PROGRAMMES OF INVESTEE OWNERSHIP

Law 26,700

The national state will compensate former workers or rightholders of Altos Hornos Zappa with the right to the Participated Property Program. Sanctioned: August 3, 2011 Enacted in Fact: August 19, 2011

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

Article 1-The national state will compensate former workers or right-holders of Altos Hornos Zapla entitled to the Program of Participated Property (PPP) that have not been included in this program and who were working in the company in the time of the dictation of the rule that declares it subject to privatization, in the framework of laws 23,696, 23,809 and decrees 1 1 3 1/90, 1213/90 and 2332/91.

Article 2-The compensation provided for in Article 1 of this Law is considered a payment for subrogation, as provided for in Article 767 of the Civil Code. The national executive branch, through the appropriate agencies, will initiate the appropriate legal actions against Azeros Zappa S.A.

Article 3-The compensation established in this law will be the result of assessing the following guidelines: (a) The amount of shares that each former agent should have received at the date of the privatization of Altos Hornos Zappa. b) The value of each stock will be valued at four pesos with eighty-seven cents ($4.87) to June 2004, amount that will be accepted by the national state in the different judicial decisions issued by the excellent CNACCF (National Chamber In the case of the Federal Republic of Germany, the Federal Republic of Germany, the Federal Republic of Germany, the Federal Republic of Germany, the Federal Republic of Germany, and the Federal Republic of Germany. Consequently, the value of each share will be seventeen pesos with sixty-three cents ($17.63), based on the following guidelines: 1. Value of each stock to June 2004 (according to the doctrine established by the The National Judicial Branch and which is firm) four pesos with eighty-seven cents ($4.87), plus the update coefficient to July 2010 (according to the IPC-INDEC agreement that is of 1.6863) that yields an updated value to July 2010: eight weights with twenty-one cents ($8.21) per share. 2. Likewise, the interest that is applicable for the default in the payment (applicable rate in matters of judicial interest) is that of the Banco de la Nación Argentina for its discount operations to thirty (30) days expired-not capitalizable-until July 2010: 114,7517%; this transaction determines that the total value of each share is seventeen pesos with sixty-three cents ($17.63).

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3. To the value determined in the item above for each action 2), a percentage will be added for seniority, which is established in the one percent (1%) per year of work age that would correspond to each former worker. (c) This financial compensation provided for in this Law is extended to all former workers or their successors who for any reason were not eligible for the Program for the Participation of High Hornos Zapla, or which, incorporated into the programme, would have been excluded.

ARTICLE 4-In the period of sixty (60) days, the Ministry of Economy and Public Finance shall notify the former workers or their successors in High Hornos Zapla, as indicated in Article 1 of this Law, of the liquidations that correspond, calculated in accordance with the guidelines laid down in this Law. Likewise and with the notification provided for in the preceding paragraph, the former workers or their successors shall be informed of the documentation to be accompanied by the object of adhering to the recovery of the compensation established at the present time.

ARTICLE 5-The term of one hundred and eighty (180) days is suspended for all legal reasons for claims articulated by former workers of Altos Hornos Zapla or its successors, against that company in connection with the failure to comply with the Participating Property Program.

Article 6-Payment to former workers or their rights holders established in this law shall be made in accordance with the provisions of laws 23,982 and 25.344 and Articles 59 and 60 of Law 26,546. When there is a judgment, to access the charge, the withdrawal must be implemented and approved by the competent court, which will be sent by the corresponding court, to the Ministry of Economy and Public Finance to proceed to the Corresponding judicial deposit.

Article 7-For the assumption that former workers or their successors have received the payment for a court judgment and the amount received is less than the amount resulting from this law, they will be able to claim before the Ministry of Economy and Public finances (or bodies designated by it) the resulting difference.

ARTICLE 8-Establishment of the amount of the amounts collected in accordance with the provisions of this Law, with the exception of such inembargability to the credits of a food nature.

ARTICLE 9º-This law shall begin to apply from the date of its publication in the Official Gazette.

ARTICLE 10. -Contact the national executive branch. GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, ON THREE AUGUST OF THE YEAR TWO THOUSAND ELEVEN. -REGISTERED UNDER NO. 26,700-JULY C. C. COBOS. -PATRICIA S. FADEL. -Enrique Hidalgo. -Juan H. Estrada.

Date of publication: 25/08/2011

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