ELECTRIC ENERGIA Decree 1173/98 Modification of Decree No. 1192/92, in connection with the Board of Directors of the Eléctrico Eléctrico Sociedad Anónima (CAMESA). Bs. As., 2/10/98 B.O. 14/10/98

VISTO Issue No. 750-003320/98 of the Register of the MINISTERY of ECONOMY AND ARTWS AND PUBLIC SERVICES, and

CONSIDERING:

That by Decree No. 1192 of 10 July 1992 the ADMINISTRATIVE COMPANY of the MERCATE MAYORISTA ELECTRIC SOCIEDAD ANONIMA (CAMMESA) was constituted as a non-profit entity that is responsible for the National Cargo Office of the INTERCONEXION ARGENTINE SYSTEM (SADI) under Article 35.06.

That the capital of the aforementioned company is divided into CINCO (5) classes of actions of which are respectively the NATIONAL STATE and CUATRO (4) Civil Associations that nucleate the CUATRO (4) categories of agents that act in the ELECTRIC MERCADO MAYORISTA (MEM): Large Users, Generators, Transporters and Distributors.

That, also by mandate of the Decree, such Civil Associations were organized by the NATIONAL STATE during the process of transforming the Argentine Electrical Sector.

That according to the statute of that company, its Directory is composed of representatives appointed in Special Class Assembly by the shareholders of each of the CINCO (5) classes of actions and whose president is the Lord Secretary of Energy of the MINISTERIO DE ECONOMIA and ARTWORKS AND PUBLIC SERVICES.

That in order to the guiding principles of the transformation process carried out in the Argentine Electrical Sector by the NATIONAL GOVERNMENT it is equitable and convenient to make it possible for the Vice-President of the Board to be headed by a Director who does not represent any kind of shareholders and is appointed in General Assembly of shareholders to resolve his designation with the favorable vote of the NATIONAL STATE holder of Class Actions "A".

That the General Directorate of Humanitarian Affairs of the MINISTERY of ECONOMY and ARTWS and PUBLIC SERVICES has taken action.

That the NATIONAL EXECUTIVE POWER is entitled to issue this act in exercise of the powers conferred by Article 99 (2) of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1-Replace the fifth paragraph of Article 3 of Decree No. 1192 of 10 July 1992 with the following text:

"Mr. Secretary of Energy of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES will be President of the Board of Directors of the MERCADO MAYORISTA ELECTRICO SOCIEDAD ANONIMA (CAMMESA) and his Vice President will be a Director who will be appointed in General Assembly of Shareholders with the favorable vote of the holder of Class Actions".

Art. 2°-Instruct the SECRETARIAT OF ENERGIA of the MINISTERY OF ECONOMY ARTWORKS AND PUBLIC SERVICES, holder of the actions of the MERCATE ADMINISTRATOR ELECTRIC ELECTRIC SOCIEDAD ANONIMA (CAMMESA) Class "A" of ownership of the NATIONAL STATE, so that in exercise of the corresponding corporate rights promotes the necessary corporate acts for the implementation of the provisions of this act. Art. 3°-See ENERGY SECRETARIAT for ECONOMY MINISTERY PUBLICS to dictate the clear and complementary rules to the effect of the implementation of the provisions of this act. Art.4°-Contact, post, give to the National Directorate of the Official Register and archvese.- MENEM.-Jorge A. Rodríguez.-Roque B. Fernández.