |   | Ps. | (149.6 | ) |   | Ps. | (89.9 | ) |
| Adjustment      to reconcile net income (loss) to net cash flows provided by (used in)      operating activities:                                                                                                   |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation      of property, plant and equipment                                                                                                                                                                  |   |                         | 49.3             |   |   |   | 170.3 |   |   |   | 174.4 |   |   |   | 179.0 |   |   |   | 178.4 |   |   |   | 174.9 |   |
| Retirement      of property, plant and equipment                                                                                                                                                                    |   |                         | 0.6              |   |   |   | 1.9 |   |   |   | 1.1 |   |   |   | 0.7 |   |   |   | 0.9 |   |   |   | 0.5 |   |
| Gain      on extinguishment of former debt                                                                                                                                                                          |   |                         | —          |   |   |   | — |   |   |   | — |   |   |   | (179.2 | ) |   |   | — |   |   |   | — |   |
|                                                                                                                                                                                                                |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain      from investments in affiliated parties                                                                                                                                                                    |   |                         | —          |   |   |   | — |   |   |   | (0.1 | ) |   |   | (0.1 | ) |   |   | — |   |   |   | — |   |
| Gain      from investments                                                                                                                                                                                          |   |                         | (1.2             | ) |   |   | (4.3 | ) |   |   | (8.5 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Adjustment      to present value of notes                                                                                                                                                                           |   |                         | 2.5              |   |   |   | 8.5 |   |   |   | 21.5 |   |   |   | (57.1 | ) |   |   | — |   |   |   | — |   |
| Loss      from the purchase and redemption of notes                                                                                                                                                                 |   |                         | (24.5            | ) |   |   | (84.6 | ) |   |   | 10.2 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Adjustment      to present value of the repurchased and redeemed notes                                                                                                                                              |   |                         | (2.6             | ) |   |   | (9.0 | ) |   |   | 8.6 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Adjustment      to present value of the retroactive tariff increase arising from the      application of the new electricity rate schedule and of the Payment Plan      Agreement with the Province of Buenos Aires |   |                         | (3.9             | ) |   |   | (13.5 | ) |   |   | 29.6 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Exchange      differences, interest and penalties on loans                                                                                                                                                          |   |                         | 67.4             |   |   |   | 232.7 |   |   |   | 69.5 |   |   |   | 49.1 |   |   |   | 139.0 |   |   |   | 66.4 |   |
| Supplies      recovered from third parties                                                                                                                                                                          |   |                         | —          |   |   |   | — |   |   |   | — |   |   |   | (5.8 | ) |   |   | — |   |   |   | — |   |
| Increase      in trade receivables due to the unbilled portion of the retroactive tariff      increase                                                                                                              |   |                         | (34.4            | ) |   |   | (118.8 | ) |   |   | (171.3 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Income      tax                                                                                                                                                                                                     |   |                         | 17.7             |   |   |   | 61.2 |   |   |   | 125.0 |   |   |   | (167.2 | ) |   |   | — |   |   |   | — |   |
| Reversal      of the allowance for doubtful accounts                                                                                                                                                                |   |                         | (7.0             | ) |   |   | (24.0 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Changes      in operating assets and liabilities:                                                                                                                                                                   |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Decrease      (Increase) in trade receivables (net of the unbilled portion of the      retroactive tariff increase)                                                                                                 |   |                         | 25.5             |   |   |   | 88.2 |   |   |   | (36.9 | ) |   |   | (39.0 | ) |   |   | (37.1 | ) |   |   | (13.3 | ) |
| Net      (increase) in other receivables                                                                                                                                                                            |   |                         | (9.7             | ) |   |   | (33.4 | ) |   |   | (8.4 | ) |   |   | (23.1 | ) |   |   | (27.2 | ) |   |   | (9.7 | ) |
| Decrease      (Increase) in supplies                                                                                                                                                                                |   |                         | 2.1              |   |   |   | 7.4 |   |   |   | (18.4 | ) |   |   | 1.4 |   |   |   | (5.4 | ) |   |   | 4.6 |   |
| Increase      in trade accounts payable                                                                                                                                                                             |   |                         | 8.1              |   |   |   | 27.8 |   |   |   | 52.7 |   |   |   | 67.1 |   |   |   | 54.4 |   |   |   | 52.9 |   |
| Increase      in salaries and social security taxes                                                                                                                                                                 |   |                         | 14.6             |   |   |   | 50.3 |   |   |   | 12.9 |   |   |   | 25.2 |   |   |   | 4.5 |   |   |   | 1.8 |   |
| Increase      (decrease) in taxes                                                                                                                                                                                   |   |                         | 7.6              |   |   |   | 26.4 |   |   |   | 22.5 |   |   |   | (5.7 | ) |   |   | 23.6 |   |   |   | (8.9 | ) |
| Increase      in other liabilities                                                                                                                                                                                  |   |                         | 22.6             |   |   |   | 78.1 |   |   |   | 17.7 |   |   |   | 91.7 |   |   |   | 36.8 |   |   |   | 53.7 |   |
| Net      increase in accrued litigation                                                                                                                                                                             |   |                         | 4.4              |   |   |   | 15.1 |   |   |   | 16.2 |   |   |   | 9.5 |   |   |   | 7.7 |   |   |   | 0.7 |   |
| Financial      interest paid, net of interest capitalized                                                                                                                                                           |   |                         | (18.2            | ) |   |   | (62.7 | ) |   |   | (25.5 | ) |   |   | (26.7 | ) |   |   | (46.5 | ) |   |   | (55.5 | ) |
| Financial      and commercial interest collected                                                                                                                                                                    |   |                         | 2.0              |   |   |   | 6.9 |   |   |   | 11.6 |   |   |   | 2.2 |   |   |   | 2.0 |   |   |   | 5.4 |   |
| Net      cash flow provided by operating activities                                                                                                                                                                 |   |                         | 158.6            |   |   |   | 547.5 |   |   |   | 427.2 |   |   |   | 215.0 |   |   |   | 181.5 |   |   |   | 202.8 |   |
| Investing      activities:                                                                                                                                                                                          |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Addition      to property, plants and equipment                                                                                                                                                                     |   |                         | (94.2            | ) |   |   | (325.4 | ) |   |   | (336.9 | ) |   |   | (179.7 | ) |   |   | (124.5 | ) |   |   | (125.1 | ) |
| Net      cash flow used in investing activities                                                                                                                                                                     |   |                         | (94.2            | ) |   |   | (325.4 | ) |   |   | (336.9 | ) |   |   | (179.7 | ) |   |   | (124.5 | ) |   |   | (125.1 | ) |
| Financing      activities:                                                                                                                                                                                          |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase      in current and non-current investments                                                                                                                                                                |   |                         | (19.7            | ) |   |   | (67.9 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Decrease      in loans                                                                                                                                                                                              |   |                         | (35.6            | ) |   |   | (122.9 | ) |   |   | (203.6 | ) |   |   | (310.8 | ) |   |   | — |   |   |   | — |   |
| Capital      increase                                                                                                                                                                                               |   |                         | —          |   |   |   | — |   |   |   | 181.8 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Shares      repurchased                                                                                                                                                                                             |   |                         | (1.8             | ) |   |   | (6.1 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Net      cash flows used in financing activities                                                                                                                                                                    |   |                         | (57.0            | ) |   |   | (197.0 | ) |   |   | (21.8 | ) |   |   | (310.8 | ) |   |   | — |   |   |   | — |   |
| Cash      variations:                                                                                                                                                                                               |   |                         |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      at beginning of year                                                                                                                                                                                      |   | U.S.$                        |        29.3 |   |   | Ps. | 101.2 |   |   | Ps. | 32.7 |   |   | Ps. | 308.1 |   |   | Ps. | 251.1 |   |   | Ps. | 173.4 |   |
| Cash      at end of the year                                                                                                                                                                                        |   |                         | 36.6             |   |   |   | 126.4 |   |   |   | 101.2 |   |   |   | 32.7 |   |   |   | 308.1 |   |   |   | 251.1 |   |
| Net      increase (decrease) in cash                                                                                                                                                                                |   |                         | 7.3              |   |   |   | 25.2 |   |   |   | 68.5 |   |   |   | (275.5 | ) |   |   | 57.0 |   |   |   | 77.8 |   |

----

|                             |   | Year      ended December 31, |    |
|----------------------------------|--------|------------------------------|---------|
|                             |   | 2008                         |    |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                             |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      data              |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentine      GAAP              |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Energy      sales (in GWh):      |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Residential                      |   |                         | 7,545   |   |   |   | 7,148 |   |   |   | 6,250 |   |   |   | 5,819 |   |   |   | 5,413 |   |
| Small      Commercial            |   |                         | 1,530   |   |   |   | 1,485 |   |   |   | 1,433 |   |   |   | 1,387 |   |   |   | 1,322 |   |
| Medium      Commercial           |   |                         | 1,597   |   |   |   | 1,552 |   |   |   | 1,446 |   |   |   | 1,354 |   |   |   | 1,293 |   |
| Industrial                       |   |                         | 3,277   |   |   |   | 3,628 |   |   |   | 3,364 |   |   |   | 3,195 |   |   |   | 3,685 |   |
| Wheeling      system(1)          |   |                         | 3,700   |   |   |   | 3,111 |   |   |   | 3,211 |   |   |   | 2,984 |   |   |   | 2,100 |   |
| Others:                          |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Public      Lighting             |   |                         | 644     |   |   |   | 643 |   |   |   | 650 |   |   |   | 642 |   |   |   | 646 |   |
| Shantytowns                      |   |                         | 304     |   |   |   | 301 |   |   |   | 261 |   |   |   | 279 |   |   |   | 275 |   |
| Others(2)                        |   |                         | 19      |   |   |   | 18 |   |   |   | 18 |   |   |   | 17 |   |   |   | 18 |   |
| Customers      (in thousands)(3) |   |                         | 2,537   |   |   |   | 2,490 |   |   |   | 2,445 |   |   |   | 2,404 |   |   |   | 2,353 |   |
| Energy      losses (%)           |   |                         | 10.8    | % |   |   | 11.6 | % |   |   | 11.1 | % |   |   | 11.0 | % |   |   | 11.5 | % |
| MWh      sold by employee        |   |                         | 7,392.8 |   |   |   | 7,230.6 |   |   |   | 6,736.6 |   |   |   | 6,395.9 |   |   |   | 5,936.8 |   |
| Customers      per employee      |   |                         | 997     |   |   |   | 998 |   |   |   | 982 |   |   |   | 971 |   |   |   | 941 |   |

----

| (1) | Wheeling      charges represent our tariffs for large users, which consist of a fixed      charge for recognized technical losses and a charge for our distribution      margins but exclude charges for electric power purchases, which are      undertaken directly between generators and large  users. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents      energy consumed internally by our company and our    facilities. |
|-----|----------------------------------------------------------------------------------|

| (3) | We      define a customer as one meter.  We may supply more than one consumer      through a single meter.  In particular, because we measure our energy      sales to each shantytown collectively using a single meter, each      shantytown is counted as a singlecustomer. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                         |   | Low                          |   |   | High   |   |   | Average |   |   | Period      End |   |
|------------------------------|--------|------------------------------|--------|--------|--------|--------|--------|---------|--------|--------|-----------------|--------|
|                         |   | (Pesos      per U.S. Dollar) |   |
| Year      ended December 31, |   |                         |   |   |   |   |   |    |   |   |            |   |
| 2004                         |   |                         | 2.94   |   |   |   | 2.99   |    |   |   | 2.95            | (1)    |   |   | 2.98 |   |
| 2005                         |   |                         | 2.98   |   |   |   | 3.04   |    |   |   | 3.01            | (1)    |   |   | 3.03 |   |
| 2006                         |   |                         | 3.03   |   |   |   | 3.11   |    |   |   | 3.07            | (1)    |   |   | 3.06 |   |
| 2007                         |   |                         | 3.06   |   |   |   | 3.18   |    |   |   | 3.12            | (1)    |   |   | 3.15 |   |
| 2008                         |   |                         | 3.01   |   |   |   | 3.47   |    |   |   | 3.16            | (1)    |   |   | 3.45 |   |
|                         |   |                         |   |   |   |   |   |    |   |   |            |   |   |   |   |   |
| Month                        |   |                         |   |   |   |   |   |    |   |   |            |   |   |   |   |   |
| January      2009            |   |                         | 3.45   |   |   |   | 3.49   |    |   |   | 3.46            | (2)    |   |   | 3.49 |   |
| February      2009           |   |                         | 3.48   |   |   |   | 3.57   |    |   |   | 3.51            | (2)    |   |   | 3.56 |   |
| March      2009              |   |                         | 3.61   |   |   |   | 3.72   |    |   |   | 3.66            | (2)    |   |   | 3.72 |   |
| April      2009              |   |                         | 3.67   |   |   |   | 3.72   |    |   |   | 3.69            | (2)    |   |   | 3.71 |   |
| May      2009                |   |                         | 3.70   |   |   |   | 3.75   |    |   |   | 3.73            | (2)    |   |   | 3.75 |   |
| June      2009(3)            |   |                         | 3.74   |   |   |   | 3.79   |    |   |   | 3.76            | (2)    |   |   | 3.79 |   |

----

| (1) | Represents      the average of the exchange rates on the last day of each month during the      period. |
|-----|---------------------------------------------------------------------------------------------------------|

| (2) | Average      of the lowest and highest daily rates in the  month. |
|-----|-------------------------------------------------------------------|

| (3) | Represents      the corresponding exchange rates from June 1 through June    23. |
|-----|----------------------------------------------------------------------------------|

----

|   | · | unemployment      remains high; |
|--------|--------|---------------------------------|

|   | · | the      availability of long-term fixed rate credit is  scarce; |
|--------|--------|------------------------------------------------------------------|

|   | · | investment      as a percentage of GDP remains low; |
|--------|--------|-----------------------------------------------------|

|   | · | the      current fiscal surplus is at risk of becoming a fiscal      deficit; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | inflation      has risen recently and threatens toaccelerate; |
|--------|--------|---------------------------------------------------------------|

|   | · | the      regulatory environment continues to be  uncertain; |
|--------|--------|-------------------------------------------------------------|

----

|   | · | the      country’s public debt remains high and international financing is limited;      and |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | the      recovery has depended to some extent on high commodity prices, which are      volatile and beyond the control of the Argentine    government. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

|   | · | the      fines and penalties we incur in any given year exceed 20% of our gross      energy sales, net of taxes (which corresponds to our energy      sales); |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we      repeatedly and materially breach our concession and do not remedy these      breaches upon the request of theENRE; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

|   | · | our      controlling shareholder, EASA, creates any lien or encumbrance over our      Class A shares (other than the existing pledge in favor of the      Argentine government); |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | we      or EASA obstruct the sale of Class A shares at the end of any      management period under ourconcession; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | EASA      fails to obtain the ENRE’s approval in connection with the disposition of      our Class A shares; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | · | our      shareholders amend our articles of incorporation or voting rights in a way      that modifies the voting rights of the Class A shares without the      ENRE’s approval; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | EASA      does not desist from its ICSID claims against the Argentine government      following completion of the RTI and the approval of a new tariff      regime. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

| Item 4.  | Information on the      Company |
|--------------------|---------------------------------|

|   |   | Demand      (GWh)                   |    |
|--------|--------|-------------------------------------|---------|
|   |   | Wholesale      ElectricityMarket(1) |    |   | EdenorDemand(2) |   |   | Edenor      Demand as a%      of WholesaleElectricity      Market |   |
| 2008   |   |                                | 105,959 |   |   |   | 20,863 |   |   |   | 19.7 | % |
| 2007   |   |                                | 102,950 |   |   |   | 20,233 |   |   |   | 19.7 | % |
| 2006   |   |                                | 97,590  |   |   |   | 18,700 |   |   |   | 19.2 | % |

----

| (1) | Includes      demand in the Mercado      Eléctrico Mayorista Sistema Patagónico (Patagonia wholesale      electricity market, or MEMSP). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Calculated      as electricity purchased by us and our wheeling system      customers. |
|-----|----------------------------------------------------------------------------------------|

----

|   | · | converted      public utility tariffs from their original U.S. Dollar values to Pesos at      a rate of Ps. 1.00 perU.S. $1.00; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | froze      all regulated distribution margins relating to the provision of public      utility services (including electricity distribution      services); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | revoked      all price adjustment provisions and inflation indexation mechanisms in      public utility concessions (including energy concessions);    and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | empowered      the executive branch to conduct a renegotiation of public utility      contracts (including energy concessions), including the tariffs for public      utility services. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | large      users in the wholesale electricity market and large customers of      distribution companies (in both cases above 300 kW), such as us, will be      authorized to secure energy supply up to their “base demand” (equal to      their demand in 2005) by entering into term contracts;  and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | large      users in the wholesale electricity market and large customers of      distribution companies (in both cases above 300 kilowatts) must satisfy      any consumption in excess of their base demand with energy from the Energía Plus (Energy      Plus) system at unregulated market prices.  The Energy Plus system      consists of the supply of additional energy generation from new generation      and/or generating agents, co-generators or auto-generators who are not      agents of the electricity market or who as of the date of the resolution      were not part of the wholesale electricity market.  Large users in      the wholesale electricity market and large customers of distribution      companies can also enter into contracts directly with these new generators      or purchase energy at unregulated market prices through      CAMMESA. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | the      Secretary of Energy of the Ministry of Federal Planning, Public Investment      and Services, and |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (2) | the      Ente Nacional Regulador      de la Electricidad (National Electricity Regulator, or the      ENRE). |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

----

|   | · | enforcement      of compliance with the Regulatory Framework Law and related      regulations; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | control      of the delivery of electric services and enforcement of compliance with      the terms of concessions; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

|   | · | adoption      of rules applicable to generators, transmitters, distributors, electricity      users and other related parties concerning safety, technical procedures,      measurement and billing of electricity consumption, interruption and      reconnection of supplies, third-party access to real estate used in the      electricity industry and quality of services  offered; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | prevention      of anticompetitive, monopolistic and discriminatory conduct between      participants in the electricityindustry; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | imposition      of penalties for violations of concessions or other related regulations;      and |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | arbitration      of conflicts between electricity sector  participants. |
|--------|--------|-------------------------------------------------------------------------|

|   | · | a      term market in which generators, distributors and large users enter into      long-term agreements on quantities, prices and  conditions; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      spot market, in which prices are established on an hourly basis as a      function of economic production costs, represented by the short-term      marginal cost of production measured at the Ezeiza 500 kV substation, the      system’s load center, and demand;and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      stabilization fund, managed by CAMMESA, that absorbs the differences      between purchases by distributors at seasonal prices and payments to      generators for energy sales at the spotprice. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | managing      the national interconnection system pursuant to the Regulatory Framework      Law and related regulations, whichincludes: |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | determining      technical and economic dispatch of electricity (i.e., schedule of      production for all generating units on a power system to match production      with demand) in the national interconnection  system; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | maximizing      the system’s security and the quality of electricity    supplied; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | minimizing      wholesale prices in the spotmarket; |
|--------|--------|-----------------------------------------------------|

|   | · | planning      energy capacity needs and optimizing energy use pursuant to the rules set      out from time to time by the Secretary of Energy,  and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | monitoring      the operation of the term market and administering the technical dispatch      of electricity pursuant to any agreements entered into in such      market; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | acting      as agent of the various wholesale electricity market      participants; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | purchasing      or selling electricity from or to other countries by performing the      relevant import/export operations;and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | providing      consulting and other services related to these  activities. |
|--------|--------|----------------------------------------------------------------------------|

----

----

----

----

|   | · | We believe we are the largest      electricity distributor in Argentina in terms of number of      customers and electricity sold (both in GWh and in pesos) in 2009.       We serve the largest number of electricity customers in Argentina, which      at December 31, 2008 amounted to 2,537,527 customers.  Our      electricity purchases, used to meet customer demand in our service area,      accounted for approximately 19.7% of total electricity demand in the      country in 2008.  As a result of being the largest electricity      distributor in Argentina in terms of volume and customers, we have strong      bargaining power with respect to many of our operating expenses, including      salaries, and benefit from economies of scale.  We also actively      participate in industry decision making bodies and are working closely      with the Argentine government to address Argentina’s current energy      challenges. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We distribute electricity to      an attractive and diversified client base in a highly developed area of      Argentina.  We operate on an exclusive basis in the      northwestern zone of the greater Buenos Aires metropolitan area and the      northern portion of the City of Buenos Aires, which is one of Argentina’s      largest industrial and commercial centers.  We have a highly      concentrated, urban client base characterized by high purchasing power and      low delinquency in payments of electricity bills (with an average of less      than four days of past due bills outstanding).  Our      geographically concentrated and urban client base also allows us to      operate more efficiently with relatively lower distribution costs.       Finally, we have a balanced distribution of clients (residential,      commercial, industrial). |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We have substantial experience      in the operation of electricity distribution systems with strong operating      performance and efficiency for the characteristics of our concession      area.  We have substantial experience in the operation of      electricity distribution systems and have received multiple ISO      certifications on our commercial, technical and administrative processes,      including on the quality of our services and safety and environmental      standards.  We were declared by the ENRE a self-operating business in      1997, which means we are not required to have a strategic operator conduct      our business and allows us to act as an operator in other electricity      businesses.  We believe that our energy losses are low compared to      other electricity distribution companies in Latin America.  In      addition, we have maintained what we believe are optimal levels of      operating efficiency, with 997 customers per employee and 7,392.8 MWh sold      per employee in 2008. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | We have a well-balanced      capital structure.  As of December 31, 2008, our financial      debt amounted to U.S. $272.3 million, including U.S. $262.7 million      principal amount of notes.  We have continued to strengthen our      capital structure during 2009 acquiring through market purchases      U.S. $30.2 million principal amount of Fixed Rate Par Notes due 2016      and U.S. $15.7 million principal amount of Senior Notes due      2017. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We have a stable, committed      and seasoned management team.  Our management team has not      changed significantly since 1992, despite the changes to and from foreign      ownership of our company since our privatization.  In accordance with      our concession, we are operating our electricity distribution business      without the assistance of an external technical operator.  Our new      controlling shareholder has maintained our management team, and added      financial expertise.  We encourage internal promotion and provide      training and other opportunities for our employees to continue to grow      with our business. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Complete our tariff      renegotiation process.  Following the increase in our      distribution margins charged to our non-residential customers agreed by      the Argentine government in September 2005 and ratified by the      executive branch in January 2007, our management is currently focused      on completing our integral tariff revision process with the ENRE.       Our integral tariff proposal will include, among other factors, a      recalculation of the compensation we receive for our distribution services      based on a revision of our asset base and rate of return.  For this      purpose, we will present a post-tax return on our gross asset base, which      we estimate was 3.4% in 2008 (calculated on a gross asset base valued at      Ps. 8.9 billion, which we calculate using the net book value of operating      assets as of our most recent financial statements and adjusted for      inflation), which we believe is still extremely low considering our annual      post-tax return before the economic crisis in 2001.  Our average      annual post-tax return on our gross asset base from 1997 through 2001 was      9.6%. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continue to serve our      concession area with a high quality of service.  We aim to      continue serving our clients in accordance with the terms of our      concession, distributing electricity within our area meeting or exceeding      the required quality standards.  We intend to continue to dedicate a      significant portion of our capital expenditures to the maintenance,      enhancement and expansion of our network to achieve this    goal. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Undertake a reclassification      of our smaller customers by economic activity rather than level of demand      to optimize our tariff base.  We intend to reclassify our      client base based on type of economic activity and purchasing power rather      than only on levels of electricity demand.  We believe this will      allow us to shift clients who currently fall within our lowest tariff      categories, to other, more appropriate categories, including professionals      and small businesses which, due to their low demand, are currently      classified as residential customers, and to charge them      accordingly. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Focus on increasing our      operating efficiency and optimizing our level of energy      losses.  We are committing significant resources to improving      the quality of our technical services and the safety of our public      infrastructure to allow us to reduce the amount of fines imposed by      Argentine regulatory authorities in the ordinary course of our      operations.  We intend to build new entry points for our network in      Tigre (previously called Escobar), Province of Buenos Aires, and Malaver,      City of Buenos Aires, which will significantly improve the quality and      reliability of our network.  Currently, our objective is to maintain      energy losses at an optimum level, taking into account the marginal cost      of reducing such losses and the level at which, pursuant to the terms of      our concession, we are reimbursed for the cost of such    losses. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | a      cost adjustment mechanism (CMM), pursuant to which our distribution costs      are reviewed semiannually (or, under certain circumstances, more often)      and adjusted if deemed appropriate by the ENRE to cover increases in our      distribution costs; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | an      obligation to make capital expenditures of approximately      Ps. 204 million for specified projects in 2006, which we      complied with although we were not required to given that the Adjustment      Agreement was not ratified in 2006; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      obligation to meet specified service quality standards more stringent than      the ones originally contemplated in our  concession; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      restriction on our ability to pay dividends without prior ENRE approval      during the period in which we are conducting the  RTI; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | forgiveness      of approximately one-third of our accrued and unpaid fines, subject to      certain conditions relating to compliance with our capital expenditures      obligations and service quality standards, and a 7-year payment plan for      the balance, commencing 180 days after the date on which the RTI      comes into effect; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      obligation to apply a social tariff regime for low-income customers, which      regime will be defined in the context of the RTI;  and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      obligation to extend our network to provide service to certain rural      areas. |
|--------|--------|-------------------------------------------------------------------------------------------|

----

| Operating      territory |   | Districts                                                                                              |
|--------------------------|--------|--------------------------------------------------------------------------------------------------------|
| Morón               |   | Morón,      Ituzaingó, Hurlingham, Merlo, Marcos Paz, Las Heras and La      Matanza          |
| Norte                    |   | Ciudad      de Buenos Aires, San Martín and Tres de Febrero                                       |
| Olivos                   |   | Vicente      López, San Isidro, San Fernando, Tigre and Escobar                                   |
| Pilar                    |   | Moreno,      Gral, Rodríguez, Pilar, Malvinas Argentinas, J.C.  Paz and San      Miguel |

| Operating      territory |   | Area(km2) |   |   | Customers(in      thousands) |   |    | %      of Sales |   |
|--------------------------|--------|-----------|--------|--------|------------------------------|--------|---------|-----------------|--------|
| Morón               |   |      | 1,761  |   |                         |   | 876.0   |            |   |   | 34.5 | % |   |   | 37.5 | % |
| Norte                    |   |      | 164    |   |                         |   | 742.8   |            |   |   | 29.3 | % |   |   | 32.5 | % |
| Olivos                   |   |      | 1,624  |   |                         |   | 411.3   |            |   |   | 16.2 | % |   |   | 12.8 | % |
| Pilar                    |   |      | 1,088  |   |                         |   | 507.5   |            |   |   | 20.0 | % |   |   | 17.2 | % |
| Total                    |   |      | 4,637  |   |                         |   | 2,537.6 |            |   |   | 100 | % |   |   | 100 | % |

|   | · | the      time required to connect new users; |
|--------|--------|----------------------------------------------|

|   | · | voltage      fluctuations; |
|--------|--------|----------------------------|

|   | · | interruptions      or reductions in service; and |
|--------|--------|--------------------------------------------------|

|   | · | the      supply of electricity for public lighting and to certain      municipalities. |
|--------|--------|----------------------------------------------------------------------------------------|

----

| High      voltage                             | -5.0%      to   +5.0% |
|-----------------------------------------------|---------------------------------|
| Overhead      network (medium or low voltage) | -8.0%      to   +8.0% |
| Buried      network (medium or low voltage)   | -5.0%      to   +5.0% |
| Rural                                         | -10.0%      to +10.0%           |

| Category      of user                       |   | Frequency ofinterruptions(maximum number ofinterruptions persemester) |   | Duration of interruption(maximum amount of timeper interruption)(1) |
|---------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|
| High      voltage                           |   |                                                                                      | 3      |                                                                                              | 2      hours |
| Medium      voltage                         |   |                                                                                      | 4      |                                                                                              | 3      hours |
| Low      voltage: (small and medium demand) |   |                                                                                      | 6      |                                                                                              | 10      hours |
| Large      demand                           |   |                                                                                      | 6      |                                                                                              | 6      hours |

----

| (1) | Interruptions      of less than three minutes are notrecorded. |
|-----|----------------------------------------------------------------|

----

|                                             |   | Year      ended December 31, |   |
|--------------------------------------------------|--------|------------------------------|--------|
|                                             |   | 2008                         |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Average      frequency of interruptions          |   |                         | 4.10   |   |   |   | 3.47 |   |   |   | 2.81 |   |   |   | 3.38 |   |   |   | 2.63 |   |   |   | 3.19 |   |
| Average      duration of interruption (in hours) |   |                         | 8.31   |   |   |   | 6.59 |   |   |   | 5.01 |   |   |   | 5.10 |   |   |   | 4.31 |   |   |   | 4.70 |   |

----

|                                                                                                       |   | Year      ended December 31, |    |
|------------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                                       |   | (in      millions of Pesos)  |    |
|                                                                                                       |   | 2008                         |    |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |   | 2002 |   |   | 2001 |   |   | 2000 |   |   | 1999 |   |
| Accruals      at beginning of year                                                                         |   |                         | 281.4   |   |   |   | 241.1 |   |   |   | 169.7 |   |   |   | 99.3 |   |   |   | 63.4 |   |   |   | 49.0 |   |   |   | 19.0 |   |   |   | 13.6 |   |   |   | 17.4 |   |   |   | 11.0 |   |
| ENRE      Fines and Penalties                                                                              |   |                         | 34.8    |   |   |   | 23.9 |   |   |   | 25.2 |   |   |   | 72.7 |   |   |   | 36.0 |   |   |   | 14.6 |   |   |   | 31.7 |   |   |   | 16.4 |   |   |   | 13.6 |   |   |   | 14.8 |   |
| Quality      of Technical Service                                                                          |   |                         | 15.2    |   |   |   | 7.0 |   |   |   | 10.4 |   |   |   | 4.9 |   |   |   | 4.7 |   |   |   | 3.2 |   |   |   | 5.6 |   |   |   | 5.2 |   |   |   | 4.0 |   |   |   | 4.9 |   |
| Quality      of Technical Product                                                                          |   |                         | 3.0     |   |   |   | 0.9 |   |   |   | 0.6 |   |   |   | 1.1 |   |   |   | 6.9 |   |   |   | 6.5 |   |   |   | 5.5 |   |   |   | 2.9 |   |   |   | 2.9 |   |   |   | 1.8 |   |
| Quality      of Commercial Service                                                                         |   |                         | 1.6     |   |   |   | 1.1 |   |   |   | 1.2 |   |   |   | — |   |   |   | 1.2 |   |   |   | 0.5 |   |   |   | 1.5 |   |   |   | 1.7 |   |   |   | 0.9 |   |   |   | 0.6 |   |
| Public      Safety                                                                                         |   |                         | 11.6    |   |   |   | 10.3 |   |   |   | 6.7 |   |   |   | 25.4 |   |   |   | 10.9 |   |   |   | 2.0 |   |   |   | 4.9 |   |   |   | 4.2 |   |   |   | 6.3 |   |   |   | 2.7 |   |
| Transport      Technical Function                                                                          |   |                         | 0.3     |   |   |   | 0.2 |   |   |   | 0.4 |   |   |   | — |   |   |   | 0.2 |   |   |   | 0.2 |   |   |   | 0.2 |   |   |   | — |   |   |   | 0.3 |   |   |   | 0.3 |   |
| Reporting      Violations                                                                                  |   |                         | 2.9     |   |   |   | 4.4 |   |   |   | 5.6 |   |   |   | 33.7 |   |   |   | 12.2 |   |   |   | 1.7 |   |   |   | 4.9 |   |   |   | 1.9 |   |   |   | (0.2 | ) |   |   | 2.2 |   |
| Others                                                                                                     |   |                         | — |   |   |   | — |   |   |   | 0.2 |   |   |   | 7.5 |   |   |   | — |   |   |   | 0.4 |   |   |   | 9.0 |   |   |   | 0.5 |   |   |   | (0.5 | ) |   |   | 2.2 |   |
| Less:      Paid during period:                                                                             |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Quality      of Technical Service                                                                          |   |                         | — |   |   |   | — |   |   |   | — |   |   |   | 1.6 |   |   |   | — |   |   |   | — |   |   |   | 0.9 |   |   |   | 3.3 |   |   |   | 5.6 |   |   |   | 5.6 |   |
| Quality      of Technical Product                                                                          |   |                         | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2.3 |   |   |   | 4.2 |   |   |   | 1.0 |   |
| Quality      of Commercial Service                                                                         |   |                         | — |   |   |   | 1.5 |   |   |   | 0.4 |   |   |   | 0.1 |   |   |   | 0.1 |   |   |   | 0.1 |   |   |   | 0.3 |   |   |   | 1.4 |   |   |   | 1.0 |   |   |   | 0.5 |   |
| Public      Safety                                                                                         |   |                         | 1.5     |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 2.1 |   |   |   | 6.1 |   |   |   | 1.2 |   |
| Transport      Technical Function                                                                          |   |                         | — |   |   |   | 0.1 |   |   |   | 0.3 |   |   |   | — |   |   |   | — |   |   |   | 0.1 |   |   |   | 0.3 |   |   |   | 0.2 |   |   |   | 0.5 |   |   |   | 0.1 |   |
| Others                                                                                                     |   |                         | — |   |   |   | — |   |   |   | — |   |   |   | 0.6 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 1.8 |   |   |   | — |   |   |   | — |   |
| Total      paid during period                                                                              |   |                         | 1.6     |   |   |   | 1.7 |   |   |   | 0.7 |   |   |   | 2.4 |   |   |   | 0.1 |   |   |   | 0.2 |   |   |   | 1.6 |   |   |   | 11.1 |   |   |   | 17.4 |   |   |   | 8.4 |   |
| Plus:      Adjustment to fines and penalties pursuant to the ratification of the      Adjustment Agreement |   |                         | 17.2    |   |   |   | 18.1 |   |   |   | 47.0 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Accruals      at year-end                                                                                  |   |                         | 331.6   |   |   |   | 281.4 |   |   |   | 241.1 |   |   |   | 169.7 |   |   |   | 99.2 |   |   |   | 63.4 |   |   |   | 49.0 |   |   |   | 19.0 |   |   |   | 13.6 |   |   |   | 17.4 |   |

----

|   | · | we      incur penalties in excess of 20% of our gross energy sales, net of taxes      (which corresponds to our energy sales) in any given  year; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      controlling shareholder, EASA, fails to obtain the ENRE’s approval in      connection with the disposition of our Class A  shares; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | material      and repeated breaches of our concession that are not remedied upon request      of the ENRE; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | · | EASA      creates any lien or encumbrances on our Class A shares (other than      the pledge to the Argentinegovernment); |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | EASA      or Edenor obstruct the sale of the Class A shares at the end of any      management period under ourconcession; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | our      shareholders amend our articles of incorporation or voting rights in a way      that modifies the voting rights of the Class A shares without the      ENRE’s approval; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      shareholders or former shareholders fail to desist from any ICSID claims      against the Argentine government following completion of the RTI and the      approval of a new tariff regime. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                              |   | At      December 31, |   |
|-------------------------------------------------------------------|--------|----------------------|--------|
|                                                              |   | 2008                 |   |   | 2007 |   |   | 2006 |   |
| Kilometers of transmission      lines                             |   |                 |   |   |   |   |   |   |   |
| High      voltage                                                 |   |                 | 1,364  |   |   |   | 1,338 |   |   |   | 1,310 |   |
| Medium      voltage                                               |   |                 | 8,890  |   |   |   | 8,806 |   |   |   | 8,719 |   |
| Low      voltage                                                  |   |                 | 24,445 |   |   |   | 23,910 |   |   |   | 23,753 |   |
| Total                                                             |   |                 | 34,699 |   |   |   | 34,054 |   |   |   | 33,782 |   |
|                                                              |   |                 |   |   |   |   |   |   |   |   |   |   |
| Transformer capacity      (MVA)                                   |   |                 |   |   |   |   |   |   |   |   |   |   |
| High      voltage/high voltage                                    |   |                 | 7,048  |   |   |   | 7,128 |   |   |   | 7,128 |   |
| High      voltage/medium voltage                                  |   |                 | 6,106  |   |   |   | 5,866 |   |   |   | 5,746 |   |
| Medium      voltage/low voltage and medium voltage/medium voltage |   |                 | 5,369  |   |   |   | 5,136 |   |   |   | 4,950 |   |
| Total                                                             |   |                 | 18,523 |   |   |   | 18,130 |   |   |   | 17,824 |   |

|   | · | We      completed an upgrade of all of our information systems to a new generation      of equipment with new versions of Windows and MS  Office; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | In      May 2008, we contracted with Oracle for the acquisition of CC&B      (Customer Care & Billing) software for the complete renewal of our      commercial systems. The project began in August 2008 and is scheduled to      conclude in the first half of 2010; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      are finalizing the implementation of the Nexus GIS-Scada system, which has      allowed us to connect all of our substations to a supervisory control and      data acquisition system. The GIS system permits the association of      cartographic information with information on our  database; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      are implementing several projects to update and enhance certain software      programs and tools in order to facilitate compliance with Sarbanes-Oxley      rule 404; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      completed a thorough modernization of our accounting systems, including an      update to our SAP system and the revamping of our internal accounting      procedures; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We      launched a printer renting project, which will allow us to replace all our      printers, most of which are obsolete, resulting in a expected supplies      savings. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Residential      (T1-R1 to R9): residential customers whose peak capacity demand is less      than 10kW.  In 2008, this category accounted for approximately      40% of electricity sales. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Small      commercial (T1-G1 and T1-G2): commercial customers whose peak capacity      demand is less than 10kW.  In 2008, this category accounted for      approximately 8% of electricitysales. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Medium      commercial (T2): customers whose peak capacity demand is equal to or      greater than 10kW but less than 50kW.  In 2008, this category      accounted for approximately 9% of electricity  sales. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Industrial      (T3): industrial customers whose peak capacity demand is equal to or      greater than 50kW.  This category is applied to high-demand      customers according to the voltage at which each customer is      connected.  The voltage ranges included in this category are the      following: (i) Low Voltage (LV): voltage less than or equal to 1 kV; (ii)      Medium Voltage (MV): voltage greater than 1kV but less than 66 kV; and      (iii) High Voltage (HV): voltage equal to or greater than      66kV.  In 2008, this category accounted for approximately 18% of      our electricity sales.  This category does not include customers      who purchase their electricity requirements directly through the wholesale      electricity market under the wheelingsystem. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Wheeling      System: large users who purchase their electricity requirements directly      from generation or broker companies through the wholesale electricity      market.  These tariffs follow the same structure as those      applied under the Industrial category described above.  As of      December 31, 2008, the total number of such large users was 626, and in      2008 this category represented approximately 20% of our electricity      sales. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Others:      public lighting (T1-PL) and shantytown customers whose peak capacity      demand is less than 10kW.  In 2008, this category accounted for      approximately 5% of electricity sales.  See “—Framework      agreement (Shantytowns).” |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | reporting      by our employees tasked with reading meters to identify observed      commercial activities which are being performed by residential      customers, |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | conducting      internet surveys to identify advertisements for commercial services (such      as medical or other professional services) that are linked to a      residential customer’s address, and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | analyzing      customer demand to determine whether we should further evaluate the peak      capacity demand of a given customer whose use might exceed      10kW. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R1: bimonthly energy demand less than or equal to 300  kWh |
|--------|--------|--------------------------------------------------------------------------|

|   | · | Tariff      1-R2: bimonthly energy demand greater than 301  kWh |
|--------|--------|-----------------------------------------------------------------|

|   | · | Tariff      1-R3: bimonthly energy demand greater than 651 kWh and less than 800      kWh. |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R4: bimonthly energy demand greater than 801 kWh and less than 900      kWh. |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R5: bimonthly energy demand greater than 901 kWh and less than 1000      kWh. |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R6: bimonthly energy demand greater than 1001 kWh and less than 1200      kWh. |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R7: bimonthly energy demand greater than 1201 kWh and less than 1400      kWh. |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R8: bimonthly energy demand greater than 1401 kWh and less than 2800      kWh. |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | Tariff      1-R9: bimonthly energy demand greater than 2800  kWh. |
|--------|--------|-------------------------------------------------------------------|

|   | · | Tariff      1-G1: bimonthly energy demand less than or equal to 1600    kWh |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | Tariff      1-G2: bimonthly energy demand greater than 1600 kWh but less than or equal      to 4000 kWh |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | Tariff      1-G3: bimonthly energy demand greater than 4000  kWh |
|--------|--------|------------------------------------------------------------------|

----

|                   |   | At      December 31, |      |
|------------------------|--------|----------------------|-----------|
|                   |   | 2008                 |      |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| Residential            |   |                 | 2,206,847 |   |   |   | 2,162,586 |   |   |   | 2,118,447 |   |   |   | 2,084,713 |   |
| Small      commercial  |   |                 | 295,827   |   |   |   | 292,617 |   |   |   | 293,162 |   |   |   | 287,567 |   |
| Medium      commercial |   |                 | 28,397    |   |   |   | 28,676 |   |   |   | 27,414 |   |   |   | 26,157 |   |
| Industrial             |   |                 | 5,437     |   |   |   | 5,217 |   |   |   | 5,067 |   |   |   | 4,615 |   |
| Wheeling      system   |   |                 | 626       |   |   |   | 569 |   |   |   | 507 |   |   |   | 704 |   |
| Other*                 |   |                 | 393       |   |   |   | 399 |   |   |   | 392 |   |   |   | 385 |   |
| Total                  |   |                 | 2,537,527 |   |   |   | 2,490,064 |   |   |   | 2,444,989 |   |   |   | 2,404,141 |   |

----

| * | Represents      public lighting and shantytowncustomers. |
|---|----------------------------------------------------------|

----

----

|                      |   | Year      ended December 31, |   |
|---------------------------|--------|------------------------------|--------|
|                      |   | 2008                         |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |   | 2002 |   |   | 2001 |   |   | 2000 |   |   | 1999 |   |   | 1998 |   |
| Technical      losses     |   |                         | 9.8    | % |   |   | 9.6 | % |   |   | 8.6 | % |   |   | 8.3 | % |   |   | 8.1 | % |   |   | 8.0 | % |   |   | 7.8 | % |   |   | 7.5 | % |   |   | 7.3 | % |   |   | 8.0 | % |   |   | 7.9 | % |
| Non-technical      losses |   |                         | 1.0    | % |   |   | 2.0 | % |   |   | 2.5 | % |   |   | 2.7 | % |   |   | 3.4 | % |   |   | 4.7 | % |   |   | 4.5 | % |   |   | 3.6 | % |   |   | 2.7 | % |   |   | 2.2 | % |   |   | 2.7 | % |
| Total      losses         |   |                         | 10.8   | % |   |   | 11.6 | % |   |   | 11.1 | % |   |   | 11.0 | % |   |   | 11.5 | % |   |   | 12.7 | % |   |   | 12.3 | % |   |   | 11.1 | % |   |   | 10.0 | % |   |   | 10.1 | % |   |   | 10.6 | % |

----

|   | · | transformers,      with a deductible of U.S. $100,000 to U.S. $500,000 (depending on the      capacity); |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | equipment      of sub-stations (not including transformers), with a deductible of U.S.      $50,000. |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | commercial      offices, with a deductible of U.S. $1,500 for each  office. |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | deposits      and other properties, with a deductible of U.S. $25,000;    and, |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | terrorist      acts up to U.S. $10 million, with a deductible of U.S.      $50,000. |
|--------|--------|-------------------------------------------------------------------------------------|

----

----

----

|                      |   | Year ended December 31,         |    |
|---------------------------|--------|---------------------------------|---------|
|                      |   | 2008                            |    |   | 2007 |   |   | 2006 |   |
|                      |   | (in      millions of Ps. ) |    |
| Energy      sales (1)     |   | Ps.                             | 2,000.8 |   |   | Ps. | 1,972.7 |   |   | Ps. | 1,372.5 |   |
| Fines      and penalties  |   |                            | (34.8   | ) |   |   | (23.9 | ) |   |   | (25.2 | ) |
| Net      energy sales     |   |                            | 1,966.0 |   |   |   | 1,948.7 |   |   |   | 1,347.3 |   |
| Late      payment charges |   |                            | 17.8    |   |   |   | 17.1 |   |   |   | 12.6 |   |
| Connection      charges   |   |                            | 3.7     |   |   |   | 4.0 |   |   |   | 2.6 |   |
| Reconnection      charges |   |                            | 2.2     |   |   |   | 1.4 |   |   |   | 1.6 |   |
| Pole      leases          |   |                            | 10.5    |   |   |   | 10.7 |   |   |   | 14.3 |   |
| Net      sales            |   | Ps.                             | 2,000.2 |   |   | Ps. | 1,981.9 |   |   | Ps. | 1,378.3 |   |

----

|   | (1) | Energy      sales for 2007 include the retroactive portion of the February 2007 VAD      increase, which amounts in aggregate to Ps. 218.6 million and is      being invoiced in 55 consecutive monthly installments.  We began      invoicing these installments in February 2007 and, as of December 31,      2008, we had invoiced Ps. 99.7 million of this amount. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                    |   | Year      ended December 31, |   |
|-------------------------|--------|------------------------------|--------|
|                    |   | 2008                         |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                    |   | (in      GWh)                |   |
| Residential             |   |                         | 7,545  |   |   |   | 41 | % |   |   | 7,148 |   |   |   | 40 | % |   |   | 6,250 |   |   |   | 38 | % |   |   | 5,819 |   |   |   | 37 | % |   |   | 5,413 |   |   |   | 37 | % |
| Small      commercial   |   |                         | 1,530  |   |   |   | 8 | % |   |   | 1,485 |   |   |   | 8 | % |   |   | 1,433 |   |   |   | 9 | % |   |   | 1,387 |   |   |   | 9 | % |   |   | 1,322 |   |   |   | 9 | % |
| Medium      commercial  |   |                         | 1,597  |   |   |   | 9 | % |   |   | 1,552 |   |   |   | 9 | % |   |   | 1,446 |   |   |   | 9 | % |   |   | 1,354 |   |   |   | 9 | % |   |   | 1,293 |   |   |   | 9 | % |
| Industrial              |   |                         | 3,277  |   |   |   | 18 | % |   |   | 3,628 |   |   |   | 20 | % |   |   | 3,364 |   |   |   | 20 | % |   |   | 3,195 |   |   |   | 20 | % |   |   | 3,685 |   |   |   | 25 | % |
| Wheeling      system(1) |   |                         | 3,700  |   |   |   | 20 | % |   |   | 3,111 |   |   |   | 17 | % |   |   | 3,211 |   |   |   | 19 | % |   |   | 2,984 |   |   |   | 19 | % |   |   | 2,100 |   |   |   | 14 | % |
| Others:                 |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Public      lighting    |   |                         | 644    |   |   |   | 3 | % |   |   | 643 |   |   |   | 4 | % |   |   | 650 |   |   |   | 4 | % |   |   | 642 |   |   |   | 4 | % |   |   | 646 |   |   |   | 4 | % |
| Shantytowns             |   |                         | 304    |   |   |   | 2 | % |   |   | 301 |   |   |   | 2 | % |   |   | 261 |   |   |   | 2 | % |   |   | 279 |   |   |   | 2 | % |   |   | 275 |   |   |   | 2 | % |
| Others(2)               |   |                         | 19     |   |   |   | — |   |   |   | 19 |   |   |   | — |   |   |   | 18 |   |   |   | — |   |   |   | 17 |   |   |   | — |   |   |   | 18 |   |   |   | — |   |
| Total                   |   |                         | 18,616 |   |   |   | 100 | % |   |   | 17,886 |   |   |   | 100 | % |   |   | 16,632 |   |   |   | 100 | % |   |   | 15,677 |   |   |   | 100 | % |   |   | 14,752 |   |   |   | 100 | % |

----

| (1) | Wheeling      charges represent our tariffs for large users, which consist of a fixed      charge for recognized technical losses and a charge for our distribution      margins but exclude charges for electric power purchases, which are      undertaken directly between generators and large  users. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents      energy consumed internally by our company and our    facilities. |
|-----|----------------------------------------------------------------------------------|

|                        |   | Year      ended December 31, |    |
|-----------------------------|--------|------------------------------|---------|
|                        |   | 2008(2)                      |    |   | 2007(1) |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
|                        |   | (in      millions of Pesos)  |    |
| Residential                 |   | Ps.                          | 575.8   |   |   |   | 30 | % |   | Ps. | 488.7 |   |   |   | 29 | % |   | Ps. | 445.4 |   |   |   | 32 | % |   | Ps. | 421.8 |   |   |   | 32 | % |   | Ps. | 395.7 |   |   |   | 35 | % |
| Small      commercial       |   |                         | 307.7   |   |   |   | 16 | % |   |   | 276.5 |   |   |   | 16 | % |   |   | 202.7 |   |   |   | 15 | % |   |   | 197.2 |   |   |   | 15 | % |   |   | 150.3 |   |   |   | 13 | % |
| Medium      commercial      |   |                         | 317.4   |   |   |   | 17 | % |   |   | 288.1 |   |   |   | 17 | % |   |   | 216.5 |   |   |   | 16 | % |   |   | 204.1 |   |   |   | 16 | % |   |   | 159.0 |   |   |   | 14 | % |
| Industrial                  |   |                         | 498.2   |   |   |   | 26 | % |   |   | 481.9 |   |   |   | 28 | % |   |   | 376.8 |   |   |   | 27 | % |   |   | 358.6 |   |   |   | 27 | % |   |   | 325.4 |   |   |   | 29 | % |
| Wheeling      system(3)     |   |                         | 113.6   |   |   |   | 6 | % |   |   | 84.9 |   |   |   | 5 | % |   |   | 60.7 |   |   |   | 4 | % |   |   | 57.1 |   |   |   | 4 | % |   |   | 35.4 |   |   |   | 3 | % |
| Others:                     |   |                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Public      lighting        |   |                         | 55.9    |   |   |   | 3 | % |   |   | 55.2 |   |   |   | 3 | % |   |   | 46.9 |   |   |   | 4 | % |   |   | 46.3 |   |   |   | 4 | % |   |   | 42.0 |   |   |   | 4 | % |
| Shantytowns      and others |   |                         | 47.6    |   |   |   | 2 | % |   |   | 29.1 |   |   |   | 2 | % |   |   | 23.6 |   |   |   | 2 | % |   |   | 26.0 |   |   |   | 2 | % |   |   | 13.1 |   |   |   | 1 | % |
| Total                       |   |                         | 1,916.2 |   |   |   | 100 | % |   |   | 1,704.4 |   |   |   | 100 | % |   | Ps. | 1,372.5 |   |   |   | 100 | % |   | Ps. | 1,311.0 |   |   |   | 100 | % |   | Ps. | 1,120.9 |   |   |   | 100 | % |

----

|   | (1) | Does      not include the retroactive portion (Ps. 218.6 million ) of our      February 2007 VAD increase, of which we have invoiced Ps. 99.7      million as of December 31, 2008, and the CMM adjustment for the period May      2006 – April 2007, applicable as of May 1, 2007 and collected through      PUREE funds, for a total amount of Ps. 49.6  million. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Does      not include CMM adjustment collected through PUREE funds, which amount to      Ps. 84.6 million. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (3) | Wheeling      charges represent our tariffs for large users, which consist of a fixed      charge for recognized energy losses and a charge for our distribution      margins but exclude charges for electric power purchases, which are      undertaken directly between generators and large  users. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                          |   | Year      ended December 31, |      |
|---------------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                          |   | 2008                              |      |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Real      GDP (% change)                                      |   |                              | 7.0       |   |   |   | 8.7 |   |   |   | 8.5 |   |   |   | 9.2 |   |   |   | 9.0 |   |
| Nominal      GDP (in millions of Pesos)                       |   |                              | 1,038,188 |   |   |   | 812,456 |   |   |   | 654,413 |   |   |   | 531,939 |   |   |   | 447,643 |   |
| Real      Consumption (% change)                              |   |                              | 6.7       |   |   |   | 8.8 |   |   |   | 7.4 |   |   |   | 8.5 |   |   |   | 8.3 |   |
| Real      Investment (% change)                               |   |                              | 9.0       |   |   |   | 13.6 |   |   |   | 18.2 |   |   |   | 22.7 |   |   |   | 34.4 |   |
| Industrial      Production (% change)                         |   |                              | 5.0       |   |   |   | 7.6 |   |   |   | 8.9 |   |   |   | 7.5 |   |   |   | 12.0 |   |
| Consumer      Price Index                                     |   |                              | 7.2       |   |   |   | 8.5 |   |   |   | 9.8 |   |   |   | 12.3 |   |   |   | 6.1 |   |
| Nominal      Exchange Rate (in Ps. /U.S.$ at period end) |   |                              | 3.45      |   |   |   | 3.15 |   |   |   | 3.06 |   |   |   | 3.04 |   |   |   | 2.98 |   |
| Exports      (in millions of U.S.$)                           |   |                              | 70,589    |   |   |   | 55,933 |   |   |   | 46,569 |   |   |   | 40,013 |   |   |   | 34,453 |   |
| Imports      (in millions of U.S.$)                           |   |                              | 55,413    |   |   |   | 44,780 |   |   |   | 34,159 |   |   |   | 28,692 |   |   |   | 22,320 |   |
| Trade      Balance (in millions of U.S.$)                     |   |                              | 13,176    |   |   |   | 11,153 |   |   |   | 12,410 |   |   |   | 11,321 |   |   |   | 12,105 |   |
| Current      Account (% of GDP)                               |   |                              | 2.5       |   |   |   | 2.7 |   |   |   | 3.6 |   |   |   | 2.9 |   |   |   | 2.1 |   |
| Reserves      (in millions of U.S.$)                          |   |                              | 46,383    |   |   |   | 46,176 |   |   |   | 32,037 |   |   |   | 28,077 |   |   |   | 19,650 |   |
| Tax      Collection (in millions of Pesos)                    |   |                              | 269,375   |   |   |   | 199,781 |   |   |   | 150,008 |   |   |   | 119,252 |   |   |   | 98,285 |   |
| Primary      Surplus (in millions of Pesos)                   |   |                              | 32,529    |   |   |   | 25,719 |   |   |   | 23,156 |   |   |   | 19,661 |   |   |   | 17,360 |   |
| Public      Debt (% of GDP at December 31) *             |   |                              | 48.5      |   |   |   | 55.9 |   |   |   | 64.6 |   |   |   | 71.7 |   |   |   | 126.5 |   |
| Public      Debt Service (% of GDP)                           |   |                              | 4.9       |   |   |   | 5.8 |   |   |   | 5.1 |   |   |   | 5.4 |   |   |   | 5.8 |   |
| External      Debt (% of GDP at December 31)             |   |                              | 39.2      |   |   |   | 47.9 |   |   |   | 51.5 |   |   |   | 62.9 |   |   |   | 113.2 |   |

----

----

|   | · | converted      public utility tariffs from their original U.S. Dollar values to      Pesos at a rate of Ps. 1.00 per  U.S. $1.00; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | froze      all regulated distribution margins relating to the provision of public      utility services (including electricity distribution      services); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | revoked      all price adjustment provisions and inflation indexation mechanisms in      public utility concessions (including our concession);  and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | empowered      the Executive Branch to conduct a renegotiation of public utility      contracts (including our concession) and the tariffs set therein      (including our tariffs). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | the      cost of electric power purchases, which we pass on to our customers, and a      fixed charge (which varies depending on the category and level of      consumption of each customer and their energy purchase prices) to cover a      portion of our energy losses in our distribution activities (determined by      reference to a fixed percentage of energy and power capacity for each      respective voltage level set forth in our  concession); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      regulated distribution margin, which is known as the value-added for      distribution, or VAD; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | any      taxes imposed by the Province of Buenos Aires or the City of Buenos Aires,      which may differ in eachjurisdiction. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

----

|                      |   | Year      ended December 31, |   |
|---------------------------|--------|------------------------------|--------|
|                      |   | 2008                         |   |   | 2007 |   |   | 2006 |   |
| Technical      losses     |   |                         | 9.8    | % |   |   | 9.6 | % |   |   | 8.6 | % |
| Non-technical      losses |   |                         | 1.0    | % |   |   | 2.0 | % |   |   | 2.5 | % |
| Total      losses         |   |                         | 10.8   | % |   |   | 11.6 | % |   |   | 11.1 | % |

----

----

----

|                               |   | VAD          |   |   | Average      Taxes |   |   | Electric      Power Purchases |   |
|------------------------------------|--------|--------------|--------|--------|--------------------|--------|--------|-------------------------------|--------|
| Tariff(1)                          |   | November2001 |   |   | January2005        |   |   | February2007                  |   |   | October 2008 |   |   | November2001 |   |   | January2005 |   |   | February2007 |   |   | October      2008 |   |   | November2001 |   |   | January2005 |   |   | February2007 |   |   | October      2008 |   |
| Residential                        |   |         |   |   |               |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TIRI      (0-300)                  |   |         | 49.40  | %      |               |   | 44.50  | %                             |   |   | 44.50 | % |   |   | 44.69 | % |   |   | 28.70 | % |   |   | 28.70 | % |   |   | 28.70 | % |   |   | 28.70 | % |   |   | 21.90 | % |   |   | 26.80 | % |   |   | 26.80 | % |   |   | 26.61 | % |
| TIRI2      (301-650)               |   |         | 36.20  | %      |               |   | 33.00  | %                             |   |   | 33.00 | % |   |   | 30.81 | % |   |   | 29.20 | % |   |   | 29.20 | % |   |   | 29.20 | % |   |   | 29.23 | % |   |   | 34.60 | % |   |   | 37.80 | % |   |   | 37.80 | % |   |   | 39.95 | % |
| TIR#      (651-800)                |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 32.08 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 38.68 | % |
| TIR4      (801-900)                |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 31.63 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 39.13 | % |
| TIR5      (90-1000)                |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 32.75 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 38.02 | % |
| TIR6      (1001-1200)              |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 26.29 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 44.48 | % |
| TIR      7 (1201-1400)             |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 27.18 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 43.59 | % |
| TIR8      (1401-2800)              |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 25.94 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 44.83 | % |
| TIR9      (> 2800)              |   |         |   |   |               |   |   |                          |   |   |   |   |   |   | 22.50 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 29.23 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 48.26 | % |
| Commercial      - small demands    |   |         |   |   |               |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TIG1                               |   |         | 55.10  | %      |               |   | 40.00  | %                             |   |   | 47.80 | % |   |   | 48.76 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.68 | % |   |   | 19.20 | % |   |   | 34.30 | % |   |   | 26.50 | % |   |   | 25.55 | % |
| TIG2                               |   |         | 53.60  | %      |               |   | 31.10  | %                             |   |   | 43.60 | % |   |   | 42.29 | % |   |   | 25.60 | % |   |   | 25.60 | % |   |   | 25.60 | % |   |   | 25.64 | % |   |   | 20.70 | % |   |   | 43.20 | % |   |   | 30.70 | % |   |   | 31.97 | % |
| Commercial      - medium demand    |   |         |   |   |               |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| T2                                 |   |         | 43.30  | %      |               |   | 27.90  | %                             |   |   | 35.50 | % |   |   | 38.03 | % |   |   | 25.60 | % |   |   | 25.60 | % |   |   | 25.60 | % |   |   | 25.63 | % |   |   | 31.00 | % |   |   | 46.40 | % |   |   | 38.90 | % |   |   | 36.34 | % |
| Industrial                         |   |         |   |   |               |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| T3      low voltage below 300kw    |   |         | 44.20  | %      |               |   | 26.50  | %                             |   |   | 34.30 | % |   |   | 37.86 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.66 | % |   |   | 30.10 | % |   |   | 47.80 | % |   |   | 40.10 | % |   |   | 36.48 | % |
| T3      low voltage over 300kw     |   |         | 42.60  | %      |               |   | 24.50  | %                             |   |   | 32.10 | % |   |   | 27.09 | % |   |   | 25.60 | % |   |   | 25.60 | % |   |   | 25.60 | % |   |   | 25.62 | % |   |   | 31.80 | % |   |   | 49.90 | % |   |   | 42.30 | % |   |   | 47.29 | % |
| T3      medium voltage below 300kw |   |         | 29.30  | %      |               |   | 14.10  | %                             |   |   | 19.70 | % |   |   | 25.25 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.68 | % |   |   | 45.00 | % |   |   | 60.30 | % |   |   | 54.60 | % |   |   | 49.06 | % |
| T3      medium volgate over 300kw  |   |         | 27.30  | %      |               |   | 12.30  | %                             |   |   | 17.50 | % |   |   | 17.71 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.70 | % |   |   | 25.69 | % |   |   | 47.00 | % |   |   | 62.00 | % |   |   | 56.80 | % |   |   | 56.60 | % |
| Average      Tariff                |   |         | 41.20  | %      |               |   | 28.50  | %                             |   |   | 33.90 | % |   |   | 33.16 | % |   |   | 27.20 | % |   |   | 27.20 | % |   |   | 27.20 | % |   |   | 27.24 | % |   |   | 31.50 | % |   |   | 44.20 | % |   |   | 38.90 | % |   |   | 39.60 | % |

----

| (1) | T1R1      refers to residential customers whose peak capacity demand is less than 10      kW and whose bimonthly energy demand is less than or equal to 300      kWh.  T1R2 refers to residential customers whose peak capacity      demand is less than 10 kW and whose bimonthly energy demand is greater      than 300 kWh  but less than 650 kWh. TIR3 refers to residential      customers whose peak capacity demand is less than 10 kW and whose      bimonthly energy demand is greater than 650 kWh  but less than      800 kWh.  TIR4 refers to residential customers whose peak      capacity demand is less than 10 kW and whose bimonthly energy demand is      greater than 800kWh  but less than 900 kWh. TIR5 refers to      residential customers whose peak capacity demand is less than 10 kW and      whose bimonthly energy demand is greater than 900kWh  but less      than 1,000 kWh . TIR6 refers to residential customers whose peak capacity      demand is less than 10 kW and whose bimonthly energy demand is greater      than 1,000 kWh  but less than 1,200 kWh. TIR7 refers to      residential customers whose peak capacity demand is less than 10 kW and      whose bimonthly energy demand is greater than 1,200 kWh  but      less than 1,400 kWh. TIR8 refers to residential customers whose peak      capacity demand is less than 10 kW and whose bimonthly energy demand is      greater than 1,400 kWh  but less than 2,800 kWh.  TIR9      refers to residential customers whose peak capacity demand is less than 10      kW and whose bimonthly energy demand is greater than      2,800kWh.  T1G1 refers to commercial customers whose peak      capacity demand is less than 10kW and whose bimonthly energy demand is      less than or equal to 1600 kWh.  T1G2 refers to commercial      customers whose peak capacity demand is less than 10 kW and whose      bimonthly energy demand is greater than 1600 kWh.  T2 refers to      commercial customers whose peak capacity demand is greater than 10 kW but      less than 50 KW.  T3 refers to customers whose peak capacity      demand is equal to or greater than 50 kW.  The T3 category is      applied to high-demand customers according to the voltage (tension) at      which each customer is connected.  Low tension is defined as      voltage less than or equal to 1 kV and medium tension is defined as      voltage greater than 1kV but less than 66kV. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Year   |   | Electricity      Demand(1) |    |   | Edenor      Demand(2) |   |   | Edenor’s      Demandas      a% of Total Demand |   |
|--------|--------|----------------------------|---------|--------|-----------------------|--------|--------|------------------------------------------------------|--------|
|   |   | (in      GWh)              |    |
| 1994   |   |                       | 55,827  |   |                  |   | 11,386 |                                                 |   |   | 20.4 | % |
| 1995   |   |                       | 57,839  |   |                  |   | 11,629 |                                                 |   |   | 20.1 | % |
| 1996   |   |                       | 61,513  |   |                  |   | 12,390 |                                                 |   |   | 20.1 | % |
| 1997   |   |                       | 66,029  |   |                  |   | 13,046 |                                                 |   |   | 19.8 | % |
| 1998   |   |                       | 69,103  |   |                  |   | 13,768 |                                                 |   |   | 19.9 | % |
| 1999   |   |                       | 71,689  |   |                  |   | 14,447 |                                                 |   |   | 20.2 | % |
| 2000   |   |                       | 75,591  |   |                  |   | 15,148 |                                                 |   |   | 20.0 | % |
| 2001   |   |                       | 78,098  |   |                  |   | 15,414 |                                                 |   |   | 19.7 | % |
| 2002   |   |                       | 76,483  |   |                  |   | 14,865 |                                                 |   |   | 19.4 | % |
| 2003   |   |                       | 82,261  |   |                  |   | 15,811 |                                                 |   |   | 19.2 | % |
| 2004   |   |                       | 87,477  |   |                  |   | 16,673 |                                                 |   |   | 19.1 | % |
| 2005   |   |                       | 92,340  |   |                  |   | 17,623 |                                                 |   |   | 19.1 | % |
| 2006   |   |                       | 97,590  |   |                  |   | 18,700 |                                                 |   |   | 19.2 | % |
| 2007   |   |                       | 102,950 |   |                  |   | 20,233 |                                                 |   |   | 19.7 | % |
| 2008   |   |                       | 105,959 |   |                  |   | 20,863 |                                                 |   |   | 19.7 | % |

----

| (1) | Includes      demand in the Mercado      Eléctrico Mayorista Sistema Patagónico (Patagonia wholesale      electricity market, or MEMSP). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Calculated      as electricity purchased by us and our wheeling system      customers. |
|-----|----------------------------------------------------------------------------------------|

|   |   | Argentina  |       |   | City      of Buenos Aires   |   |    | Greater      Buenos Aires |   |   | Edenor                      |   |
|--------|--------|------------|------------|--------|-----------------------------|--------|---------|---------------------------|--------|--------|-----------------------------|--------|
| Year   |   | Population |       |   | %      change(previousyear) |   |    | Population                |   |   | %      change(previousyear) |   |   | Population |   |   | %      change(previousyear) |   |   | Customers |   |   | %      change(previousyear) |   |
| 1994   |   |       | 33,668,665 |   |                        |   | — |                      |   |   | 2,908,769                   |   |   |   | — |   |   |   | 8,216,105 |   |   |   | — |   |   |   | 2,083,126 |   |   |   | — |   |
| 1995   |   |       | 34,047,214 |   |                        |   | 1.12    | %                         |   |   | 2,889,854                   |   |   |   | (0.65 | )% |   |   | 8,293,743 |   |   |   | 0.94 | % |   |   | 2,089,060 |   |   |   | 0.28 | % |
| 1996   |   |       | 34,399,581 |   |                        |   | 1.03    |                      |   |   | 2,870,924                   |   |   |   | (0.66 | ) |   |   | 8,371,714 |   |   |   | 0.94 |   |   |   | 2,139,451 |   |   |   | 2.41 |   |
| 1997   |   |       | 34,745,807 |   |                        |   | 1.01    |                      |   |   | 2,851,982                   |   |   |   | (0.66 | ) |   |   | 8,450,013 |   |   |   | 0.94 |   |   |   | 2,189,652 |   |   |   | 2.35 |   |
| 1998   |   |       | 35,135,933 |   |                        |   | 1.12    |                      |   |   | 2,833,030                   |   |   |   | (0.66 | ) |   |   | 8,528,639 |   |   |   | 0.93 |   |   |   | 2,206,467 |   |   |   | 0.77 |   |
| 1999   |   |       | 35,500,001 |   |                        |   | 1.04    |                      |   |   | 2,814,070                   |   |   |   | (0.67 | ) |   |   | 8,607,589 |   |   |   | 0.93 |   |   |   | 2,240,300 |   |   |   | 1.53 |   |
| 2000   |   |       | 35,878,053 |   |                        |   | 1.06    |                      |   |   | 2,795,106                   |   |   |   | (0.67 | ) |   |   | 8,656,859 |   |   |   | 0.57 |   |   |   | 2,259,285 |   |   |   | 0.85 |   |
| 2001   |   |       | 36,260,130 |   |                        |   | 1.06    |                      |   |   | 2,776,138                   |   |   |   | (0.68 | ) |   |   | 8,684,438 |   |   |   | 0.32 |   |   |   | 2,266,164 |   |   |   | 0.30 |   |
| 2002   |   |       | 36,616,276 |   |                        |   | 0.98    |                      |   |   | 2,757,170                   |   |   |   | (0.68 | ) |   |   | 8,846,348 |   |   |   | 1.86 |   |   |   | 2,250,454 |   |   |   | (0.69 | ) |
| 2003   |   |       | 37,036,535 |   |                        |   | 1.15    |                      |   |   | 2,738,203                   |   |   |   | (0.69 | ) |   |   | 8,926,561 |   |   |   | 0.91 |   |   |   | 2,317,157 |   |   |   | 2.96 |   |
| 2004   |   |       | 37,430,949 |   |                        |   | 1.06    |                      |   |   | 2,719,240                   |   |   |   | (0.69 | ) |   |   | 9,007,080 |   |   |   | 0.90 |   |   |   | 2,353,211 |   |   |   | 1.56 |   |
| 2005   |   |       | 37,809,002 |   |                        |   | 1.01    |                      |   |   | 2,730,870                   |   |   |   | 0.43 |   |   |   | 9,069,530 |   |   |   | 0.69 |   |   |   | 2,404,141 |   |   |   | 2.16 |   |
| 2006   |   |       | 38,209,777 |   |                        |   | 1.06    |                      |   |   | 2,715,304                   |   |   |   | (0.57 | ) |   |   | 9,151,156 |   |   |   | 0.90 |   |   |   | 2,444,989 |   |   |   | 1.70 |   |
| 2007   |   |       | 38,614,801 |   |                        |   | 1.06    |                      |   |   | 2,716,024                   |   |   |   | 0.03 |   |   |   | 9,224,365 |   |   |   | 0.80 |   |   |   | 2,490,064 |   |   |   | 1.84 |   |
| 2008   |   |       | 39,024.118 |   |                        |   | 1.06    |                      |   |   | 2,701,752                   |   |   |   | (0.53 | ) |   |   | 9,306,916 |   |   |   | 0.89 |   |   |   | 2,537,527 |   |   |   | 1.91 |   |

----

----

----

----

----

----

|                                                                                                                                                                                                                  |   | Year      ended December 31, |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                                                                                                                                                                  |   | 2008                         |        |   | 2007 |   |   | 2006 |   |
|                                                                                                                                                                                                                  |   | (in      millions of pesos)  |        |
| Net      sales                                                                                                                                                                                                        |   | Ps.                          | 2,000.2     |   |   | Ps. | 1,981.9 |   |   | Ps. | 1,378.3 |   |
| Electric      power purchases                                                                                                                                                                                         |   |                         | (934.7      | ) |   |   | (889.9 | ) |   |   | (799.1 | ) |
| Gross      margin                                                                                                                                                                                                     |   |                         | 1,065.5     |   |   |   | 1,092.0 |   |   |   | 579.3 |   |
| Transmission      and distribution expenses                                                                                                                                                                           |   |                         | (497.9      | ) |   |   | (417.6 | ) |   |   | (362.1 | ) |
| Selling      expenses                                                                                                                                                                                                 |   |                         | (126.0      | ) |   |   | (120.6 | ) |   |   | (87.9 | ) |
| Administrative      expenses                                                                                                                                                                                          |   |                         | (138.7      | ) |   |   | (124.7 | ) |   |   | (93.3 | ) |
| Net      operating income                                                                                                                                                                                             |   |                         | 302.9       |   |   |   | 429.2 |   |   |   | 35.9 |   |
| Financial      income (expenses) and holding gains (losses)                                                                                                                                                           |   |                         |        |   |   |   |   |   |   |   |   |   |
| Generated      by assets                                                                                                                                                                                              |   |                         | 10.6        |   |   |   | 12.7 |   |   |   | 16.5 |   |
| Generated      by liabilities                                                                                                                                                                                         |   |                         | (197.9      | ) |   |   | (125.5 | ) |   |   | (140.0 | ) |
| Gain      on extinguishment of former debt                                                                                                                                                                            |   |                         | —     |   |   |   | — |   |   |   | 179.2 |   |
| Adjustment      to present value of notes                                                                                                                                                                             |   |                         | (8.5        | ) |   |   | (21.5 | ) |   |   | 57.1 |   |
| Adjustment      to present value of the retroactive tariff increase arising from the      application of the new electricity rate schedule and from the Payment Plan      Agreement with the Province of Buenos Aires |   |                         | 13.5        |   |   |   | (29.6 | ) |   |   | — |   |
| Gain      (loss) from the purchase and redemption of notes                                                                                                                                                            |   |                         | 84.6        |   |   |   | (10.2 | ) |   |   | — |   |
| Adjustment      to present value of purchased and redeemed notes                                                                                                                                                      |   |                         | 9.0         |   |   |   | (8.6 | ) |   |   | — |   |
| Other      (expenses) income, net                                                                                                                                                                                     |   |                         | (29.8       | ) |   |   | 1.0 |   |   |   | (22.9 | ) |
| Net      income before income tax                                                                                                                                                                                     |   |                         | 184.3       |   |   |   | 247.4 |   |   |   | 125.9 |   |
| Income      tax                                                                                                                                                                                                       |   |                         | (61.2       | ) |    |    | (125.0 | ) |    |    | 167.2 |   |
| Net      income                                                                                                                                                                                                       |   | Ps.                          |  123.1 |   |   | Ps. | 122.5 |   |   | Ps. | 293.1 |   |

|   | · | the      application of a 17.9% increase in our VAD since July 1, 2008      authorized by the ENRE pursuant to the CMM for the period from May 2007 to      October 2007, which resulted in tariff increases of 0% to 30% for our      customers, depending on their level of  consumption; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      retroactive application of the 17.9% VAD increase pursuant to the CMM,      which represented a Ps. 84.6 million increase in our net sales in      2008; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the      energy purchase price increase passed on to some of our customers since      October 2008; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | a      4.2% increase in the volume of energy sold in 2008, compared to the volume      of energy sold in 2007 (from 17,886 GWh in the year ended      December 31, 2007 to 18,616 GWh in the year ended December 31,      2008).  The increase in volume is attributable to a 2.3%      increase in the average GWh consumption per customer and a 1.9% increase      in the number of our customers in2008. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                               |   | Year ended December 31, |   |
|----------------------------------------------------|--------|----------------------------------------|--------|
|                                               |   | 2008                                   |   |   | % on 2008net sales |   |   | 2007 |   |   | % on 2007net sales(excludingunbilledretroactiveadjustment)(1) |   |
|                                               |   | (in      millions of Pesos)            |   |
| Salaries      and social security taxes            |   | Ps. 175.7                         |   |   |   | 35.3 | % |   |   | 8.8 | % |   | Ps. 125.8 |   |   |   | 30.1 | % |   |   | 7.1 | % |
| Supplies                                           |   |                                   | 31.9   |   |   |   | 6.4 | % |   |   | 1.6 | % |   |   | 22.9 |   |   |   | 5.5 | % |   |   | 1.3 | % |
| Outsourcing                                        |   |                                   | 94.1   |   |   |   | 18.9 | % |   |   | 4.7 | % |   |   | 74.2 |   |   |   | 17.8 | % |   |   | 4.2 | % |
| Depreciation      of property, plant and equipment |   |                                   | 166.0  |   |   |   | 33.3 | % |   |   | 8.3 | % |   |   | 169.5 |   |   |   | 40.6 | % |   |   | 9.6 | % |
| Others                                             |   |                                   | 30.2   |   |   |   | 6.1 | % |   |   | 1.5 | % |   |   | 25.2 |   |   |   | 6.0 | % |   |   | 1.5 | % |
| Total                                              |   | Ps. 497.9                         |   |   |   | 100.0 | % |   |   | 24.9 | % |   | Ps. 417.6 |   |   |   | 100.0 | % |   |   | 23.7 | % |

----

| 1) | Calculated      based on net sales as of December 31, 2007 excluding the retroactive      portion of the February 2007 VAD increase (Ps. 218.6 million), which      results in net sales of Ps. 1,763.3 million.  The      retroactive tariff increase is being invoiced in 55 equal and consecutive      monthly installments, starting on February 2007.  As of      December 31, 2008, we have billed Ps. 99.7    million. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   | Year ended December 31, |   |
|-----------------------------------------|--------|----------------------------------------|--------|
|                                    |   | 2008                                   |   |   | % on 2008net sales |   |   | 2007 |   |   | % on 2007net sales(excludingunbilledretroactiveadjustment)(1) |   |
|                                    |   | (in      millions of Pesos)            |   |
| Salaries      and social security taxes |   | Ps. 35.5                          |   |   |   | 28.2 | % |   |   | 1.8 | % |   | Ps. 25.4 |   |   |   | 21.0 | % |   |   | 1.4 | % |
| Allowance      for doubtful accounts    |   |                                   | 15.3   |   |   |   | 12.1 | % |   |   | 0.8 | % |   |   | 30.7 |   |   |   | 25.5 | % |   |   | 1.7 | % |
| Outsourcing                             |   |                                   | 34.7   |   |   |   | 27.5 | % |   |   | 1.7 | % |   |   | 29.4 |   |   |   | 24.4 | % |   |   | 1.7 | % |
| Taxes      and charges                  |   |                                   | 14.7   |   |   |   | 11.7 | % |   |   | 0.7 | % |   |   | 11.1 |   |   |   | 9.2 | % |   |   | 0.6 | % |
| Others                                  |   |                                   | 25.8   |   |   |   | 20.5 | % |   |   | 1.3 | % |   |   | 24.0 |   |   |   | 19.9 | % |   |   | 1.4 | % |
| Total                                   |   | Ps. 126.0                         |   |   |   | 100.0 | % |   |   | 6.3 | % |   | Ps. 120.6 |   |   |   | 100.0 | % |   |   | 6.8 | % |

----

| 1) | Calculated      based on net sales as of December 31, 2007 excluding the retroactive      portion of the February 2007 VAD increase (Ps. 218.6 million) , which      results in net sales of Ps. 1,763.3 million.  The      retroactive tariff increase is being invoiced in 55 equal and consecutive      monthly installments, starting on February 2007.  As of      December 31, 2008, we have billed Ps. 99.7    million. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                    |   | Year ended December 31, |   |
|-----------------------------------------|--------|----------------------------------------|--------|
|                                    |   | 2008                                   |   |   | % on 2008net sales |   |   | 2007 |   |   | % on 2007net sales(excludingunbilledretroactiveadjustment)(1) |   |
|                                    |   | (in      millions of Pesos)            |   |
| Salaries      and social security taxes |   | Ps. 46.5                          |   |   |   | 33.5 | % |   |   | 2.3 | % |   | Ps. 36.5 |   |   |   | 29.3 | % |   |   | 2.1 | % |
| Computer      services                  |   |                                   | 16.9   |   |   |   | 12.2 | % |   |   | 0.8 | % |   |   | 11.4 |   |   |   | 9.2 | % |   |   | 0.6 | % |
| Outsourcing                             |   |                                   | 11.4   |   |   |   | 8.2 | % |   |   | 0.6 | % |   |   | 10.9 |   |   |   | 8.7 | % |   |   | 0.6 | % |
| Tax      on financial transactions      |   |                                   | 27.0   |   |   |   | 19.5 | % |   |   | 1.3 | % |   |   | 31.5 |   |   |   | 25.3 | % |   |   | 1.8 | % |
| Advertising      expenses               |   |                                   | 12.8   |   |   |   | 9.2 | % |   |   | 0.6 | % |   |   | 15.4 |   |   |   | 12.3 | % |   |   | 0.9 | % |
| Others                                  |   |                                   | 24.1   |   |   |   | 17.4 | % |   |   | 1.3 | % |   |   | 19.0 |   |   |   | 15.2 | % |   |   | 1.1 | % |
| Total                                   |   | Ps. 138.7                         |   |   |   | 100.0 | % |   |   | 6.9 | % |   | Ps. 124.7 |   |   |   | 100.0 | % |   |   | 7.1 | % |

----

| 1) | Calculated      based on net sales as of December 31, 2007 excluding the retroactive      portion of the February 2007 VAD increase (Ps. 218.6 million) ,      which results in net sales of Ps. 1,763.3 million.  The      retroactive tariff increase is being invoiced in 55 equal and consecutive      monthly installments, starting on February 2007.  As of      December 31, 2008, we have billed Ps. 99.7    million. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | a      Ps. 20.8 million increase in interest expenses, mainly resulting from      an increase in the interest rates on our debt in 2008 (an average of 9.1%)      as compared to 2007 (an average of 4.9%);and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      Ps. 62.8 million increase in exchange losses (Ps. 92.7 million      in the year ended December 31, 2008, compared to the Ps. 29.9      million in the year ended December 31, 2007), due to a 9.6% variation      in the exchange rate of Argentine Pesos for U.S.  Dollars. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the      application from February 1, 2007 of the increase in our distribution      margins, or VAD, including the additional increase resulting from the      implementation of the CMM for the period from November 2005 to April 2006      (which together represented a 38.3% overall increase in our VAD charged to      our non-residential customers); |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      accrual of the full amount corresponding to the retroactive portion of the      February 2007 VAD increase (including CMM for the period from November      2005 to April 2006) charged to our non residential customers for the      period from November 1, 2005 through January 31, 2007, which amounted to      Ps. 218.6 million, of which, as of December 31, 2007, we had invoiced      Ps. 47.3 million; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      recognition in October 2007 of an additional 9.63% increase in our VAD      corresponding to the implementation of the CMM for the period from May      2006 to April 2007. Such VAD increase amounting to Ps.49.6 is effective      since May 1, 2007; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      7.5% increase in the volume of energy sold in 2007, compared to the volume      sold in 2006. |
|--------|--------|------------------------------------------------------------------------------------------------------|

----

----

|                                                 |   | Year ended December 31, |   |
|------------------------------------------------------|--------|----------------------------------------|--------|
|                                                 |   | 2007                                   |   |   | % on 2007net sales(excludingunbilledretroactiveadjustment) (1) |   |   | 2006 |   |   | % on 2006net sales |   |
|                                                 |   | (in      millions of Pesos)            |   |
| Salaries      and social security taxes              |   | Ps. 125.8                         |   |   |   | 30.1 | % |   |   | 6.9 | % |   | Ps. 96.8 |   |   |   | 26.7 | % |   |   | 7.0 | % |
| Supplies                                             |   |                                   | 22.9   |   |   |   | 5.5 | % |   |   | 1.3 | % |   |   | 20.1 |   |   |   | 5.6 | % |   |   | 1.5 | % |
| Outsourcing                                          |   |                                   | 74.2   |   |   |   | 17.8 | % |   |   | 4.1 | % |   |   | 53.8 |   |   |   | 14.9 | % |   |   | 3.9 | % |
| Depreciation      of property, plant & equipment |   |                                   | 169.5  |   |   |   | 40.6 | % |   |   | 9.4 | % |   |   | 171.2 |   |   |   | 47.3 | % |   |   | 12.4 | % |
| Others                                               |   |                                   | 25.2   |   |   |   | 6.0 | % |   |   | 1.4 | % |   |   | 20.2 |   |   |   | 5.6 | % |   |   | 1.5 | % |
| Total                                                |   | Ps. 417.6                         |   |   |   | 100.0 | % |   |   | 23.1 | % |   | Ps. 362.1 |   |   |   | 100.0 | % |   |   | 26.3 | % |

----

| 1) | Calculated      based on net sales as of December 31, 2007, excluding the unbilled amount      of the retroactive portion of the VAD increase (Ps. 171.3 million)      charged to our non-residential customers, but including the full amount of      the May 2007 CMM (Ps. 49.6 million), which results in net sales of      Ps. 1,810.6 million. These amounts are not intended to be representative      of what they would have been if the retroactive tariff increase had been      in effect only during the reportedperiod. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                    |   | Year ended December 31, |   |
|-----------------------------------------|--------|----------------------------------------|--------|
|                                    |   | 2007                                   |   |   | % on 2007net sales(excludingunbilledretroactiveadjustment) (1) |   |   | 2006 |   |   | % on2006 netsales |   |
|                                    |   | (in      millions of Pesos)            |   |
| Salaries      and social security taxes |   | Ps. 25.4                          |   |   |   | 21.0 | % |   |   | 1.4 | % |   | Ps. 20.5 |   |   |   | 23.3 | % |   |   | 1.5 | % |
| Allowance      for doubtful accounts    |   |                                   | 30.7   |   |   |   | 25.4 | % |   |   | 1.7 | % |   |   | 11.6 |   |   |   | 13.2 | % |   |   | 0.8 | % |
| Outsourcing                             |   |                                   | 29.4   |   |   |   | 24.4 | % |   |   | 1.6 | % |   |   | 25.1 |   |   |   | 28.6 | % |   |   | 1.8 | % |
| Taxes      and charges                  |   |                                   | 11.1   |   |   |   | 9.2 | % |   |   | 0.6 | % |   |   | 9.1 |   |   |   | 10.3 | % |   |   | 0.7 | % |
| Others                                  |   |                                   | 24.0   |   |   |   | 20.0 | % |   |   | 1.3 | % |   |   | 21.6 |   |   |   | 24.6 | % |   |   | 1.6 | % |
| Total                                   |   | Ps. 120.6                         |   |   |   | 100.0 | % |   |   | 6.7 | % |   | Ps. 87.9 |   |   |   | 100.0 | % |   |   | 6.4 | % |

----

| 1) | Calculated      based on net sales as of December 31, 2007, excluding the unbilled amount      of the retroactive portion of the VAD increase (Ps. 171.3 million)      charged to our non-residential customers, but including the full amount of      the May 2007 CMM (Ps. 49.6 million), which results in net sales of      Ps. 1,810.6 million. These amounts are not intended to be representative      of what they would have been if the retroactive tariff increase had been      in effect only during the reportedperiod. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                    |   | Year ended December 31, |   |
|-----------------------------------------|--------|----------------------------------------|--------|
|                                    |   | 2007                                   |   |   | % on 2007 netsales(excludingunbilledretroactiveadjustment) (1) |   |   | 2006 |   |   | % on 2006net sales |   |
|                                    |   | (in      millions of Pesos)            |   |
| Salaries      and social security taxes |   | Ps. 36.5                          |   |   |   | 29.3 | % |   |   | 2.0 | % |   | Ps. 31.6 |   |   |   | 33.9 | % |   |   | 2.3 | % |
| Computer      services                  |   |                                   | 11.4   |   |   |   | 9.2 | % |   |   | 0.6 | % |   |   | 8.1 |   |   |   | 8.7 | % |   |   | 0.6 | % |
| Outsourcing                             |   |                                   | 10.9   |   |   |   | 8.7 | % |   |   | 0.6 | % |   |   | 4.9 |   |   |   | 5.3 | % |   |   | 0.4 | % |
| Tax      on financial transactions      |   |                                   | 31.5   |   |   |   | 25.3 | % |   |   | 1.7 | % |   |   | 19.2 |   |   |   | 20.6 | % |   |   | 1.4 | % |
| Advertising      expenses               |   |                                   | 15.4   |   |   |   | 12.3 | % |   |   | 0.8 | % |   |   | 10.0 |   |   |   | 10.7 | % |   |   | 0.7 | % |
| Others                                  |   |                                   | 19.0   |   |   |   | 15.2 | % |   |   | 1.0 | % |   |   | 19.5 |   |   |   | 20.9 | % |   |   | 1.4 | % |
| Total                                   |   | Ps. 124.7                         |   |   |   | 100.0 | % |   |   | 6.9 | % |   | Ps. 93.3 |   |   |   | 100.0 | % |   |   | 6.8 | % |

----

| (1) | Calculated      based on net sales as of December 31, 2007, excluding the unbilled amount      of the retroactive portion of the VAD increase (Ps. 171.3 million)      charged to our non-residential customers, but including the full amount of      the May 2007 CMM (Ps. 49.6 million), which results in net sales of      Ps. 1,810.6 million. These amounts are not intended to be representative      of what they would have been if the retroactive tariff increase had been      in effect only during the reportedperiod. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | A      Ps. 26.8 million decrease in interest expenses, mainly resulting      from  lesser adjustment by VAD increases in fines and penalties      (Ps. 18.1 million in the year ended December 31,2007 compared      to  Ps. 47.0 million in the year ended December 31,      2006); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A      Ps. 4.3 million decrease in financial expenses (which expenses for the      year ended December 31, 2006 incorporated Ps. 10.1 million of costs      relating to our initial public equity offering);  and, |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | An      increase of Ps. 16.6 million in exchange losses (Ps. 29.9 million in the      year ended December 31, 2007, compared to the Ps. 13.3 million in the year      ended December 31, 2006). |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | the      reversal of the deferred tax asset related to the use of the tax loss      carry-forward due to a significant increase in our taxable income which      was partially offset by a tax deduction for the ENRE fines and penalties      in 2007; and, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | an      increase in the allowance for impairment of deferred tax assets due to the      fact that management estimated that a higher portion of our tax loss      carry-forward would not be offset against future taxable income before      expiring at the end of 2007. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                      |   | Year ended December 31, |   |
|-----------------------------------------------------------|--------|----------------------------------------|--------|
|                                                      |   | 2008                                   |   |   | 2007 |   |   | 2006 |   |
|                                                      |   | (in millions of Pesos)  |   |
| Cash      at the beginning of the year                    |   | Ps.                                    | 101.2  |   |   | Ps. |  32.7 |   |   | Ps. |  308.1 |   |
| Net      cash provided by operating activities            |   |                                   | 547.5  |   |   |   | 427.2 |   |   |   | 215.0 |   |
| Of      which:                                            |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Financial      interest paid, net of interest capitalized |   |                                   | (62.7  | ) |   |   | (25.5 | ) |   |   | (26.7 | ) |
| Net      cash used in investing activities                |   |                                   | (325.4 | ) |   |   | (336.9 | ) |   |   | (179.7 | ) |
| Net      cash used in financing activities                |   |                                   | (197.0 | ) |   |   | (21.8 | ) |   |   | (310.8 | ) |
| Cash      at the end of the year                          |   | Ps.                                    | 126.4  |   |   | Ps. | 101.2 |   |   | Ps. |  32.7 |   |

----

|   | · | U.S. $99 million      in 2009, |
|--------|--------|------------------------------------------|

----

|   | · | U.S. $90 million      in each of 2010 and 2011, |
|--------|--------|-----------------------------------------------------------|

|   | · | U.S. $86 million      in 2012, |
|--------|--------|------------------------------------------|

|   | · | U.S. $90 million      in 2013, |
|--------|--------|------------------------------------------|

|   | · | U.S. $86 million      in 2014, |
|--------|--------|------------------------------------------|

|   | · | U.S. $87 million      in 2015, and |
|--------|--------|----------------------------------------------|

|   | · | U.S. $90 million      in 2016. |
|--------|--------|------------------------------------------|

|                                      |   | Year ended December 31, |           |
|-------------------------------------------|--------|----------------------------------------|----------------|
|                                      |   | 2008                                   |           |   | 2007 |   |   | 2006 |   |
|                                      |   | (in      millions of Pesos)            |           |
| Supplies                                  |   |                                   | Ps.      235.6 |   |   |   | Ps.       235.3 |   |   |   | Ps.      146.1 |   |
| Network      maintenance and improvements |   |                                   | 57.6           |   |   |   | 70.0 |   |   |   | 45.3 |   |
| Legal      requirements(1)                |   |                                   | 12.2           |   |   |   | 12.3 |   |   |   | 8.6 |   |
| Communications      and telecontrol       |   |                                   | 8.7            |   |   |   | 7.0 |   |   |   | 8.8 |   |
| Others                                    |   |                                   | 21.7           |   |   |   | 18.1 |   |   |   | 6.9 |   |
| Total                                     |   |                                   | Ps.      335.7 |   |   |   | Ps.       342.7 |   |   |   | Ps.      215.7 |   |

----

| (1) | Capital      expenditures required to be made to comply with the ENRE quality standard      and other regulations. |
|-----|--------------------------------------------------------------------------------------------------------------------|

----

|   | · | U.S. $123,773,586      Fixed Rate Par Notes due December 14, 2016 (of which U.S. $17.3      million remains outstanding as of the date of this annual report), with      approximately 50% of the principal due and payable at maturity and the      remainder due in semiannual installments commencing June 14, 2011,      and bearing interest starting at 3% and stepping up to 10% over      time; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | U.S. $12,656,086      Floating Rate Par Notes due December 14, 2019 (of which U.S. $12.7      million remains outstanding as of the date of this annual report), with      the same payment terms as the Fixed Rate Par Notes and bearing interest at      LIBOR plus a spread, which starts at 1% in 2008 and steps up to 2% over      time; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | U.S. $239,999,985      Discount Notes due December 14, 2014 (as of the date of this annual      report, none of our Discount Notes due 2014 were outstanding), with 60% of      the principal due and payable at maturity and the remainder due in      semiannual installments commencing on June 14, 2008, and bearing      interest at a fixed rate that starts at 3% and steps up to 12% over      time. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | limitations      on our ability to sell or pledge assets or make investments in third      parties; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | limitations      on our ability to incur newindebtedness; |
|--------|--------|-----------------------------------------------------------|

|   | · | limitations      on our ability to make capitalexpenditures; |
|--------|--------|--------------------------------------------------------------|

|   | · | limitations      on our ability to pay dividends; |
|--------|--------|---------------------------------------------------|

|   | · | limitations      on our ability to repurchase our common shares;  and |
|--------|--------|-----------------------------------------------------------------------|

|   | · | limitations      on our ability to enter into transactions with shareholders and affiliates      other than on an arm’s lengthbasis. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | greater      than 2.5, but not greater than 3.0, we must apply 50% of our excess cash      to prepay or repurchase restructuringnotes; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | greater      than 3.0, but not greater than 3.5, we must apply 75% to prepay or      repurchase restructuring notes, unless we commit to use 50% of the excess      cash for capital expenditures, in which case we must apply the remaining      50% to prepay or repurchase restructuring notes,  and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | greater      than 3.5, we must apply all of our excess cash to prepay or repurchase      restructuring notes. |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

----

|                                  |   | Year ended December 31,    |   |
|---------------------------------------|--------|-------------------------------------------|--------|
|                                  |   | 2008                                      |   |   | 2007 |   |   | 2006 |   |
|                                  |   | (in millions of Ps. ) |   |
| Allowance for doubtful      accounts: |   |                                      |   |   |   |   |   |   |   |
| Beginning      balance                |   |                                      | 40.0   |   |   |   | 25.6 |   |   |   | 20.2 |   |
| Additions                             |   |                                      | 23.6   |   |   |   | 30.1 |   |   |   | 10.9 |   |
| Retirements                           |   |                                      | (6.5   | ) |   |   | (15.7 | ) |   |   | (5.5 | ) |
| Recovery                              |   |                                      | (24.0  | ) |   |   | 0 |   |   |   | 0 |   |
| Ending      balance                   |   |                                      | 33.1   |   |   |   | 40.0 |   |   |   | 25.6 |   |

----

----

|                                                     |   | Amount |   |   | Tax Rate35% |   | YearExpiring |
|----------------------------------------------------------|--------|--------|--------|--------|------------------|--------|--------------|
| Tax      loss carryforward in 2005                       |   |   | 23,761 |   |             |   | 8,316        |   | 2010 |
| Total      tax loss carryforward as of December 31, 2008 |   |   | 23,761 |   |             |   | 8,316        |   |   |
| _______________________                             |   |   |   |   |             |   |         |   |   |

|   | · | paid      leave for accumulated vacation; |
|--------|--------|-------------------------------------------|

|   | · | bonuses      to employees with a specified number of years of employment and who are      included in our collective bargaining  agreements; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | benefits      to employees (pension plan) which are included in our collective      bargaining agreements, to be given at the time of retirement;      and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | early      retirement payables. |
|--------|--------|---------------------------------|

----

----

|                                        |   | Payments due by period |             |
|---------------------------------------------|--------|---------------------------------------|------------------|
|                                        |   | Total                                 |             |   | Less than1 year |   |   | 1-3years |   |   | 4-5years |   |   | After5 years |   |
|                                        |   | (in millions of Pesos) |             |
| Long      term debt obligations      (1)(2) |   |                                  | Ps.      1,760.1 |   |   |   | 210.3 |   |   |   | 307.7 |   |   |   | 184.9 |   |   |   | 1,057.2 |   |
| Accrued      fines and penalties(3)         |   |                                  | 331.6            |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Financial      assistance fees(4)           |   |                                  | 14.9             |   |   |   | 8.5 |   |   |   | 6.4 |   |   |   | — |   |   |   | — |   |
| Operating      leases(5)                    |   |                                  | 14.8             |   |   |   | 6.0 |   |   |   | 8.5 |   |   |   | 0.3 |   |   |   | — |   |
| Capital      expenditures(6)                |   |                                  | —          |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Accrued      Litigation(7)                  |   |                                  | 17.3             |   |   |   | — |   |   |   | 17.3 |   |   |   | — |   |   |   | — |   |
| Total                                       |   |                                  | Ps.      2,138.7 |   |   |   | Ps.      224.8 |   |   |   | Ps.      339.9 |   |   |   | Ps.       185.2 |   |   |   | Ps. 1,057.2 |   |

----

| (1) | Includes      amortization of principal and interest payments, including our      management’s current estimates of future market rates in respect of our      floating rate debt (which amounted to U.S. $12.7 million as of      December 31, 2008).  Calculated at the prevailing exchange rate      as of December 31, 2008, Ps./U.S. $3.453.  See “—Debt”      for a description of these restructuring notes, including amortization and      interest payment terms and mandatory prepayment with excess cash      provisions.  All of our indebtedness is      unsecured.  None of our indebtedness is    guaranteed. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Does      not include debt repurchased after December 31, 2008.  As      of the date of this annual report, we had repurchased U.S. $30.2      million Fixed Rate Par Notes due 2016 and U.S. $15.7 million Senior      Notes due 2017. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes      adjustments made to reflect the ratification of the Adjustment      Agreement.  We were required to make an adjustment to a portion      of our accrued fines and penalties totaling Ps. 47.0 million to      reflect the recent increase to our VAD pursuant to the Adjustment      Agreement and the May 2006 CMM and Ps. 17.2 million and      P.S. 18.1 million to reflect the CMM adjustment for the years ended      December 31, 2008 and 2007, respectively.  In addition,      pursuant to the terms of the Adjustment Agreement, the Argentine      government agreed, subject to the fulfillment of certain conditions, to      forgive, upon the completion of the RTI, approximately      Ps. 71.4  million of our accrued fines and penalties and      allow us to pay the remaining Ps. 260.2 million of these fines and      penalties in semi-annual installments over a 7-year period commencing 180      days after the RTI comes into effect.  Because the Adjustment      Agreement was not ratified until January 2007, we have recalculated the      amounts of accrued fines and penalties subject to the payment plan under      the terms of the Adjustment Agreement as well as the amounts subject to      forgiveness.  See “Item 4. Information on the Company—Our      concession —Fines and penalties.” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Fees      payable under our financial services agreement with EASA, our controlling      shareholder.  This agreement expires in 2010.  See      “Item 7.  Major Shareholders and Related Party      Transactions—Related Party Transactions— Financial Services Agreement with      EASA.” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Reports      our minimum required leasepayments. |
|-----|--------------------------------------------------|

| (6) | Our      concession does not require us to make any specified amount of capital      expenditures, but requires us to meet certain quality and other service      standards.  See “—Capital  expenditures.” |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Represents      a contingent liability for the tax claim that we have with the Argentine      Tax Authority related to the income tax deduction of the allowance for bad      debts for the three fiscal years ended December 31, 1996, December 31,      1997 and December 31, 1998.  This tax claim is based on the fact      that we could not demonstrate that the accounts receivable had      collectability risk factors as it is described by the Argentine Income Tax      Law.  The amount recorded for this tax claim includes interests      and penalties accrued as of December 31,2008. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name                             |   | Position                |   | Age |   | Year of appointment(class electing director) |
|--------------------------------------------|--------|-------------------------|--------|-----|--------|------------------------------------------------------------------|
| Alejandro      Macfarlane                  |   | Chairman      and CEO   |   | 43  |   | 2009      (Class A)                                              |
| Marcos      Marcelo Mindlin**              |   | Vice      Chairman      |   | 45  |   | 2009      (Class A)                                              |
| Damián      Miguel Mindlin**          |   | Director                |   | 43  |   | 2009      (Class A)                                              |
| Gustavo      Mariani                       |   | Director                |   | 38  |   | 2009      (Class A)                                              |
| Luis      Pablo Rogelio Pagano             |   | Director                |   | 55  |   | 2009      (Class A)                                              |
| Eduardo      Llanos*                       |   | Director                |   | 65  |   | 2009      (Class A)                                              |
| Maximiliano      Alejandro Fernández* |   | Director                |   | 49  |   | 2009      (Class A)                                              |
| Ricardo      Alejandro Torres              |   | Director                |   | 51  |   | 2009      (Class B/C)                                            |
| Diego      Martín Salaverri           |   | Director                |   | 44  |   | 2009      (Class B/C)                                            |
| Edgardo      Alberto Volosín          |   | Director                |   | 55  |   | 2009      (Class B/C)                                            |
| Luis      Caputo*                          |   | Director                |   | 43  |   | 2009      (Class B/C)                                            |
| Eduardo      Orlando Quiles*               |   | Director                |   | 66  |   | 2009      (Class B/C)                                            |
| Javier      Douer                          |   | Alternate      Director |   | 35  |   | 2009      (Class A)                                              |
| Pablo      Díaz                       |   | Alternate      Director |   | 51  |   | 2009      (Class A)                                              |
| Brian      Henderson                       |   | Alternate      Director |   | 63  |   | 2009      (Class A)                                              |
| Jorge      Miguel Grecco                   |   | Alternate      Director |   | 48  |   | 2009      (Class A)                                              |
| Ariel      Schapira                        |   | Alternate      Director |   | 47  |   | 2009      (Class A)                                              |
| Ricardo      Sericano                      |   | Alternate      Director |   | 60  |   | 2009      (Class A)                                              |
| Jaime      Barba                           |   | Alternate      Director |   | 45  |   | 2009      (Class A)                                              |
| Maia      Chmielewski                      |   | Alternate      Director |   | 29  |   | 2009      (Class B/C)                                            |
| Gabriel      Cohen                         |   | Alternate      Director |   | 44  |   | 2009      (Class B/C)                                            |
| Alejandro      Mindlin**                   |   | Alternate      Director |   | 33  |   | 2009      (Class B/C)                                            |
| Rafael      Mancuso*                       |   | Alternate      Director |   | 66  |   | 2009      (Class B/C)                                            |
| Eduardo      Maggi                         |   | Alternate      Director |   | 53  |   | 2009      (Class B/C)                                            |

| * | Independent      under Argentine law and under Rule 10A-3 under the Securities      Exchange Act of 1934, as amended. |
|---|----------------------------------------------------------------------------------------------------------------------------|

| ** | The      following family relationships exist within the board of directors: Marcos      Marcelo Mindlin, Damián Miguel Mindlin and Alejandro Mindlin are      brothers. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | · | a      duty to disclose all material events related to the company, including any      fact or situation which is capable of affecting the value or trading of      the securities of the company; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      duty of loyalty and diligence; |
|--------|--------|---------------------------------------|

|   | · | a      duty of confidentiality; and |
|--------|--------|-------------------------------------|

|   | · | a      duty to consider the general interests of all shareholders over the      interests of controllingshareholders. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

----

|   | · | monitoring      our internal control, administrative and accounting    systems; |
|--------|--------|---------------------------------------------------------------------------------|

|   | · | supervising      the application of our risk managementpolicies; |
|--------|--------|------------------------------------------------------------------|

|   | · | providing      the market adequate information regarding conflicts of interests that may      arise between our company and our directors or controlling      shareholders; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | rendering      opinions on transactions with related parties;  and |
|--------|--------|--------------------------------------------------------------------|

|   | · | supervising      and reporting to regulatory authorities the existence of any kind of      conflict of interest. |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

| Name                                                                                                                                |   | Position |   | Class      electing member |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|----------------------------|
| Luis      Caputo(1)                                                                                                                 |   | Member   |   | Class      B               |
| Maximiliano      Alejandro Fernández(1)                                                                                        |   | Member   |   | Class      A               |
| Eduardo      Llanos(1)                                                                                                              |   | Member   |   | Class      A               |
| (1)    Independent      under Argentine law and under Rule 10A-3 under the Securities Exchange Act      of1934. |

| Name                              |   | Current      Position               |   | Age |
|-----------------------------------|--------|-------------------------------------|--------|-----|
| Alejandro      Macfarlane         |   | Chief      Executive Officer        |   | 43  |
| Luis      Pablo Rogelio Pagano    |   | Chief      Financial Officer        |   | 55  |
| Ricardo      Sericano             |   | Technical      Director             |   | 60  |
| Eduardo      Maggi                |   | Director      of Operations         |   | 53  |
| Victor      Augusto Ruiz          |   | Principal      Accounting Officer   |   | 49  |
| Jorge      Miguel Grecco          |   | Director      of External Relations |   | 48  |
| Edgardo      Alberto Volosín |   | Director      of Corporate Affairs  |   | 55  |

----

| Name                               |   | Position              |   | Year of appointment(class electing member) |
|------------------------------------|--------|-----------------------|--------|----------------------------------------------------------------|
| Javier      Errecondo              |   | Member                |   | 2009      (Class A)                                            |
| José      Daniel Abelovich(1) |   | Member                |   | 2009      (Class A)                                            |
| Jorge      Roberto Pardo           |   | Member                |   | 2009      (Class B/C)                                          |
| Santiago      Dellatorre           |   | Alternate      member |   | 2009      (Class A)                                            |
| Marcelo      Fuxman(1)             |   | Alternate      member |   | 2009      (Class A)                                            |
| Alejandro      Gabriel Turri(1)    |   | Alternate      member |   | 2009      (ClassB/C)                                           |

----

----

----

|                                      |   | Class(1) |   |   | Shares |   |        | (%)    |   |
|-------------------------------------------|--------|----------|--------|--------|--------|--------|-------------|--------|--------|
| Electricidad      Argentina S.A.(2)       |   |     | A      |   |   |   | 462,292,111 |   |   |   | 51.0 | % |
| Employee      Stock Participation Program |   |     | C      |   |   |   | 1,952,604   |   |   |   | 0.2 | % |
| Public                                    |   |     | B      |   |   |   | 203,742,260 |   |   |   | 22.5 | % |
| ANSES(2)                                  |   |     | B      |   |   |   | 229,055,625 |   |   |   | 25.3 | % |
| Treasury      Shares                      |   |     | B      |   |   |   | 9,412,500   |   |   |   | 1.0 | % |
| Total                                     |   |     |   |   |   |   | 906,455,100 |   |   |   | 100.0 | % |

----

----

----

----

----

|   | · | Waiver      of fines and penalties on which no final judgment has been issued at the      time of the company’s      adherence to the regularizationplan; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Waiver      of late payment/default and penalty interest in the amount exceeding 30%      of the principal owed; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

----

|   | · | An      initial payment equal to 6% of the liability existing at the time of the      company’s adherence to the regularizationplan; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      remaining balance payable in 120 monthly installments with a 0.75% monthly      interest rate. |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | 30%      to 50% reduction in tax agents and AFIP (the Argentine tax authorities)      attorneys’ fees. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

----

|   | · | if      our leverage ratio is greater than 2.5, but not greater than 3.0, we may      apply 50% of our excess cash to paydividends; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | if      our leverage ratio is greater than 3.0, but not greater than 3.5, we may      apply 25% of our excess cash to pay dividends;  and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | if      our leverage ratio is greater than 3.5, we may not pay      dividends. |
|--------|--------|--------------------------------------------------------------------------------|

----

| Item      9. | The Offer and      Listing |
|--------------|----------------------------|

|   |   | Buenos      Aires Stock Exchange |   |   | New      York Stock Exchange |   |
|--------|--------|----------------------------------|--------|--------|------------------------------|--------|
|   |   | Pesos      per Share             |   |   | U.S.      dollars per ADS    |   |
|   |   | High                             |   |   | Low                          |   |   | High |   |   | Low |   |
| 2007   |   |                             | 4.00   |   |                         |   | 2.70 |   |   |   | 25.87 |   |   |   | 16.93 |   |
| 2008   |   |                             | 3.51   |   |                         |   | 0.48 |   |   |   | 22.22 |   |   |   | 2.63 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Buenos      Aires Stock Exchange |   |   | New      York Stock Exchange |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Pesos      per Share             |   |   | U.S.      dollars per ADS    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | High                             |   |   | Low                          |   |   | High |   |   | Low |   |
| 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                             |   |   |                         |   |   |   |   |   |   |   |
| Second      Quarter                                                                             |   |                             | 3.39   |   |                         |   | 2.70 |   |   |   | 22.29 |   |   |   | 16.96 |   |
| Third      Quarter                                                                              |   |                             | 3.82   |   |                         |   | 2.75 |   |   |   | 24.98 |   |   |   | 17.00 |   |
| Fourth      Quarter                                                                             |   |                             | 4.00   |   |                         |   | 3.42 |   |   |   | 25.87 |   |   |   | 21.21 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Buenos      Aires Stock Exchange |   |   | New      York Stock Exchange |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Pesos      per Share             |   |   | U.S.      dollars per ADS    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | High                             |   |   | Low                          |   |   | High |   |   | Low |   |
| 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                             |   |   |                         |   |   |   |   |   |   |   |
| First      Quarter                                                                              |   |                             | 3.51   |   |                         |   | 2.80 |   |   |   | 22.22 |   |   |   | 16.93 |   |
| Second      Quarter                                                                             |   |                             | 3.33   |   |                         |   | 1.81 |   |   |   | 20.87 |   |   |   | 11.25 |   |
| Third      Quarter                                                                              |   |                             | 2.24   |   |                         |   | 1.11 |   |   |   | 14.57 |   |   |   | 6.50 |   |
| Fourth      Quarter                                                                             |   |                             | 1.20   |   |                         |   | 0.48 |   |   |   | 7.81 |   |   |   | 2.63 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Buenos      Aires Stock Exchange |   |   | New      York Stock Exchange |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------|------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Pesos      per Share             |   |   | U.S.      dollars per ADS    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | High                             |   |   | Low                          |   |   | High |   |   | Low |   |
| 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |   |   |                         |   |   |   |   |   |   |   |
| December                                                                             |   |                             | 0.81   |   |                         |   | 0.66 |   |   |   | 4.52 |   |   |   | 3.67 |   |
| 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                             |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                              |   |                             | 0.87   |   |                         |   | 0.72 |   |   |   | 4.90 |   |   |   | 4.15 |   |
| February                                                                             |   |                             | 0.76   |   |                         |   | 0.65 |   |   |   | 4.10 |   |   |   | 3.34 |   |
| March                                                                                |   |                             | 0.73   |   |                         |   | 0.61 |   |   |   | 3.90 |   |   |   | 3.20 |   |
| April                                                                                |   |                             | 0.80   |   |                         |   | 0.70 |   |   |   | 4.35 |   |   |   | 3.65 |   |
| May                                                                                  |   |                             | 1.07   |   |                         |   | 0.81 |   |   |   | 5.65 |   |   |   | 4.39 |   |
| June(1)                                                                              |   |                             | 1.08   |   |                         |   | 0.98 |   |   |   | 5.55 |   |   |   | 5.01 |   |

| (1) | Represents      the corresponding sale prices from June 1 through June  23. |
|-----|-----------------------------------------------------------------------------|

----

----

| Item      10. | Additional      Information |
|---------------|-----------------------------|

----

|   | · | a      merger or spin-off in which we are not the surviving corporation, unless      the acquiror shares are authorized for public offering or listed on any      stock exchange; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      transformation of our corporate legalstatus; |
|--------|--------|-----------------------------------------------------|

|   | · | a      fundamental change in our by-laws; |
|--------|--------|-------------------------------------------|

|   | · | a      change in our domicile outsideArgentina; |
|--------|--------|-------------------------------------------------|

|   | · | a      voluntary termination of the public offering or listing      authorization; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | a      decision in favor of our continuation upon delisting or cancellation of      our public offering authorization;or |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | a      total or partial recapitalization following a mandatory reduction of our      capital or liquidation |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

|   | · | such      funds may be transferred only outside the local exchange market after a      365-day period from the date of entry of the funds into      Argentina; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any      amounts resulting from the exchange of such funds are to be credited to an      account within the Argentine bankingsystem; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      non-transferable, non-interest-bearing deposit must be      maintained  for a term of 365 calendar days, in an amount equal      to 30% of any inflow of funds to the local foreign exchange market arising      from certain enumerated transactions;and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | such      deposit shall be in U.S. dollars in any of the financial entities of      Argentina and may not be used as collateral or guaranty for any credit      transaction.  Any breach to the provisions of Decree 616/05 is      subject to criminal penalties of the Exchange  Regime. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Crimes      related to illegal trafficking and commercialization of narcotics (Law      No. 23,737); |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | Crimes      related to arms trafficking (Law  No. 22,415); |
|--------|--------|-----------------------------------------------------------------|

|   | · | Crimes      related to the activities of an illegal association as defined in Article      210 bis of the Penal Code; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | Illegal      acts committed by illegal associations (Article 210 of the Penal Code)      organized to commit crimes for with political or racial      objectives; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Crimes      of fraud against the Public Administration (Article 174, Section 5 of the      Penal Code); |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | Crime      against the Public Administration under Chapters VI, VII, IX and IX bis of      Title XI of Book Two of the PenalCode; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | Crimes      of underage prostitution and child pornography under Articles 125, 125      bis, 127 bis and 128 of the PenalCode. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | obtaining      from clients documents that indisputably prove the identity, legal status,      domicile and other information, to accomplish any type of activity      intended; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | reporting      any suspicious activity oroperation; |
|--------|--------|-----------------------------------------------------|

|   | · | keeping      any monitoring activities in connection with a proceeding pursuant to the      Money Laundering Law confidential from both clients and third      parties. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | a      dealer in securities or currencies; |
|--------|--------|--------------------------------------------|

|   | · | a      trader in securities that elects to use a mark-to-market method of      accounting for securities holdings; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

|   | · | a      bank; |
|--------|--------|--------------|

|   | · | a      life insurance company; |
|--------|--------|--------------------------------|

|   | · | a      tax-exempt organization; |
|--------|--------|---------------------------------|

|   | · | a      person that holds ADSs that are a hedge or that are hedged against      interest rate or currency risks; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | a      person that holds ADSs as part of a straddle or conversion transaction for      tax purposes; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | a      person who is liable for the alternative minimum  tax; |
|--------|--------|---------------------------------------------------------------|

|   | · | a      person whose functional currency for U.S. tax purposes is not the U.S.      Dollar; or |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | a      person that owns or is deemed to own 10% or more of any class of our      stock. |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | a      citizen or resident of the UnitedStates; |
|--------|--------|-------------------------------------------------|

|   | · | a      U.S. domestic corporation; or |
|--------|--------|--------------------------------------|

|   | · | otherwise      subject to U.S. federal income tax on a net income basis with respect to      income from the ADS. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

|   | · | we      do not wish the depositary to vote those deposited    securities; |
|--------|--------|---------------------------------------------------------------------------|

|   | · | we      think there is substantial shareholder opposition to the particular      question; or |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | we      think the particular question would have an adverse impact on our      shareholders. |
|--------|--------|----------------------------------------------------------------------------------------------|

| Persons depositing common      shares or ADS holders must pay:                                                                                                                                 | For:                                                                                                                                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| $5.00      (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                     | ·          Issuance of ADSs, including issuances resulting from a distribution      of common shares or rights or other property                                                                            |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
|                                                                                                                                                                                           | ·          Cancellation of ADSs for the purpose of withdrawal, including if      the deposit agreement terminates                                                                                           |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| $0.02      (or less) per ADS.                                                                                                                                                                  | ·          Any cash distribution to the holder of the ADSs                                                                                                                                             |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| $0.02      (or less) per ADS per year.                                                                                                                                                         | ·          Depositary services                                                                                                                                                                              |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| A      fee equivalent to the fee that would be payable if securities distributed      to the holder of ADSs had been common shares and the shares had been      deposited for issuance of ADSs | ·          Distribution of securities distributed to holders of deposited      securities which are distributed by the depositary to ADR      holders                                                       |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| Registration      or transfer fees                                                                                                                                                             | ·          Transfer and registration of common shares on our common share      register to or from the name of the depositary or its agent when the      holder of ADSs deposits or withdraw common shares. |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| Expenses      of the depositary in converting foreign currency to U.S.      Dollars                                                                                                            |                                                                                                                                                                                                                                 |
|                                                                                                                                                                                           |                                                                                                                                                                                                                                 |
| Expenses      of the depositary                                                                                                                                                                | ·          Cable, telex and facsimile transmissions (when expressly provided      in the depositagreement)                                                                                                  |

----

| Persons      depositing common shares or ADS holders must pay:                                                                                                                                                  | For:                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                            |                                                                                                        |
| Taxes      and other governmental charges the depositary or the custodian have to pay      on any ADSs or common share underlying ADSs, for example, stock transfer      taxes, stamp duty or withholding taxes |                                                                                                        |
|                                                                                                                                                                                                            |                                                                                                        |
| Any      charges incurred by the depositary or its agents for servicing the      deposited securities                                                                                                           | ·          No charges of this type are currently made in the Argentine      market |

| If      we:                                                                                                                                                                                                                                                                                                                                                                          | Then:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Change      the nominal or par value of our common shares Reclassify,      split up or consolidate any of the deposited securities Distribute      securities on the common shares that are not distributed to the holders of      ADSs Recapitalize,      reorganize, merge, liquidate, sell all or substantially all of our assets,      or take any similar action | The      cash, shares or other securities received by the depositary will become      deposited securities.  Each ADS will automatically represent its      equal share of the new deposited securities. The      depositary may distribute some or all of the cash, shares or other      securities it received.  It may also deliver new ADRs or ask the      holder of ADSs to surrender their outstanding ADRs in exchange for new      ADRs identifying the new depositedsecurities. |

----

|   | · | are      only obligated to take the actions specifically set forth in the deposit      agreement without negligence or badfaith; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | · | are      not liable if either of us is prevented or delayed by law or circumstances      beyond our control from performing our obligations under the deposit      agreement; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | are      not liable if either of us exercises discretion permitted under the      deposit agreement; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | have      no obligation to become involved in a lawsuit or other proceeding related      to the ADRs or the deposit agreement on behalf of holders of ADSs or on      behalf of any otherparty;  and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | may      rely upon any documents we believe in good faith to be genuine and to have      been signed or presented by the properparty. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | · | payment      of stock transfer or other taxes or other governmental charges and      transfer or registration fees charged by third parties for the transfer of      any common shares or other depositedsecurities; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | satisfactory      proof of the identity and genuineness of any signature or other      information it deems necessary; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

|   | · | compliance      with regulations it may establish, from time to time, consistent with the      deposit agreement, including presentation of transfer      documents. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Item      11. | Quantitative and Qualitative      Disclosures about MarketRisk |
|---------------|----------------------------------------------------------------|

| Settlement      Date                 |   | Notional      Amount |
|--------------------------------------|--------|----------------------|
|                                 |   | (in      millions)   |
| Fixed      Rate Par Notes due 2016   |   |                 |
| June      12, 2009                   |   |                 | U.S.$        2.4 |   | Ps.            8.3 |
| December      11, 2009               |   |                 | U.S.$        2.4 |   | Ps.            8.3 |
| Senior      Corporate Notes due 2017 |   |                 |   |   |   |
| April      8, 2009                   |   |                 | U.S.$      11.6 |   | Ps.          39.4 |
| October      8, 2009                 |   |                 | U.S.$      11.6 |   | Ps.          39.4 |

----

| Item      12. | Description of Securities      Other than Equity Securities |
|---------------|-------------------------------------------------------------|

| Item      13. | Defaults, Dividend Arrearages      and Delinquencies |
|---------------|------------------------------------------------------|

| Item      14. | Material Modifications to the      Rights of Security Holders and Use of  Proceeds |
|---------------|------------------------------------------------------------------------------------|

----

| Item      15. | Controls and      Procedures |
|---------------|------------------------------|

----

| Item      16A.  | Audit Committee Financial      Expert |
|----------------------|---------------------------------------|

| Item      16B.  | Code of      Ethics |
|----------------------|---------------------|

| Item      16C.  | Principal Accountant Fees and      Services |
|----------------------|---------------------------------------------|

|                    |   | Year ended December 31, |    |
|-------------------------|--------|----------------------------------------|---------|
|                    |   | 2008(1)                                |    |   | 2007(2) |   |
|                    |   |                                   |    |
| Audit      fees         |   | Ps.                                    | 572,000 |   |   | Ps. | 485,500 |   |
| Audit-related      fees |   |                                   | 390,000 |   |   |   | 1,022,725 |   |
| Tax      fees           |   |                                   | – |   |   |   | 94,600 |   |
| Other      fees         |   |                                   | – |   |   |   | – |   |
| Total                   |   | Ps.                                    | 962,000 |   |   | Ps. | 1,602,825 |   |

----

----

| Item      16D.  | Exemptions from the Listing      Standards for AuditCommittees |
|----------------------|----------------------------------------------------------------|

| Item      16E.  | Purchases of Equity Securities      by the Issuer and AffiliatedPurchasers |
|----------------------|----------------------------------------------------------------------------|

| 2008                       |   | Total      Numberof      SharesPurchased(1) |      |   | Average      PricePaid per Share in      Pesos |   |        | Total      Numberof      SharesPurchased      asPart      of PubliclyAnnounced      Plans(2) |   |   | Maximum      Number of Sharesthat      May Yet BePurchased      Underthe      Publicly Announced Plan |   |
|----------------------------|--------|---------------------------------------------|-----------|--------|------------------------------------------------|--------|-------------|----------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------|--------|
|                       |   |                                        |      |   |                                           |   |        |                                                                                         |   |   |                                                                                                  |   |
| January      1- 31, 2008   |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| February      1-28, 2008   |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| March      1- 31, 2008     |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| April      1- 30, 2008     |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| May      1- 31, 2008       |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| June      1- 30, 2008      |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| July      1- 31, 2008      |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| August      1- 31, 2008    |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| September      1- 30, 2008 |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| October      1- 31, 2008   |   |                                        | —   |   |                                           |   | —     |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| November      1- 30, 2008  |   |                                        | 8,538,500 |   |                                           | Ps.    |  0.648 |                                                                                         |   |   | 400,000                                                                                               |   |   |   | 64,600,000 |   |
| December      1- 31,2008   |   |                                        | 874,000   |   |                                           |   | 0.682       |                                                                                         |   |   | —                                                                                               |   |   |   | — |   |
| Total/Average              |   |                                        | 9,412,500 |   |                                           | Ps.    |  0.651 |                                                                                         |   |   | 400,000                                                                                               |   |   |   | — |   |

|  (1) | In      2008, we purchased our class B common shares in Argentina through a public      tender offer and through open market repurchases.   Through      the open market repurchases, we repurchased 9,012,500    shares. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | On      October 31, 2008, we launched a public tender offer in Argentina for our      shares.  According to the terms of the tender offer, we were      permitted to purchase up to 65 million shares, or 7.17% of our outstanding      capital stock, at a price of Ps. 0.65 per share for a total maximum      expenditure of Ps. 45 million.   The CNV approved the      tender offer on October 30, 2008.  The offer expired on November      14, 2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item      16F. | Change in Registrant’s      Certifying Accountant |
|----------------|---------------------------------------------------------|

| Item      16G. | Corporate      Governance |
|----------------|---------------------------|

----

|   | · | prior      to the date of the transaction in which the shareholder became an      interested shareholder, the board of directors of the corporation approves      either the business combination or the transaction that resulted in the      shareholder becoming an interestedshareholder; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | upon      consummation of the transaction that resulted in the shareholder becoming      an interested shareholder, the interested shareholder owns at least 85% of      the voting stock of the corporation, excluding shares held by directors,      officers, and employee stock plans;or |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | at      or after the date of the transaction in which the shareholder became an      interested shareholder, the business combination is approved by the board      of directors and authorized at a shareholders’ meeting by at least 66 2/3%      of the voting stock which is not owned by the interested      shareholder. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Item      17. | Financial      Statements |
|---------------|---------------------------|

| Item      18.  | Financial      Statements |
|---------------------|---------------------------|

| Item      19.  | Exhibits |
|---------------------|----------|

| 1.1 | Estatutos sociales      (corporate bylaws) of Edenor, S.A. (English translation) (previously filed      as Exhibit 3.1 to Edenor’s Registration Statement on Form F-1 (File No.      333-141894) on April 4, 2007 and incorporated by reference      herein.) |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.1 | Form      of Deposit Agreement among Edenor, S.A., The Bank of New York, as      depositary, and the Holders from time to time of American Depositary      Shares issued thereunder, including the form of American Depositary      Receipts (previously filed as Exhibit 4.1 to Edenor’s Amendment No. 2 to      Registration Statement on Form F-1 (File No. 333-141894) on April 20, 2007      and incorporated by referenceherein.) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Indenture      dated April 24, 2006, between Empresa Distribuidora y Comercializadora      Norte S.A., as Issuer, and The Bank of New York, as Trustee, Co-Registrar      and Paying Agent, and Banco Santander Río S.A., as Registrar, Transfer and      Paying Agent in Argentina and Representative of the Trustee in Argentina      (previously filed as Exhibit 2.2 to Edenor’s Annual Report on      Form 20-F (File No. 001-33422) on June 26, 2008 and      incorporated by reference herein). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Indenture      dated October 9, 2007, between Empresa Distribuidora y Comercializadora      Norte S.A., as Issuer, and The Bank of New York, as Trustee, Co-Registrar      and Paying Agent, and Banco Santander Río S.A., as Registrar, Transfer and      Paying Agent in Argentina and Representative of the Trustee in Argentina      (previously filed as Exhibit 2.3 to Edenor’s Annual Report on      Form 20-F (File No. 001-33422) on June 26, 2008 and      incorporated by referenceherein). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.4 | Registration      Rights Agreement, dated October 9, 2007, between Edenor, S.A. and      Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. as      Representatives of the Initial Purchasers (previously filed as      Exhibit 2.4 to Edenor’s Annual Report on Form 20-F (File      No. 001-33422) on June 26, 2008 and incorporated by reference      herein). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1 | Certification      of Chief Financial Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------|

| 12.2 | Certification      of Chief Executive Officer pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------|

| 13.1 | Certification      pursuant to Section 906 of the Sarbanes-Oxley Act of      2002. |
|------|-----------------------------------------------------------------------------------------|

----

|                           | Empresa      Distribuidora y Comercializadora Norte Sociedad      Anónima |
|--------------------------------|--------------------------------------------------------------------------------|
|                           |                                                                           |   |   |
| Date:       June 26, 2009 | By:                                                                            |  |   |
|                           |                                                                           | Name:        Luis Pablo Rogelio Pagano  |   |
|                           |                                                                           | Title:          Chief Financial Officer  |   |
|                           |                                                                           |   |   |

----

| Audited FinancialStatements                                                                                                                                                                     |   | Page   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                                                                                            |   |   |
| Report      of Independent Registered Public Accounting Firm Price Waterhouse &      Co. S.R.L., member firm of PricewaterhouseCoopers, for the year ended      December 31, 2008           |   | F-2    |
|                                                                                                                                                                                            |   |   |
| Report      of Independent Registered Public Accounting Firm Deloitte & Co.      S.R.L., member firm of Deloitte & Touche Tohmatsu, for the years ended      December 31, 2006 and 2007 |   | F-4    |
|                                                                                                                                                                                            |   |   |
| Balance      Sheets as of December 31, 2008 and 2007                                                                                                                                       |   | F-6    |
|                                                                                                                                                                                            |   |   |
| Statements      of Income for the years ended December 31, 2008, 2007 and      2006                                                                                                        |   | F-7    |
|                                                                                                                                                                                            |   |   |
| Statements      of Changes in Shareholders’ Equity for the years ended December 31,      2008, 2007 and 2006                                                                         |   | F-8    |
|                                                                                                                                                                                            |   |   |
| Statements      of Cash Flows for the years ended December 31, 2008, 2007 and      2006                                                                                                    |   | F-9    |
|                                                                                                                                                                                            |   |   |
| Notes      to the Financial Statements                                                                                                                                                          |   | F-10   |

----

|   | Price      Waterhouse & Co. S.R.L.Firma      miembro de PricewaterhouseCoopersBouchard      557, piso 7°C1106ABG -      Ciudad de Buenos AiresTel.:      (54-11) 4850-0000Fax:      (54-11) 4850-1800 www.pwc.com/ar |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| PRICE      WATERHOUSE & CO. S.R.L.  |
|----------------------------------------------|
|                                              |
| Daniel      A. López Lado (Partner)     |

----

|        | Deloitte      & Co. S.R.L. |
|--------|--------------------------------|
|   | Florida      234, Piso 5° |
|   | C1005AAF                       |
|   | Ciudad      Autónoma      |
|   | de      Buenos Aires           |
|   | Argentina                      |
|   |                           |
|   | Tel:      (54-11) 4320-2700    |
|   | Fax:      (54-11) 4325-8081    |
|   | www.deloitte.com               |

| Deloitte      & Co. S.R.L. - Registro de Soc. Com. CPCECABA - T° 1 Folio      3 | A      member firm of              |
|------------------------------------------------------------------------------------------|------------------------------------|
|                                                                                     | Deloitte Touche Tohmatsu |

----

----

----

|                                                    |   | 2008   |      |   | 2007   |   |
|---------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| CURRENT      ASSETS                                     |   |   |      |   |   |   |
| Cash      and banks                                     |   |   | 6,061     |   |   |   | 3,459 |   |
| Investments      (Note 26 Exhibit D)                    |   |   | 121,019   |   |   |   | 97,739 |   |
| Trade      receivables (Note 4)                         |   |   | 446,022   |   |   |   | 345,979 |   |
| Other      receivables (Note 5)                         |   |   | 42,801    |   |   |   | 25,990 |   |
| Supplies                                                |   |   | 16,705    |   |   |   | 23,174 |   |
| Total      Current Assets                               |   |   | 632,608   |   |   |   | 496,341 |   |
|                                                    |   |   |      |   |   |   |   |   |
| NON-CURRENT      ASSETS                                 |   |   |      |   |   |   |   |   |
| Trade      receivables (Note 4)                         |   |   | 65,839    |   |   |   | 100,300 |   |
| Other      receivables (Note 5)                         |   |   | 99,472    |   |   |   | 144,107 |   |
| Investments      in other companies (Note 26 Exhibit C) |   |   | 397       |   |   |   | 390 |   |
| Investments      (Note 26 Exhibit D)                    |   |   | 67,212    |   |   |   | 0 |   |
| Supplies                                                |   |   | 12,844    |   |   |   | 13,759 |   |
| Property,      plant and equipment (Note 26 Exhibit A)  |   |   | 3,256,258 |   |   |   | 3,092,709 |   |
| Total      Non-Current Assets                           |   |   | 3,502,022 |   |   |   | 3,351,265 |   |
|                                                    |   |   |      |   |   |   |   |   |
| Total      Assets                                       |   |   | 4,134,630 |   |   |   | 3,847,606 |   |

|                                                  |   | 2008   |      |   | 2007   |   |
|-------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| CURRENT      LIABILITIES                              |   |   |      |   |   |   |
| Trade      accounts payable (Note 6)                  |   |   | 339,261   |   |   |   | 316,152 |   |
| Loans      (Note 7)                                   |   |   | 27,245    |   |   |   | 29,290 |   |
| Salaries      and social security taxes (Note 8)      |   |   | 94,787    |   |   |   | 59,904 |   |
| Taxes      (Note 9)                                   |   |   | 111,021   |   |   |   | 84,641 |   |
| Other      liabilities (Note 10)                      |   |   | 44,008    |   |   |   | 9,710 |   |
| Accrued      litigation (Note 26 Exhibit E)           |   |   | 52,756    |   |   |   | 39,868 |   |
| Total      Current Liabilities                        |   |   | 669,078   |   |   |   | 539,565 |   |
|                                                  |   |   |      |   |   |   |   |   |
| NON-CURRENT      LIABILITIES                          |   |   |      |   |   |   |   |   |
| Trade      accounts payable (Note 6)                  |   |   | 40,154    |   |   |   | 35,466 |   |
| Loans      (Note 7)                                   |   |   | 913,148   |   |   |   | 949,062 |   |
| Salaries      and social security taxes (Note 8)      |   |   | 40,090    |   |   |   | 24,694 |   |
| Other      liabilities (Note 10)                      |   |   | 335,516   |   |   |   | 281,395 |   |
| Accrued      litigation (Note 26 Exhibit E)           |   |   | 45,078    |   |   |   | 42,843 |   |
| Total      Non-Current Liabilities                    |   |   | 1,373,986 |   |   |   | 1,333,460 |   |
| Total      Liabilities                                |   |   | 2,043,064 |   |   |   | 1,873,025 |   |
|                                                  |   |   |      |   |   |   |   |   |
| SHAREHOLDERS'      EQUITY (as per related statements) |   |   | 2,091,566 |   |   |   | 1,974,581 |   |
|                                                  |   |   |      |   |   |   |   |   |
| Total      Liabilities and Shareholders' Equity       |   |   | 4,134,630 |   |   |   | 3,847,606 |   |

----

----

|                                                                                                                                                                                                          |   | 2008   |      |   | 2007   |   |      | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Net      sales (Note 11)                                                                                                                                                                                      |   |   | 2,000,198 |   |   |   | 1,981,928 |   |   |   | 1,378,326 |   |
| Electric      power purchases                                                                                                                                                                                 |   |   | (934,660  | )      |   |   | (889,885  | )      |   |   | (799,073 | ) |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Gross      margin                                                                                                                                                                                             |   |   | 1,065,538 |   |   |   | 1,092,043 |   |   |   | 579,253 |   |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Transmission      and distribution expenses (Note 26 Exhibit H)                                                                                                                                               |   |   | (497,870  | )      |   |   | (417,553  | )      |   |   | (362,118 | ) |
| Selling      expenses (Note 26 Exhibit H)                                                                                                                                                                     |   |   | (126,016  | )      |   |   | (120,633  | )      |   |   | (87,930 | ) |
| Administrative      expenses (Note 26 Exhibit H)                                                                                                                                                              |   |   | (138,737  | )      |   |   | (124,656  | )      |   |   | (93,299 | ) |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Net      operating income                                                                                                                                                                                     |   |   | 302,915   |   |   |   | 429,201   |   |   |   | 35,906 |   |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Financial      income (expenses) and holding gains (losses)                                                                                                                                                   |   |   |      |   |   |   |      |   |   |   |   |   |
| Generated      by assets                                                                                                                                                                                      |   |   |      |   |   |   |      |   |   |   |   |   |
| Exchange      difference                                                                                                                                                                                      |   |   | 8,139     |   |   |   | (855      | )      |   |   | 2,569 |   |
| Interest                                                                                                                                                                                                      |   |   | 9,772     |   |   |   | 13,426    |   |   |   | 13,885 |   |
| Holding      results                                                                                                                                                                                          |   |   | (7,300    | )      |   |   | 135       |   |   |   | 89 |   |
| Generated      by liabilities                                                                                                                                                                                 |   |   |      |   |   |   |      |   |   |   |   |   |
| Financial      expenses (*)                                                                                                                                                                                   |   |   | (9,964    | )      |   |   | (21,042   | )      |   |   | (25,404 | ) |
| Exchange      difference                                                                                                                                                                                      |   |   | (92,707   | )      |   |   | (29,938   | )      |   |   | (13,318 | ) |
| Interest                                                                                                                                                                                                      |   |   | (95,273   | )      |   |   | (74,508   | )      |   |   | (101,280 | ) |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Adjustment      to present value of the retroactive tariff increase arising from the      application of the new electricity rate schedule and of the Payment Plan      Agreement with the Province of Bs.As. |   |   | 13,454    |   |   |   | (29,618   | )      |   |   | 0 |   |
| Gain      on extinguishment of former debt                                                                                                                                                                    |   |   | 0         |   |   |   | 0         |   |   |   | 179,243 |   |
| Adjustment      to present value of notes                                                                                                                                                                     |   |   | (8,457    | )      |   |   | (21,495   | )      |   |   | 57,138 |   |
| Gain      (Loss) from the purchase and redemption of notes                                                                                                                                                    |   |   | 84,555    |   |   |   | (10,228   | )      |   |   | 0 |   |
| Adjustment      to present value of purchased and redeemed notes                                                                                                                                              |   |   | 8,980     |   |   |   | (8,632    | )      |   |   | 0 |   |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Other      (expense) income net (Note 12)                                                                                                                                                                     |   |   | (29,825   | )      |   |   | 996       |   |   |   | (22,944 | ) |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
|   Income      before taxes                                                                                                                                                                          |   |   | 184,289   |   |   |   | 247,442   |   |   |   | 125,884 |   |
|        Income tax (expense) / benefit (Note 3.m)                                                                                                                                                         |   |   | (61,174   | )      |   |   | (124,984  | )      |   |   | 167,182 |   |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Net      income for the year                                                                                                                                                                                  |   |   | 123,115   |   |   |   | 122,458   |   |   |   | 293,066 |   |
|                                                                                                                                                                                                          |   |   |      |   |   |   |      |   |   |   |   |   |
| Earnings      per common share                                                                                                                                                                                |   |   | 0.137     |   |   |   | 0.135     |   |   |   | 0.352 |   |

|                                                                |   | 2008   |   |   | 2007   |   |    | 2006   |   |
|---------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
| Fees      related to the Corporate Notes Issuance Program (Note 14) |   |   | 0      |   |   |   | (7,403  | )      |   |   | 0 |   |
| Expense      related to the public offering of capital stock        |   |   | 0      |   |   |   | 0       |   |   |   | (10,604 | ) |
| Financial      assistance Electricidad Argentina S.A. (Note 15)     |   |   | (7,943 | )      |   |   | (6,219  | )      |   |   | (8,133 | ) |
| Withholding      income tax and other financial expense             |   |   | (2,021 | )      |   |   | (7,420  | )      |   |   | (6,667 | ) |
| Total                                                               |   |   | (9,964 | )      |   |   | (21,042 | )      |   |   | (25,404 | ) |

----

----

|                                                                                                                                                                                           |   | Shareholders'      contributions |    |   | Retained      earnings |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|---------|--------|------------------------|--------|
|                                                                                                                                                                                           |   |                             |    |   |                   |   |   |   |   |   | Nominal |   |   | Adjustment |   |   |   |   |   | Appropriated |   |   | Unappropriated      (Accumulated      Deficit)      Retained      Earnings |   |   |   |   |
|                                                                                                                                                                                           |   | Nominal                          |    |   | Adjustment      to     |   |   | Additional |   |   | Value |   |   | to      Capital |   |   | Total |   |   | Retained      Earnings |   |   |   |   |
|                                                                                                                                                                                           |   | Value                            |    |   | Capital                |   |   | Paid-in      Capital |   |   | Treasury Stock |   |   | Treasury Stock |   |   |   |   |   | (Note      27.II.m) |   |   | Total |   |
|                                                                                                                                                                                                |   | (Note      16.a)                 |    |   |                   |   |   |   |   |   | Note      1 |   |   | Note      1 |   |   |   |   |   | Legal      Reserve |   |   |   |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance      as of December 31, 2005                                                                                                                                                          |   |                             | 831,610 |   |                   |   | 996,489 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,828,099 |   |   |   | 53,320 |   |   |   | (504,135 | ) |   |   | 1,377,284 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net      income for the year                                                                                                                                                                  |   |                             | -       |   |                   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 293,066 |   |   |   | 293,066 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance      as of December 31, 2006                                                                                                                                                          |   |                             | 831,610 |   |                   |   | 996,489 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,828,099 |   |   |   | 53,320 |   |   |   | (211,069 | ) |   |   | 1,670,350 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital      increase resolved by the Board of Directors' meeting held on June 14,      2007, as per the powers granted by the Shareholders' Meeting of June 7,      2006 (Notes 1, 16.a and 16.d). |   |                             | 74,845  |   |                   |   | - |   |   |   | 106,928 |   |   |   | - |   |   |   | - |   |   |   | 181,773 |   |   |   | - |   |   |   | - |   |   |   | 181,773 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net      income for the year                                                                                                                                                                  |   |                             | -       |   |                   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 122,458 |   |   |   | 122,458 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance      as of December 31, 2007                                                                                                                                                          |   |                             | 906,455 |   |                   |   | 996,489 |   |   |   | 106,928 |   |   |   | - |   |   |   | - |   |   |   | 2,009,872 |   |   |   | 53,320 |   |   |   | (88,611 | ) |   |   | 1,974,581 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Absorption      of accumulated deficit resolved by the Shareholders' Meeting held on April      15, 2008 (Note 16.d)                                                                                |   |                             | -       |   |                   |   | - |   |   |   | (88,611 | ) |   |   | - |   |   |   | - |   |   |   | (88,611 | ) |   |   | - |   |   |   | 88,611 |   |   |   | - |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Acquisition      of the Company's own shares - (Note 1, 3.k and 16.a)                                                                                                                         |   |                             | (9,412  | )      |                   |   | (10,347 | ) |   |   | - |   |   |   | 9,412 |   |   |   | 10,347 |   |   |   | - |   |   |   | - |   |   |   | (6,130 | ) |   |   | (6,130 | ) |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net      income for the year                                                                                                                                                                  |   |                             | -       |   |                   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 123,115 |   |   |   | 123,115 |   |
|                                                                                                                                                                                                |   |                             |    |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Balance      as of December 31, 2008                                                                                                                                                          |   |                             | 897,043 |   |                   |   | 986,142 |   |   |   | 18,317 |   |   |   | 9,412 |   |   |   | 10,347 |   |   |   | 1,921,261 |   |   |   | 53,320 |   |   |   | 116,985 |   |   |   | 2,091,566 |   |

----

----

|                                                                                                                                                                                                          |   | 2008   |     |   | 2007   |   |     | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |
| Cash      flows from operating activities                                                                                                                                                                     |   |   |     |   |   |   |     |   |   |
| Net      income for the year                                                                                                                                                                                  |   |   | 123,115  |   |   |   | 122,458  |   |   |   | 293,066 |   |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Adjustments      to reconcile net income (loss) to net cash flows provided    by                                                                                                                              |   |   |     |   |   |   |     |   |   |   |   |   |
| operating      activities                                                                                                                                                                                     |   |   |     |   |   |   |     |   |   |   |   |   |
| Depreciation      of property, plant and equipment (Note 26 Exhibit A)                                                                                                                                        |   |   | 170,263  |   |   |   | 174,357  |   |   |   | 178,980 |   |
| Retirement      of property, plant and equipment (Note 26 Exhibit A)                                                                                                                                          |   |   | 1,910    |   |   |   | 1,105    |   |   |   | 650 |   |
| Gain      from investments in affiliated parties                                                                                                                                                              |   |   | (7       | )      |   |   | (12      | )      |   |   | (10 | ) |
| Gain      from investments                                                                                                                                                                                    |   |   | (4,310   | )      |   |   | (8,467   | )      |   |   | (5,243 | ) |
| Gain      on extinguishment of former debt                                                                                                                                                                    |   |   | 0        |   |   |   | 0        |   |   |   | (179,243 | ) |
| (Gain)      Loss from the purchase and redemption of notes                                                                                                                                                    |   |   | (84,555  | )      |   |   | 10,228   |   |   |   | 0 |   |
| Adjustment      to present value of purchased notes                                                                                                                                                           |   |   | (8,980   | )      |   |   | 8,632    |   |   |   | 0 |   |
| Adjustment      to present value of notes                                                                                                                                                                     |   |   | 8,457    |   |   |   | 21,495   |   |   |   | (57,138 | ) |
| Exchange      difference and interest on loans                                                                                                                                                                |   |   | 232,743  |   |   |   | 69,541   |   |   |   | 49,061 |   |
| Supplies      recovered from third parties                                                                                                                                                                    |   |   | 0        |   |   |   | 0        |   |   |   | (5,782 | ) |
| Income      tax (expense) / benefit (Note 3.m)                                                                                                                                                                |   |   | 61,174   |   |   |   | 124,984  |   |   |   | (167,182 | ) |
| Recovery      of allowance for doubtful accounts (Note 26 Exhibit E)                                                                                                                                          |   |   | (24,016  | )      |   |   | 0        |   |   |   | 0 |   |
| Increase      in trade receivables due to the unbilled portion of the retroactive tariff      increase arising from the application of the new electricity rate      schedule                                 |   |   | (118,849 | )      |   |   | (171,281 | )      |   |   | 0 |   |
| Adjustment      to present value of the retroactive tariff increase arising from the      application of the new electricity rate schedule and of the Payment Plan      Agreement with the Province of Bs.As. |   |   | (13,454  | )      |   |   | 29,618   |   |   |   | 0 |   |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Changes      in assets and liabilities:                                                                                                                                                                       |   |   |     |   |   |   |     |   |   |   |   |   |
| Decrease      (Increase) in trade receivables (net of the unbilled portion of the      retroactive tariff increase)                                                                                           |   |   | 88,175   |   |   |   | (36,853  | )      |   |   | (39,009 | ) |
| Net      (increase) in other receivables                                                                                                                                                                      |   |   | (33,350  | )      |   |   | (8,385   | )      |   |   | (23,088 | ) |
| Decrease      (Increase) in supplies                                                                                                                                                                          |   |   | 7,384    |   |   |   | (18,377  | )      |   |   | 1,433 |   |
| Increase      in trade accounts payable                                                                                                                                                                       |   |   | 27,797   |   |   |   | 52,728   |   |   |   | 67,065 |   |
| Increase      in salaries and social security taxes                                                                                                                                                           |   |   | 50,279   |   |   |   | 12,865   |   |   |   | 25,180 |   |
| Increase      (Decrease) in taxes                                                                                                                                                                             |   |   | 26,380   |   |   |   | 22,449   |   |   |   | (5,695 | ) |
| Increase      in other liabilities                                                                                                                                                                            |   |   | 78,077   |   |   |   | 17,748   |   |   |   | 91,667 |   |
| Net      increase in accrued litigation                                                                                                                                                                       |   |   | 15,123   |   |   |   | 16,191   |   |   |   | 9,537 |   |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Financial      interest paid (net of interest capitalized)                                                                                                                                                    |   |   | (62,685  | )      |   |   | (25,484  | )      |   |   | (26,668 | ) |
| Financial      and commercial interest collected                                                                                                                                                              |   |   | 6,872    |   |   |   | 11,642   |   |   |   | 7,418 |   |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Net      cash flows provided by operating activities                                                                                                                                                          |   |   | 547,543  |   |   |   | 427,182  |   |   |   | 214,999 |   |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from investing activities                                                                                                                                                                     |   |   |     |   |   |   |     |   |   |   |   |   |
| Additions      of property, plant and equipment (1)                                                                                                                                                           |   |   | (325,380 | )      |   |   | (336,851 | )      |   |   | (179,671 | ) |
| Net      cash flows used in investing activities                                                                                                                                                              |   |   | (325,380 | )      |   |   | (336,851 | )      |   |   | (179,671 | ) |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Cash      flows from financing activities                                                                                                                                                                     |   |   |     |   |   |   |     |   |   |   |   |   |
| Increase      in current and non current investments (2)                                                                                                                                                      |   |   | (67,893  | )      |   |   | 0        |   |   |   | 0 |   |
| Adquisition      of the company's own shares (Note 1)                                                                                                                                                         |   |   | (6,130   | )      |   |   | 0        |   |   |   | 0 |   |
| Decrease      in loans                                                                                                                                                                                        |   |   | (122,939 | )      |   |   | (203,579 | )      |   |   | (310,794 | ) |
| Capital      increase                                                                                                                                                                                         |   |   | 0        |   |   |   | 181,773  |   |   |   | 0 |   |
| Net      cash flows used in financing activities                                                                                                                                                              |   |   | (196,962 | )      |   |   | (21,806  | )      |   |   | (310,794 | ) |
|                                                                                                                                                                                                          |   |   |     |   |   |   |     |   |   |   |   |   |
| Increase      (Decrease) in Cash and Cash Equivalents                                                                                                                                                         |   |   | 25,201   |   |   |   | 68,525   |   |   |   | (275,466 | ) |
| Cash      and Cash Equivalents at the beginning of year                                                                                                                                                       |   |   | 101,198  |   |   |   | 32,673   |   |   |   | 308,139 |   |
| Cash      and Cash Equivalents at the end of year                                                                                                                                                             |   |   | 126,399  |   |   |   | 101,198  |   |   |   | 32,673 |   |

----

----

----

|   | - | Maximum      amount to invest: up to pesos45,000,000 |
|--------|---|------------------------------------------------------|

|   | - | Maximum      number of shares included in the offering: up to 65,000,000 common, Class      B and/or C shares, representing approximately 7.17% of the Company’s      capital stock, with a nominal value of 1 peso each and the right to one      vote per share |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Source      of the funds: the acquisition of shares will be made with realized and      liquid profits resulting from the financial statements for the six-month      period ended June 30, 2008 and approved by the Company’s Board of      Directors on August 7, 2008. Additionally, it is stated that the Company      is liquid and has the necessary economic resources to guarantee full      satisfaction of the offering. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Scope      of the offering: it was exclusively carried out in    Argentina. |
|--------|---|-----------------------------------------------------------------------------|

----

|   | - | Maximum      amount to invest: up to pesos45,000,000 |
|--------|---|------------------------------------------------------|

|   | - | Maximum      number of Class B shares to be acquired: the number of common Class B      shares, with a nominal value of 1 peso each and the right to one vote per      share, equivalent to the maximum amount to invest, which may not exceed at      any time, the maximum limit of treasury stock which the Company may own,      in accordance with applicableregulations. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Daily      limit for market transactions: up to 25% of the average daily transaction      volume in the markets where the shares are listed, for the preceding      90-day period, in accordance with applicable  regulations. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Price      to be paid for the shares: between a minimum of 0.50 and a maximum of 0.80      peso per share. |
|--------|---|------------------------------------------------------------------------------------------------------------|

|   | - | Acquisition      period: 120 calendar days to commence from the working day following the      date of publication of the information in the Daily Bulletin of the      Buenos Aires Stock Exchange, which took place on November 17, 2008. Such      period may be reduced, renewed or extended. Investors will be informed of      any such reduction, renewal or extension through the above-mentioned      bulletin. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Source      of the funds: the acquisition of shares will be made with realized and      liquid profits resulting from the financial statements for the nine-month      period ended September 30, 2008 and approved by the Company’s Board of      Directors on November 5, 2008. Additionally, it is stated that the Company      is liquid so as to make the aforementioned acquisitions without affecting      its creditworthiness. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Holder                       |   | Number of shares |        |   | Class  |   |            | % held |   |
|------------------------------|--------|------------------|-------------|--------|--------|--------|-----------------|--------|--------|
| EASA      (1)                |   |             | 462,292,111 |   |   |   | “A” |   |   |   | 51.00 |   |
| Market      in general (2)   |   |             | 442,210,356 |   |   |   | “B” |   |   |   | 48.78 |   |
| Banco      Nación (3)   |   |             | 1,952,604   |   |   |   | “C” |   |   |   | 0.22 |   |
| New      Equity Ventures LLC |   |             | 19          |   |   |   | “B” |   |   |   | 0 |   |
| EDF      Internacional S.A.  |   |             | 10          |   |   |   | “B” |   |   |   | 0 |   |

----

| Year                   |   | Effect on deferred tax resultNominal value |    |
|------------------------|--------|--------------------------------------------|---------|
| 2009                   |   |                                       | 26,396  |   |
| 2010                   |   |                                       | 25,011  |   |
| 2011                   |   |                                       | 24,084  |   |
| 2012      – 2016 |   |                                       | 106,866 |   |
| 2017      – 2021 |   |                                       | 88,058  |   |
| Remainder              |   |                                       | 139,806 |   |
| Total                  |   |                                       | 410,221 |   |

----

| a) |        Cash and banks: |
|----|-----------------------------|

|  | - | In      local currency: at nominal value. |
|--|---|-------------------------------------------|

|   | - | In      foreign currency: at the prevailing exchange rate in effect as of the end      of each year. The corresponding detail is disclosed in Note 26 - Exhibit      G. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) |        Current investments: |
|----|----------------------------------|

|   | - | Time      deposits, which include the portion of interest income accrued through the      end of each year; those denominated in foreign currency have been valued      at the prevailing exchange rate in effect as of each    year-end, |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Money      market funds and municipal bonds, which have been valued at the prevailing      market price as of the end of eachyear, |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Government      bonds, which have been valued at the market price  as of the end      of each year. |
|--------|---|---------------------------------------------------------------------------------------------------------------|

|   | - | Notes      receivable (Euro Commercial Paper), which have been valued at the      prevailing market price as of the end of the year translated into pesos at      the rate of exchange in effect as ofyear-end. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c) |        Trade receivables: |
|----|--------------------------------|

|   | - | Services      rendered and billed but not collected, and services rendered but unbilled      as of the end of each year, at nominal value, except for those indicated      in the following paragraph; |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Services      rendered but unbilled as of the end of the years ended December 31, 2008      and 2007, arising from the retroactive increase deriving from the      application of the electricity rate schedule resulting from the RTT (Note      17.b) have been valued on the basis of the best estimate of the amount to      be collected, discounted at a 10.5% annual nominal rate, which, in      accordance with the Company’s criterion, reasonably reflected market      assessments of the time value of money and risks specific to the      receivable at the time of their initial measurement. The same procedure      was followed with the amount included in the payment plan agreement signed      with the Province of Buenos Aires under the Framework Agreement (Note      13). |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1. | are      net of an allowance for doubtful accounts, as described in more detail in      paragraph h) of this Note. |
|--|----|--------------------------------------------------------------------------------------------------------------------|

|  | 2. | consider      the effects of that which is stated in Note13. |
|--|----|--------------------------------------------------------------|

| d) | Other      receivables and liabilities (excludingloans): |
|----|----------------------------------------------------------|

|  | - | In      local currency: at nominalvalue. |
|--|---|------------------------------------------|

|  | - | In      foreign currency: at the prevailing exchange rate in effect as of the end      of each year (Note 26 ExhibitG). |
|--|---|-------------------------------------------------------------------------------------------------------------------------|

----

| e) | Supplies: |
|----|-----------|

| f) | Non-current      investments: |
|----|-------------------------------|

|  | - | 50%      interest held in the related company SACME S.A. (a company organized by      means of equal contributions by distribution companies EDENOR S.A. and      EDESUR S.A. in accordance with the Bid Package). SACME S.A. is in charge      of monitoring the electric power supplied to the aforementioned      distributors.  As of December 31, 2008 and 2007, the investment      in SACME has been recorded at its equity value (Note 26 Exhibit      C). |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Corporate      Notes of Central Térmica Güemes: As of year-end, the aforementioned      corporate notes have been valued at their acquisition value plus interest      income accrued translated into pesos at the prevailing exchange rate in      effect as of year-end. The corporate notes with maximum maturity on      September 11, 2017 accrue interest at an annual fixed rate of 10.5%,      payable on September 11 and March 11 of each year (Note    15). |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Municipal      Financial Restructuring Bonds (Municipal Bonds) issued      pursuant to Law No. 11,752 of the Province of Buenos Aires were valued at      their acquisition value, including the inflation-linked CER (“benchmark      stabilization coefficient”) adjustment and interest accrued at an annual      rate of 4%. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Financial      trust: As of the end of the year, its value has been based upon the market      price of securities kept by trustee translated into pesos at the      prevailing exchange rate in effect as of year-end (Note    22). |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g) | Property,      plant and equipment: |
|----|-------------------------------------|

----

| h) | Allowances      (Note 26 Exhibit E): |
|----|--------------------------------------|

|   | · | for      doubtful accounts: it has been recorded to adjust the valuation of trade      receivables and other receivables up to their estimated recoverable value.      The amount of the allowance has been determined based on the historical      series of collections for services billed through the end of each year and      collections subsequent thereto.Additionally,      for purposes of calculating the amount of the allowance, the Company has      considered a detailed analysis of accounts receivable in      litigation. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | for      impairment of value of deferred tax assets: as of December 31, 2007 and      2006, the Company had partially impaired the deferred tax asset with a      valuation allowance. (Note 3.m).  During the year 2008 the      allowance was used against the tax loss generated in the 2002 fiscal year      which became statute-barred. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | for      impairment of value of Municipal Bonds: due to impairment indicators, as      of December 31, 2006 the Company recorded an allowance to reduce the value      of such bonds to their expected recoverable amount (Note    3.f). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i) | Accrued      litigation: |
|----|--------------------------|

|   | 1) | The      Company is a party to certain lawsuits and administrative proceedings in      several courts and government agencies, including certain tax      contingencies arising from the ordinary course of business. The Argentine      tax authority (“AFIP”) has challenged certain income tax deductions      related to allowances for doubtful accounts made by the Company on its      income tax returns for fiscal years 1996, 1997 and 1998, and has assessed      additional taxes for approximately 9,300. Tax related contingencies are      subject to interest charges and, in some cases, to fines. This matter is      currently on appeal to the Federal Tax Court and the Federal Appellate      Court in Administrative Matters. During the appeal process, payment of      such claim has been suspended. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2) | The      Company is also a party to civil and labor lawsuits in the ordinary course      of business. |
|--------|----|-------------------------------------------------------------------------------------------------------|

----

| j) | Loans: |
|----|--------|

| k) | Shareholders'      equity accounts: |
|----|-------------------------------------|

| l) | Statement      of income accounts: |
|----|------------------------------------|

|  | - | The      accounts that accumulate monetary transactions for the 2008, 2007 and 2006      fiscal years have been disclosed at their nominal  values. |
|--|---|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Financial      income (expense) and holding gains (losses) have been disclosed separately      under income (expense) generated by assets and by    liabilities. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | The      adjustment to present value of the notes is stated at nominal      value. |
|--|---|------------------------------------------------------------------------------------|

|  | - | The      gain on extinguishment of former debt of the 2006 fiscal year is stated at      nominal value. |
|--|---|---------------------------------------------------------------------------------------------------------|

|  | - | The      adjustment to present value of trade receivables related to both the      application of the retroactive tariff increase agreed upon in the      Adjustment Agreement and the payment plan agreement signed with the      Province of Buenos Aires for amounts deriving from the Framework Agreement      is stated at nominal value. |
|--|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | The      adjustment to present value of purchased and redeemed notes for the 2007      fiscal year is stated at nominalvalue. |
|--|---|-------------------------------------------------------------------------------------------------------------------------------|

|  | - | The      loss from the purchase and redemption of notes for the 2007 fiscal year is      stated at nominal value. |
|--|---|-------------------------------------------------------------------------------------------------------------------|

----

| m) | Income      tax and tax on minimum presumedincome: |
|----|----------------------------------------------------|

|                                                                                                               |   | 2008   |    |   | 2007   |   |     | 2006   |   |
|--------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|----------|--------|--------|
| Income      for the year before taxes                                                                              |   |   | 184,289 |   |   |   | 247,442  |   |   |   | 125,884 |   |
| Applicable      tax rate                                                                                           |   |   | 35      | %      |   |   | 35       | %      |   |   | 35 | % |
| Income      for the year at the applicable tax rate                                                                |   |   | 64,501  |   |   |   | 86,605   |   |   |   | 44,060 |   |
| Permanent      differences                                                                                         |   |   |    |   |   |   |     |   |   |   |   |   |
| Adjustment      for inflation of property, plant and  equipment                                          |   |   | 30,404  |   |   |   | 31,300   |   |   |   | 33,407 |   |
| Accruals      and other                                                                                            |   |   | (33,731 | )      |   |   | 4,858    |   |   |   | 35,277 |   |
| Total      income tax charge for the year before the allowance for impairment of      value of deferred tax assets |   |   | 61,174  |   |   |   | 122,763  |   |   |   | 112,744 |   |
| Increase      in the allowance for impairment of value of deferred tax      assets                                 |   |   | 0       |   |   |   | 2,221    |   |   |   | (279,926 | ) |
| Total      income tax charge for the year                                                                          |   |   | 61,174  |   |   |   | 124,984  |   |   |   | (167,182 | ) |
| Income      tax - deferred                                                                                         |   |   | 38,571  |   |   |   | (124,984 | )      |   |   | 167,182 |   |
| Income      tax - current                                                                                          |   |   | 99,745  |   |   |   | 0        |   |   |   | 0 |   |

| Allowance      for impairment of value of deferred tax assets                                 |   |   |    |   |   |   |   |   |   |
|-----------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Balance      at beginning of year                                                             |   |   | 34,482  |   |   |   | 32,261 |   |   |   | 312,187 |   |
| Use      of the allowance                                                                     |   |   | (34,482 | )      |   |   | 0      |   |   |   |   |   |
| Increase      in  the allowance for impairment of value of deferred tax      assets |   |   | 0       |   |   |   | 2,221  |   |   |   | (279,926 | ) |
| Balance      at end of year                                                                   |   |   | 0       |   |   |   | 34,482 |   |   |   | 32,261 |   |

|                                                                                                       |   | 2008   |    |   | 2007   |   |
|------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Non-current      deferred tax assets                                                                       |   |   |    |   |   |   |
| Tax-loss      carry forward                                                                                |   |   | 8,316   |   |   |   | 42,798 |   |
| Accruals                                                                                                   |   |   | 74,823  |   |   |   | 45,926 |   |
| Others                                                                                                     |   |   | 15,577  |   |   |   | 23,322 |   |
|                                                                                                       |   |   | 98,716  |   |   |   | 112,046 |   |
| Non-current      deferred tax liabilities                                                                  |   |   |    |   |   |   |   |   |
| Property,      plant and equipment and others                                                              |   |   | (17,948 | )      |   |   | (35,367 | ) |
|                                                                                                       |   |   | (17,948 | )      |   |   | (35,367 | ) |
|                                                                                                       |   |   |    |   |   |   |   |   |
| Net      deferred tax assets before allowance for impairment of value of deferred      tax assets (Note 5) |   |   | 80,768  |   |   |   | 76,679 |   |
|                                                                                                       |   |   |    |   |   |   |   |   |
| Allowance      for impairment of value of net deferred tax assets (Note5)                                  |   |   | 0       |   |   |   | (34,482 | ) |
| Net      deferred tax assets                                                                               |   |   | 80,768  |   |   |   | 42,197 |   |

----

|                                   |   | Amount |   |   | Tax      rate 35% |      | Year      expiring |
|----------------------------------------|--------|--------|--------|--------|-------------------|--------------------------|--------------------|
|  Tax      loss carry forward 2005 |   |   | 23,761 |   |              |                     | 8,316              |   | 2010 |

| n) | Operating      leases: |
|----|------------------------|

|                                     |   | 2008   |   |   | 2007   |   |   | 2006   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|  2007                               |   |   | -      |   |   |   | -      |   |   |   | 2,569 |   |
|  2008                               |   |   | -      |   |   |   | 2,052  |   |   |   | 856 |   |
|  2009                               |   |   | 6,031  |   |   |   | 179    |   |   |   | 180 |   |
|  2010                               |   |   | 5,934  |   |   |   | 147    |   |   |   | 147 |   |
|  2011                               |   |   | 2,275  |   |   |   | 147    |   |   |   | 147 |   |
|  2012                               |   |   | 259    |   |   |   | 147    |   |   |   | 147 |   |
|  2013                               |   |   | 203    |   |   |   | 147    |   |   |   | 147 |   |
|  2014                               |   |   | 147    |   |   |   | -      |   |   |   | - |   |
| Total      minimum lease future payments |   |   | 14,849 |   |   |   | 2,819  |   |   |   | 4,193 |   |

|                      |   | 2008   |   |   | 2007   |   |   | 2006   |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Total      lease expenses |   |   | 5,013  |   |   |   | 2,405  |   |   |   | 2,624 |   |

----

|                                        |   | 2008   |   |   | 2007   |   |   | 2006   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 2007                                        |   |   | -      |   |   |   | -      |   |   |   | 8,133 |   |
| 2008                                        |   |   | -      |   |   |   | 9,680  |   |   |   | 987 |   |
| 2009                                        |   |   | 10,303 |   |   |   | 7,577  |   |   |   | 62 |   |
| 2010                                        |   |   | 1,490  |   |   |   | 14     |   |   |   | - |   |
| 2011                                        |   |   | -      |   |   |   | 9      |   |   |   | - |   |
| 2012                                        |   |   | -      |   |   |   | 9      |   |   |   | - |   |
| Total      minimum lease future collections |   |   | 11,793 |   |   |   | 17,289 |   |   |   | 9,182 |   |

|                              |   | 2008   |   |   | 2007   |   |   | 2006   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Total      lease income (Note 11) |   |   | 10,463 |   |   |   | 10,745 |   |   |   | 14,315 |   |

| o) | Labor      cost liabilities and early retirementspayable: |
|----|-----------------------------------------------------------|

|   | - | for      supplementary benefits of leaves of absence derived from accumulated      vacation, |
|--------|---|----------------------------------------------------------------------------------------------|

|   | - | for      seniority-based bonus to be granted to employees with a specified number      of years of employment, as stipulated in collective bargaining agreements      in effect (as of December 31, 2008 and 2007, the accrual for such bonuses      amounted to 8,001 and 5,684, respectively),and |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | for      other personnel benefits (pension plan) to be granted to employees upon      retirement, as stipulated in collective bargaining agreements in effect      (as of December 31, 2008 and 2007, the accrual for these benefits amounted      to 18,048 and 13,367,respectively). |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                          |   | 2008   |   |   | 2007   |   |   | 2006   |   |
|---------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Cost                                                          |   |   | 1,488  |   |   |   | 1,125  |   |   |   | 813 |   |
| Interest                                                      |   |   | 4,441  |   |   |   | 2,874  |   |   |   | 1,816 |   |
| Amortization      of  recognized net actuarial loss |   |   | 779    |   |   |   | 760    |   |   |   | 208 |   |
|                                                          |   |   | 6,708  |   |   |   | 4,759  |   |   |   | 2,837 |   |

|                                                                                         |   | 2008   |   |   | 2007   |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Payment      commitments under the personnel benefits plan at the beginning of the      year |   |   | 19,083 |   |   |   | 15,352 |   |
| Cost                                                                                         |   |   | 1,488  |   |   |   | 1,125 |   |
| Interest                                                                                     |   |   | 4,441  |   |   |   | 2,874 |   |
| Actuarial      loss                                                                          |   |   | 3,638  |   |   |   | 761 |   |
| Benefits      paid to participating employees                                                |   |   | (2,027 | )      |   |   | (1,029 | ) |
| Payment      commitments under the personnel benefits plan at the end of the      year       |   |   | 26,623 |   |   |   | 19,083 |   |
|                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                         |   |   |   |   |   |   |   |   |
| Payment      commitments under the personnel benefits plan at the end of the      year       |   |   | 26,623 |   |   |   | 19,083 |   |
| Unrecognized      net actuarial loss                                                         |   |   | (8,575 | )      |   |   | (5,716 | ) |
| Total      personnel benefits plan   (Note 8)                                 |   |   | 18,048 |   |   |   | 13,367 |   |

----

|                 |   | 2008   |   |   | 2007   |   |   | 2006 |   |
|----------------------|--------|--------|--------|--------|--------|--------|--------|------|--------|
| Discount      rate   |   |   | 18     | %      |   |   | 21     | %    |   |   | 19 | % |
| Salary      increase |   |   | 15     | %      |   |   | 20     | %    |   |   | 15 | % |
| Inflation            |   |   | 11.5   | %      |   |   | 14     | %    |   |   | 12 | % |

| p) | Customer      deposits and contributions: |
|----|-------------------------------------------|

|  | 1. | When      the power supply is requested and the user is unable to provide evidence      of his legal ownership of thepremises; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------|

|  | 2. | When      service has been suspended more than once in one-year    period; |
|--|----|----------------------------------------------------------------------------|

|  | 3. | When      the power supply is reconnected and the Company is able to verify the      illegal use of the service (fraud). |
|--|----|--------------------------------------------------------------------------------------------------------------------------|

|  | 4. | When      the customer is undergoing liquidated bankruptcy or reorganization      proceedings. |
|--|----|------------------------------------------------------------------------------------------------|

| q) | Revenue      recognition: |
|----|---------------------------|

----

| r) | Estimates: |
|----|------------|

| s) | Earnings      per common share: |
|----|---------------------------------|

| t) | Segment      information: |
|----|---------------------------|

----

| u) | Risk      management: |
|----|-----------------------|

| v) | Concentration      risks: |
|----|---------------------------|

| w) | Foreign      currency translation/ transactions: |
|----|--------------------------------------------------|

----

|                                                                                                                                                                                                                                          |   | 2008   |    |   | 2007   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Current:                                                                                                                                                                                                                                      |   |   |    |   |   |   |
|                                                                                                                                                                                                                                          |   |   |    |   |   |   |
|   Receivables      from sales of electricity:                                                                                                                                                                                       |   |   |    |   |   |   |
|     Billed                                                                                                                                                                                                                |   |   | 166,958 |   |   |   | 177,263 |   |
|                                                                                                                                                                                                                                          |   |   |    |   |   |   |   |   |
|    Unbilled                                                                                                                                                                                                                    |   |   |    |   |   |   |   |   |
|        Sales      of electricity                                                                                                                                                                           |   |   | 209,879 |   |   |   | 123,641 |   |
|        Retroactive      tariff increase arising from the application of the new       electricity      rate schedule (Note 17.b item d)                                 |   |   | 39,361  |   |   |   | 44,101 |   |
|        Adjustment      to present value of the retroactive tariff increase arising       from      the application of the new electricity rate schedule (Note      3.c) |   |   | (2,516  | )      |   |   | (2,526 | ) |
|        Framework      Agreement (Notes 3.c and 13)                                                                                                                                                         |   |   | 49,390  |   |   |   | 4,579 |   |
|        Framework      Agreement - Payment plan agreement with the Province of       Bs.      As.  (Note 13)                                                   |   |   | 2,292   |   |   |   | 13,557 |   |
|        Adjustment      to present value of the Framework Agreement - Payment       plan      agreement with the Province of Bs. As. (Note 3.c)                          |   |   | 0       |   |   |   | (212 | ) |
|        National      Fund of Electricity (Note 17.a)                                                                                                                                                       |   |   | 2,812   |   |   |   | 3,036 |   |
|        Specific      fee payable for the expansion of the network, transportation       and      others (Note 17.b)                                                     |   |   | 929     |   |   |   | 12,628 |   |
|    In      litigation                                                                                                                                                                                                          |   |   | 10,014  |   |   |   | 9,918 |   |
|      Subtotal                                                                                                                                                                                                        |   |   | 479,119 |   |   |   | 385,985 |   |
|   Less:                                                                                                                                                                                                                             |   |   |    |   |   |   |   |   |
|      Allowance      for doubtful accounts (Note 26 Exhibit E)                                                                                                                                                        |   |   | (33,097 | )      |   |   | (40,006 | ) |
|                                                                                                                                                                                                                                          |   |   | 446,022 |   |   |   | 345,979 |   |

|                                                                                                                                                                                                                                          |   | 2008   |    |   | 2007   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Non-Current:                                                                                                                                                                                                                                  |   |   |    |   |   |   |
| Receivables      from sales of electricity:                                                                                                                                                                                                   |   |   |    |   |   |   |
|    Unbilled                                                                                                                                                                                                                    |   |   |    |   |   |   |
|        Retroactive      tariff increase arising from the application of the new       electricity      rate schedule (Note 17.b item d)                                 |   |   | 79,487  |   |   |   | 127,180 |   |
|        Adjustment      to present value of the retroactive tariff increase arising       from      the application of the new electricity rate schedule (Note      3.c) |   |   | (13,648 | )      |   |   | (26,880 | ) |
|                                                                                                                                                                                                                                          |   |   | 65,839  |   |   |   | 100,300 |   |

----

|                                                                                                      |   | 2008   |   |   | 2007   |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Current:                                                                                                  |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |
| Prepaid      expenses                                                                                     |   |   | 976    |   |   |   | 1,343 |   |
| Advances      to suppliers                                                                                |   |   | 3,088  |   |   |   | 224 |   |
| Advances      to personnel                                                                                |   |   | 7,451  |   |   |   | 685 |   |
| Related      parties (Note 15)                                                                            |   |   | 449    |   |   |   | 448 |   |
| Prepaid      Technical Assistance Services (1)                                                            |   |   | 0      |   |   |   | 15,182 |   |
|          Writs of attachment under ENRE proceedings (Note    17.a)                         |   |   | 59     |   |   |   | 59 |   |
| Other      debtors (2)                                                                                    |   |   | 15,271 |   |   |   | 7,271 |   |
| Tax      credit on minimum presumed income (3) (Note 3.m)                                                 |   |   | 10,255 |   |   |   | 0 |   |
| Tax      on financial transfers                                                                           |   |   | 3,866  |   |   |   | 567 |   |
| Allowance      for other doubtful accounts (Note 26 Exhibit E)                                            |   |   | (4,573 | )      |   |   | (2,900 | ) |
|          Other (4)                                                                         |   |   | 5,959  |   |   |   | 3,111 |   |
|                                                                                                      |   |   | 42,801 |   |   |   | 25,990 |   |
| Non-current:                                                                                              |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Prepaid      expenses                                                                                     |   |   | 1,680  |   |   |   | 0 |   |
| Tax      credit on minimum presumed income (3) (Note 3.m)                                                 |   |   | 16,956 |   |   |   | 101,910 |   |
| Net      deferred tax assets (Note 3.m)                                                                   |   |   | 80,768 |   |   |   | 76,679 |   |
|          Allowance for impairment of value of deferred tax assets (Note 26 Exhibit      E) |   |   | 0      |   |   |   | (34,482 | ) |
|          Other                                                                             |   |   | 68     |   |   |   | 0 |   |
|                                                                                                      |   |   | 99,472 |   |   |   | 144,107 |   |

|   | (1) | In      foreign currency (Note 26 ExhibitG). |
|--------|-----|----------------------------------------------|

|   | (2) | Includes      852 and 769 in foreign currency (Note 26 Exhibit G) as of December 31,      2008 and 2007, respectively. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Net      of the income tax for the year (Note 3.m) for 99,745 as of December 31,      2008. |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (4) | Includes      11 in foreign currency (Note 26 Exhibit G) as of December 31,      2008. |
|--------|-----|----------------------------------------------------------------------------------------|

|                                                                                      |   | 2008   |    |   | 2007   |   |
|-------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Current:                                                                                  |   |   |    |   |   |   |
|                                                                                      |   |   |    |   |   |   |
|     Payables      for purchase of electricity and other purchases (1) |   |   | 217,086 |   |   |   | 221,098 |   |
|     Unbilled      electric power purchases                            |   |   | 97,619  |   |   |   | 82,191 |   |
|     Customer      contributions (Note 3.p)                            |   |   | 23,078  |   |   |   | 11,759 |   |
|     Other                                                             |   |   | 1,478   |   |   |   | 1,104 |   |
|                                                                                      |   |   | 339,261 |   |   |   | 316,152 |   |
|                                                                                      |   |   |    |   |   |   |   |   |
| Non-Current:                                                                              |   |   |    |   |   |   |   |   |
|                                                                                      |   |   |    |   |   |   |   |   |
| Customer      deposits (Note 3.p)                                                         |   |   | 40,154  |   |   |   | 35,466 |   |

|   | (1) | Includes      23,093 and 34,633 in foreign currency (Note 26 Exhibit G) as of December      31, 2008 and 2007, respectively. Also, includes balances with SACME S.A.      for 910 and 757 as of December 31, 2008 and 2007, respectively, with      Errecondo, Salaverri, Dellatorre, Gonzalez & Burgio for 6 and 74 as of      December 31, 2008 and 2007, respectively, and balance with Prestamos y      Servicios S.A. for 7 as of December 31, 2008 (Note  15). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | LOANS |
|----|-------|

----

|                                                                                                            |   | 2008   |    |   | 2007   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Current:                                                                                                        |   |   |    |   |   |   |
| Financial      loans:                                                                                           |   |   |    |   |   |   |
| Principal      (1)                                                                                              |   |   | 17,771  |   |   |   | 12,200 |   |
| Interest      (2)                                                                                               |   |   | 462     |   |   |   | 16 |   |
| Subtotal      financial loans                                                                                   |   |   | 18,233  |   |   |   | 12,216 |   |
|                                                                                                            |   |   |    |   |   |   |   |   |
| Corporate      Notes:                                                                                           |   |   |    |   |   |   |   |   |
|   In      foreign currency (Note 26 Exhibit G and Note 14)                                            |   |   |    |   |   |   |   |   |
| Interest      (3) (Note 14)                                                                                     |   |   | 9,012   |   |   |   | 17,074 |   |
|                                                                                                            |   |   | 27,245  |   |   |   | 29,290 |   |
| Non-current:                                                                                                    |   |   |    |   |   |   |   |   |
|                                                                                                            |   |   |    |   |   |   |   |   |
| Financial      loans:                                                                                           |   |   |    |   |   |   |   |   |
| Principal                                                                                                       |   |   | 33,334  |   |   |   | 0 |   |
|                                                                                                            |   |   |    |   |   |   |   |   |
| Corporate      Notes:                                                                                           |   |   |    |   |   |   |   |   |
|   In      foreign currency (Note 26 Exhibit G and Note 14.a)                                          |   |   |    |   |   |   |   |   |
| Fixed      Rate Notes – Class 7                                                                           |   |   | 699,232 |   |   |   | 692,779 |   |
| Fixed      and Incremental Rate Par Notes – Class A                                                       |   |   | 148,960 |   |   |   | 228,262 |   |
| Fixed      and Incremental Rate Par Notes – Class B                                                       |   |   | 15,107  |   |   |   | 23,810 |   |
| Floating      Rate Par Notes – Class A                                                                    |   |   | 43,701  |   |   |   | 39,854 |   |
|      Subtotal      corporate notes                                                     |   |   | 907,000 |   |   |   | 984,705 |   |
|         Adjustment      to present value of notes  (Note 3.j) |   |   | (27,186 | )      |   |   | (35,643 | ) |
|     Corporate      Notes at present value                                                   |   |   | 879,814 |   |   |   | 949,062 |   |
|                                                                                                            |   |   | 913.148 |   |   |   | 949.062 |   |
|                                                                                                            |   |   |    |   |   |   |   |   |

|  | (1) | Includes      1,105 in foreign currency (Note 26 Exhibit G) as of December 31,      2008. |
|--|-----|-------------------------------------------------------------------------------------------|

|  | (2) | Includes      35 in foreign currency (Note 26 Exhibit G) as of December 31,      2008. |
|--|-----|----------------------------------------------------------------------------------------|

|  | (3) | Net      of 7,905 related to derivative financial instruments as of December 31,      2008 (Note 14.b). |
|--|-----|---------------------------------------------------------------------------------------------------------|

|                                           |   | 2008   |   |   | 2007   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Current:                                       |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |
| Salaries      payable and accruals             |   |   | 79,315 |   |   |   | 51,870 |   |
| Social      Security (ANSES)                   |   |   | 8,657  |   |   |   | 5,640 |   |
| Early      retirements payable (Note 3.o)      |   |   | 6,815  |   |   |   | 2,394 |   |
|                                           |   |   | 94,787 |   |   |   | 59,904 |   |
| Non-Current (Note      3.o):                   |   |   |   |   |   |   |   |   |
|                                           |   |   |   |   |   |   |   |   |
|  Other      personnel benefits (Note 3.o) |   |   | 18,048 |   |   |   | 13,367 |   |
|  Seniority-based      bonus               |   |   | 8,001  |   |   |   | 5,684 |   |
|  Early      retirements payable           |   |   | 14,041 |   |   |   | 5,643 |   |
|                                           |   |   | 40,090 |   |   |   | 24,694 |   |

----

|                                                                             |   | 2008   |    |   | 2007   |   |
|----------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Current:                                                                         |   |   |    |   |   |   |
|                                                                             |   |   |    |   |   |   |
|    Provincial,      municipal and federal contributions and taxes |   |   | 22,796  |   |   |   | 25,212 |   |
|    Value      Added Tax (VAT)                                     |   |   | 32,912  |   |   |   | 22,411 |   |
|    Income      Tax / Minimum presumed income                      |   |   | 22,151  |   |   |   | 6,786 |   |
|    Withholdings                                                   |   |   | 5,436   |   |   |   | 5,077 |   |
|    Municipal      taxes                                           |   |   | 21,844  |   |   |   | 20,823 |   |
|    Other                                                          |   |   | 5,882   |   |   |   | 4,332 |   |
|                                                                             |   |   | 111,021 |   |   |   | 84,641 |   |

|                                                                                            |   | 2008   |    |   | 2007   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Current:                                                                                        |   |   |    |   |   |   |
|                                                                                            |   |   |    |   |   |   |
| Capital      expenditures fund – CAMMESA (Note 17.b)                                      |   |   | 2,066   |   |   |   | 1,931 |   |
| Fees      related to the initial public offering of capital stock(1)                            |   |   | 0       |   |   |   | 818 |   |
| Fees      related to the issuance of Corporate Notes (2) (Note 26 Exhibit G and Note      14.a) |   |   | 0       |   |   |   | 4,176 |   |
| Program      for the rational use of electric power (PUREE)                                     |   |   | 33,494  |   |   |   | 91 |   |
| Other      (3)                                                                                  |   |   | 8,448   |   |   |   | 2,694 |   |
|                                                                                            |   |   | 44,008  |   |   |   | 9,710 |   |
| Non-current:                                                                                    |   |   |    |   |   |   |   |   |
|                                                                                            |   |   |    |   |   |   |   |   |
| ENRE      penalties (Note 17 a and b)                                                           |   |   | 331,613 |   |   |   | 281,395 |   |
| Other      (4)                                                                                  |   |   | 3,903   |   |   |   | 0 |   |
|                                                                                            |   |   | 335,516 |   |   |   | 281,395 |   |

|   | (1) | In      foreign currency (Note 26 ExhibitG). |
|--------|-----|----------------------------------------------|

|   | (2) | Includes      balance with Errecondo, Salaverri, Dellatorre, Gonzalez & Burgio for      628 as of December 31, 2007 (Note15). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Includes      1,292 and 1,855 in foreign currency (Note 26 Exhibit G) as of December 31,      2008 and 2007, respectively. Additionally, includes 4,373 related to the      software lease agreement (Note3.g). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Software      lease agreement (Note 3.g). |
|--------|-----|-------------------------------------------|

|                          |   | 2008   |      |   | 2007   |   |      | 2006   |   |
|-------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
|                          |   |   |      |   |   |   |      |   |   |
| Sales      of electricity (1) |   |   | 1,966,017 |   |   |   | 1,948,737 |   |   |   | 1,347,295 |   |
| Late      payment charges     |   |   | 17,764    |   |   |   | 17,099    |   |   |   | 12,557 |   |
| Pole      leases (Note 3.n)   |   |   | 10,463    |   |   |   | 10,745    |   |   |   | 14,315 |   |
| Connection      charges       |   |   | 3,729     |   |   |   | 3,986     |   |   |   | 2,586 |   |
| Reconnection      charges     |   |   | 2,225     |   |   |   | 1,361     |   |   |   | 1,573 |   |
| TOTAL                         |   |   | 2,000,198 |   |   |   | 1,981,928 |   |   |   | 1,378,326 |   |

----

|                                                                                                 |   | 2008   |    |   | 2007   |   |    | 2006   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                                                                 |   |   |    |   |   |   |    |   |   |
| Non-operating      income                                                                            |   |   | 8,392   |   |   |   | 1,467   |   |   |   | 4,093 |   |
| Commissions      on municipal taxes collection                                                       |   |   | 2,291   |   |   |   | 1,761   |   |   |   | 1,537 |   |
| Net      expense from technical services                                                             |   |   | (1,566  | )      |   |   | (1,770  | )      |   |   | (437 | ) |
| Voluntary      retirements and terminations                                                          |   |   | (31,334 | )      |   |   | (7,192  | )      |   |   | (14,122 | ) |
| Severance      paid                                                                                  |   |   | (4,228  | )      |   |   | (4,283  | )      |   |   | (3,019 | ) |
| Accrued      litigation (Note 26 Exhibit E)                                                          |   |   | (19,900 | )      |   |   | (16,750 | )      |   |   | (13,400 | ) |
| Supplies      recovered from third parties                                                           |   |   | 0       |   |   |   | 0       |   |   |   | 5,782 |   |
| Disposal      of property, plant and equipment                                                       |   |   | (1,910  | )      |   |   | (1,105  | )      |   |   | (650 | ) |
| Rebate      of technical assistance services and financial expenses EDF Internacional      (Note 15) |   |   | 0       |   |   |   | 14,485  |   |   |   | 0 |   |
| Income      from reimbursements of network replacement                                               |   |   | 0       |   |   |   | 7,203   |   |   |   | 0 |   |
| Recovery      of allowance for doubtful accounts (1)                                                 |   |   | 14,087  |   |   |   | 0       |   |   |   | 0 |   |
| Other                                                                                                |   |   | 4,343   |   |   |   | 7,180   |   |   |   | (2,728 | ) |
| TOTAL                                                                                                |   |   | (29,825 | )      |   |   | 996     |   |   |   | (22,944 | ) |

----

----

|                        |   |   |   |   | Debt structure as of |   |    | Debt purchase as of          |   |   | Post-purchase                      |   |   | Balance as of                    |    |
|-----------------------------|--------|--------|--------|--------|-------------------------------------|--------|---------|---------------------------------------------|--------|--------|------------------------------------|--------|--------|--------------------------------------------|---------|
|                        |   |   |   |   | December 31, 2007         |   |    | December 31, 2008                 |   |   | debt structure                |   |   | Dec. 31, 2008 (Note 7) |    |
| Type                        |   | Class  |   |   | in thousands of US$  |   |    | in thousands of US$ (*) |   |   | in thousands of US$ |   |   | in thousands of pesos       |    |
|                        |   |   | A      |   |                                |   | 72,487  |                                        |   |   | (29,347                            | )      |   |                                       | 43,140  |   |   |   | 148,960 |   |
| Fixed      Rate Par Note    |   |   |   |   |                                |   |    |                                        |   |   |                               |   |   |                                       |    |   |   |   |   |   |
|                        |   |   | B      |   |                                |   | 7,561   |                                        |   |   | (3,186                             | )      |   |                                       | 4,375   |   |   |   | 15,107 |   |
|                        |   |   |   |   |                                |   |    |                                        |   |   |                               |   |   |                                       |    |   |   |   |   |   |
| Floating      Rate Par Note |   |   | A      |   |                                |   | 12,656  |                                        |   |   | 0                                  |   |   |                                       | 12,656  |   |   |   | 43,701 |   |
|                        |   |   |   |   |                                |   |    |                                        |   |   |                               |   |   |                                       |    |   |   |   |   |   |
|                        |   |   | A      |   |                                |   | 0       |                                        |   |   | 0                                  |   |   |                                       | 0       |   |   |   | 0 |   |
| Discount      Note          |   |   |   |   |                                |   |    |                                        |   |   |                               |   |   |                                       |    |   |   |   |   |   |
|                        |   |   | B      |   |                                |   | 0       |                                        |   |   | 0                                  |   |   |                                       | 0       |   |   |   | 0 |   |
|                        |   |   |   |   |                                |   |    |                                        |   |   |                               |   |   |                                       |    |   |   |   |   |   |
| Fixed      Rate Par Note    |   |   | 7      |   |                                |   | 220,000 |                                        |   |   | (17,500                            | )      |   |                                       | 202,500 |   |   |   | 699,232 |   |
|                        |   |   |   |   |                                |   |    |                                        |   |   |                               |   |   |                                       |    |   |   |   |   |   |
| Total                       |   |   |   |   |                                |   | 312,704 |                                        |   |   | (50,033                            | )      |   |                                       | 262,671 |   |   |   | 907,000 |   |

|                        |   |   |   |   | Initial debt                  |   |    | Debt purchase as of |   |   | Post-purchase                      |   |   | Balance as of                    |    |
|-----------------------------|--------|--------|--------|--------|------------------------------------|--------|---------|------------------------------------|--------|--------|------------------------------------|--------|--------|--------------------------------------------|---------|
|                   |   |   |   |   | structure                          |   |    | December 31, 2007        |   |   | debt structure                |   |   | Dec. 31, 2007 (Note 7) |    |
| Type                        |   | Class  |   |   | in thousands of US$ |   |    | in thousands of US$ |   |   | in thousands of US$ |   |   | in thousands of pesos       |    |
|                        |   |   | A      |   |                               |   | 73,485  |                               |   |   | (998                               | )      |   |                                       | 72,487  |   |   |   | 228,262 |   |
| Fixed      Rate Par Note    |   |   |   |   |                               |   |    |                               |   |   |                               |   |   |                                       |    |   |   |   |   |   |
|                        |   |   | B      |   |                               |   | 50,289  |                               |   |   | (42,728                            | )      |   |                                       | 7,561   |   |   |   | 23,810 |   |
|                        |   |   |   |   |                               |   |    |                               |   |   |                               |   |   |                                       |    |   |   |   |   |   |
| Floating      Rate Par Note |   |   | A      |   |                               |   | 12,656  |                               |   |   | 0                                  |   |   |                                       | 12,656  |   |   |   | 39,854 |   |
|                        |   |   |   |   |                               |   |    |                               |   |   |                               |   |   |                                       |    |   |   |   |   |   |
|                        |   |   | A      |   |                               |   | 152,322 |                               |   |   | (152,322                           | )      |   |                                       | 0       |   |   |   | 0 |   |
| Discount      Note          |   |   |   |   |                               |   |    |                               |   |   |                               |   |   |                                       |    |   |   |   |   |   |
|                        |   |   | B      |   |                               |   | 87,678  |                               |   |   | (87,678                            | )      |   |                                       | 0       |   |   |   | 0 |   |
|                        |   |   |   |   |                               |   |    |                               |   |   |                               |   |   |                                       |    |   |   |   |   |   |
| Fixed      Rate Par Note    |   |   | 7      |   |                               |   | 220,000 |                               |   |   | 0                                  |   |   |                                       | 220,000 |   |   |   | 692,779 |   |
|                        |   |   |   |   |                               |   |    |                               |   |   |                               |   |   |                                       |    |   |   |   |   |   |
| Total                  |   |   |   |   |                               |   | 596,430 |                               |   |   | (283,726                           | )      |   |                                       | 312,704 |   |   |   | 984,705 |   |

| Year   |   | Amount inthousands of US$ |    |
|--------|--------|---------------------------|---------|
| 2011   |   |                      | 5,384   |   |
| 2012   |   |                      | 5,384   |   |
| 2013   |   |                      | 5,384   |   |
| 2014   |   |                      | 5,384   |   |
| 2015   |   |                      | 5,384   |   |
| 2016   |   |                      | 24,391  |   |
| 2017   |   |                      | 203,766 |   |
| 2018   |   |                      | 1,266   |   |
| 2019   |   |                      | 6,328   |   |
|   |   |                      | 262,671 |   |

----

|  | (a) | The      Company’s long-term debt rating is raised to Investment Grade,      or |
|--|-----|---------------------------------------------------------------------------------------|

|  | (b)  | The      Company’s Level of Indebtedness is equal to or lower than 2.5 of its      EBITDA. |
|--|-----------|--------------------------------------------------------------------------------------------------|

| Settlement Date |   | Amount of Underlying LiabilityIn thousands of US$ |   |   | Amount of Underlying LiabilityIn thousands of pesos |   |
|----------------------|--------|---------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|
| 12/06/09             |   |                                                                            | 2,401  |   |                                                                              |   | 8,273 |   |
| 11/12/09             |   |                                                                            | 2,401  |   |                                                                              |   | 8,273 |   |

----

| Settlement Date |   | Amount of Underlying LiabilityIn thousands of US$ |   |   | Amount of Underlying LiabilityIn thousands of pesos |   |
|-----------------|--------|---------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|
| 08/04/09        |   |                                                                            | 11,550 |   |                                                                              |   | 39,420 |   |
| 08/10/09        |   |                                                                            | 11,550 |   |                                                                              |   | 39,420 |   |

|                                                         |   | 2008   |   |   | 2007   |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Current      investments(Note 26 Exhibit D)                  |   |   |   |   |   |   |
| Central      Térmica Güemes                        |   |   | 393    |   |   |   | 0 |   |
| Total                                                        |   |   | 393    |   |   |   | 0 |   |
|                                                         |   |   |   |   |   |   |   |   |
| Other      receivables (Note 5)                              |   |   |   |   |   |   |   |   |
| Electricidad      Argentina S.A.                             |   |   | 1      |   |   |   | 0 |   |
| SACME      S.A.                                              |   |   | 448    |   |   |   | 448 |   |
| Total                                                        |   |   | 449    |   |   |   | 448 |   |
|                                                         |   |   |   |   |   |   |   |   |
| Trade accounts      payable (Note 6)                         |   |   |   |   |   |   |   |   |
| Errecondo,      Salaverri, Dellatorre, Gonzalez & Burgio |   |   | (6     | )      |   |   | (74 | ) |
| SACME      S.A.                                              |   |   | (910   | )      |   |   | (757 | ) |
| Préstamos      y Servicios S.A.                         |   |   | (7     | )      |   |   | 0 |   |
| Total                                                        |   |   | (923   | )      |   |   | (831 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Other      liabilities (Note 10)                             |   |   |   |   |   |   |   |   |
| Errecondo,      Salaverri, Dellatorre, Gonzalez & Burgio |   |   | 0      |   |   |   | (628 | ) |
| Total                                                        |   |   | 0      |   |   |   | (628 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Non-Current      Investments (Note 26 Exhibit D)             |   |   |   |   |   |   |   |   |
| Central      Térmica Güemes                        |   |   | 10,784 |   |   |   | 0 |   |
| Total                                                        |   |   | 10,784 |   |   |   | 0 |   |

----

|                                                         |         | 2008   |   |   | 2007         |   |    | 2006   |   |
|--------------------------------------------------------------|--------------|--------|--------|--------|--------------|--------|---------|--------|--------|
| Other income                                                 |         |   |   |   |         |   |    |   |   |
|  Electricidad      Argentina S.A.                       |         |   | 9      |   |         |   | 8       |   |   |   | 4 |   |
| Préstamos      y Servicios S.A.                         |    |   | 2      |   |    |   | 0       |   |   |   | 0 |   |
| Total                                                        |         |   | 11     |   |         |   | 8       |   |   |   | 4 |   |
|                                                         |         |   |   |   |         |   |    |   |   |   |   |   |
| Expenses from services                                       |         |   |   |   |         |   |    |   |   |   |   |   |
| SACME      S.A.                                              |         |   | (4,256 | )      |         |   | (3,337  | )      |   |   | (2,334 | ) |
| EDF      Global Solución S.A.                           |         |   | 0      |   |         |   | 0       |   |   |   | (659 | ) |
| Electricidad      Argentina S.A.                             |         |   | (224   | )      |         |   | (275    | )      |   |   | 0 |   |
| EDF      S.A. (**)                                           |         |   | 0      |   |         |   | (3,727  | )      |   |   | (7,128 | ) |
| Préstamos      y Servicios S.A.                         |         |   | (42    | )      |         |   | 0       |   |   |   | 0 |   |
| Errecondo,      Salaverri, Dellatorre, Gonzalez & Burgio |         |   | (220   | )      |         |   | 0       |   |   |   | (1,392 | ) |
| Estudio      Beccar Varela                                   |         |   | 0      |   |         |   | 0       |   |   |   | (30 | ) |
| Total                                                        |         |   | (4,742 | )      |         |   | (7,339  | )      |   |   | (11,543 | ) |
|                           |         |   |   |   |         |   |    |   |   |   |   |   |
| Financial      expenses and interest                         |         |   |   |   |         |   |    |   |   |   |   |   |
| EDF      International (**)                                  |         |   | 0      |   |         |   | 0       |   |   |   | (7,873 | ) |
| Electricidad      Argentina S.A.                             |         |   | (7,898 | )      |         |   | (6,219  | )      |   |   | (8,133 | ) |
| Errecondo,      Salaverri, Dellatorre, Gonzalez & Burgio |         |   | (160   | )      |         |   | (4.352  | )      |   |   | (244 | ) |
| Estudio      Beccar Varela                                   |         |   | 0      |   |         |   | 0       |   |   |   | (245 | ) |
| Total                                                        |         |   | (8,058 | )      |         |   | (10,571 | )      |   |   | (16,495 | ) |
|                                                         |         |   |   |   |         |   |    |   |   |   |   |   |
| Financial debt restructuring      result                     |         |   |   |   |         |   |    |   |   |   |   |   |
| EDF      International (**)                                  |         |   | 0      |   |         |   | 0       |   |   |   | 38,114 |   |
|                                                         |         |   |   |   |         |   |    |   |   |   |   |   |
| Adjustment to present value of notes      (*)                |         |   |   |   |         |   |    |   |   |   |   |   |
| EDF      International (**)                                  |         |   | 0      |   |         |   | 0       |   |   |   | 12,658 |   |

----

----

----

----

|  | 1. | Deviation      from quality levels of technical product, as measured by voltage levels      and network variations; |
|--|----|---------------------------------------------------------------------------------------------------------------------|

|   | 2. | Deviation      from quality levels of technical service, as measured by the average      interruption    frequency per Kilovatios (KVA) and      total interruption time per KVA; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Deviation      from quality levels of commercial service, as measured by the number of      claims and complaints made by customers, service connection times, the      number of estimated bills and billingmistakes; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Failure      to comply with information gathering and processing requirements so as to      evaluate the quality of both the technical product and the technical      service; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.  | Failure      to comply with public safetyregulations. |
|--------|----------|-------------------------------------------------------|

----

----

| i) | the      implementation of a Temporary Tariff Regime (RTT) effective as from      November 1, 2005, including a 23% average increase in the distribution      margin, which may not result in an increase in the average tariff of more      than 15%, and an additional 5% average increase in the value added      distribution (VAD), allocated to certain specified capital      expenditures; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii) | the      requirement that during the term of said temporary tariff regime, dividend      payment be subject to the approval of the regulatory      authority; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii) | the      establishment of a “social tariff” for the needy and the levels of quality      of the service to be rendered; |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

| iv) | the      suspension of the claims and legal actions filed by the Company and its      shareholders in national or foreign courts due to the effects caused by      the Economic Emergency Law; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| v) | the      carrying out of a Revision of the Company Tariff Structure (RTI) which      will result in a new tariff regime that will go into effect on a gradual      basis and remain in effect for the following 5 years. In accordance with      the provisions of Law No. 24,065, the National Regulatory Authority for      the Distribution of Electricity will be in charge of such      review; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| vi) | the      implementation of a minimum investment plan in the electric network for an      amount of 178.8 million to be fulfilled by EDENOR during 2006, plus an      additional investment of 25.5 million should it be required (item f      below); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| vii) | the      adjustment of the penalties imposed by the ENRE that are payable to      customers as discounts, which were notified by such regulatory agency      prior to January 6, 2002 as well as of those that have been notified,      or whose cause or origin has arisen in the period between January 6, 2002      and the date on which the Adjustment Agreement goes into      effect; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| viii) | the      waiver of the penalties imposed by the ENRE that are payable to the      Argentine State, which have been notified, or their cause or origin has      arisen in the period between January 6, 2002 and the date on which the      Adjustment Agreement goes intoeffect; |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ix) | the      payment term of the penalties imposed by the ENRE, which are described in      paragraph vii above, is 180 days after the approval of the Revision of the      Company Tariff Structure (RTI) in fourteen semiannual installments, which      represent approximately two-thirds of the penalties imposed by the ENRE      before January 6, 2002 as well as of those that have been notified, or      whose cause or origin has arisen in the period between January 6, 2002 and      the date on which the Adjustment Agreement goes into effect, subject to      compliance with certainrequirements. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)  | A      23% average increase in distribution costs, service connection costs and      service reconnection costs in effect which the Company collects as the      holder of the concession of the public service of electric power      distribution, except for the residential  tariffs; |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)  | Implementation      of an additional 5% average increase in distribution costs, to be applied      to the execution of the works and infrastructure plan detailed in Appendix      II of the Adjustment Agreement. In this regard, the Company has set up the      required fund, which as of December 31, 2008 amounts to 27,638. This      amount is net of the amounts transferred to CAMMESA for      45,017; |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)  | Implementation      of the Cost Monitoring Mechanism (MMC) contemplated in Appendix I of the      Adjustment Agreement, which for the six-month period beginning November 1,      2005 and ending April 30, 2006, shows a percentage of 8.032%. This      percentage will be applied to non-residential consumption recorded from      May 1, 2006 through January 31,2007; |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)  | Invoicing      in 55 equal and consecutive monthly installments of the differences      arising from the application of the new electricity rate schedule for      non-residential consumption recorded from November 1, 2005 through January      31, 2007 (items i) and ii) above) and from May 1, 2006 through January 31,      2007 (item iii) above); |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)  | Invoicing      of the differences corresponding to deviations between foreseen physical      transactions and those effectively carried out and of other concepts      related to the Wholesale Electric Power Market (MEM), such as the Specific      fee payable for the Expansion of the Network, Transportation and Others,      included in Trade Receivables under Receivables from sales of electricity      as Unbilled (Note 4); |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)  | Presentation,      within a period of 45 calendar days from the issuance of this resolution,      of an adjusted annual investment plan, in physical and monetary values, in      compliance with the requirements of the Adjustment    Agreement. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 18.  | CASH FLOW      INFORMATION |
|-----------|----------------------------|

| a) | Cash      and cash equivalents: |
|----|---------------------------------|

|                                                                |   | As      ofDecember      31,      2008 |    |   | As      of December      31,      2007 |   |    | As      ofDecember      31,      2006 |   |
|---------------------------------------------------------------------|--------|---------------------------------------|---------|--------|----------------------------------------|--------|---------|---------------------------------------|--------|
| Cash      and Banks                                                 |   |                                  | 6,061   |   |                                   |   | 3,459   |                                  |   |   | 481 |   |
| Time      deposits                                                  |   |                                  | 0       |   |                                   |   | 12,087  |                                  |   |   | 1,360 |   |
| Money      market funds                                             |   |                                  | 88,548  |   |                                   |   | 0       |                                  |   |   | 30,832 |   |
| Corporate      notes                                                |   |                                  | 393     |   |                                   |   | 0       |                                  |   |   | 0 |   |
| Notes      receivable                                               |   |                                  | 0       |   |                                   |   | 85,652  |                                  |   |   | 0 |   |
| Government      bonds                                               |   |                                  | 30,717  |   |                                   |   | 0       |                                  |   |   | 0 |   |
| Municipal      bonds                                                |   |                                  | 680     |   |                                   |   | 0       |                                  |   |   | 0 |   |
| Total      cash and cash equivalents in the Statement of Cash Flows |   |                                  | 126,399 |   |                                   |   | 101,198 |                                  |   |   | 32,673 |   |

| b) | Interest      paid and collected: |
|----|-----------------------------------|

|                                    |   | For the years ended December 31, |    |
|-----------------------------------------|--------|-----------------------------------------------------------|---------|
|                                    |   | 2008                                                      |    |   | 2007 |   |   | 2006 |   |
| Interest      paid during the year      |   |                                                      | (94,162 | ) |   |   | (38,149 | ) |   |   | (35,951 | ) |
| Interest      collected during the year |   |                                                      | 6,872   |   |   |   | 3,175 |   |   |   | 2,175 |   |

| 19. | INSURANCE      COVERAGE |
|-----|-------------------------|

| Risk covered                                        |   | Amount insured |        |
|----------------------------------------------------------|--------|---------------------|-------------|
|                                                     |   |                |        |
| Comprehensive      (1)                                   |   | US$                 | 526,300,632 |   |
| Mandatory      life insurance                            |   | $                   | 17,496,000  |   |
| Theft      of securities                                 |   | US$                 | 100,000     |   |
| Vehicles      (theft, third party liability and damages) |   | $                   | 8,071,800   |   |
| Land      freight                                        |   | US$                 | 2,000,000   |   |
| Imports      freight                                     |   | $                   | 2,250,000   |   |

|  | (1) | Includes:      fire, partial theft, tornado, hurricane, earthquake, earth tremors,      flooding and debris removal from facilities on facilities providing actual      service, except for high, medium and low voltage  networks. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20.   CLAIM OF THE PROVINCE      OF BUENOS AIRES BOARD OF ELECTRICPOWER |
|----------------------------------------------------------------------------------------|

| 21.  | LEGAL ACTION FOR      ALLEGED ENVIRONMENTALPOLLUTION |
|-----------|------------------------------------------------------|

----

| 22. | FINANCIAL TRUST      AGREEMENT |
|-----|--------------------------------|

| 23. | RESTRICTIONS ON THE      DISTRIBUTION OF EARNINGS |
|-----|---------------------------------------------------|

----

| 24. | BREAKDOWN OF TEMPORARY      INVESTMENTS, RECEIVABLES AND LIABILITIES BY COLLECTION AND PAYMENT      TERMS |
|-----|-----------------------------------------------------------------------------------------------------------|

| Term                                             |   | Investments |    |   | Receivables |   |    | FinancialDebt(Loans) |   |   | Other payables |   |
|--------------------------------------------------|--------|-------------|---------|--------|-------------|--------|---------|----------------------|--------|--------|----------------|--------|
|                                             |   |        |    |   | (1)         |   |    |                 |   |   | (2)            |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
| With no explicit due date                        |   |        | 0       |   |        |   | 0       |                 |   |   | 0              |   |   |   | 331,613 |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
| With due date                                    |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
| Past      due:                                   |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
| Up      to three months                          |   |        | 0       |   |        |   | 136,112 |                 |   |   | 0              |   |   |   | 0 |   |
| From      three to six months                    |   |        | 0       |   |        |   | 25,475  |                 |   |   | 0              |   |   |   | 0 |   |
| From      six to nine months                     |   |        | 0       |   |        |   | 6,246   |                 |   |   | 0              |   |   |   | 0 |   |
| From      nine to twelve months                  |   |        | 0       |   |        |   | 5,741   |                 |   |   | 0              |   |   |   | 0 |   |
| Over      one year                               |   |        | 0       |   |        |   | 9,068   |                 |   |   | 0              |   |   |   | 0 |   |
| Total      past due                              |   |        | 0       |   |        |   | 182,642 |                 |   |   | 0              |   |   |   | 0 |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
| To      become due:                              |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
| Up      to three months                          |   |        | 120,338 |   |        |   | 306,994 |                 |   |   | 27,245         |   |   |   | 511,942 |   |
| From      three to six months                    |   |        | 0       |   |        |   | 13,299  |                 |   |   | 0              |   |   |   | 40,479 |   |
| From      six to nine months                     |   |        | 681     |   |        |   | 12,622  |                 |   |   | 0              |   |   |   | 18,328 |   |
| From      nine to twelve months                  |   |        | 0       |   |        |   | 10,936  |                 |   |   | 0              |   |   |   | 18,328 |   |
| Over      one year                               |   |        | 67,212  |   |        |   | 165,311 |                 |   |   | 913,148        |   |   |   | 84,147 |   |
|  Total      to become due                   |   |        | 188,231 |   |        |   | 509,162 |                 |   |   | 940,393        |   |   |   | 673,224 |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
|     Total      with due date |   |        | 188,231 |   |        |   | 691,804 |                 |   |   | 940,393        |   |   |   | 673,224 |   |
|                                             |   |        |    |   |        |   |    |                 |   |   |           |   |   |   |   |   |
|     Total                    |   |        | 188,231 |   |        |   | 691,804 |                 |   |   | 940,393        |   |   |   | 1,004,837 |   |

|  | (1) | Excludes      allowances |
|--|-----|--------------------------|

|  | (2) | Comprises      total liabilities except accrued litigation and debt  notes. |
|--|-----|-----------------------------------------------------------------------------|

| 25. | SUBSEQUENT      EVENTS |
|-----|------------------------|

----

|   | -      Waiver of fines and penalties on which no final judgment has been issued      at the time of the Company’s adherence to the regularization      plan; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | -      Waiver of late payment/default and penalty interest in the amount      exceeding 30 % of the principalowed; |
|--------|--------------------------------------------------------------------------------------------------------------------|

|   | -      An initial payment equal to 6% of the debt existing at the time of the      Company’s adherence to the regularizationplan; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | -      The remaining balance payable in 120 monthly installments with a 0.75%      monthly interest rate. |
|--------|-----------------------------------------------------------------------------------------------------------|

|   | -      30% to 50% reduction in tax agents and AFIP (the Argentine tax      authorities) attorneys’ fees. |
|--------|----------------------------------------------------------------------------------------------------------------|

----

| 26. | OTHER      INFORMATION |
|-----|------------------------|

----

|   |                               |  EXHIBIT      A              |
|--------|------------------------------------|-----------------------------------|
|   | PROPERTY,      PLANT AND EQUIPMENT |  Page      1 of  2 |

|                                            |   | Original      value |      |   | Depreciation |   |    | Net         |   |
|-------------------------------------------------|--------|---------------------|-----------|--------|--------------|--------|---------|-------------|--------|
|  MAIN      ACCOUNT                         |   | At      beginning   |      |   |         |   |    |        |   |   |   |   |   | At      end |   |   | At      beginning |   |   |   |   |   | For      the |   |   | Annual |   |   | Useful |   |   | At      end |   |   | book      value |   |
|                                            |   | of      year        |      |   | Additions    |   |    | Retirements |   |   | Transfers |   |   | of      year |   |   | of      year |   |   | Retirements |   |   | year |   |   | rate |   |   | lives |   |   | of      year |   |   | 2008 |   |
|  FACILITIES      IN SERVICE                |   |                |      |   |         |   |    |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1 |   |
| Substations                                     |   |                | 872,565   |   |         |   | 0       |        |   |   | (415 | ) |   |   | 15,072 |   |   |   | 887,222 |   |   |   | 310,167 |   |   |   | (133 | ) |   |   | 26,169 |   |   |   | 3 -      4 | % |   |   | 25-35 |   |   |   | 336,203 |   |   |   | 551,019 |   |
| High      voltage networks                      |   |                | 381,906   |   |         |   | 0       |        |   |   | 0 |   |   |   | 16,398 |   |   |   | 398,304 |   |   |   | 133,599 |   |   |   | 0 |   |   |   | 11,076 |   |   |   | 3 -      4 | % |   |   | 25-35 |   |   |   | 144,675 |   |   |   | 253,629 |   |
| Medium      voltage networks                    |   |                | 773,928   |   |         |   | 0       |        |   |   | (771 | ) |   |   | 56,313 |   |   |   | 829,470 |   |   |   | 299,515 |   |   |   | (491 | ) |   |   | 24,647 |   |   |   | 3 -      4 | % |   |   | 25-35 |   |   |   | 323,671 |   |   |   | 505,799 |   |
| Low      voltage networks                       |   |                | 1,658,143 |   |         |   | 0       |        |   |   | (2,534 | ) |   |   | 59,722 |   |   |   | 1,715,331 |   |   |   | 936,726 |   |   |   | (1,484 | ) |   |   | 51,236 |   |   |   | 4 -      5 | % |   |   | 20-25 |   |   |   | 986,478 |   |   |   | 728,853 |   |
| Transformation      chambers and platforms      |   |                | 491,159   |   |         |   | 0       |        |   |   | (297 | ) |   |   | 54,480 |   |   |   | 545,342 |   |   |   | 191,191 |   |   |   | (162 | ) |   |   | 16,303 |   |   |   | 3 -      4 | % |   |   | 25-33 |   |   |   | 207,332 |   |   |   | 338,010 |   |
| Meters                                          |   |                | 583,370   |   |         |   | 0       |        |   |   | 0 |   |   |   | 48,300 |   |   |   | 631,670 |   |   |   | 235,166 |   |   |   | 0 |   |   |   | 24,878 |   |   |   | 4 -      5 | % |   |   | 20-25 |   |   |   | 260,044 |   |   |   | 371,626 |   |
| Buildings                                       |   |                | 77,579    |   |         |   | 0       |        |   |   | (163 | ) |   |   | 15,098 |   |   |   | 92,514 |   |   |   | 21,053 |   |   |   | 0 |   |   |   | 1,003 |   |   |   | 2 -      3 | % |   |   | 33-45 |   |   |   | 22,056 |   |   |   | 70,458 |   |
| Communications      network and facilities      |   |                | 84,223    |   |         |   | 0       |        |   |   | 0 |   |   |   | 0 |   |   |   | 84,223 |   |   |   | 52,600 |   |   |   | 0 |   |   |   | 4,224 |   |   |   | 4 -      5 | % |   |   | 20-25 |   |   |   | 56,824 |   |   |   | 27,399 |   |
| Total      facilities in service                |   |                | 4,922,873 |   |         |   | 0       |        |   |   | (4,180 | ) |   |   | 265,383 |   |   |   | 5,184,076 |   |   |   | 2,180,017 |   |   |   | (2,270 | ) |   |   | 159,536 |   |   |   |   |   |   |   |   |   |   |   | 2,337,283 |   |   |   | 2,846,793 |   |
| FURNITURE,      TOOLS AND EQUIPMENT             |   |                |      |   |         |   |    |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Furniture,      equipment and software projects |   |                | 168,208   |   |         |   | 18,570  |        |   |   | 0 |   |   |   | 0 |   |   |   | 186,778 |   |   |   | 158,029 |   |   |   | 0 |   |   |   | 9,274 |   |   |   | 12 -      13 | % |   |   | 7-8 |   |   |   | 167,303 |   |   |   | 19,475 |   |
| Tools      and other                            |   |                | 45,179    |   |         |   | 1,320   |        |   |   | 0 |   |   |   | 0 |   |   |   | 46,499 |   |   |   | 42,448 |   |   |   | 0 |   |   |   | 722 |   |   |   | 10 -      11 | % |   |   | 9-10 |   |   |   | 43,170 |   |   |   | 3,329 |   |
| Transportation      equipment                   |   |                | 15,366    |   |         |   | 3,827   |        |   |   | (416 | ) |   |   | 0 |   |   |   | 18,777 |   |   |   | 13,782 |   |   |   | (416 | ) |   |   | 731 |   |   |   | 20 | % |   |   | 5 |   |   |   | 14,097 |   |   |   | 4,680 |   |
| Total      furniture, tools and equipment       |   |                | 228,753   |   |         |   | 23,717  |        |   |   | (416 | ) |   |   | 0 |   |   |   | 252,054 |   |   |   | 214,259 |   |   |   | (416 | ) |   |   | 10,727 |   |   |   |   |   |   |   |   |   |   |   | 224,570 |   |   |   | 27,484 |   |
| Total      assets subject to depreciation       |   |                | 5,151,626 |   |         |   | 23,717  |        |   |   | (4,596 | ) |   |   | 265,383 |   |   |   | 5,436,130 |   |   |   | 2,394,276 |   |   |   | (2,686 | ) |   |   | 170,263 |   |   |   |   |   |   |   |   |   |   |   | 2,561,853 |   |   |   | 2,874,277 |   |
| CONSTRUCTION      IN PROCESS                    |   |                |      |   |         |   |    |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transmission                                    |   |                | 152,578   |   |         |   | 121,293 |        |   |   | 0 |   |   |   | (31,470 | ) |   |   | 242,401 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | - |   |   |   |   |   |   |   | 0 |   |   |   | 242,401 |   |
| Distribution      and other                     |   |                | 182,781   |   |         |   | 190,712 |        |   |   | 0 |   |   |   | (233,913 | ) |   |   | 139,580 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | - |   |   |   |   |   |   |   | 0 |   |   |   | 139,580 |   |
| Total      construction in process              |   |                | 335,359   |   |         |   | 312,005 |        |   |   | 0 |   |   |   | (265,383 | ) |   |   | 381,981 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   |   |   |   |   |   |   |   |   | 0 |   |   |   | 381,981 |   |
| Total      2008                                 |   |                | 5,486,985 |   |         |   | 335,722 |        |   |   | (4,596 | ) |   |   | 0 |   |   |   | 5,818,111 |   |   |   | 2,394,276 |   |   |   | (2,686 | ) |   |   | 170,263 |   |   |   |   |   |   |   |   |   |   |   | 2,561,853 |   |   |   | 3,256,258 |   |

----

EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENORS.A.) 

----

|   |                               | EXHIBIT      A              |
|--------|------------------------------------|-----------------------------|
|   | PROPERTY,      PLANT AND EQUIPMENT | Page      2 of  2 |

|                                            |   | Original      value |      |   | Depreciation |   |    | Net         |   |   | Net       |   |
|-------------------------------------------------|--------|---------------------|-----------|--------|--------------|--------|---------|-------------|--------|--------|-----------|--------|
|  MAIN ACCOUNT                         |   | At      beginning   |      |   |         |   |    |        |   |   |      |   |   | At      end |   |   | At      beginning |   |   |   |   |   | For      the |   |   | Annual |   |   | Useful |   |   | At      end |   |   | book      value |   |   | Book      value |   |
|                                            |   | of      year        |      |   | Additions    |   |    | Retirements |   |   | Transfers |   |   | of      year |   |   | of      year |   |   | Retirements |   |   | year |   |   | rate |   |   | lives |   |   | of      year |   |   | 2007 |   |   | 2006 |   |
|  FACILITIES      IN SERVICE                |   |                |      |   |         |   |    |        |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Substations                                     |   |                | 849,840   |   |         |   | 0       |        |   |   | 0         |   |   |   | 22,725 |   |   |   | 872,565 |   |   |   | 284,103 |   |   |   | 0 |   |   |   | 26,064 |   |   |   | 3 -      4 | % |   |   | 25-35 |   |   |   | 310,167 |   |   |   | 562,398 |   |   |   | 565,737 |   |
| High      voltage networks                      |   |                | 343,107   |   |         |   | 0       |        |   |   | (777      | )      |   |   | 39,576 |   |   |   | 381,906 |   |   |   | 122,853 |   |   |   | (367 | ) |   |   | 11,113 |   |   |   | 3 -      4 | % |   |   | 25-35 |   |   |   | 133,599 |   |   |   | 248,307 |   |   |   | 220,254 |   |
| Medium      voltage networks                    |   |                | 748,656   |   |         |   | 0       |        |   |   | (59       | )      |   |   | 25,331 |   |   |   | 773,928 |   |   |   | 275,357 |   |   |   | (34 | ) |   |   | 24,192 |   |   |   | 3 -      4 | % |   |   | 25-35 |   |   |   | 299,515 |   |   |   | 474,413 |   |   |   | 473,299 |   |
| Low      voltage networks                       |   |                | 1,628,179 |   |         |   | 0       |        |   |   | (740      | )      |   |   | 30,704 |   |   |   | 1,658,143 |   |   |   | 878,202 |   |   |   | (270 | ) |   |   | 58,794 |   |   |   | 4 -      5 | % |   |   | 20-25 |   |   |   | 936,726 |   |   |   | 721,417 |   |   |   | 749,977 |   |
| Transformation      chambers and platforms      |   |                | 460,791   |   |         |   | 0       |        |   |   | 0         |   |   |   | 30,368 |   |   |   | 491,159 |   |   |   | 175,334 |   |   |   | 0 |   |   |   | 15,857 |   |   |   | 3 -      4 | % |   |   | 25-33 |   |   |   | 191,191 |   |   |   | 299,968 |   |   |   | 285,457 |   |
| Meters                                          |   |                | 546,887   |   |         |   | 0       |        |   |   | 0         |   |   |   | 36,483 |   |   |   | 583,370 |   |   |   | 211,057 |   |   |   | 0 |   |   |   | 24,109 |   |   |   | 4 -      5 | % |   |   | 20-25 |   |   |   | 235,166 |   |   |   | 348,204 |   |   |   | 335,830 |   |
| Buildings                                       |   |                | 76,215    |   |         |   | 0       |        |   |   | 0         |   |   |   | 1,364 |   |   |   | 77,579 |   |   |   | 19,955 |   |   |   | 0 |   |   |   | 1,098 |   |   |   | 2 -      3 | % |   |   | 33-45 |   |   |   | 21,053 |   |   |   | 56,526 |   |   |   | 56,260 |   |
| Communications      network and facilities      |   |                | 83,637    |   |         |   | 0       |        |   |   | 0         |   |   |   | 586 |   |   |   | 84,223 |   |   |   | 48,273 |   |   |   | 0 |   |   |   | 4,327 |   |   |   | 4 -      5 | % |   |   | 20-25 |   |   |   | 52,600 |   |   |   | 31,623 |   |   |   | 35,364 |   |
| Total      facilities in service                |   |                | 4,737,312 |   |         |   | 0       |        |   |   | (1,576    | )      |   |   | 187,137 |   |   |   | 4,922,873 |   |   |   | 2,015,134 |   |   |   | (671 | ) |   |   | 165,554 |   |   |   |   |   |   |   |   |   |   |   | 2,180,017 |   |   |   | 2,742,856 |   |   |   | 2,722,178 |   |
| FURNITURE,      TOOLS AND EQUIPMENT             |   |                |      |   |         |   |    |        |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Furniture,      equipment and software projects |   |                | 161,913   |   |         |   | 6,295   |        |   |   | 0         |   |   |   | 0 |   |   |   | 168,208 |   |   |   | 151,031 |   |   |   | 0 |   |   |   | 6,998 |   |   |   | 12 -      13 | % |   |   | 7-8 |   |   |   | 158,029 |   |   |   | 10,179 |   |   |   | 10,882 |   |
| Tools      and other                            |   |                | 44,922    |   |         |   | 257     |        |   |   | 0         |   |   |   | 0 |   |   |   | 45,179 |   |   |   | 41,213 |   |   |   | 0 |   |   |   | 1,235 |   |   |   | 10 -      11 | % |   |   | 9-10 |   |   |   | 42,448 |   |   |   | 2,731 |   |   |   | 3,709 |   |
| Transportation      equipment                   |   |                | 15,066    |   |         |   | 664     |        |   |   | (364      | )      |   |   | 0 |   |   |   | 15,366 |   |   |   | 13,376 |   |   |   | (164 | ) |   |   | 570 |   |   |   | 20 | % |   |   | 5 |   |   |   | 13,782 |   |   |   | 1,584 |   |   |   | 1,690 |   |
| Total      furniture, tools and equipment       |   |                | 221,901   |   |         |   | 7,216   |        |   |   | (364      | )      |   |   | 0 |   |   |   | 228,753 |   |   |   | 205,620 |   |   |   | (164 | ) |   |   | 8,803 |   |   |   |   |   |   |   |   |   |   |   | 214,259 |   |   |   | 14,494 |   |   |   | 16,281 |   |
| Total      assets subject to depreciation       |   |                | 4,959,213 |   |         |   | 7,216   |        |   |   | (1,940    | )      |   |   | 187,137 |   |   |   | 5,151,626 |   |   |   | 2,220,754 |   |   |   | (835 | ) |   |   | 174,357 |   |   |   |   |   |   |   |   |   |   |   | 2,394,276 |   |   |   | 2,757,350 |   |   |   | 2,738,459 |   |
| CONSTRUCTION      IN PROCESS                    |   |                |      |   |         |   |    |        |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transmission                                    |   |                | 114,270   |   |         |   | 100,609 |        |   |   | 0         |   |   |   | (62,301 | ) |   |   | 152,578 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | - |   |   |   |   |   |   |   | 0 |   |   |   | 152,578 |   |   |   | 114,270 |   |
| Distribution      and other                     |   |                | 72,693    |   |         |   | 234,924 |        |   |   | 0         |   |   |   | (124,836 | ) |   |   | 182,781 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | - |   |   |   |   |   |   |   | 0 |   |   |   | 182,781 |   |   |   | 72,693 |   |
| Total      construction in process              |   |                | 186,963   |   |         |   | 335,533 |        |   |   | 0         |   |   |   | (187,137 | ) |   |   | 335,359 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   |   |   |   |   |   |   |   |   | 0 |   |   |   | 335,359 |   |   |   | 186,963 |   |
| Total      2007                                 |   |                | 5,146,176 |   |         |   | 342,749 |        |   |   | (1,940    | )      |   |   | 0 |   |   |   | 5,486,985 |   |   |   | 2,220,754 |   |   |   | (835 | ) |   |   | 174,357 |   |   |   |   |   |   |   |   |   |   |   | 2,394,276 |   |   |   | 3,092,709 |   |   |   | - |   |
| Total      2006                                 |   |                | 4,932,424 |   |         |   | 215,782 |        |   |   | (2,030    | )      |   |   | 0 |   |   |   | 5,146,176 |   |   |   | 2,043,154 |   |   |   | (1,380 | ) |   |   | 178,980 |   |   |   |   |   |   |   |   |   |   |   | 2,220,754 |   |   |   | - |   |   |   | 2,925,422 |   |

----

----

|                              |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   | Information      on the Issuer |   |                                  |   |    |
|-----------------------------------|--------|----------------|--------|--------|--------|--------|--------|--------|--------|----------|--------|--------|---------------|--------|--------|-----------------|--------|--------------------------------|--------|---------------------------------------|--------|---------|
|                              |   |           |   |   |   |   |   |   |   |     |   |   | Value      on |   |   | Net             |   |                           |   | Last      financial statements issued |   |    | %      interest |   |   | Net |   |
|  Name and features |   |           |   | Face   |   |   |   |   |   | Adjusted |   |   | equity        |   |   | book      value |   |  Main                     |   |                                  |   |    |   |   | Income |   |   |   |   |   | in      capital |   |   | book      value |   |
|  of      securities          |   |  Class    |   | value  |   |   | Number |   |   | cost     |   |   | method        |   |   | 2008            |   |  activity                 |   |  Date                            |   | Capital |   |   | for      the year |   |   | Equity |   |   | stock |   |   | 2007 |   |
|                              |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  NON-CURRENT                 |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  INVESTMENTS                 |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Art.      33 Law No. 19,550       |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  -Companies-                 |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliated      Company:          |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SACME      S.A.                   |   | common         |   | $      | 1      |   |   |   | 6,000  |     |   |   | 15            |   |   |            | 397    |                           |   |                                  | 397    |    |  Electric |   | 12/31/2008 |   |   | 12 |   |   |   | 13 |   |   |   | 794 |   |   |   | 50 |   |   |   | 390 |   |
|                              |   | non-endorsable |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |  power |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  |   |    |  services |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Total                       |   |           |   |   |   |   |   |   |   |     |   |   |          |   |   |            |   |                           |   |                                  | 397    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 390 |   |

----

----

|                                                                                     |   | Net book value |    |
|------------------------------------------------------------------------------------------|--------|----------------|---------|
|  MAIN      ACCOUNT                                                                  |   | 2008           |    |   | 2007 |   |
|                                                                                     |   |           |    |   |   |   |
|  CURRENT      INVESTMENTS                                                           |   |           |    |   |   |   |
|                                                                                     |   |           |    |   |   |   |
|     Time      deposits                                               |   |           |    |   |   |   |
|       .      in local currency                             |   |           | 0       |   |   |   | 12,087 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|     Money      market funds                                          |   |           |    |   |   |   |   |   |
|       .      in local currency                             |   |           | 88,548  |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Municipal      bonds                                       |   |           |    |   |   |   |   |   |
|       .      in local currency                             |   |           | 1,361   |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Government      bonds                                      |   |           |    |   |   |   |   |   |
|        .      in foreign currency (Note 26 Exhibit G) |   |           | 30,717  |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Corporate      Notes                                       |   |           |    |   |   |   |   |   |
|        .      in foreign currency (Note 26 Exhibit G) |   |           | 393     |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Notes      receivable                                      |   |           |    |   |   |   |   |   |
|        .      in foreign currency (Note 26 Exhibit G) |   |           | 0       |   |   |   | 85,652 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|  Total      Current Investments                                                     |   |           | 121,019 |   |   |   | 97,739 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|   NON-CURRENT      INVESTMENTS                                                 |   |           |    |   |   |   |   |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Municipal      bonds                                       |   |           |    |   |   |   |   |   |
|       .      in local currency                             |   |           | 7,483   |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Financial      trust                                       |   |           |    |   |   |   |   |   |
|        .      in foreign currency (Note 26 Exhibit G) |   |           | 48,945  |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|      Corporate      Notes                                       |   |           |    |   |   |   |   |   |
|        .      in foreign currency (Note 26 Exhibit G) |   |           | 10,784  |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|  Total      Non-Current Investments                                                 |   |           | 67,212  |   |   |   | 0 |   |
|                                                                                     |   |           |    |   |   |   |   |   |
|  Total      Investments                                                             |   |           | 188,231 |   |   |   | 97,739 |   |

----

----

|   | FINANCIAL STATEMENTS AS OF DECEMBER 31, 2008 AND 2007 |                   |
|--------|-----------------------------------------------------------------------------------------------|------------------------|
|   |                                                                                          | EXHIBIT      E         |
|   | ALLOWANCES      AND ACCRUALS                                                                  |  Page      1 of 3 |

|                                                |   | 2008      |   |
|-----------------------------------------------------|--------|-----------|--------|
|                                                |   | At        |   |   |   |   |   |   |   |   |   |   |   | At |   |
|  MAIN                                          |   | beginning |   |   |   |   |   |   |   |   | Recoveries |   |   | end |   |
|  ACCOUNT                                       |   | of year   |   |   | Additions |   |   | Retirements |   |   |   | (1) |   |   | of year |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deducted      from current assets                   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      doubtful accounts                          |   |      | 40,006 |   |   |   | 23,559 |   |   |   | (6,452 | ) |   |   | (24,016 | ) |   |   | 33,097 |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      other doubtful accounts                    |   |      | 2,900  |   |   |   | 1,673 |   |   |   | 0 |   |   |   | 0 |   |   |   | 4,573 |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deducted      from non-current assets               |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      impairment of value of deferred tax assets |   |      | 34,482 |   |   |   | 0 |   |   |   | (34,482 | ) |   |   | 0 |   |   |   | 0 |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included      in current liabilities                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      litigation                             |   |      | 39,868 |   |   |   | 19,900 |   |   |   | (7,012 | ) |   |   | 0 |   |   |   | 52,756 |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included      in non-current liabilities            |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      litigation                             |   |      | 42,843 |   |   |   | 2,235 |   |   |   | 0 |   |   |   | 0 |   |   |   | 45,078 |   |

----

----

|   |                         | EXHIBIT      E         |
|--------|------------------------------|------------------------|
|   | ALLOWANCES      AND ACCRUALS |  Page      2 of 3 |

|                                                    |   | 2007      |   |
|---------------------------------------------------------|--------|-----------|--------|
|                                                    |   | At        |   |   |   |   |   |   |   |   | At |   |
|  MAIN                                              |   | beginning |   |   |   |   |   |   |   |   | end |   |
|  ACCOUNT                                           |   | of year   |   |   | Additions |   |   | Retirements |   |   | of year |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |
| Deducted      from current assets                       |   |      |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |
| For      doubtful accounts                              |   |      | 25,623 |   |   |   | 30,100 |   |   |   | (15,717 | ) |   |   | 40,006 |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      other doubtful accounts                        |   |      | 2,300  |   |   |   | 600 |   |   |   | 0 |   |   |   | 2,900 |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deducted      from non-current assets                   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      impairment of value of Municipal bonds         |   |      | 5,918  |   |   |   | 0 |   |   |   | (5,918 | ) |   |   | 0 |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      impairment of value of net deferred tax assets |   |      | 32,261 |   |   |   | 2,221 |   |   |   | 0 |   |   |   | 34,482 |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included      in current liabilities                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      litigation                                 |   |      | 25,914 |   |   |   | 16,750 |   |   |   | (2,796 | ) |   |   | 39,868 |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included      in non-current liabilities                |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      litigation                                 |   |      | 40,606 |   |   |   | 2,237 |   |   |   | 0 |   |   |   | 42,843 |   |

----

----

|   |                         |  EXHIBIT      E   |
|--------|------------------------------|------------------------|
|   | ALLOWANCES      AND ACCRUALS |  Page      3 of 3 |

|                                                    |   | 2006      |    |
|---------------------------------------------------------|--------|-----------|---------|
|                                                    |   | At        |    |   |   |   |   |   |   |   | At |   |
|  MAIN                                              |   | beginning |    |   |   |   |   |   |   |   | end |   |
|  ACCOUNT                                           |   | of year   |    |   | Additions |   |   | Retirements |   |   | of year |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |
| Deducted      from current assets                       |   |      |    |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |
| For      doubtful accounts                              |   |      | 20,228  |   |   |   | 10,895 |   |   |   | (5,500 | ) |   |   | 25,623 |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      other doubtful accounts                        |   |      | 1,605   |   |   |   | 695 |   |   |   | 0 |   |   |   | 2,300 |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deducted      from non-current assets                   |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      impairment of value of Municipal bonds         |   |      | 6,008   |   |   |   | 561 |   |   |   | (651 | ) |   |   | 5,918 |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For      impairment of value of net deferred tax assets |   |      | 312,187 |   |   |   | 0 |   |   |   | (279,926 | ) |   |   | 32,261 |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included      in current liabilities                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      litigation                                 |   |      | 18,332  |   |   |   | 13,400 |   |   |   | (5,818 | ) |   |   | 25,914 |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Included      in non-current liabilities                |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued      litigation                                 |   |      | 38,651  |   |   |   | 1,955 |   |   |   | 0 |   |   |   | 40,606 |   |

----

EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENORS.A.) 

----

|                                                              |   | 2008            |        |   | 2007     |   |
|-------------------------------------------------------------------|--------|-----------------|-------------|--------|----------|--------|
|                                                              |   |            |        |   |     |   |   | Booked |   |   |   |   |   | Booked |   |
|                                                              |   | Currency        |        |   | Exchange |   |   | amount      in |   |   | Currency |   |   | amount      in |   |
|                                                              |   | and             |        |   | rate     |   |   | thousands |   |   | and |   |   | thousands |   |
| Account                                                           |   | amount      (2) |        |   | (1)      |   |   | of    pesos |   |   | amount      (2) |   |   | of    pesos |   |
| Current      Assets                                               |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and banks                                               |   | US$             | 1,161,320   |   |     |   | 3.413 |   |   |   | 3,964 |   |   | US$ | 158,237 |   |   |   | 492 |   |
|                                                              |   | ECU             | 37,451      |   |     |   | 4.7349 |   |   |   | 177 |   |   | ECU | 30,649 |   |   |   | 140 |   |
| Investments                                                       |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government      bonds                                             |   | US$             | 8,999,929   |   |     |   | 3.413 |   |   |   | 30,717 |   |   | US$ | 0 |   |   |   | 0 |   |
| Notes      receivable                                             |   | US$             | 0           |   |     |   | 3.413 |   |   |   | 0 |   |   | US$ | 27,549,541 |   |   |   | 85,652 |   |
| Corporate      Notes                                              |   | US$             | 115,035     |   |     |   | 3.413 |   |   |   | 393 |   |   | US$ | 0 |   |   |   | 0 |   |
|                                                              |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      receivables                                            |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prepaid      Technical Assistance Services                        |   | US$             | 0           |   |     |   | 3.413 |   |   |   | 0 |   |   | US$ | 4,883,086 |   |   |   | 15,182 |   |
| Other      debtors                                                |   | US$             | 249,534     |   |     |   | 3.413 |   |   |   | 852 |   |   | US$ | 247,433 |   |   |   | 769 |   |
| Other                                                             |   | ECU             | 2,285       |   |     |   | 4.7349 |   |   |   | 11 |   |   | ECU | 0 |   |   |   | 0 |   |
|                                                              |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Current Assets                                         |   |            |        |   |     |   |   |   |   |   | 36,114 |   |   |   |   |   |   |   | 102,235 |   |
| Non-Current      Assets                                           |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investments                                                       |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate      Notes                                              |   | US$             | 3,159,764   |   |     |   | 3.413 |   |   |   | 10,784 |   |   | ECU | 0 |   |   |   | 0 |   |
| Financial      trust                                              |   | US$             | 14,340,663  |   |     |   | 3.413 |   |   |   | 48,945 |   |   | ECU | 0 |   |   |   | 0 |   |
| Total      Non-Current Assets                                     |   |            |        |   |     |   |   |   |   |   | 59,729 |   |   |   |   |   |   |   | 0 |   |
| Total      Assets                                                 |   |            |        |   |     |   |   |   |   |   | 95,843 |   |   |   |   |   |   |   | 102,235 |   |
| Current      Liabilities                                          |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trade      accounts payable                                       |   | US$             | 5,443,784   |   |     |   | 3.453 |   |   |   | 18,797 |   |   | US$ | 10,109,541 |   |   |   | 31,835 |   |
|                                                              |   | ECU             | 517,726     |   |     |   | 4.7907 |   |   |   | 2,480 |   |   | ECU | 604,106 |   |   |   | 2,798 |   |
|                                                              |   | NOK             | 667,200     |   |     |   | 0.4956 |   |   |   | 331 |   |   | NOK | 0 |   |   |   | 0 |   |
|                                                              |   | CHF             | 453,851     |   |     |   | 3.2726 |   |   |   | 1,485 |   |   | CHF | 0 |   |   |   | 0 |   |
| Loans                                                             |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate      Notes                                              |   | US$             | 2,609,904   |   |     |   | 3.453 |   |   |   | 9,012 |   |   | US$ | 5,421,935 |   |   |   | 17,074 |   |
| Financial      loans                                              |   | ECU             | 237,978     |   |     |   | 4.7907 |   |   |   | 1,140 |   |   | ECU | 0 |   |   |   | 0 |   |
| Other      liabilities                                            |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fees      related to the initial public offering of capital stock |   | US$             | 0           |   |     |   | 3.453 |   |   |   | 0 |   |   | US$ | 259,717 |   |   |   | 818 |   |
| Fees      related to the issuance of corporate notes              |   | US$             | 0           |   |     |   | 3.453 |   |   |   | 0 |   |   | US$ | 1,322,369 |   |   |   | 4,164 |   |
|                                                              |   | ECU             | 0           |   |     |   | 4.7907 |   |   |   | 0 |   |   | ECU | 2,650 |   |   |   | 12 |   |
| Other                                                             |   | US$             | 374,218     |   |     |   | 3.453 |   |   |   | 1,292 |   |   | US$ | 397,527 |   |   |   | 1,252 |   |
|                                                              |   | ECU             | 0           |   |     |   | 4.7907 |   |   |   | 0 |   |   | ECU | 130,117 |   |   |   | 603 |   |
| Total      Current Liabilities                                    |   |            |        |   |     |   |   |   |   |   | 34,537 |   |   |   |   |   |   |   | 58,556 |   |
| Non-Current      Liabilities                                      |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loans                                                             |   |            |        |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate      Notes                                              |   | US$             | 262,670,141 |   |     |   | 3.453 |   |   |   | 907,000 |   |   | US$ | 312,704,116 |   |   |   | 984,705 |   |
| Total      Non-Current Liabilities                                |   |            |        |   |     |   |   |   |   |   | 907,000 |   |   |   |   |   |   |   | 984,705 |   |
| Total      Liabilities                                            |   |            |        |   |     |   |   |   |   |   | 941,537 |   |   |   |   |   |   |   | 1,043,261 |   |

| (1) | Selling      and buying exchange rate of Banco de la Nación Argentina in effect at the      end of each year. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (2) | US$      = US Dollar; ECU = Euro; NOK = Norwegian Krone; CHF Swiss      Franc. |
|-----|--------------------------------------------------------------------------------|

----

----

|  (stated in thousands      of pesos)              |   | 2008                  |    |   | 2007     |   |    | 2006           |   |
|--------------------------------------------------------|--------|-----------------------|---------|--------|----------|--------|---------|----------------|--------|
|                                                   |   | Transmission      and |    |   |     |   |    |           |   |   |   |   |   |   |   |   |   |   |
|                                                   |   | Distribution          |    |   | Selling  |   |    | Administrative |   |   |   |   |   |   |   |   |   |   |
| Description                                            |   | Expenses              |    |   | Expenses |   |    | Expenses       |   |   | Total |   |   | Total |   |   | Total |   |
| Salaries      and social security taxes                |   |                  | 175,684 |   |     |   | 35,485  |           |   |   | 46,460 |   |   |   | 257,629 |   |   |   | 187,712 |   |   |   | 148,908 |   |
| Postage      and telephone                             |   |                  | 1,784   |   |     |   | 8,254   |           |   |   | 2,881 |   |   |   | 12,919 |   |   |   | 10,790 |   |   |   | 9,838 |   |
| Bank      commissions                                  |   |                  | 0       |   |     |   | 7,529   |           |   |   | 0 |   |   |   | 7,529 |   |   |   | 7,816 |   |   |   | 6,663 |   |
| Allowance      for doubtful accounts                   |   |                  | 0       |   |     |   | 15,304  |           |   |   | 0 |   |   |   | 15,304 |   |   |   | 30,700 |   |   |   | 11,590 |   |
| Supplies      consumption                              |   |                  | 31,934  |   |     |   | 929     |           |   |   | 1,435 |   |   |   | 34,298 |   |   |   | 25,468 |   |   |   | 22,606 |   |
| Work      by third parties                             |   |                  | 94,074  |   |     |   | 34,685  |           |   |   | 11,370 |   |   |   | 140,129 |   |   |   | 114,422 |   |   |   | 83,840 |   |
| Rent      and insurance                                |   |                  | 2,447   |   |     |   | 628     |           |   |   | 3,892 |   |   |   | 6,967 |   |   |   | 6,086 |   |   |   | 4,178 |   |
| Security      service                                  |   |                  | 4,087   |   |     |   | 108     |           |   |   | 1,119 |   |   |   | 5,314 |   |   |   | 4,926 |   |   |   | 4,057 |   |
| Professional      fees                                 |   |                  | 2,059   |   |     |   | 150     |           |   |   | 4,050 |   |   |   | 6,259 |   |   |   | 4,932 |   |   |   | 4,078 |   |
| Computer      services                                 |   |                  | 20      |   |     |   | 4,224   |           |   |   | 16,904 |   |   |   | 21,148 |   |   |   | 13,548 |   |   |   | 10,146 |   |
| Advertising                                            |   |                  | 0       |   |     |   | 0       |           |   |   | 12,849 |   |   |   | 12,849 |   |   |   | 15,362 |   |   |   | 9,975 |   |
| Reimbursements      to personnel                       |   |                  | 4,112   |   |     |   | 897     |           |   |   | 1,068 |   |   |   | 6,077 |   |   |   | 8,123 |   |   |   | 7,145 |   |
| Temporary      personnel                               |   |                  | 186     |   |     |   | 1,428   |           |   |   | 497 |   |   |   | 2,111 |   |   |   | 1,982 |   |   |   | 1,943 |   |
| Depreciation      of property, plant and equipment     |   |                  | 166,001 |   |     |   | 1,638   |           |   |   | 2,624 |   |   |   | 170,263 |   |   |   | 174,357 |   |   |   | 178,980 |   |
| Technical      assistance - Operator's compensation    |   |                  | 15,377  |   |     |   | 0       |           |   |   | 0 |   |   |   | 15,377 |   |   |   | 8,583 |   |   |   | 7,128 |   |
| Directors      and Supervisory Committee members' fees |   |                  | 0       |   |     |   | 0       |           |   |   | 2,912 |   |   |   | 2,912 |   |   |   | 1,194 |   |   |   | 852 |   |
| Tax      on financial transactions                     |   |                  | 0       |   |     |   | 0       |           |   |   | 27,001 |   |   |   | 27,001 |   |   |   | 31,544 |   |   |   | 19,159 |   |
| Taxes      and charges                                 |   |                  | 1       |   |     |   | 14,694  |           |   |   | 1,742 |   |   |   | 16,437 |   |   |   | 13,441 |   |   |   | 10,252 |   |
| Other                                                  |   |                  | 104     |   |     |   | 63      |           |   |   | 1,933 |   |   |   | 2,100 |   |   |   | 1,856 |   |   |   | 2,009 |   |
| Total      2008                                        |   |                  | 497,870 |   |     |   | 126,016 |           |   |   | 138,737 |   |   |   | 762,623 |   |   |   | - |   |   |   | - |   |
| Total      2007                                        |   |                  | 417,553 |   |     |   | 120,633 |           |   |   | 124,656 |   |   |   | - |   |   |   | 662,842 |   |   |   | - |   |
| Total      2006                                        |   |                  | 362,118 |   |     |   | 87,930  |           |   |   | 93,299 |   |   |   | - |   |   |   | - |   |   |   | 543,347 |   |

----

| I. | Differences      in Valuation Methods |
|----|---------------------------------------|

| a) | Deferred      income taxes |
|----|----------------------------|

----

| b) | Interest      capitalized – net |
|----|---------------------------------------|

| c) | Asset      retirement obligations - net |
|----|-----------------------------------------|

----

|   | 1. | the      amortization of the asset retirement costs which is included in      depreciation expense; and; |
|--------|----|----------------------------------------------------------------------------------------------------------|

|   | 2. | the      effects of re-measuring the liability due to the passage of time are      included as interest expense. |
|--------|----|------------------------------------------------------------------------------------------------------------------|

| d) | Troubled      debt restructuring and repurchases ofdebt |
|----|---------------------------------------------------------|

----

|   | - | the      adjustment to present value of the notes (27,2 million) as stated in Note      3.k); |
|--------|---|-----------------------------------------------------------------------------------------------|

|   | - | the      gain from the purchase and redemption of notes due in 2016 during 2008      (gain of Ps. 55,2 million); |
|--------|---|------------------------------------------------------------------------------------------------------------------|

|   | - | the      loss from the purchase and redemption of notes due in 2016 during 2007      (loss of Ps. 10,2 million); |
|--------|---|------------------------------------------------------------------------------------------------------------------|

|   | - | the      adjustment to present value of purchased and redeemed notes due in 2016      during 2007 (loss of Ps. 8,6 million)and, |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------|

|   | - | the      adjustment to present value of purchased and redeemed notes due in      2016 during 2008 (gain of Ps. 9,0million). |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------|

| e) | Accounting      for costs of securities offering |
|----|--------------------------------------------------|

| f) | Investments      in marketable securities |
|----|-------------------------------------------|

----

| December 31, 2008    |   |   |    |   |            |   |    | Gross Unrealized |   |
|--------------------------------|--------|--------|---------|--------|-----------------|--------|---------|-----------------------|--------|
|                           |   | Cost   |    |   | Fair Value |   |    | Gain                  |   |   | Loss |   |
|                           |   |   |    |   |            |   |    |                  |   |   |   |   |
| Government      Bonds          |   |   | 39,561  |   |            |   | 39,561  |                  |   |   | - |   |   |   | - |   |
| Money      Market Funds        |   |   | 88,548  |   |            |   | 88,548  |                  |   |   | - |   |   |   | - |   |
| Corporate      Debt Securities |   |   | 14,520  |   |            |   | 18,498  |                  |   |   | 5,444 |   |   |   | - |   |
| Total                          |   |   | 142,629 |   |            |   | 146,607 |                  |   |   | 5,444 |   |   |   | - |   |

|                           |   | Carrying      Value |   |   | Maturing      within      1 year |   |   | Maturing      after      1 year      but within      5 years |   |   | Maturing      after      5 years      but within      10 years |   |   | Maturing      after      10 years |   |
|--------------------------------|--------|---------------------|--------|--------|----------------------------------|--------|--------|--------------------------------------------------------------|--------|--------|----------------------------------------------------------------|--------|--------|-----------------------------------|--------|
| Government      Bonds          |   |                | 39,561 |   |                             |   | -      |                                                         |   |   | 39,561                                                         |   |   |                              | -      |   |   |   | - |   |
| Corporate      Debt Securities |   |                | 18,498 |   |                             |   | -      |                                                         |   |   | 7,321                                                          |   |   |                              | 11,177 |   |   |   | - |   |

| g) | Trust      Consolidation |
|----|--------------------------|

----

| h) | Effects      of conforming to US GAAP |
|----|---------------------------------------|

|                                                                    |   | For the year ended December    31, |    |
|-------------------------------------------------------------------------|--------|------------------------------------|---------|
|                                                                    |   | 2008                               |    |   | 2007 |   |   | 2006 |   |
|                                                                    |   |                               |    |   |   |   |   |   |   |
| Net      income in accordance with Argentine GAAP                       |   |                               | 123,115 |   |   |   | 122,458 |   |   |   | 293,066 |   |
|                                                                    |   |                               |    |   |   |   |   |   |   |   |   |   |
| Deferred      income tax (Note 27.II.a)                                 |   |                               | (6,989  | )  |   |   | 25,129 |   |   |   | (39,171 | ) |
| Interest      capitalized – net (Note 27.II.b)               |   |                               | (5,095  | ) |   |   |  (5,095 | )  |   |   |  (5,095 | )  |
| Asset      retirement obligations (Note 27.II.c)                        |   |                               | (107    | ) |   |   | (500 | ) |   |   | (335 | ) |
| Trouble      debt reestructuring and repurchases of debt (Note 27.II.d) |   |                               | 110,032 |   |   |   | 73,805 |   |   |   | (293,519 | )  |
| Accounting      for costs of securities offering (Note 27.I.e)          |   |                               | -       |   |   |   | - |   |   |   | 313 |   |
| Investments      in marketable securities (Note 27.I.g)                 |   |                               | (5,444  | ) |   |   |   |   |   |   |   |   |
| Trust      consolidation (Note 27.II.g)                                 |   |                               | 49,015  |   |   |   | - |   |   |   | - |   |
|                                                                    |   |                               |    |   |   |   |   |   |   |   |   |   |
| Net      income (loss) in accordance US GAAP                            |   |                               | 264,527 |   |   |   | 215,797 |   |   |   | (45,291 | ) |

|                                                                    |   | As of December 31, |      |
|-------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                    |   | 2008               |      |   | 2007 |   |   | 2006 |   |
|                                                                    |   |               |      |   |   |   |   |   |   |
| Shareholders'      equity in accordance with Argentine GAAP             |   |               | 2,091,566 |   |   |   | 1,974,581 |   |   |   | 1,670,350 |   |
|                                                                    |   |               |      |   |   |   |   |   |   |   |   |   |
| Deferred      income tax (Note 27.II.a)                                 |   |               | (370,116  | ) |   |   | (362,223 | ) |   |   | (337,352 | ) |
| Interest      capitalized – net (Note 27.II.b)               |   |               | 79,589    |   |   | 84,684 |   |   |   | 89,778 |   |
| Asset      retirement obligations (Note 27.II.c)                        |   |               | (4,643    | ) |   |   | (4,536 | )  |   |   | (4,036 | ) |
| Trouble      debt reestructuring and repurchases of debt (Note 27.II.d) |   |               | (109,682  | ) |   |   | (219,714 | ) |   |   |  (293,519 | )  |
| Accounting      for costs of securities offering (Note 27.I.e)          |   |               | -         |   |   |   | - |   |   |   | 313 |   |
| Trust      consolidation (Note 27.II.g)                                 |   |               | 49,015    |   |   |   | - |   |   |   | - |   |
| Pension      Plan (Note 27.II.e) (*)                                    |   |               | (8,575    | ) |   |   | (5,716 | ) |   |   | (5,714 | ) |
|                                                                    |   |               |      |   |   |   |   |   |   |   |   |   |
| Shareholders'      equity in accordance with US GAAP                    |   |               | 1,727,154 |   |   |   | 1,467,076 |   |   |   | 1,069,820 |   |

|                                                                                                                                                          |   | For the year ended December    31, |         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------------|
|                                                                                                                                                          |   | 2008                               |         |   | 2007 |   |   | 2006 |   |
|                                                                                                                                                          |   |                               |         |   |   |   |   |   |   |
| Shareholders'      equity in accordance with U.S. GAAP - Beginning balance                                                                                    |   |                               | 1,467,076    |   |   |   | 1,069,820 |   |   |   | 1,118,825 |   |
|                                                                                                                                                          |   |                               |         |   |   |   |   |   |   |   |   |   |
| Net      income (loss) for the year in accordance with US GAAP                                                                                                |   |                               | 264,527      |   |   |   | 215,797 |   |   |   | (45,291 | ) |
| Capital      (decrease) increase                                                                                                                              |   |                               |  (6,130 | )  |   |   | 74,845 |   |   |   | - |   |
| Additional      paid-in capital                                                                                                                               |   |                               | -            |   |   |   | 106,928 |   |   |   | - |   |
| Accumulated      Other Comprehensive bss - Pension Plan, net of tax (Note 27.II.e) and      Investments in marketable securities, net of tax (Note    27.I.f) |   |                               | 1,681        |   |   |   | (1 | ) |   |   | (3,714 | ) |
| Accounting      for costs of securities offering (Note 27.I.f)                                                                                                |   |                               | -            |   |   |   | (313 | ) |   |   | - |   |
|                                                                                                                                                          |   |                               |         |   |   |   |   |   |   |   |   |   |
| Shareholders'      equity in accordance with U. S. GAAP - Ending balance                                                                                      |   |                               | 1,727,154    |   |   |   | 1,467,076 |   |   |   | 1,069,820 |   |

----

| II. | Additional      disclosure requirements |
|-----|-----------------------------------------|

| a) | Deferred      income taxes |
|----|----------------------------|

|                                                                                                                           |   | As of December 31, |    |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                                                           |   | 2008               |    |   | 2007 |   |   | 2006 |   |
| Income      tax under Argentine GAAP:                                                                                          |   |               |    |   |   |   |   |   |   |
| Current      income tax                                                                                                        |   |               | (99,745 | ) |   |   | - |   |   |   | - |   |
| Deferred      income tax - benefit (expense)                                                                                   |   |               | 38,571  |   |   |   | (124,984 | ) |   |   | 167,182 |   |
| Total      income tax (expense) benefit under Argentine GAAP                                                                   |   |               | (61,174 | ) |   |   | (124,984 | ) |   |   | 167,182 |   |
|                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |
| US      GAAP adjustments:                                                                                                      |   |               |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |
| Adjustment      for inflation on property, plant and equipment                                                                 |   |               | 27,930  |   |   |   | 31,300 |   |   |   | 33,407 |   |
| Capitalization      of interest                                                                                                |   |               | 1,783   |   |   |   | 1,783 |   |   |   | 1,783 |   |
| Deferred      income tax effect on the adjustment to present value of the      notes                                           |   |               | (2,960  | ) |   |   | (7,523 | ) |   |   | 19,998 |   |
| Deferred      income tax effect on troubled debt restructuring and repurchases of      debt                                    |   |               | (35,551 | ) |   |   | (18,308 | ) |   |   | 82,733 |   |
| Asset      Retirement Obligation                                                                                               |   |               | 38      |   |   |   | 314 |   |   |   | 171 |   |
| Supplies      valuation and others                                                                                             |   |               | (39     | ) |   |   | 504 |   |   |   | 281 |   |
| Accruals      - ENRE Penalties                                                                                            |   |               | -       |   |   |   | - |   |   |   | 24,991 |   |
| Current      investments                                                                                                       |   |               | (94     | ) |   |   | 250 |   |   |   | - |   |
| Investments      in marketable securities                                                                                      |   |               | 1,905   |   |   |   | - |   |   |   | - |   |
| Other      social accruals                                                                                                     |   |               | -       |   |   |   | - |   |   |   | (62 | ) |
| US      GAAP adjustments                                                                                                       |   |               | (6,989  | ) |   |   | 8,320 |   |   |   | 163,302 |   |
|                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |
| Increase      of the allowance for impairment of value of deferred tax      assets                                             |   |               | -       |   |   |   | 16,809 |   |   |   | (202,473 | ) |
|                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |
| US      GAAP adjustments including increase of the allowance for impairment of      value of deferred tax assets (Note 26.I.h) |   |               | (6,939  | ) |   |   | 25,129 |   |   |   | (39,171 | ) |
|                                                                                                                           |   |               |    |   |   |   |   |   |   |   |   |   |
| Income      tax (expense) benefit under US GAAP                                                                                |   |               | (68,163 | ) |   |   | (99,855 | ) |   |   | 128,011 |   |

|                                                                                          |   | As of December 31, |   |
|-----------------------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                                          |   | 2008                    |   |   | 2007 |   |   | 2006 |   |
|                                                                                          |   |                    |   |   |   |   |   |   |   |
| Decrease      (Increase) of the allowance for impairment of value of deferred tax      assets |   |                    |   |   |   |   |   |   |   |
| Under      Argentine GAAP                                                                     |   |                    | 34,482 |   |   |   | (2,221 | ) |   |   | 279,926 |   |
| US      GAAP adjustments                                                                      |   |                    | -      |   |   |   | 16,809 |   |   |   | (202,473 | ) |
| Variation      of the valuation allowance under US GAAP                                       |   |                    | 34,482 |   |   |   | 14,588 |   |   |   | 77,453 |   |

----

|                                                    |   | As of December 31, 2008 |    |
|---------------------------------------------------------|--------|-------------------------|---------|
|                                                    |   | Argentine      GAAP     |    |   | US      GAAP |   |   | US      GAAP |   |
|                                                    |   | balance                 |    |   | adjustment |   |   | balance |   |
|                                                    |   |                    |    |   |   |   |   |   |   |
| Deferred      tax assets                                |   |                    |    |   |   |   |   |   |   |
| Tax      losses carry      forward                      |   |                    | 8,316   |   |   |   | - |   |   |   | 8,316 |   |
| Accruals                                                |   |                    | 74,823  |   |   |   | 29,618 |   |   |   | 104,441 |   |
| Troubled      debt restructuring and repurchase of debt |   |                    | -       |   |   |   | 28,874 |   |   |   | 28,874 |   |
| Others                                                  |   |                    | 15,577  |   |   |   | - |   |   |   | 15,577 |   |
| Total      deferred tax assets, net                     |   |                    | 98,716  |   |   |   | 58,492 |   |   |   | 157,208 |   |
|                                                    |   |                    |    |   |   |   |   |   |   |   |   |   |
| Deferred      tax liabilities                           |   |                    |    |   |   |   |   |   |   |   |   |   |
| PP&E      and others                                |   |                    | (17,948 | ) |   |   | (428,608 | ) |   |   | (446,556 | ) |
| Total      deferred tax liabilities                     |   |                    | (17,948 | ) |   |   | (428,608 | ) |   |   | (446,556 | ) |
|                                                    |   |                    |    |   |   |   |   |   |   |   |   |   |
| Total      net deferred tax assets (liabilities)        |   |                    | 80,768  |   |   |   | (370,116 | ) |   |   | (289,348 | ) |

|                                                          |   | As of December 31,      2007 |    |
|---------------------------------------------------------------|--------|------------------------------|---------|
|                                                          |   | Argentine      GAAPbalance   |    |   | US GAAPadjustment |   |   | US GAAPbalance |   |
|                                                          |   |                         |    |   |   |   |   |   |   |
| Deferred      tax assets                                      |   |                         |    |   |   |   |   |   |   |
| Tax      losses carry forward                                 |   |                         | 42,798  |   |   |   | - |   |   |   | 42,798 |   |
| Accruals                                                      |   |                         | 45,926  |   |   |   | 28,454 |   |   |   | 74,380 |   |
| Troubled      debt restructuring                              |   |                         | -       |   |   |   | 64,425 |   |   |   | 64,425 |   |
| Others                                                        |   |                         | 23,322  |   |   |   | 125 |   |   |   | 23,447 |   |
| Total      deferred tax assets                                |   |                         | 112,046 |   |   |   | 93,004 |   |   |   | 205,050 |   |
|                                                          |   |                         |    |   |   |   |   |   |   |   |   |   |
| Allowance      for impairment of value of deferred tax assets |   |                         | (34,482 | ) |   |   | - |   |   |   | (34,482 | ) |
|                                                          |   |                         |    |   |   |   |   |   |   |   |   |   |
| Total      deferred tax assets, net                           |   |                         | 77,564  |   |   |   | 93,004 |   |   |   | 170,568 |   |
|                                                          |   |                         |    |   |   |   |   |   |   |   |   |   |
| Deferred      tax liabilities                                 |   |                         |    |   |   |   |   |   |   |   |   |   |
| PP&E      and others                                      |   |                         | (35,367 | ) |   |   | (455,227 | ) |   |   | (490,594 | ) |
| Total      deferred tax liabilities                           |   |                         | (35,367 | ) |   |   | (455,227 | ) |   |   | (490,594 | ) |
|                                                          |   |                         |    |   |   |   |   |   |   |   |   |   |
| Total      net deferred tax assets (liabilities)              |   |                         | 42,197  |   |   |   | (362,223 | ) |   |   | (320,026 | ) |

----

|                                                          |   | As of December 31, 2006 |    |
|---------------------------------------------------------------|--------|-------------------------|---------|
|                                                          |   | Argentine      GAAP     |    |   | US      GAAP |   |   | US      GAAP |   |
|                                                          |   | balance                 |    |   | adjustment |   |   | balance |   |
|                                                          |   |                    |    |   |   |   |   |   |   |
| Deferred      tax assets                                      |   |                    |    |   |   |   |   |   |   |
| Tax      losses carry forward                                 |   |                    | 143,886 |   |   |   | - |   |   |   | 143,886 |   |
| Accruals                                                      |   |                    | 93,179  |   |   |   | 28,751 |   |   |   | 121,930 |   |
| Troubled      debt restructuring                              |   |                    | -       |   |   |   | 82,733 |   |   |   | 82,733 |   |
| Others                                                        |   |                    | 6,585   |   |   |   | 63 |   |   |   | 6,648 |   |
| Total      deferred tax assets                                |   |                    | 243,650 |   |   |   | 111,547 |   |   |   | 355,197 |   |
|                                                          |   |                    |    |   |   |   |   |   |   |   |   |   |
| Allowance      for impairment of value of deferred tax assets |   |                    | (32,261 | ) |   |   | (16,809 | ) |   |   | (49,070 | ) |
|                                                          |   |                    |    |   |   |   |   |   |   |   |   |   |
| Total      deferred tax      assets, net                      |   |                    | 211,389 |   |   |   | 94,738 |   |   |   | 306,127 |   |
|                                                          |   |                    |    |   |   |   |   |   |   |   |   |   |
| Deferred      tax liabilities                                 |   |                    |    |   |   |   |   |   |   |   |   |   |
| PP&E      and others                                      |   |                    | (44,207 | ) |   |   | (482,090 | ) |   |   | (526,297 | ) |
| Total      deferred tax      liabilities                      |   |                    | (44,207 | ) |   |   | (482,090 | ) |   |   | (526,297 | ) |
|                                                          |   |                    |    |   |   |   |   |   |   |   |   |   |
| Total      net deferred tax      assets (liabilities)         |   |                    | 167,182 |   |   |   | (387,352 | ) |   |   | (220,170 | ) |

|                                                                   |   | As of December 31, |     |
|------------------------------------------------------------------------|--------|--------------------|----------|
|                                                                   |   | 2008               |     |   | 2007 |   |   | 2006 |   |
|                                                                   |   |               |     |   |   |   |   |   |   |
| Income      tax calculated at tax rate on net (gain) loss before taxes |   |               | (118.347 | ) |   |   | (110.478 | ) |   |   | 60.655 |   |
|                                                                   |   |               |     |   |   |   |   |   |   |   |   |   |
| Permanet      differences:                                             |   |               |     |   |   |   |   |   |   |   |   |   |
| Effect      of Trust consolidation                                     |   |               | 19.060   |   |   |   | - |   |   |   | - |   |
| Effect on      capitalized IPO Costs                                   |   |               | -        |   |   |   | - |   |   |   | 110 |   |
| Accruals      and others                                               |   |               | (3.358   | ) |   |   | (3.965 | ) |   |   | (10.207 | ) |
| Subtotal                                                               |   |               | (102.645 | ) |   |   | (114.443 | ) |   |   | 50.558 |   |
| Variation      of the      valuation allowance under US      GAAP      |   |               | 34.482   |   |   |   | 14.588 |   |   |   | 77.453 |   |
| Income      tax (expense) benefit under US GAAP                        |   |               | (68.163  | ) |   |   | (99.855 | ) |   |   | 128.011 |   |

----

|                                                     |   | As      of      December      31, 2008 |     |
|----------------------------------------------------------|--------|----------------------------------------|----------|
|                                                     |   | Total                                  |     |   | Current |   |   | Non      Current |   |
|                                                     |   |                                   |     |   |   |   |   |   |   |
| Deferred      tax assets                                 |   |                                   |     |   |   |   |   |   |   |
| Tax      losses carry forward                            |   |                                   | 8,316    |   |   |   | - |   |   |   | 8,316 |   |
| Accruals                                                 |   |                                   | 104,441  |   |   |   | 9,176 |   |   |   |   |   |
| Troubled      debt restructuring and repurchases of debt |   |                                   | 28,874   |   |   |   | - |   |   |   | 28,874 |   |
| Others                                                   |   |                                   | 15,577   |   |   |   | 5,656 |   |   |   | 9,921 |   |
| Total      deferred tax assets, net                      |   |                                   | 157,208  |   |   |   | 14,832 |   |   |   | 142,375 |   |
|                                                     |   |                                   |     |   |   |   |   |   |   |   |   |   |
| Deferred      tax liabilities                            |   |                                   |     |   |   |   |   |   |   |   |   |   |
| PP&E      and others                                 |   |                                   | (446,556 | ) |   |   | (29,949 | ) |   |   | (416,607 | ) |
| Total      deferred tax liabilities                      |   |                                   | (446,556 | ) |   |   | (29,949 | ) |   |   | (416,607 | ) |
|                                                     |   |                                   |     |   |   |   |   |   |   |   |   |   |
| Total      net deferred tax liabilities                  |   |                                   | (238,348 | ) |   |   | (15,117 | ) |   |   | (274,232 | ) |

|                                                          |   | As      of December 31, 2007 |     |
|---------------------------------------------------------------|--------|------------------------------|----------|
|                                                          |   | Total                        |     |   | Current |   |   | Non      Current |   |
|                                                          |   |                         |     |   |   |   |   |   |   |
| Deferred      tax assets                                      |   |                         |     |   |   |   |   |   |   |
| Tax      losses carry forward                                 |   |                         | 42,798   |   |   |   | 34,482 |   |   |   | 8,316 |   |
| Accruals                                                      |   |                         | 74,380   |   |   |   | 7,616 |   |   |   | 66,764 |   |
| Troubled debt restructuring                                   |   |                         | 64,425   |   |   |   | (1,734 | ) |   |   | 66,159 |   |
| Others                                                        |   |                         | 23,447   |   |   |   | - |   |   |   | 23,447 |   |
| Total      deferred tax assets                                |   |                         | 205,050  |   |   |   | 40,364 |   |   |   | 164,686 |   |
|                                                          |   |                         |     |   |   |   |   |   |   |   |   |   |
| Allowance      for impairment of value of deferred tax assets |   |                         | (34,482  | ) |   |   | (34,482 | ) |   |   | - |   |
|                                                          |   |                         |     |   |   |   |   |   |   |   |   |   |
| Total      deferred tax assets, net                           |   |                         | 170,568  |   |   |   | 5,882 |   |   |   | 164,686 |   |
|                                                          |   |                         |     |   |   |   |   |   |   |   |   |   |
| Deferred      tax liabilities                                 |   |                         |     |   |   |   |   |   |   |   |   |   |
| PP&E      and others                                      |   |                         | (490,594 | ) |   |   | (30,885 | ) |   |   | (459,709 | ) |
| Total      deferred tax liabilities                           |   |                         | (490,594 | ) |   |   | (30,885 | ) |   |   | (459,709 | ) |
|                                                          |   |                         |     |   |   |   |   |   |   |   |   |   |
| Total      net deferred tax liabilities                       |   |                         | (320,026 | ) |   |   | (25,003 | ) |   |   | (295,023 | ) |

| b) | Interest      capitalized – net |
|----|---------------------------------------|

|                                         |   | As      of December 31, |   |
|----------------------------------------------|--------|-------------------------|--------|
|                                         |   | 2008                    |   |   | 2007 |   |   | 2006 |   |
| Interest      expense incurred under US GAAP |   |                    | 78,111 |   |   |   | 56,424 |   |   |   | 93,583 |   |
| Interest      capitalized under US GAAP      |   |                    | 31,477 |   |   |   | 12,665 |   |   |   | 9,283 |   |

|                                                |   | For      the year ended December 31, |   |
|-----------------------------------------------------|--------|--------------------------------------|--------|
|                                                |   | 2008                                 |   |   | 2007 |   |   | 2006 |   |
| Depreciation      on interest capitalized           |   |                                 | (5,095 | ) |   |   | (5,095 | ) |   |   | (5,095 | ) |
| Interest      capitalized – net (Note 27.I.h) |   |                                 | (5,095 | ) |   |   | (5,095 | ) |   |   | (5,095 | ) |

----

|                                                |   | As      of December 31 |    |
|-----------------------------------------------------|--------|------------------------|---------|
|                                                |   | 2008                   |    |   | 2007 |   |   | 2006 |   |
| Interest      capitalized                           |   |                   | 125,294 |   |   |   | 125,294 |   |   |   | 125,294 |   |
| Depreciation      on interest capitalized           |   |                   | (45,705 | ) |   |   | (40,610 | ) |   |   | (35,516 | ) |
| Interest      capitalized – net (Note 27.I.h) |   |                   | 79,589  |   |   |   | 84,684 |   |   |   | 89,778 |   |

| c) | Asset      retirement obligations |
|----|-----------------------------------|

|                                                     |   | As      of December 31, |   |
|----------------------------------------------------------|--------|-------------------------|--------|
|                                                     |   | 2008                    |   |   | 2007 |   |   | 2006 |   |
| Asset      retirement costs                              |   |                    | (3,508 | ) |   |   | (409 | ) |   |   | 2,502 |   |
| Less:      accumulated depreciation                      |   |                    | (1,134 | ) |   |   | (1,309 | ) |   |   | (1,330 | ) |
| Net      book value                                      |   |                    | (4,643 | ) |   |   | (1,718 | ) |   |   | 1,172 |   |
| Asset      retirement obligation                         |   |                    | -      |   |   |   | (2,818 | ) |   |   | (5,208 | ) |
| Net      Shareholders’ equity impact (Note 27.I.h) |   |                    | (4,643 | ) |   |   | (4,536 | ) |   |   | (4,036 | ) |

|   | 1. | amortization      of asset retirement costs included in depreciation  expense; |
|--------|----|--------------------------------------------------------------------------------|

|   | 2. | effects      of re-measuring the liability due to the passage of time are reflected as      interest  expense. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------|

|                                        |   | As      of December 31, |   |
|---------------------------------------------|--------|-------------------------|--------|
|                                        |   | 2008                    |   |   | 2007 |   |   | 2006 |   |
| Depreciation      of asset retirement costs |   |                    | 175    |   |   |   | 21 |   |   |   | (125 | ) |
| Accrued      interest                       |   |                    | (282   | ) |   |   | (521 | ) |   |   | (760 | ) |
| Total      impact (Note 27.I.h)             |   |                    | (107   | ) |   |   | (500 | ) |   |   | (885 | ) |

|                                                    |   | As      of December 31, |   |
|---------------------------------------------------------|--------|-------------------------|--------|
|                                                    |   | 2008                    |   |   | 2007 |   |   | 2006 |   |
| Accumulated      depreciation of asset retirement costs |   |                    | (1,134 | ) |   |   | (1,309 | ) |   |   | (1,330 | ) |
| Accrued      interest                                   |   |                    | (3,509 | ) |   |   | (3,227 | ) |   |   | (2,706 | ) |
| Total      impact (Note 27.I.h)                         |   |                    | (4,643 | ) |   |   | (4,536 | ) |   |   | (4,036 | ) |

| Balance      as of January 1, 2006              |   |   | 7,600  |   |
|-------------------------------------------------|--------|--------|--------|--------|
| Accrued      interest                           |   |   | 760    |   |
| Payments                                        |   |   | (3,152 | )      |
| Balance      as of December 31, 2006            |   |   | 5,208  |   |
| Accrued      interest                           |   |   | 521    |   |
| Payments                                        |   |   | (2,911 | )      |
| Balance      as of December  31, 2007 |   |   | 2,818  |   |
| Accrued      interest                           |   |   | 282    |   |
| Payments                                        |   |   | (3,100 | )      |
| Balance      as of December  31, 2008 |   |   | -      |   |

----

| d) | Troubled      debt restructuring and repurchases ofdebt |
|----|---------------------------------------------------------|

|                                                                                                    |   | As      of December 31, |      |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------|-----------|
|                                                                                                    |   | 2008                    |      |   | 2007 |   |   | 2006 |   |
| Financial      debt (current and non current) under Argentine GAAP                                      |   |                    | 940,393   |   |   |   | 978,352 |   |   |   | 1,097,519 |   |
|                                                                                                    |   |                    |      |   |   |   |   |   |   |   |   |   |
| Waiver      of principal                                                                                |   |                    | 55,314    |   |   |   | 55,314 |   |   |   | 55,314 |   |
| Waiver      of unpaid accrued interest                                                                  |   |                    | 77,658    |   |   |   | 77,658 |   |   |   | 77,658 |   |
| Waiver      of unpaid accrued penalties                                                                 |   |                    | 65,726    |   |   |   | 65,726 |   |   |   | 65,726 |   |
| Adjustment      to present value of the notes                                                           |   |                    | 27,186    |   |   |   | 35,643 |   |   |   | 57,138 |   |
| Interest      expense                                                                                   |   |                    | 52,833    |   |   |   | 71,036 |   |   |   | 37,683 |   |
| Loss      from the purchase and redemption of notes 2016 during 2007                                    |   |                    | (10,228   | ) |   |   | (10,228 | ) |   |   | — |   |
| Gain      from the purchase and redemption of notes 2016 during 2008                                    |   |                    | 55,185    |   |   |   | — |   |   |   | — |   |
| Adjustment      to present value of purchased and redeemed notes 2016 during      2007                  |   |                    | (8,632    | ) |   |   | (8,632 | ) |   |   | — |   |
| Adjustment      to present value of purchased and redeemed notes 2016 during      2008                  |   |                    | 8,980     |   |   |   | — |   |   |   | — |   |
| Gain      on debt restructuring                                                                         |   |                    | (66,803   | ) |   |   | (66,803 | ) |   |   | — |   |
| Gain      on early extinguishment of debt                                                               |   |                    | (147,537  | ) |   |   | — |   |   |   | — |   |
|                                                                                                    |   |                    |      |   |   |   |   |   |   |   |   |   |
| Financial      debt (current and non current) under US GAAP                                             |   |                    | 1,050,075 |   |   |   | 1,198,066 |   |   |   | 1,391,038 |   |
|                                                                                                    |   |                    |      |   |   |   |   |   |   |   |   |   |
| Total      impact in net income (loss) and shareholders’ equity under US GAAP (Note      27.I.h.) |   |                    | 109,682   |   |   |   | 219,714 |   |   |   | 293,519 |   |

|                                                                            |   | For      the year ended December 31, |    |
|---------------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                            |   | 2008                                 |    |   | 2007 |   |   | 2006 |   |
| Gain      on early extinguishment of debt                                       |   |                                 | 147,537 |   |   |   | - |   |   |   | - |   |
| Interest      expense                                                           |   |                                 | 18,203  |   |   |   | (33,353 | ) |   |   | (37,683 | ) |
| Adjustment      to present value of notes                                       |   |                                 | 8,457   |   |   |   | 21,495 |   |   |   | (57,138 | ) |
| Adjustment      to present value of purchased and redeemed notes due in    2016 |   |                                 | (8,980  | ) |   |   | 8,632 |   |   |   | - |   |
| (Gain)      / Loss from the purchase and redemption of notes due in    2016     |   |                                 | (55,185 | ) |   |   | 10,228 |   |   |   | - |   |
| Gain      on debt restructuring                                                 |   |                                 | -       |   |   |   | 66,803 |   |   |   | - |   |
| Waiver      of principal                                                        |   |                                 | -       |   |   |   | - |   |   |   | (55,314 | ) |
| Waiver      of unpaid accrued interest                                          |   |                                 | -       |   |   |   | - |   |   |   | (77,658 | ) |
| Waiver      of unpaid accrued penalties                                         |   |                                 | -       |   |   |   | - |   |   |   | (65,726 | ) |
| Total      impact (Note 27.I.i)                                                 |   |                                 | 110,032 |   |   |   | 73,805 |   |   |   | (293,519 | ) |

| e) | Pension      Plan |
|----|-------------------|

----

|                                             |   | For      the year ended December 31, |   |
|--------------------------------------------------|--------|--------------------------------------|--------|
|                                             |   | 2008                                 |   |   | 2007 |   |   | 2006 |   |
| Components      of net benefit cost for the year |   |                                 |   |   |   |   |   |   |   |
| Service      cost                                |   |                                 | 1,488  |   |   |   | 1,125 |   |   |   | 813 |   |
| Interest      cost                               |   |                                 | 4,441  |   |   |   | 2,874 |   |   |   | 1,816 |   |
| Recognized      net actuarial loss               |   |                                 | 779    |   |   |   | 760 |   |   |   | 208 |   |
| Net      benefit cost for the year               |   |                                 | 6,708  |   |   |   | 4,759 |   |   |   | 2,837 |   |

|                                        |   | For      the year ended December 31, |   |
|---------------------------------------------|--------|--------------------------------------|--------|
|                                        |   | 2008                                 |   |   | 2007 |   |   | 2006 |   |
| Benefit      obligation - beginning of year |   |                                 | 19,083 |   |   |   | 15,352 |   |   |   | 9,703 |   |
| Service      cost                           |   |                                 | 1,488  |   |   |   | 1,125 |   |   |   | 813 |   |
| Interest      cost                          |   |                                 | 4,441  |   |   |   | 2,874 |   |   |   | 1,816 |   |
| Actuarial      loss                         |   |                                 | 3,638  |   |   |   | 761 |   |   |   | 3,703 |   |
| Benefits      paid to participants          |   |                                 | (2,027 | ) |   |   | (1,029 | ) |   |   | (683 | ) |
| Benefit      obligation - end of year       |   |                                 | 26,623 |   |   |   | 19,083 |   |   |   | 15,352 |   |

----

|                                      |   | Net         |   |   | Tax    |   |   | Gross  |   |
|-------------------------------------------|--------|-------------|--------|--------|--------|--------|--------|--------|--------|
|                                      |   | of      tax |   |   | effect |   |   | amount |   |
|                                      |   |        |   |   |   |   |   |   |   |
| Balance      as of January 1,2006         |   |  -     |   |   | -      |   |   |   | -      |   |
| Application      of SFAS 158              |   |        | 3,714  |   |   |   | 2,000  |   |   |   | 5,714 |   |
| Balance      as of December, 2006         |   |        | 3,714  |   |   | 2000   |   |   |   | 5,714 |   |
| Net      actuarial loss for the year 2007 |   |        | 1      |   |   |   | 1      |   |   |   | 2 |   |
| Balance      as of December 31,2007       |   |        | 3,715  |   |   |   | 2,001  |   |   |   | 5,716 |   |
| Net      actuarial loss for the year 2008 |   |        | 1,858  |   |   |   | 1,001  |   |   |   | 2,859 |   |
| Balance      as of December 31, 2008      |   |        | 5,573  |   |   |   | 3,002  |   |   |   | 8,575 |   |

| 2009      |   |   | 3,090  |   |
|-----------|--------|--------|--------|--------|
| 2010      |   |   | 3,416  |   |
| 2011      |   |   | 3,957  |   |
| 2012      |   |   | 5,128  |   |
| 2013      |   |   | 3,917  |   |
| 2014-2018 |   |   | 20,456 |   |

| Service      cost                       |   |   | 1,608 |   |
|-----------------------------------------|--------|--------|-------|--------|
| Interest      cost                      |   |   | 4,843 |   |
| Amortization      of net actuarial loss |   |   | 1,314 |   |
| Net      benefit cost for the year      |   |   | 7,765 |   |

|                                           |   | For      the year ended December 31, |   |
|------------------------------------------------|--------|--------------------------------------|--------|
|                                           |   | 2008                                 |   |   | 2007 |   |   | 2006 |   |
| Projected      benefit obligation              |   |                                 | 26,623 |   |   |   | 19,083 |   |   |   | 15,352 |   |
| Effect      of a one-percentage-point increase |   |                                 | 25,218 |   |   |   | 18,050 |   |   |   | 14,487 |   |
| Effect      of a one-percentage-point decrease |   |                                 | 28,227 |   |   |   | 20,261 |   |   |   | 16,340 |   |

|                                |   | 2008   |   |   | 2007   |   |   | 2006 |   |
|-------------------------------------|--------|--------|--------|--------|--------|--------|--------|------|--------|
| Weighted      - discount rate       |   |   | 18.0   | %      |   |   | 21.0   | %    |   |   | 18.0 | % |
| Weighted      - salary increase     |   |   | 15.0   | %      |   |   | 20.0   | %    |   |   | 16.0 | % |
| Weighted      - long term inflation |   |   | 11.5   | %      |   |   | 14.0   | %    |   |   | 12.0 | % |

----

| Actuarial      Method: Projected Unit Credit Method |   |
|-----------------------------------------------------|--------|

| f) | Trust      Consolidation |
|----|--------------------------|

|                            |   | As      ofDecember      31, 2008 |    |
|---------------------------------|--------|----------------------------------|---------|
| Cash      and banks             |   |                             | 4,024   |   |
| Short-term      investments     |   |                             | 7,321   |   |
| Non-current      Investments    |   |                             | (48,945 | ) |
| Loans                           |   |                             | (86,615 | ) |
| Total      impact (Note 27.I.h) |   |                             | (49,015 | ) |

|                                   |   | For      the year endedDecember      31, 2008 |   |
|----------------------------------------|--------|-----------------------------------------------|--------|
| Financial      income (expense), net   |   |                                          | 16,966 |   |
| Gain      from the repurchase of notes |   |                                          | 32,049 |   |
| Total      impact (Note 27.I.h)        |   |                                          | 49,015 |   |

| g) | Basic      and diluted earnings per share |
|----|-------------------------------------------|

|                                                                 |   | For the years ended December      31, |        |
|----------------------------------------------------------------------|--------|---------------------------------------|-------------|
| Net      Earning (loss) per share                                    |   | 2008                                  |        |   | 2007 |   |   | 2006 |   |
|                                                                 |   |                                  |        |   |   |   |   |   |   |
| Numerator:                                                           |   |                                  |        |   |   |   |   |   |   |
| Net      income (loss.) for the year                                 |   |                                  | 264,527     |   |   |   | 215,797 |   |   |   | (45,291 | ) |
|                                                                 |   |                                  |        |   |   |   |   |   |   |   |   |   |
| Denominator:                                                         |   |                                  |        |   |   |   |   |   |   |   |   |   |
| Weighted      average number of shares used in basic and diluted EPS |   |                                  | 906,455,100 |   |   |   | 906,455,100 |   |   |   | 831,610,200 |   |
|                                                                 |   |                                  |        |   |   |   |   |   |   |   |   |   |
| Net      earning (loss) per share - basic and diluted                |   |                                  | 0.292       |   |   |   | 0.238 |   |   |   | (0.054 | ) |

----

| h) | Segment      information |
|----|--------------------------|

| i) | Cash      flow information |
|----|----------------------------|

----

|                                                                                                                                               |   | For      the years ended as of December 31, |     |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|----------|
| Reconciliation      of cash flows under Argentine GAAP and US GAAP                                                                                 |   | 2008                                        |     |   | 2007 |   |   | 2006 |   |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Net      cash flow provided by operating activities under Argentine      GAAP                                                                      |   |                                        | 547,543  |   |   |   | 427,182 |   |   |   | 214,999 |   |
| Reclasification      from operating activities to investing activities:                                                                            |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Effect      of exchange rate changes on cash and cash equivalents                                                                                  |   |                                        | (2,447   | ) |   |   | (12,198 | ) |   |   | (5,398 | ) |
| Net      cash flow provided by operating activities under US GAAP                                                                                  |   |                                        | 545,097  |   |   |   | 414,984 |   |   |   | 209,601 |   |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Net      cash flow used in investing activities under ArgentineGAAP                                                                                |   |                                        | (325,380 | ) |   |   | (335,851 | ) |   |   | (179,671 | ) |
| Effect      of consolidation of Edenor’s      financial trust                                                                                |   |                                        | 11,345   |   |   |   |   |   |   |   |   |   |
| Net      cash flow used in investing activities under US GAAP                                                                                      |   |                                        | (314,035 | ) |   |   | (336,851 | ) |   |   | (179,671 | ) |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Net      cash flow used in financing activities under Argentine GAAP / US GAAP      (*)                                                            |   |                                        | (196,962 | ) |   |   | (21,806 | ) |   |   | (310,794 | ) |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents under US    GAAP                                                                         |   |                                        | 36,546   |   |   |   | 68,525 |   |   |   | (275,466 | ) |
| Effect      of exchange rate changes on cash and cash equivalents                                                                                  |   |                                        | 2,447    |   |   |   | 12,198 |   |   |   | 5,398 |   |
| Net      increase (decrease) in cash and cash equivalents under US GAAP after      effect of exchange rate changes on cash and cash    equivalents |   |                                        | 34,099   |   |   |   | 56,327 |   |   |   | (280,864 | ) |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents at the beginning of the year                                                                                        |   |                                        | 101,198  |   |   |   | 32,673 |   |   |   | 308,139 |   |
| Cash      and cash equivalents at the end of the year                                                                                              |   |                                        | 137,744  |   |   |   | 101,198 |   |   |   | 32,673 |   |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   | 2008                                        |     |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents under Argentine GAAP (Note 18)                                                                                      |   |                                        | 126,399  |   |   |   |   |   |   |   |   |   |
| Effect      of Trust consolidation                                                                                                                 |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Cash                                                                                                                                               |   |                                        | 4,024    |   |   |   |   |   |   |   |   |   |
| Debt      Securities – third parties debt                                                                                               |   |                                        | 7,321    |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents in the Statement of Cash Flows under US      GAAP                                                                   |   |                                        | 137,744  |   |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| (*)      In 2007, under US GAAP the breakdown is as follows:                                                                                       |   |                                        |     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                               |   |                                        |     |   |   |   |   |   |   |   |   |   |
| Proceeds      from issuing notes                                                                                                                   |   |                                        | 719,838  |   |   |   |   |   |   |   |   |   |
| Payments      on redeemed notes                                                                                                                    |   |                                        | (923,417 | ) |   |   |   |   |   |   |   |   |
| Capital      increase                                                                                                                              |   |                                        | 181,773  |   |   |   |   |   |   |   |   |   |
| Net      cashflow used in financing activities                                                                                                     |   |                                        | (21,806  | ) |   |   |   |   |   |   |   |   |

| j) | SFAS      No. 159, The Fair Value Option for Financial Assets and Financial      Liabilities |
|----|----------------------------------------------------------------------------------------------|

| k) | Fair      value measurements |
|----|------------------------------|

|   | § | Defines      fair value as the price that would be received to sell an asset or paid to      transfer a liability in an orderly transaction between market participants      at the measurement date, and establishes a framework for measuring fair      value; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | § | Establishes      a three-level hierarchy for fair value measurements based upon the      observable inputs to the valuation of an asset or liability at the      measurement date; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Requires      consideration of nonperformance risk when valuing liabilities;      and |
|--------|--------|---------------------------------------------------------------------------------------|

|   | § | Expands      disclosures about instruments measured at fair  value. |
|--------|--------|---------------------------------------------------------------------|

|   | § | Level      1: quoted prices for identical instruments in active    markets; |
|--------|--------|-----------------------------------------------------------------------------|

|   | § | Level      2: quoted prices for similar instruments in active markets; quoted prices      for identical or similar instruments in markets that are not active; and      model-derived valuations whose significant inputs are observable;      and, |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | Level      3: instruments whose significant inputs are  unobservable. |
|--------|--------|-----------------------------------------------------------------------|

|                                                    |   | Fair      value measurements as of December 31, 2008 |    |
|---------------------------------------------------------|--------|------------------------------------------------------|---------|
| Description                                             |   | Total                                                |    |   | Level      1 |   |   | Level      2 |   |   | Level      3 |   |
| Assets                                                  |   |                                                 |    |   |   |   |   |   |   |   |   |   |
| Money      market funds                                 |   |                                                 | 88,548  |   |   |   | 88,548 |   |   |   | - |   |   |   | - |   |
| Government      Bonds                                   |   |                                                 | 39,561  |   |   |   | 30,717 |   |   |   | 8,844 |   |   |   | - |   |
| Corporate      Notes (Central Términa Güemes) |   |                                                 | 11,177  |   |   |   | 11,177 |   |   |   | - |   |   |   | - |   |
| Corporate      Notes (Clarín)                      |   |                                                 | 7,321   |   |   |   | 7,321 |   |   |   | - |   |   |   | - |   |
|                                                    |   |                                                 | 146,607 |   |   |   | 137,763 |   |   |   | 8,844 |   |   |   | - |   |
| Liabilities                                             |   |                                                 |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivative      financial instruments                   |   |                                                 | 7,905   |   |   |   | - |   |   |   | 7,905 |   |   |   | - |   |
|                                                    |   |                                                 | 7,905   |   |   |   | - |   |   |   | 7,905 |   |   |   | - |   |

| l) | Derivative      financial instruments (MerrillLynch) |
|----|------------------------------------------------------|

----

| m) | Statement      of Income classification differences between Argentine GAAP and US      GAAP |
|----|---------------------------------------------------------------------------------------------|

----

|                                             |   | For the year ended December    31, |      |
|--------------------------------------------------|--------|------------------------------------|-----------|
|                                             |   | 2008                               |      |   | 2007 |   |   | 2006 |   |
|                                             |   |                               |      |   |   |   |   |   |   |
| Net      sales / Services revenues               |   |                               | 2,058,988 |   |   |   | 1,936,980 |   |   |   | 1,403,526 |   |
| Electric      power purchases                    |   |                               | (934,660  | ) |   |   | (889,885 | ) |   |   | (799,073 | ) |
| Transmission      and Distribution Expenses |   |                               | (576,972  | ) |   |   | (477,454 | ) |   |   | (450,324 | ) |
| Gross      margin                                |   |                               | 547,356   |   |   |   | 569,641 |   |   |   | 154,129 |   |
| Operating expenses,net                           |   |                               | (296,631  | ) |   |   | (207,510 | ) |   |   | (194,119 | ) |
| Net      operating income (loss)                 |   |                               | 250,725   |   |   |   | 362,131 |   |   |   | (39,990 | ) |
| Financial      income (expense), net             |   |                               | 81,965    |   |   |   | (46,479 | ) |   |   | (133,312 | ) |
| Net income (loss) before income tax              |   |                               | 332,690   |   |   |   | 315,652 |   |   |   | (173,302 | ) |
| Income      tax (expense) / benefit              |   |                               | (68,163   | ) |   |   | (99,855 | ) |   |   | 128,011 |   |
| Net      income (loss) for the year              |   |                               | 264,527   |   |   |   | 215,797 |   |   |   | (45,291 | ) |
|                                             |   |                               |      |   |   |   |   |   |   |   |   |   |
| Earning      (loss) per ordinary share           |   |                               | 0.292     |   |   |   | 0.238 |   |   |   | (0.054 | ) |

|                                    |   | As      of December      31, |      |
|-----------------------------------------|--------|-----------------------------------|-----------|
|                                    |   | 2008                              |      |   | 2007 |   |
|                                    |   |                              |      |   |   |   |
| Current      Assets                     |   |                              | 666,694   |   |   |   | 536,705 |   |
| Property,      plant and equipment, net |   |                              | 3,331,204 |   |   |   | 3,175,675 |   |
| Other      non-current assets           |   |                              | 258,426   |   |   |   | 346,563 |   |
| Current      liabilities                |   |                              | 707,536   |   |   |   | 573,668 |   |
| Non-current      liabilities            |   |                              | 1,821,634 |   |   |   | 2,018,199 |   |
| Shareholders'      equity               |   |                              | 1,727,154 |   |   |   | 1,467,076 |   |

|                                                                               |   | For      the Year ended December 31, |      |
|------------------------------------------------------------------------------------|--------|--------------------------------------|-----------|
| Summary      of Condensed Shareholders’ equity in accordance with US    GAAP |   | 2008                                 |      |   | 2007 |   |
|                                                                               |   |                                 |      |   |   |   |   |   |
| Common      stock                                                                  |   |                                 | 1,902,944 |   |   |   | 1,902,944 |   |
| Treasury      stock                                                                |   |                                 | (6,130    | ) |   |   | - |   |
| Additional      paid-in capital                                                    |   |                                 | 24,970    |   |   |   | 106,928 |   |
| Legal      Reserve                                                                 |   |                                 | 53,320    |   |   |   | 53,320 |   |
| Accumulated      deficit                                                           |   |                                 | (517,874  | ) |   |   | (811,914 | ) |
| Net      income (loss)                                                             |   |                                 | 264,527   |   |   |   | 215,797 |   |
| Other      Comprehensive Income                                                    |   |                                 | 5,397     |   |   |   | 1 |   |
|                                                                               |   |                                 |      |   |   |   |   |   |
| Total      Shareholders’ equity                                              |   |                                 | 1,727,154 |   |   |   | 1,467,076 |   |

| n) | Valuation      of Property, plant and equipment |
|----|-------------------------------------------------|

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| o) | SFAS      Interpretation No. 48, “Accounting for uncertainty in income taxes – an      interpretation of FASB Statement No. 109” (“FIN  48”) |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Recognized      uncertain tax position as of December 31, 2006              |   |   | 33,791 |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|
| Gross      increase due to interest on prior year uncertain tax    position |   |   | 2,236  |   |
| Recognized      uncertain tax position as of December 31, 2007              |   |   | 36,027 |   |
| Gross      increase due to interest on prior year uncertain tax    position |   |   | 2,236  |   |
| Recognized      uncertain tax position as of December 31, 2008              |   |   | 38,263 |   |

| p) | Accounting      for stock transferred by Argentine government to  employees |
|----|-----------------------------------------------------------------------------|

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| q) | Repurchase      of own shares |
|----|-------------------------------|

| r) | Comprehensive      income (loss) |
|----|----------------------------------|

|                                                                                        |   | For      the year ended December 31, |    |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                                        |   | 2008                                 |    |   | 2007 |   |   |   | 2006 |   |
|                                                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Net      income (loss) under US GAAP                                                        |   |                                 | 264,527 |   |   |   | 215,797 |   |   |   | (45,291 | ) |
|                                                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Other      comprehensive income:                                                            |   |                                 |    |   |   |   |   |   |   |   |   |   |
|                                                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Unrealized      gains and losses -      Available for sale securities at December 31, 2008) |   |                                 | 3,539   |   |   |   | - |   |   |   | - |   |
| Pension    plan                                                                             |   |                                 | (1,858  | ) |   |   | (1 | ) |   |   | (3,714 | ) |
|                                                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |
| Comprehensive      income (loss)                                                            |   |                                 | 266,208 |   |   |   | 215,796 |   |   |   | (49,005 | ) |

| s) | Recently      issued accountingpronouncements |
|----|-----------------------------------------------|

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