MAXIMUM RATE OF RIVER AND PORT PILOTAGE SERVICES. In accordance with the provisions of Article 1 of Annex I of Decree No. 2694/91,

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1 (Free translation) MAXIMUM RATE OF RIVER AND PORT PILOTAGE SERVICES The maximum rates (hereinafter "rates") are established for the services of Pilotage for the whole country. In accordance with the provisions of Article 1 of Annex I of Decree No. 2694/91, It is established that for the purposes of the provisions contained in mentioned regulation, those tasks that are carried out in port are they denominate "pilotage" and those of Navigation in rivers, steps and channels they call "piloting." In this line, the following services are established: Pilotage service: docking maneuver / anchoring and / or sailing ports, roadstead or offshore facilities. Piloting service: navigation in rivers, canals and rivers The number of pilots to hire as well as the pilotage zones mandatory are governed exclusively by the regulations in force. In those cases in which it requires the hiring of a second pilot, you must apply the rate that results from the calculation established in this Annex for each pilot required. The fare structure in both cases consists of a basic and fit service separate additional concepts to contemplate specific situations that affect the provision of the service. For those cases in which the same pilot provides both the service of navigation in rivers, estuaries and / or channels such as berthing / anchoring and / or sailing in ports, roads and facilities offshore, the fee for this service will be unfolds in a rate for river pilotage and another for harbor pilotage, in order to adapt the rate chart for pilotage and pilotage areas established in the regulation of PNA. Such are the cases of the Port of Concepción del Uruguay, Port of Bahía Blanca and Port of Ushuaia. 1. Pilot service: Basic service: The calculation of the tariff to be applied arises from the multiplication of Fiscal Units (UF) of each vessel by the Fiscal Coefficient (CF) settled down.

2 The UF of each vessel results from the multiplication of the length, by the Beam x Depth; all divided by 800. UF = Length x Beam x Depth 800 For the calculation of the UF of each vessel, the maximum length, the beam and the depth indicated in the statutory certificates of the ship. In case the calculation results in a number with decimals will be taken as UF of the vessel in question the whole number immediately above. On passenger ships, the depth will be determined by the deck more high whose length is not less than 75% of the maximum length of the vessel. In the case of roll-on roll-off vessels, the depth will be determined by the highest load deck whose length is not less than 75% of the length of the vessel. The CF for the pilotage service is expressed in dollars of United States of America (U$) according to the following detail: CF = U$ 14,00 Basic pilotage service = UF x CF Additional concepts, bonuses and particular situations: a) Minimum tax unit: A minimum fiscal unit is established independently of the result of the calculation of each vessel. F Minimum = 65 UF b) Additional on Draft : An additional billing concept is established according to the draft of the vessel in which the service is provided. This concept is expressed as a percentage to be applied on the result of the calculation of the basic service according to the following scheme:

3 Draft equal to or less than 28 ' 0.0% Draft greater than 28 'and equal to or less than 30' 7.5% Draft greater than 30 'and equal to or less than 32' 15.0% Draft greater than 32 'and equal to or less than 34' 22.5% Draft greater than 34 ' 30.0% c) Additional for operations in Patagonian ports: An additional charge is established for the pilotage service in Patagonian ports expressed in a percentage to be applied on the sum of the fee for basic service plus the additional per draft (if applicable). Additional Patagonian ports = 20.0% d) Bonus for Argentine ships: A bonus is established for the pilotage service rendered to ships of Argentine flag or with flag treatment Argentina expressed as a percentage to be deducted from the sum of the fee for basic service plus the additional per draft plus the additional by Patagonian ports (in these last two cases if your application). Argentinian vessels discount = 25.0% e) Movement between roads of the same port: For the movement between roads of the same port, a rate equal to the basic rate developed in the title "service basic". At this basic rate, the concepts of the items "b", "c" and "d". Movement between roads = Basic service f) Shiftings: When, according to the regulations in force, assistance is required of practical for a movement of ship in dock, either for the positioning of a certain hold of the ship in position operative or for another reason, a charge equivalent to 50% is established of a basic tariff developed in the title "basic service". This rate should be applied the concepts of items "b", "c" and "d". Movement in dock / Change of hatch = 50% of a service basic

4 g) Delays A maximum duration of pilotage service has been established in three (3) hours. Exceeded this time for reasons beyond the control of responsibility of the pilot, an hourly rate is established additional $ At this rate you should not apply concepts of items "b", "c" and "d". Delay = U$ per hour h) Stay on board: In the case of requiring the Pilot to stay board during the whole operation (for example in facilities "coast outside "as monoboyas) a charge of US $ is established. The total time over which corresponds apply this charge is the result of the time elapsed between the boarding time and the time of disembarkation of the pilot to whom six (6) hours must be subtracted to contemplate the three (3) hours of the docking maneuver and three (3) hours of the maneuver of departure. To this rate should not apply the concepts of items "b", "c" and "d". Time of permanence on board = Date and time of departure - Date and time of berthing (all expressed in hours) - 6 hours Permanence on board = Time of permanence in hours x U$ 150 i) Turn without tug: When the user asks the port pilot to extend the route to be carried out during the maneuver to set sail, in order to carry out the ship in an area upstream from another area where the use of tugboat is mandatory, thus avoiding the use of the same, a surcharge is established equal to a basic tariff developed in the title "basic service". At this rate you should not apply concepts of items "b", "c" and "d". Turning without tug = Basic service j) Cancellation of service: In case the user decides to cancel a pilotage service previously requested in a reliable manner, a fee is established for cancellation equal to 50% of a basic rate developed in the "basic service" heading for the minimum fiscal unit indicated in the item "a"; plus the recovery of mobility expenses in which incurred each pilot. The advance notice of cancellation request service regarding the date and time for which it was requested that exempt the user from the application of this rate will be governed by the uses and customs of each zone and will be previously agreed between users and service providers.

5 Cancellation fee = 65 UF x u $ s = u $ s recovery of mobility expenses 2. Pilotage service: Basic service: The calculation of the fee to apply arises from the sum of two components: - UF Component: It arises from the multiplication of the Fiscal Units (UF) of each vessel by the established Fiscal Coefficient (CF). The UF of each vessel results from the multiplication of the length x Beam x Depth all divided by 800. UF = Length x Beam x Depth 800 For the calculation of the UF of each vessel, the maximum length, the molded beam and the Depth of the statutory certificates of the vessel. In case the calculation results in a number with decimals will be taken as UF of the vessel in question the whole number immediately above. The CF for the piloting service is expressed in United States dollars, according to the following detail: CF = U$ 8.00 Component of UF = UF x CF - Component of Route: It arises from the multiplication of the kilometers of travel between the point of embarkation and the point of disembarkation of the pilot by the Coefficient of Travel (CR) established that is expressed in United States dollars according to the following detail: CR = U$ Route component = CR x kms. of the corresponding section

6 - Basic service: It arises from the sum of the UF component and the component of travel. Basic pilot service = Component of UF + Component of travel Additional concepts, bonuses and particular situations: k) Minimum tax unit: A minimum fiscal unit is established independently of the result of the calculation of each vessel. UF Minimum = 65 UF l) Additional on Draft An additional billing concept is established according to the draft of the vessel in which the service is provided. This concept is expressed as a percentage to be applied on the result of the calculation of the basic service according to the following scheme: Draft equal to or less than 28 ' 0.0% Draft greater than 28 'and equal to or less than 30' 7.5% Draft greater than 30 'and equal to or less than 32' 15.0% Draft greater than 32 'and equal to or less than 34' 22.5% Draft greater than 34 ' 30.0% m) Additional operations in Patagonian channels: An additional charge is established for the pilot service in Patagonian channels expressed in a percentage to be applied on the sum of the fee for basic service plus the additional per draft (if applicable). Additional Patagonian channels = 20.0% n) Bonus for Argentine ships: A bonus is established for the pilotage service rendered to ships of Argentine flag or with flag treatment Argentina expressed as a percentage to be deducted from the sum of the fee for basic service plus the additional per draft plus the additional by Patagonian ports (in these last two cases if your application). Argentinian vessels discount = 25.0%

7 o) Delays: In case of requiring the stay of the pilot on board before starting the journey for which you requested the service, during the same or after arriving at destination, for reasons beyond their control or control, an additional hourly rate of US $ is established. To this rate should not apply the concepts of the items "l", "m" and "N" When the ship anchors awaiting berth or terminal, it will be applied the concept of delay from the next high tide. In those cases in which the ship must anchor and / or remain at anchor due to extraordinary causes (for example loss of an anchor, topped vessels that do not allow the postage of the area, forcing the anchorage out of bay, etc.) will apply the concept of delay per hour of stay on board until the restart of navigation. Will not apply the concepts of delay in any case that this be caused by traffic, closure of ports and channels by conditions hydrometeorological, closure and / or channel reservation entry / exit of special ships or conditions hydrometeorological in general. Delay = U$ per hour p) Towed vessels: In the case of towed vessels, for the purpose of calculating UF of tug-towed set, it is established that the length of the set results from the sum of the length (s) of the ship (s) tugboat, plus 25 meters (the length of the towing cable), plus the length of the towed vessel. The beam and the depth for the calculation of the UF of the set are the corresponding to the towed vessel. Measurements of length, beam and the depth are those indicated under the heading "Component of UF "from point 2. Piloting service. Length of convoy in case of towed vessels = length / s of the vessel / s tug / is + 25 mtrs. of the tow line / s + length of the towed vessel. UF = length convoy x manga emb. trailer x strut emb. trailer 800 q) Cancellation of service: In case the user decides to cancel a piloting service previously requested in a reliable manner, a fee is established for cancellation equal to 50% of a basic rate developed in the title "Basic service" for the minimum fiscal unit indicated in item "k"; plus the recovery of mobility expenses incurred every pilot. The advance of the service cancellation request regarding the date and time for which it was requested to exempt the user of the application of this rate shall be governed by the uses and customs of each zone and will be previously agreed between users and the corresponding practical organization. Cancellation fee = 65 UF x U$ 8,00 = U$ transportation

8 r) Distances run: Only for the calculation of the Rate Component of the rate for the basic service by the pilotage service, the table of distances established below. DISTANCES TABLE: 1. Río de La Plata 1.1. Table of distances Río de La Plata: Origin Destination Distance Kms Recalada Zona Común 187 Recalada Buenos Aires Paraná River 2.1. Location River ports Puerto River Distance kms Paraná Río Paraná 601,0 Santa Fé Río Paraná 585,0 Diamante Río Paraná 533,0 Timbúe s Río Paraná 454,0 Pto. San Martín Río Paraná 457,0 San Lore nzo Río Paraná 447,0 Rosario Río Paraná 420,0 Pta. Alvear Río Paraná 407,0 Arroyo Seco Río Paraná 395,0 Villa Constitución Río Paraná 366,0 San Nicolás Río Paraná 343,0 Pue rto Martins Río Paraná 332,5 Ramallo Río Paraná 327,0 San Pedro Río Paraná 277,0 Lima Río Paraná de Las Palmas 134,0 Zárate Río Paraná de Las Palmas 114,0 Campana Río Paraná de Las Palmas 95,0 Escobar Río Paraná de Las Palmas 72,0 Ibicuy Río Ibicuy 218,0 Del Guazú Río Paraná Guazú 174,0 Nueva Palmira Río Uruguay 4,0 Punta Pereyra Canal Martín García 95,0

9 2.2. Installations located in each port up to date Port Paraná Santa Fé Diamante Timbúes Pto. San Martín San Lorenzo Rosario Pta. Alvear Arroyo Seco Villa Constitución San Nicolás Puerto Martins Ramallo San Pedro Lima Zárate Campana Escobar Ibicuy Del Guazú Nueva Palmira Punta Pereyra Installations Pto. de Paraná Dársenas N 1 y N 2, muelles elevador y comercial, Terminal Shell, Térmica, Brigadier López Muelle comercial, mue lle barcazas y elevador Cargill Central Timbúe s, Terminal Re nova, Complejo Industrial Timbúes (Dreyfus) y Terminal COFCO Terminal Profertil, La Alumbrera, Terminal 6, Alto Paraná (ex-resinfor), Quebracho, T.F.A. (ex-mosaic), Petrobrás Energía (ex-pasa-dow), Nidera, El Tránsito (Toepfer), Pampa (Bunge) y Dempa (Bunge) Muelle Chacabuco, Axion, Oil Combustibles, A.C.A., Akzo Nobel, Vicentin y Terminal San Benito (Molinos) Terminal 2, Muelle MOP, Terminal 1, Zona franca paraguaya y Servicios Portuarios Terminal APG y Punta Alvear General Lagos, Terminal Arroyo Seco, Terminal Shell y Paraná Iron Servicios Portuarios, Pto. de Villa Constitución, Pto. Acevedo muelle comercial y Pto. Acevedo mue lle mineral (Acindar) Pto. Nuevo, Elevador, Central térmica San Nicolás y Pto. Ingeniero Buitrago Pto. Martins Complejo Industrial Ramallo (Bunge), Xstorage y Cooperativa Agrícola de Ramallo Pto. de San Pedro Atucha y Delta Dock Terminal Las Palmas, Vitco, Terminal Zárate, Zárate Port y Pto. Piapsa Tenaris (Siderca), Euroamé rica, Depsa, Axion, Maripasa, Carboclor, Rhasa, Tagsa, Euroamérica Terminal Tajibe r y Terminal Combustibles y Minerales (Petromining) Terminal GNL Pto. de Ibicuy Terminal del Guazú y Zona de alijo km 171 Paraná Guazú Pto. de Nueva Palmira y estaciones de transferencia Terminal Portuaria de Punta Pereyra 2.3. Table of distances Paraná River Distances Kms Origin Destination Via E. Mitre Via M. Garcia Zona Común Paraná Zona Común Santa Fé Zona Común Diamante

10 Zona Común Timbúes Zona Común Pto. San Martín Zona Común San Lorenzo Zona Común Rosario Zona Común Pta. Alvear Zona Común Arroyo Seco Zona Común Villa Constitución Zona Común San Nicolás Zona Común Puerto Martins Zona Común Ramallo Zona Común San Pedro Zona Común Lima Zona Común Zárate Zona Común Campana Zona Común Escobar Zona Común Ibicuy Zona Común Del Guazú Zona Común Nueva Palmira Zona Común Punta Pereyra Río Uruguay: 3.1. Location of River Ports: Port Navigation route Distance Kms Paysandú Río Uruguay 206,0 Concepción del Uruguay Río Uruguay 183,0 M'Bopicuá Río Uruguay 106,0 Fray Bentos Río Uruguay 95, Table of distances Río Uruguay: Distances Origin Destination Viar E.Mitre Via M.García Zona Común Paysandú Zona Común Concepción del Uruguay Zona Común M'Bopicuá Zona Común Fray Bentos Bahia Blanca

11 4.1 Location of the Ports in Bahia Blanca (kms from buoy 11) Port Navigation route Distance from buoy 11 Pto. Rosales Ría de Bahía Blanca 23,0 Pto. Ingeniero White Ría de Bahía Blanca 53,0 Pto. Galván Ría de Bahía Blanca 55,0 4.2 Table of distances Origin Destination Distance Buoy 11 Pto. Rosales 25 Buoy 11 Pto. Ingeniero White 53 Buoy 11 Pto. Galván 55

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