Wording For Western Birthday In

SET JANUARY 2010 - G20 Sport Organizations-CALL

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WAGE COUNCIL MINUTES of

In City Montevideo on December 22, 2009, within the Group of 20 "Institutions Guilds, Social and Sports" sub 01 "Sports Organizations" in the presence of the delegate of the Executive Branch, An Eq Ana Inés Morato, appear: the labor sector, represented by Mr. Gabriel García, Rodney Franco, Alejandro Stezano, Sebastian and Eduardo Gimer Reymundo and the employers, represented by Mr. Arthur J. Cr Servillo, who agree as follows:

FIRST: As set out in Article III of the agreement dated November 12, 2008, corresponds to 1 January 2010 to apply a salary adjustment for the six-month period from 1 January to 30 June 2010, which is comprised of:

A) A percentage for expected inflation for the six-month period between 01/01/1910 and 06/30/1910, which arises from the average between the minimum and maximum target inflation (band center) Central Bank of Uruguay: 2.50% (two fifty percent).

B) A 0.50% (zero to fifty percent) on account of real wage growth within as determined under the guidelines set forth by the Executive.

C) A 2.00% (two percent), in respect of growth / recovery for the sector.

D) A corrective 0.32% (zero to thirty-two percent) for the period 01.07.09-31.12-09, the difference between the estimated inflation (2.5%) and real (2.83%).

SECOND: Consequently, the total increase resulting is 5.40% ( five to forty percent), which shall be applied prevailing wages to December 31, 2009.

THIRD: For the percentage of the clause D) of Article FIRST, inflation was estimated December 2009 at 0.30% (zero to thirty percent), according to the median of private expectations of inflation for that month, surveyed by the BCU. This percentage will be adjusted against the real, on the occasion of the termination of this agreement, June 30, 2010.

Without more, this sign appearing in the place and date indicated above.