PROPERTY PROPERTIES PARTICIPTED

Decree 815/97

Approve the implementation of the Participated Property Program in Tucumán Sociedad Anónima Hydroelectric Company.

Bs. As., 21/8/97

B.O.: 26/08/97

VISTO the provisions of Act No. 23,696, Decree No. 584 of 1 April 1993, Joint Resolution No. 462 of the Ministry of Labour and Social Security and No. 481 of the MINISTERY of ECONOMY and PUBLIC SERVICES dated 17 May 1993 and

CONSIDERING:

That the NATIONAL EXECUTIVE PODER, within the framework of Law No. 23,696 and its complementary standards, initiated a comprehensive process of privatization of enterprises and activities under the responsibility of the Public Sector, which resulted in the transfer to the private sector of important activities and the creation of numerous commercial societies.

That the HONORABLE CONGRESS OF NATION, by adopting the above-mentioned legal standard, expressly contemplated in its Chapter III, that a significant portion of the share of the new companies be reserved for employees.

That the NATIONAL EXECUTIVE POWER and its dependent organs, through the dictation of various regulatory and complementary standards, proceeded to carry out the implementation of the Participated Property Programme in the HIDROELECTRICA TUCUMAN SOCIEDAD ANONIMA society.

That such a process has achieved a high degree of adherence by the legitimate employees to acquire shares of the said Company, through the Participated Property Programme.

That the dissemination task has been completed and the General Transfer Agreements have been signed, to designate the Trust Bank, to hold the Assembly of Adherent Employees and to nominate its representatives for the Business Directory and the Executive Committee of the Programme.

It is appropriate to ratify the General Transfer Agreements signed by the employees-inherents to that Participated Property Programme, as a model approved by Joint Resolution No. 462/93 of the Ministry of Labour and Social Security and No. 481/93 of the MlNISTERY OF ECONOMY AND PUBLIC SERVICES.

It is appropriate to proceed with the approval of the acts carried out by the Implementation Authority, aimed at the implementation of the Property Programme Participated in the society covered by the rule cited in the preceding consideration.

That while the cancellation of the price of the shares will occur gradually, according to the mechanics established by Article 30 of Law No. 23.696 and the provisions of the General Agreements on Transfer, the aforementioned legal norm authorizes the transfer of ownership to the acquired employees through the constitution of the guarantee established by the Law in Article 34.

That in such a way, acquiring employees may, in a syndicate manner, exercise the corporate rights that such titles grant, in accordance with Article 38 of Law No. 23,696.

That is why it is appropriate to dispose of the actions assigned to the purchasing employees subscribers to the respective General Transfer Agreements.

That the present is determined by virtue of the powers conferred by Article 99, paragraph (1) of the NATIONAL CONSTITUTION, and Articles 15, 17, 30 and concordant of Law No. 23,696.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1Approve the Instrumentation of the Participated Property Programme carried out in the HIDROELECTRICA TUCUMAN SOCIEDAD ANONIMA society.

Art. 2o-Acquire the percentage of the shareholders in a timely manner reserved for the Instrumentation of the Participated Property Programme, of the TUCUMAN SOCIEDAD ANONIMA, in Class "C" shares, to the purchasing employees subscribers of the respective General Agreements of Transfer, according to the Model approved by Joint Resolution No. 462/93 of the MINISTERIO SOCIAL AND SECURITY

Art. 3o-Please note the sale price of the shares assigned to the Property Program Participated in the value detailed in Annex I, which is part of this Decree.

Art. 4o-To be appointed to the BANCO of the ARGENTINA NATION as a Trust Bank pursuant to Resolution No. 1162 of 6 October 1993 of the MINISTERY OF ECONOMY AND ARTH AND SERVICES PUBLICS and ratified by the employees-adherents in the respective Assembly and by nominees the members of the Board and Executive Committee of the Programme, corresponding to the society included in this Decree.

Art. 5o-Notify the society HIDROELECTRIC TUCUMAN SOCIEDAD ANONIMA.

Art. 6o-MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICOS through the Lord Secretary of Coordination will request the society covered by this rule, the call to Assembly in order to designate in the Directory, the persons chosen by the acquiring employees in the election held in the Class Assembly.

Art. 7o - Contact the Bicameral Commission established by Article 14 of Law No. 23.696.

Art. 8o-Contact, post, give to the National Directorate of the Official Register and archívese.-MENEM.-Jorge A. Rodríguez.Roque B. Fernández.

Annex I

UNITAR PRECIO OF ACTIONS ASIGNED TO THE PROPERTY PROPERTY PROGRAMME PARTICIPTED IN THE ENVIRONMENT PRIVATE:

HIDROELECTRICA TUCUMAN SOCIEDAD ANONIMA - $ 1,00