Empresa de Energía del Cono Sur S.A. made an offer to acquire remaining 47.2% stake in Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (BASE:EDN) (Edenor) for ARS 5.7 billion on June 28, 2021. Empresa de Energía del Cono Sur will acquire Class B shares of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima at an offer per share of ARS 29.34. The Class A Shares and the Class C Shares are not publicly traded and are not the subject of the offer. The offered price will be paid in Argentine pesos within 5 business days following expiration of the offer period. Additionally, pursuant to the transaction, Pampa Energía S.A. has undertaken to acquire, subject to the satisfaction of certain conditions precedent, including, without limitation, the absence of an event of default with respect to certain affirmative and negative covenants made by Edelcos in connection with the financing of a portion of the price for the acquisition of a controlling interest in Edenor, and the absence of an event of default under the Edenor Class 9 Notes, the lesser of 90% of the Class B Shares tendered and accepted in the offer and the number of Class B shares representing 35% of the capital stock and voting rights of Edenor. Notwithstanding the transaction, pursuant to the CNV Rules, Pampa is not obliged to promote, formulate, or launch the offer, nor has it taken any part in the determination or formulation of any of the terms and conditions of the offer. Offer is subject to, among other conditions set forth in the prospectus, the occurrence of the following, prior to the commencement of the offer period: the authorization of the CNV of the offer, under the terms formulated by Edelcos, shall have been obtained and be in full force and effect, in accordance with applicable regulations. The offer implicates an economic concentration in the Argentina in accordance with the Antitrust Law No. 27,442. Edelcos notified the transaction before the national antitrust commission (the "CNDC”) on July 7, 2021. The offer is not conditioned to the prior authorization of the CNDC. The offer shall be open for a period of 20 (twenty) business days and, at the offeror's option, may be extended for an additional period of not less than 5 business days (the “additional term”) for those shareholders who have not accepted it within the general term, to do so within the additional term, by the same means and on the same terms and conditions as those granted to those who have expressed their opinion within the general term. The start date of the general term will be announced through a notice by this means once the authorization of the CNV has been obtained and the other conditions precedent to which the offer is subject have been satisfied. On June 23, 2021, Ente Nacional Regulador de la Electricidad approved the transaction. Transaction is also subject to Argentine Antitrust Commission (Comisión Nacional de Defensa de la Competencia) approval. Edelcos may extend the general term and/or, if applicable, the additional term pursuant to applicable rules. the “offer period” will be the period from the beginning of the general term through 3:00 p.m. on the last day of the general term or the additional term, as applicable. The Board of Directors of Edenor is remaining neutral and expresses no opinion as to whether holders of Securities should accept or reject the Offer. The offer is expected to close on December 13, 2021. Global Valores S.A. acted as tender offer agent. Nicolas Teijeiro, J.A. Glaccum and Christopher C. Paci of DLA Piper LLP (US) acted as legal advisors to Edenor. Buenos Aires Advisors acted as fairness opinion provider to the board of Edenor. Buenos Aires Advisors was paid ARS 2.5 million for its services.