NATIONAL COMMISSION ON ATOMIC ENERGY DECEMBER No. 1540/94 They reorganize their functions by creating the NACIONAL NATIONAL NUCLEAR REGULAR ENTER and constitute the NUCLEOELECTRIC ARGENTINA SOCIEDAD ANONIMA. Activities to develop. Procedure. The nucleoelectric generation is subject to privatization. Authority for the implementation of the privatization process.

Bs. As., 30/08/94

VISTO the process of transformation of the National State and the business activities that were in charge of it, as well as the state of the process of privatization of the electricity generation activity, and

CONSIDERING:

That one of the main objectives of the aforementioned process of restructuring the Public Sector is the transfer to the Private Sector of all the business activities that were in charge.

It is also desirable to regroup in specific areas of competence those sectors related to the obligations of the National State in activities such as research and development.

At present, the expansion of the supply of nucleoelectric generation depends on the contribution of public funds, and it is appropriate and necessary to concentrate the efforts of the National State in social areas and to avoid their participation in risk investments.

On the other hand, it is convenient for the Atucha II Nucleoelectric Power Station to be completed in useful time and with reasonable costs.

That, as such, it is necessary that the nucleoelectric generation activity carried out by the NATIONAL COMMISSION OF ATOMICA ENERGY in a direct or associated way with other entities, in its different aspects (construction, commissioning, operation, maintenance, dismantling of nuclear power plants, considered both in its entirety and in any of its essential elements) be under the responsibility of the MINISTERIO DE ECONOMIA.

That Law No. 24,065 divided the electrical activity vertically, defined the Roles of the Public and Private Sectors within that sphere, established the rules of the Electrical Market Majorist and declared, within that framework, subject to privatization the development of the activity of generation, transport and distribution of electrical energy by the companies AGUA AND ELECTRIC ENERGIA SOCIEDNOAD OF THE STATE, HIDROE

That within the electricity generation segment has been privatized almost all of the thermal and hydroelectric origin of greater significance, the bidding documentation of the units that were not yet transferred to the Private Sector is defined.

It is convenient to transfer to the private sector of nucleoelectric generation activity, in order to level the rules of play with respect to generation activity from other sources.

It is appropriate to consider as the Authority of Application of its privatization the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES.

The regulation and control of each of the aspects of nucleoelectric activity should be reserved as the functions of the National State and its exercise is attributed to a state entity that exercises them exclusively in order to differentiate the role of the controller.

That until the privatization of the nucleoelectric generation activity is carried out, it is essential to assign its development to an Anonymous Society owned by the National State in order to differentiate such function from the remaining activities of an operational nature currently carried out by the NATIONAL COMMISSION OF ATOMICA ENERGIA.

That the NATIONAL EXECUTIVE POWER is entitled to the present act by virtue of the provisions of Articles 8, 9 and 61 of Law No. 23,696, by Article 59 of the Law on Sealing Taxes (t. or 1986) and by Article 99 (1) of the National Constitution.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

ARTICLE 1. For the purpose of the reorganization of the functions currently carried out by the NATIONAL COMMISSION OF ATOMICA ENERGY, see the NATIONAL REGULAR NUCLEAR NATIONAL ENTER as an autonomous entity within the jurisdiction of the NATIONAL PRESIDENCE, the NUCLEOELECTRIC ARGENTINA SOCIEDAD ANONIMA (NUCLERGOE ATOMICA will continue in the jurisdiction of the NATIONAL PRESIDENCE. ARTICLE 2. NATIONAL ENTER NUCLEAR will perform the functions of control and regulation of nuclear activity currently carried out by the NATIONAL COMMISSION ON ATOMIC ENERGY. To that end, it should propose to the NATIONAL EXECUTIVE PODER the dictation of the regulatory rules that should be implemented in nuclear matters in all matters relating to radiological and nuclear security, physical protection and control of the use of nuclear materials, licensing and control of nuclear facilities and international safeguards.

The Ente shall enjoy autarchy and shall have full legal capacity to act in the areas of public and private law, and its heritage shall be constituted by the assets of the NATIONAL COMMISSION ON ATOMIC ENERGY that are transferred to it as a result of the provisions of this act and by those that acquire in the future for any title. Their resources will be integrated with the nuclear regulatory rate, funds from the permits they grant and with contributions from the National Treasury. It will have its headquarters in the City of BUENOS AIRES.

NATIONAL ENTER NUCLEAR will be administered by a Board composed of UN (1) President and CINCO (5) members, appointed by the NATIONAL EXECUTIVE PODER for a period of CUATRO (4) years, being able to be re-elected indefinitely. The President will be proposed by the head of the area in whose jurisdiction the Ente acts and the Directors will be proposed DOS (2) by the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, DOS (2) by the SECRETARIAT OF SCIENCE AND TECHNOLOGY and UNO (1) by the SECRETARIAT OF NATURAL AND HUMAN ENVIRONMENTAL RESOURCES.

The Board shall propose the list of goods to be transferred for its normal operation and the organic structure within the term NOVENTA (90) days.

ARTICLE 3o.- Transfer to the NATIONAL REGULAR ENTER NUCLEAR the personnel of the Area of Regulatory Affairs of Radiological and Nuclear Safety, whose list will be determined by common agreement between the MINISTERY of ECONOMY AND ARTWORKS AND PUBLIC SERVICES and the General SECRETARIAT of the PRESIDENCE OF NATION. The staff transferred shall be governed by its current Statute until the person who regulates the labour relations in the said Ent.

These joint bodies may arrange for the transfer to the entity of those personnel belonging to other areas of the NATIONAL COMMISSION OF ATOMICA ENERGY that later analyses show as appropriate for their management.

ARTICLE 4o.- NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) will develop the nucleoelectric generation activity linked to the Nuclear Atucha I Nuclear Power Plant, to the Nuclear Central Embalse of Río Tercero and the construction, commissioning and operation of the Atucha II Nuclear Power Plant respecting the existing norms of nuclear safety and radiology

NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) must comply with all the safeguards obligations that the ARGENTINA REPUBLIC has subscribed and assume the civil liability that for the operator of a nuclear facility determines the Vienna Convention on Civil Liability for Nuclear Damage, ratified by Law No. 17,048, until the

The NATIONAL ENTER NUCLEAR in exercise of its control function will have free access to the facilities of NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.).

ARTICLE 5o.- Please refer to the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES to approve the Societal Statutes of NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S.A.), within the framework of the provisions of this act. ARTICLE 6o.- Determine that the Society whose constitution is provided, in the terms of Article 1 of this act, shall be governed by this decree, by its respective Statutes and as provided for in Chapter II, Section V, Articles 163 to 307 and in accordance with Law No. 19.550 (t. 1984).

Until the activity of nucleoelectric generation is deprived, the NOVENTA and NUEVE BY SCIENT (99 %) of the shareholder will correspond to the NATIONAL STATE and the ONE FOR SCIENT (1 %) to WATER and ENERGY ELECTRIC SOCIEDAD OF THE STATE. MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS will be the holder of the actions of ownership of the NATIONAL STATE and will exercise the corresponding corporate rights.

ARTICLE 7o.- Ordenase the protocolization of the constitutional record and of the Statutes of the society which are established by this decree, as well as of any action that is necessary to elevate to public writing for the purposes of registration, through the General ENCRIBANIA OF GOVERNMENT OF NATION, without implying any erogation.

See Mr. MINISTER OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS or the official in whom the latter delegates and the Lord Interventor in WATER and ENERGY ELECTRICA SOCIEDAD OF THE STATE and/or the officials that they designate, to sign the corresponding public scriptures and to subscribe and integrate the initial capital on behalf of the entities that they represent, with powers to perform all those acts that are necessary for the constitution and commission of the society mentioned in the preceding paragraph.

ARTICLE 8o. Please refer to the respective registration before the General INSPECTION OF JUSTICE and other relevant Public Records, in order to accompany the publication of this act in the Official Gazette to the article 10 of Law No. 19.550 (t. or 1984).

To this end, the MINISTER OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS or the official in whom he delegates and the Lord Interventor in WATER and ELECTRIC ENERGY SOCIEDAD OF THE STATE and/or the persons whom he designates.

9th Article. - The Board of Directors of the Society whose constitution is available for the present act, until the activity of nucleoelectric generation is deprived, will be composed of THRE (3) Directors and THREE (3) Supplements to be appointed by the Assembly of Shareholders on the proposal of the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES. These directors are exempt from providing the guarantee set out in Article 256 of Law No. 19.550 (t. 1984). The Control Commission shall consist of three (3) members of the United States and three (3) members of the United Nations, who shall be nominated by the General SINDICATURA OF THE NATION. ARTICLE 10. Transfer to NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) the assets and contracts of ownership of the NATIONAL COMMISSION OF ATOMICA ENERGIA linked to the development of the nucleoelectric generation activity, as well as those for Central Atucha II in construction, with the exception of the National Convention. The Commission shall transfer the funds not used from such Loans to NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NEW ELECTRICA ARGENTINA S.A.).

Transfer also to NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) the resources and budgetary sources not used in the General Budget of the National Administration assigned in the year 1994 to the NATIONAL COMMISSION OF ATOMIC ENERGY for the current and capital expenses of the AtuLECTAL CENTER

Include to MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS to determine the value of the assets transferred for the purpose of determining the initial capital of NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.). This should apply the emerging criterion of Article 96 of Law No. 24.065.

ARTICLE 11. Transfer also to NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) the staff currently reviewing in the Management of Nuclear Central Areas of the NATIONAL COMMISSION OF ATOMICA ENERGY, whose list will be determined by common agreement between the MINISTERY OF ECONOMIC AND SELECTRIOUS The staff transferred shall be governed by the same labour standards as are currently applicable to it.

These joint bodies may arrange for the transfer of such personnel from other areas of the NATIONAL COMMISSION OF ATOMICA ENERGY, which later analyses show as appropriate for the management of the society constituted by this act.

ARTICLE 12. MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS may modify the corporate capital of NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) by incorporating other assets and liabilities of ownership of the NACIONAL COMMISSION OF ATOMICA ENERGIA and/or of AGUA and ELECTRIC ENERGIA SOCIEDAD OF THE STATE. In order to incorporate into NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S.A.) other assets of the aforementioned Commission, as well as the liabilities associated with the assets transferred, the Ministry must have the conformity of the SECRETARIA General of the PRESIDENCE OF NATION, which must be addressed to the NACIONAL COMMISSION. ARTICLE 13. All the documentary, legal and accounting requirements established in the Resolution of the General INSPECTION OF JUSTICE No. 6 of 24 December 1980, in connection with the registration of the capital increases of NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) which are available as a result of the provisions of this act. ARTICLE 14. (Article Derogated by Article 5 of the Decree No. 1760/2009 B.O. 19/11/2009) ARTICLE 15. NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.) must pay the NACIONAL REGULADOR NUCLEAR as a regulatory fee an amount equivalent to TRES MIL PESOS BY MEGAVATIO NUCLEAR NUCLEAR NUCLEAR ($ 3,000 MW) per year. ARTICLE 16. Transfer to the NATIONAL STATE the ownership of the actions that the NATIONAL COMMISSION ON ATOMIC ENERGY has in NUCLEAR ARGENTINA NUCLEAR ARGENTINA DE CENTRALES ANONIMA SOCIEDAD (ENACE S.A.). MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS will exercise the corporate rights of the actions referred as well as all those rights related to the management of NUCLEAR ARGENTINA NUCLEARES ELECTRIC NUCLEARES SOCIEDAD ANONIMA (ENACE S.A.) that are owned by that Commission. ARTICLE 17. The NATIONAL COMMISSION ON ATOMIC ENERGY shall pay the NATIONAL REGULAR NUCLEAR NATIONAL ENTER for a regulatory rate an amount equivalent to PESOS A MILLON QUINIENTS MIL ($ 1,500,000) per year. ARTICLE 18. NATIONAL COMMISSION OF ENERGIA ATOMICA shall determine the organizational structure resulting from the provisions of this act within the term NOVENTA (90) days of its dictation. ARTICLE 19. - HACIENDA SECRETARIAT OF THE MINISTERY OF ECONOMY AND SERVICES PUBLICS should manage the budgetary adjustments necessary to meet the operational requirements of the NATIONAL COMMISSION ON ATOMICA ENERGY during the period 1994. ARTICLE 20. Explain the provisions of Article 2 of Decree No. 114 of 29 January 1993 to acts and instruments that are signed or carried out on the basis of the reorganization provided for by this decree, achieving both the acts necessary to transfer goods to the subjects established by the present, and the transfer of actions and contracts that are the result of the decree. ARTICLE 21. Faccinate the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS to delegate the exercise of the rights and functions assigned to it by this act. ARTICLE 22. The provisions of the preceding articles shall apply from the date of their dictation. ARTICLE 23. DECLARATION subject to complete privatization of the nucleoelectric generation activity that develops NUCLEOELECTRICA ARGENTINA SOCIEDAD ANONIMA (NUCLEOELECTRICA ARGENTINA S. A.), in direct or associated form with other entities, in their different aspects (construction, commissioning, operation, maintenance, withdrawal of service of nuclear plants, considered in their entirety)

(a) The National State reserves the functions of regulation and control of nucleoelectric generation activity.

(b) The canon defined by the exploitation of nuclear power plants will be used to finance research and development of nuclear activity.

(c) Those who operate the nuclear power plants must contribute to a Nuclear Power Plant Retreat Fund and a High-level Nuclear Waste End Repository Fund.

(d) The MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES will be the Authority for the implementation of such privatization.

ARTICLE 24. Please notify the HONORABLE CONGRESS of the NATION of Article 23 of this act for the purpose of its approval by parliamentary procedure of preference. ARTICLE 25. Contact, post, give to the National Directorate of the Official Register and archvese. -MENEM - Domingo F. Cavallo. (Note Infoleg: by art. 15 of the Act No. 25.018 B.O. 23/10/1998 is derogated from the High-level Final Repositories Fund established by the present decree. Existing resources will be transferred to the Fund constituted by the reference law)