Buenos Aires, May 29, 2014
COMISIÓN NACIONAL DE VALORES
Argentine Securities and Exchange Commission
25 de Mayo 175
Issuers´ Sub-Management Office
BOLSA DE COMERCIO DE BUENOS AIRES
Argentine Stock Exchange
Sarmiento 299
Re.:Material Fact
S.T. Resolution No. 836
Dear Sirs,
I hereby address you on behalf ofEmpresa Distribuidora y Comercializadora Norte S.A.(“Edenor S.A.” or the “Company”) in compliance with applicable laws and regulations, in order to inform you that nearing yesterday end, the Company was notified of S.T.Resolution No. 836/2014 passed by the Ministry of Labor, Employment and Social Security (the “Resolution”). As per the Resolution, the Labor Secretariat ruled that the Company, together with other energy distribution and generation companies, as from May 1, 2014, must apply to its payroll employees represented by theLight and PowerWorkers'Union(Sindicato de Luz y Fuerza) in the City of Buenos Aires, an increase equal to fifteen percent (15%) on salaries current as of April 2014, and as from July 1, 2014, an increase equal to ten percent (10%) on salaries current as of May 2014; both increases further apply to the Company’s contractor companies whose employees are covered by said union’s collective bargaining agreements. Salaries resulting from the application of said increases will be effective from May 1, 2014 until April 30, 2015. In addition, as from May 1, 2014, the Company must increase the seniority-based percentage, and must also increase the additional payment to employees working on a calendar week basis.
The Company is analyzing, with its legal and financial advisors, the economic-financial impact of the Resolution and best course of action to deal with it.
Best regards,
Carlos D. Ariosa
Attorney-in-fact
Empresa Distribuidora y Comercializadora Norte S.A. | ||
By: | /s/ Leandro Montero | |
Leandro Montero | ||
Chief Financial Officer |