Salary Increase for Commercial Employees

On June 22, 2011, the Argentine Federation of Commerce Employees (“FAECYS”), the Union of Argentine Commercial Entities (“UDECA”); the Argentine Confederation of Medium-Sized Enterprises (“CAME”), and the Argentine Chamber of Commerce (“CAC”) executed an agreement which contemplates a 30% salary increase with a non-remunerative nature to be calculated on the base salary corresponding to the applicable salary scales as of November 2011.

The non-remunerative amount shall be paid in 3 non-cumulative instalments:

• - 15% as from May 2011
• - 8% as from September 2011
• - 7% as from December 2011

The additional amount for perfect attendance set forth in Section 40 of the CBA 130/75 shall also be calculated on the amounts resulting from the projected increase.

As regards part-time workers or workers rendering discontinued tasks, or workers who render services under the scope of a reduced schedule workday, the base salary and the corresponding increase shall be paid in accordance to the workday effectively performed.

The above mentioned increase shall be considered for the payment of the following items: fixed additional amounts set forth in CBA 130/75; illnesses not related to work, vacation, semi-annual mandatory bonus (proportionally calculated from May to June for the first semester of 2011), and overtime work with the exception of the compensation for seniority.

Compensation: General, sectorial or individual amounts awarded on account to future increases (“a cuenta de futuros aumentos”) which have been granted by the employers as from May 2010, shall be compensated or absorbed by this salary increase.

Withholdings and contributions: The non-remunerative amounts resulting from this agreement shall be subject to the corresponding withholdings and contributions for the Commercial Employees Health Organization (“OSECAC”) and for the Union of Commercial Employees.

The salary increase hereby agreed shall be mentioned within the payslip in separate items under the term “collective agreement June 2011”(“acuerdo colectivo junio 2011”). The salary increase shall be converted into remunerative amounts as of the month of April 2012, therefore becoming part of the Industry’s base salary together with the grossing up that may be equivalent to the workers’ withholdings.

Female employees on maternity leave: The non-remunerative amounts which should be collected at the time of commencement and throughout such leave shall be converted since the beginning into remunerative amounts, for all purposes.

Special Withholdings for Commercial Employees’ Health Provider (OSECAC): The worker shall be in charge of giving a contribution which shall be equivalent to One Hundred Argentine Pesos (AR$ 100) which will be paid in two instalments of Fifty Argentine Pesos (AR$ 50) in the months of June and July 2011. The employer shall proceed to withhold this amount from the amount to be collected by each worker as it has been stated in the Collective Agreement of June 22, 2011.

Special payments to female cashiers working for large enterprises: Female cashiers who render services in chains of supermarkets, department stores, convenience stores providing food services, and wholesaler supermarkets; retail stores selling materials for construction, which may also sell paint, tools, electrical appliances/devices, whose annual revenues may be higher than the ones established for the Commercial Medium-Sized Enterprise, as set forth in Resolution SEPYME 21/2010, shall be awarded an annual special amount of AR$ 3,840. Such amount shall be paid in equal monthly instalments, and shall be added to the item known as cash shortage “faltante de caja”, once such item may be updated in accordance to the terms of Section 28, CBA 130/75.