20 October 2016

On October 13, the Annual Meeting to review the Fiscal Year No. 41 of INVAP S.E., during July 2015-June 2016, took place at the company’s headquarters in the city of San Carlos de Bariloche.

Present at the meeting were the Governor of the Province the Río Negro, Alberto Weretilneck; the President of the Argentine National Commission of Atomic Energy (CNEA, in Spanish), Osvaldo Calzetta Larrieu; members of the Board of Directors of INVAP; its President, Horacio Augusto Osuna; its Vice-President, Hugo Albani; the permanent directors Néstor Pablo Tognetti, Guillermo M. Gesualdo and Gabriel C. Absi; the permanent Trustee Aurelia P. Schepis, the General Manager, Héctor E. Otheguy; and the Administration and Finance Manager, Carlos E. Montenegro.

The Report and the Annual Financial Statements corresponding to the fiscal year No. 41 that ended on June 30, 2016, were approved unanimously during the meeting.

Besides, it was decided by common consent to allocate the earnings, which amounted to $112 millions, to a statutory reserve, to the nursing home “El descanso de Jesús” (Jesus’ rest), to the bond of the bondholders (employees) and to an optional reserve for working capital. The management of the Board of Directors and the Supervisory Committee during the fiscal year No. 41 were also approved.

According to the regulations of the National Securities Commission, the external auditor for the next fiscal year (June 2017) was selected. The official certifying accountant will be the Public Accountant Esteban Rubén Basile, partner of the company Cánepa, Kopec y Asociados S.R.L. and member of Crowe Horwath International.

Finally, due to mandate expiration, the new directors that will represent the bondholders were selected for a new period of three years: Christian Tisotcomo, Permanent Director, and Guillermo Gastaldi, Alternate Director.

Government of the Province of Río Negro