PARANA RIVER / EMILIO MITRE CHANNEL / MARTIN GARCIA CHANNEL: Navigation normal.

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1 Please find attached Parana River Ports max departure drafts for August 09th, 2014 Tdy s max sailing draft from: Santa Fe: 8.97 / 29'05'' FW Diamante: / 06'' FW San Lorenzo: / FW (Except for: see attached berths) Rosario: / FW (Except for: see attached berths) Villa Constitucion: / FW (Except for: see attached berths) San Nicolás: / FW Ramallo: / FW San Pedro: / 03'' FW Ibicuy: / 01'' FW Lima / Las Palmas / Zarate: / 06'' FW Campana: 10,51 / 06'' FW (Except for: see attached berths) Water Density FW gr/cm3 Necochea: / 43' (Except for: see attached berths) Water Density BW gr/cm3 Bahia Blanca: / (Except for: see attached berths) Water Density SW gr/cm3 Draft Forecast and Recommendation: The Water level at the Parana River and tributaries (Parana River in Brasil, Iguazu River, Parana River Paraguay- Argentina, Paraguay River, Parana River in Argentina, Uruguay River) is high. And is expected to remain high during the next weeks. Parana Pilots and River Plate Pilots recommend the arrival and/or departure draft not to exceed 35' ft/fw (including bunker supply if any) in order to minimize the time waiting for suitable tides to cross the critical points in the navigation Escobar/Zona Comun/Recalada Pstn (check with us before fixing). After this situation passes the max recommended draft will return to be ft/fw. PARANA RIVER / EMILIO MITRE CHANNEL / MARTIN GARCIA CHANNEL: Navigation normal. General Comments: See attached General Comments and usefull facts/informations about the above mentioned ports. Will keep you informed. Best regards,

2 Antares Servicios Maritimos S.A. As Agents Tel: (5411) Fax: (5411) TLX: ANTARS S (via Sweden) antares@antaresshipping.com.ar ISO9001 by Lloyd's Register QA

3 05'' 06'' 01'' 03'' 01'' 05'' 05'' 05'' 10'' 01'' Antares Servicios Maritimos S.A. Address: Bartolome Cruz rd floor - Of 'A' - B1636DVH Buenos Aires - Argentina Tel: Fax: antares@antaresshipping.com.ar - PARANA RIVER S DRAFTS August 09th, 2014 DEPTH OF THE RIVER PASSAGES (Mts): RIVER HEIGHTS (Mts): 9.85 SANTA FE/DIAMANTE Los Chivos IGUAZU DIAMANTE/SAN MARTIN EP Paranacito / Tacuani CORRIENTES DIAMANTE/SAN MARTIN Abajo Correntoso SANTA FE SAN MARTIN / SAN LORENZO Bella Vista DIAMANTE SAN LORENZO / ROSARIO Borghi SAN MARTIN ROSARIO EP C de los muelles / Borghi ROSARIO ROSARIO C. Muelles Puerto Rosario VILLA CONSTITUCION ROSARIO Alvear SAN NICOLAS ROSARIO / SAN NICOLAS Abajo Alvear RAMALLO ROSARIO / SAN NICOLAS Yaguaron SAN PEDRO SAN NICOLAS Abajo San Nicolas SAN NICOLAS Las Hermanas B.I SAN NICOLAS Abajo Las Hermanas B.I SAN NICOLAS Abajo Los Ratones SAN PEDRO EP. Bifurcacion / AB. Los Ratones MAXIMUM SAILING DRAFTS PERMITTED BY COASTGUARD: PIE MAX SAILING DRAFT 29' 27' 36' 31' 23' 22' 23' 26' 30' 18' 23' 28' 27' 39' 35' 24' 22' 36' SANTA FE PORT: 8.97 MTS 29' 05'' FT FW DIAMANTE PORT: MTS 06'' FT FW SAN LORENZO PORT: Alianza G2 NOT OPERATIVE MTS FT FW Renova, Dreyfus, Noble, M. Alumbrera,Terminal 6 Resinfor & Quebracho: MTS FT FW Mosaic MTS FT FW PASA 8.28 MTS 27' 01'' FT FW Nidera, El Transito, Pampa & Dempa: MTS FT FW Chacabuco, PESA San Lzo, ACA, ICI, Vicentin & San Benito: MTS FT FW ROSARIO PORT: Unit III, Open Berths & Unit VI & VII: MTS FT FW Cargill V.G.G.: MTS FT FW Cargill Punta Alvear: MTS FT FW FTS Parana Iron: MTS FT FW Dreyfus G. Lagos: MTS FT FW Dreyfus Veg-oil: MTS FT FW Toepfer Arroyo Seco MTS FT FW VILLA CONSTITUCIÓN PORT: Acindar: MTS FT FW Elevator: MTS 36' FT FW SAN NICOLAS PORT: Puerto Nuevo South, Center, North MTS FT FW Elevador MTS FT FW Aes Alicura MTS FT FW Siderar: MTS FT FW RAMALLO PORT: MTS FT FW SAN PEDRO PORT: MTS 03'' FT FW IBICUY / FTS SIDER ALICUDI: MTS 01'' FT FW LIMA / LAS PALMAS / ZARATE: MTS 05'' FT FW CAMPANA: Siderca MTS FT FW Euroamerica MTS FT FW Depsa 9.45 MTS 31' FT FW Esso MTS FT FW Maripasa MTS 05'' FT FW Carboclor MTS 05'' FT FW Rhasa MTS FT FW Tagsa MTS FT FW BUENOS AIRES (Dock Sud-Tanker berths) Terbasa (*) NOT OPERATIVE FOR GRAINS MTS FT FW Flammable Basin (*)(***) 7.20 MTS 23' FT FW Propaneros Basin (*) 7.00 MTS 22' FT FW South Dock Site 7 (*) 7.30 MTS 23' FT FW LA PLATA YPF (*) 7.93 MTS 26' FT FW Copetro (*) 9.15 MTS 30' FT FW Siderar Pto Rocca (**) 5.49 MTS 18' FT FW Berth 18/ MTS 23' FT FW Berth MTS 28' FT FW NECOCHEA Berth 1 (Open Berth) MTS FT BW Berth 2/3 (ACA Terminal) MTS FT BW Berth 4/5 (Quequen Terminal) MTS FT BW Berth MTS 27' 10'' FT BW Berth 7/ MTS 39' FT BW Berth 9/ MTS 35' 01'' FT BW Berth MTS 24' FT BW Berth MTS 22' FT BW BAHIA BLANCA (Average Tide 3,80/4,40m) Toepfer Terminal (**) MTS FT SW UTE Terminal (**) MTS FT SW Cargill Terminal (**) MTS FT SW Site Nº 9 (**) MTS FT SW Terminal Patagonia Norte(**) MTS FT SW Galvan Pier 2/3 (*) MTS FT SW Galvan Pier 5 (*) MTS 36' FT SW (*) High tide/naabsa Clause (**) High tide (***) Check with us before fixing

4 FORTHCOMING NATIONAL HOLIDAYS: MONDAY AUGUST 18TH ST. MARTINS DAY UNIONS ACTIONS: SUPARA - CUSTOMS PERSONELL UNION ACTION NATIONWIDE PLEASE NOTE THAT THE UNION INFORMED THAT AN ACTIVITIES STOP WILL TAKE PLACE ON THURSDAY 14 TH AND FRIDAY 15 TH. FROM 0000HRS TO 2400HRS. NOT POSSIBLE TO ARRANGE OVERTIME OPERATIONS. PORT ACTIVITIES WILL BE STOPPED. RIVER PLATE / PARANA RIVER: PILOT STATIONS: RECALADA / MONTEVIDEO PILOT STATION IS OPEN SINCE AUGUST 03 RD 0820HRS LT. ZONA COMUN PILOT STATION IS OPEN SINCE AUGUST 03 RD 0855HRS LT. PLEASE NOTE CRITICAL POINTS TO BE CONSIDERED IN THE NAVIGATION FROM SANTA FE TO RECALADA PILOTS STATION: FYG, DEPTHS OF THE RIVER PASSAGES FROM SANTA FE TO SAN PEDRO AREA: IS A RESULT OF THE DEPTH AT ZERO TIDE + HYDROMETRIC HEIGHT. *THE HIDROMETRIC HEIGHTS ARE DAILY INFORMED AT 1000HRS ALONG WITH THE MAX DEPARTURE DRAFTS ALLOWED FROM UPRIVER PORTS. EFFECTIVE DEPTH ON AUGUST 09TH. RIVER PASSAGE. DENOMINATION. DEPTH AT ZERO RIVER HEIGHT/KM 9,85M SANTA FE / DIAMANTE LOS CHIVOS 4,70M KM 540,9 10,52M DIAMANTE / SAN MARTIN EP PARANACITO / TACUANI 5,30M KM 494,6 10,62M DIAMANTE / SAN MARTIN ABAJO CORRENTOSO 5,40M KM 474,7 13,28M SAN MARTIN/SAN LORENZO BELLA VISTA 8,10M KM 451,5 13,65M SAN LORENZO / ROSARIO BORGHI 8,60M KM 437,9 13,21M ROSARIO EP.C.DE LOS MUELLES / BORGHI 8,40M KM 418,5 12,91M ROSARIO CANAL MUELLES PUERTO ROSARIO 8,10M KM 418,3 12,88M ROSARIO ALVEAR 8,20M KM 408,3 12,67M ROSARIO / SAN NICOLAS ABAJO ALVEAR 8,10M KM 399,6 13,07M ROSARIO / SAN NICOLAS YAGUARON 9,20M KM 357,8 12,72M SAN NICOLAS ABAJO SAN NICOLAS 9,00M KM 343,1 12,84M SAN NICOLAS LAS HERMANAS B.I 9,30M KM 324,3 12,38M SAN NICOLAS ABAJO LAS HERMANAS B.I. 8,90M KM 316,1 12,51M SAN NICOLAS ABAJO LOS RATONES 9,40M KM 288,8 15,26M SAN PEDRO EP.BIFURCACION/AB.LOS RATONES 12,30M KM 241, DEPTHS OF THE RIVER PASSAGES FROM SAN PEDRO AREA TO RECALADA PSTN: IS A RESULT OF THE DEPTH AT ZERO TIDE + TIDE. *THE RIVER TIDES ARE INFORMED BY COASTGUARD EVERY HOUR. RIVER PASSAGE. DENOMINATION. DEPTH AT ZERO TIDE/KM ESCOBAR / ZONA COMUN CANAL ING EMILIO MITRE 10,90M KM 47,0 ZONA COMUN / RECALADA PASO BANCO CHICO 10,90M KM 76,6 ZONA COMUN / RECALADA CANAL INTERMEDIO 10,80M KM 99,0 ZONA COMUN / RECALADA CANAL PUNTA INDIO 10,90M KM 186,7 - PLS ENTER BELOW LINK TO SEE THE UPDATED CRITICAL POINTS, DEPTHS AT ZERO, EFFECTIVE DEPTHS, HYDROMETRIC HEIGHTS AND DREDGES WORKING. - PLEASE ENTER BELOW LINK TO SEE THE TIDE TABLES: *CANAL PUNTA INDIO (TORRE OYARBIDE): ZONA COMUN / RECALADA *PUERTO BUENOS AIRES: ESCOBAR / ZONA COMUN WITH WINDS FROM N-NW-W TIDES WOULD BE LOWER. WITH WINDS FROM S-SE-E TIDES WOULD BE HIGHER. C- COASTGUARD RULES FOR SAFETY UKC MARGIN:

5 DRAFT 10.36M UKC 0.60M DRAFT 10.51M UKC 0.75M DRAFT 10.67M UKC 0.91M WITH DRAFTS EXCEEDING 34 FEET (10.36M) THE UKC SHALL PROGRESSIVELY INCREASE. ONE CERTIMETER UKC SHALL BE ADDED FOR EACH CENTIMETER OF DRAFT BEYOND 34 FEET UPTO 35 FEET (10.67M). WITH DRAFTS OVER 35 FEET THE UKC SHALL BE 0.91M. D- MARTIN GARCIA CHANNEL, REGULATION IN FORCE AS FROM JAN 01 ST, 2006: VESSELS WITH LOA 245M AND/OR BEAM 32M AND UPTO LOA 277M AND 44M BEAM CAN NAVIGATE THIS CHANNEL WITH FOLLOWING RESTRICTIONS: LOA BEAM MAX DRAFT FT FW OVER 230M UPTO 245M UPTO 32.6M OVER 245M UPTO 255M UPTO 32.6M OVER 245M UPTO 255M OVER 32.6M UPTO 35.0M OVER 255M UPTO 266M OVER 35.0M UPTO 41.0M OVER 266M UPTO 277M OVER 41.0M UPTO 44.0M EMILIO MITRE CHANNEL, MAX PERMISSIBLE LOA IS 245M UNTIL KM 125 PARANA DE LAS PALMAS RIVER WHERE THE USUAL 230M LOAD RESTRICTION REMAINS. COASTGUARD INFORMED IN BULLETIN SNAV, NA9 Nº 46/2014 DATED APRIL 15 TH 2014 THAT SUBJECT TO THEIR AUTHORIZATION, ANALIZED CASE BY CASE, SHIPS UPTO 245M LOA WILL BE ALLOWED TO TRANSIT THE EMILIO MITRE CHANNEL UNTIL THE PARANA DE LAS PALMAS RIVER KM 125 (LAS PALMAS PORT AREA). WITH SPECIAL REQUIREMENTS SUCH AS BOW THRUSTER, MAX DRAFT 32 FW, FAVOURABLE WEATHER AND VISIBILITY CONDITIONS, ETC. FYG, THIS FAVOURS THE PORTS OF ESCOBAR, CAMPANA, ZARATE AND LAS PALMAS. MAINLY LINERS. FYG, FM KM 125 PARANA DE LAS PALMAS RIVER UNTIL KM 179 THE USUAL RESTRICTION OF 230M LOA REMAINS. SHIPS HAVE THE POSSIBILITY OF NAVIGATING THE MARTIN GARCIA CHANNEL UNTIL UPRIVER PORTS WITH UPTO 277M LOA BUT CONSIDERING THE RELEVANT LOW DRAFT RESTRICTIONS MENTIONED ABOVE. E- COASTGUARD S AUTHORIZATION TO ENTER/NAVIGATE THE RIVER PLATE: DURING GRAIN EXPORT SEASON THE AUTHORIZATION TO ENTER/NAVIGATE THE RIVER PLATE AND PARANA RIVER FOR SHIPS TO LOAD GRAINS OR BYPRODUCTS IS SUBJECT TO THE WRITTEN AUTHORIZATION FROM THE CORRESPONDING LOADPORT/S-TERMINAL/S AND COASTGUARD. THIS MEASURE IS TO REDUCE CONGESTION AT ROADS/ANCHORAGES. PERMITS ARE GRANTED ON BASIS OF CARGO AVAILABILITY AND ARRIVAL DATE. WAITING TIME BETWEEN BERTHS SHOULD NOT EXCEED 24/48HRS. F- GNL GAS CARRIER SHIPS CALLING ESCOBAR PORT: HAVE CHANNEL RESERVE FROM RECALADA TO ZONA COMUN (A 4 HOURS NAVIGATION FROM PUNTA INDIO CHANNEL PAR 30 TO KM 216); ALSO FROM ZONA COMUN TO ESCOBAR (A 4 HOURS NAVIGATION FROM PARANA DE LAS PALMAS KM 57,600 TO BUENOS AIRES PORT ACCESS CHANNEL KM 25) THAT AFFECTS ALL SHIPS NAVIGATING OUTBOUND THE PARANA DE LAS PALMAS RIVER, EMILIO MITRE CHANNEL AND BUENOS AIRES PORT ACCESS CHANNEL). AND VICEVERSA. G- AS INFORMED BY COASTGUARD IN SEVERAL OCATIONS PLEASE NOTE THAT A NEW BULLETIN DATED SEPTEMBER 05 TH, 2013, WAS ISSUED BY SAN LORENZO COASTGUARD TO REMIND THE MARITIME AGENCIES THAT ANY OPERATION OF BUNKER SUPPLY, SLOP/SLUDGE DISPOSAL, FRESH WATER SUPPLY, PROVISIONS AND/OR SPARE PARTS MUST BE PERFORMED UPON ARRIVAL TO PORT ROADS AND BEFORE BERTHING. THIS REQUEST ("RECOMMENDATION") IS DONE IN ORDER TO PRESERV THE SAFE NAVIGATION, AND TO AVOID UNNECESARY CONGESTION OF THE ANCHORAGES WITH HEAVY DRAFTED SHIPS AFTER THEIR COMMERCIAL OBLIGATIONS CONCLUDED. FYG, THE PORT IS EXPERIENCING CONSTANT IMPROVEMENTS, MAINTENANCE OF EQUIPMENTS, INFRAESTRUCTURE, CHANNELS, CONSTRUCTION OF NEW TERMINALS, ETC. H- SEE BELOW: TUGBOATS SERVICE / S.O.M.U. / ITF I- SEE BELOW: DRAFT SURVEY BY CUSTOMS AUTHORITIES AT... J- SAN LORENZO PORT - TIMBUES - RENOVA S.A. TERMINAL - MAX DRAFT (DISP SLOR, RI6 Nº105-13)

6 PLEASE NOTE THAT AS FROM OCTOBER 22ND, 2013, SAN LORENZO COASTGUARD OFFICIALLY INFORMED THAT THE SHIP'S BERTHING AND UNBERTHING WITH DRAFTS OVER 7,40M AT ZERO TIDE AT TIMBUES RENOVA S.A. TERMINAL MUST ADOPT ADDITIONAL PRECAUTIONARY MEASURES. SAME TO BE CORRECTED TO THE WATER LEVEL AND THE UKC (UNDER KEEL CLEARANCE) OF 0,60 METERS. THIS TEMPORARY RULE WAS TAKEN AFTER BATHYMETRY WAS DONE AT THIS TERMINAL MANEUVERING AREA. A SANDBANK WITH DEPTH OF 7,40M (24'03'') AT ZERO TIDE/WATER LEVEL WAS FOUND AT ABT 250MTS OFF THE BERTH. DREDGING TOOK PLACE AND ABOVE MENTIONED DISPOSITION MUST NOT BE CONSIDERED ANYMORE. TUGBOATS SERVICE / S.O.M.U. / ITF PLEASE NOTE THAT THE S.O.M.U. (SEAMEN UNION) INFORMED THAT TOWAGE SERVICES WILL BE PROVIDED ONLY TO SHIPS THAT HAVE THE ITF (INTERNATIONAL SEAMEN WORKERS FEDERATION) COVERAGE. AGENCIES ATTENDING SHIPS CALLING PORTS WHERE TUGBOATS ARE COMPULSORY WILL BE ASKED BY THE UNION TO PRESENT SCANNED COPY OF THE SPECIAL AGREEMENT AND THE ITF CARD (BLUE OR GREEN OR YELLOW). OTHERWISE THE SERVICE IS NOT RENDERED. THE USE OF TUGBOATS IS COMPULSORY AT FOLLOWING PORTS/TERMINAL: - SAN LORENZO: DEPARTURE/DOWNRIVER TURN FOR SHIPS WITH LOA OVER 185 METERS CALLING NIDERA, EL TRANSITO, PAMPA AND/OR DEMPA TERMINALS. ALSO VICENTIN, ACA AND SAN BENITO WHEN THE SOUTH ANCHORAGE / MANEUVERING AREA IS CONGESTED. - SAN NICOLAS: NEW PORT FOR SHIPS WITH LOA OVER 200 METERS. AND AES ALICURA WITH LOA OVER 180 METERS AND/OR DRAFT OVER 9 METERS. - VILLA CONSTITUCION - CAMPANA: FOR SHIPS WITH LOA OVER 157 METERS TO TURN DOWNRIVER. BUT CAN BE AVOIDED BY NAVIGATING ABT TWO HOURS WITH TWO PILOTS UPRIVER AND TURN AT KM BUENOS AIRES - DOCK SUD - LA PLATA - NECOCHEA - BAHIA BLANCA AS FROM APRIL 16TH, 2012, SEAMEN UNION ARE PERFORMING A BOYCOTT TO BRITISH INTERESTS BY DELAYING THE TUGBOAT SERVICE FOR BERTHING AND UNBERTHING AFTER PILOT ON BOARD TO SHIPS WITH FLAGS OF UNITED KINGDOM, ANTIGUA & BARBUDA, GIBRALTAR, BERMUDAS, CAYMAN ISLAND, MALTA AND ISLE OF MAN. DRAFT SURVEY BY CUSTOMS AUTHORITIES AT UPRIVER PORTS, NECOCHEA AND BAHIA BLANCA: AS FROM JULY 26TH, 2013, CUSTOMS HOUSE IS PERFORMING AGAIN DRAFT SURVEYS TO DETERMINE THE OFFICIAL QUANTITIES EXPORTED AND APPLY THE CORRESPONDING TAXES TO THE EXPORTERS. DRAFT SURVEY IS DONE PER EACH EXPORT PERMIT, CAUSING DELAYS TO THE LOADING OPERATIONS. AT BAHIA BLANCA PORT THE OFFICIAL EXPORTED FIGURES REMAINS BEING DETERMINED BY SHORE SCALE FIGURES. AT ROSARIO THE OFFICIAL EXPORTED FIGURES ARE AS PER CUSTOMS DRAFT SURVEYS. AT SAN LORENZO AND NECOCHEA PORTS WHEN THE DIFFERENCE BETWEEN SHORE SCALE AND CUSTOMS DRAFT SURVEY IS LESS THAN 0.6 PERCENT SHIPPERS HAVE THE OPTION TO CHOOSE WHICH FIGURES TO APPLY, BUT WHEN THE DIFFERENCE EXCEEDS 0.6 PERCENT THE OFFICIAL EXPORTED QUANTITY WILL BE AS PER CUSTOMS DRAFT SURVEY FIGURES. NECOCHEA PORT: SEE ABOVE: TUGBOATS SERVICE / S.O.M.U. / ITF SEE ABOVE: DRAFT SURVEY BY CUSTOMS AUTHORITIES AT... C-

7 SHIPS FLAGS WHICH S.O.M.U. CONSIDERS THAT ARE CONNECTED TO BRITISH INTERESTS CONTINUE SUFFERING WAITING OF ABOUT 6 HOURS FOR TOWAGE SERVICES. FOLLOWING COUNTRIES FLAGS INCLUDED: BRITISH, MALTA, GIBRALTAR, MARSHALL ISLANDS, CAYMAN ISLANDS, BERMUDA AND ISLE OF MAN. D- AS FROM MAY 15 TH 2010 TUGBOATS SEAMEN S UNION (S.O.M.U.) WORK-TO-RULE, ARE WORKING 12 HOURS STRAIGHT PER DAY, WHICH STARTS TO COUNT AS FROM THE FIRST SERVICE RENDERED DURING THE DAY. THIS COULD AFFECT THE AVAILABILITY AND USE OF TUGBOATS AND CAUSE DELAYS. BAHIA BLANCA PORT: SEE ABOVE: TUGBOATS SERVICE / S.O.M.U. / ITF SEE ABOVE: DRAFT SURVEY BY CUSTOMS AUTHORITIES AT... C- PLEASE NOTE THAT IN/OUT MANEUVERINGS ARE NOT AFFECTED ANYMORE BY ACTIVITIES OF DREDGER. D- GNL GAS CARRIER SHIPS CALLING MEGA TERMINAL: HAVE ACCESS CHANNEL RESERVE WHEN BERTHING AND UNBERTHING. SHIPS MANEUVERS ARE DELAYED SINCE ARE ALLOWED DURING TWO PERIODS OF TIME PER DAY (SLACK TIDES). WHILE A GASCARRIER IS ALONGSIDE THE GNL EXPRESS AT MEGA TERMINAL THE SHIPS WITH LOA BETWEEN 100/225M (AND NOT EXCEEDING 25M BEAM) MUST USE 2 TUGBOATS TO MANEUVER. SHIPS WITH LOA OVER 225M AND 25M BEAM ARE NOT ALLOWED TO BERTH OR UNBERTH. BERTH AFFECTED ARE LDC AND GALVAN PORT (PIER 1/2, PIER 2/3 GLENCORE/MORENO, PIER 5). THIS NEW RESTRICTION WAS OFFICIALLY INFORMED BY COASTGUARD ON APRIL 29 TH, 2014, AFTER THE DREDGING DEEPENING AND WIDENING OF THE NAVIGATION CHANNEL CONCLUDED ON SEP 28TH, FYG, LINE UP OF LPG FEEDER WITH CHANNEL RESERV: REGAS CAMPAIGN VESSEL EXPRESS ALONGSIDE ARTIC AURORA AT ROADS ETB HRS -ETS AM VELIKIY NOVGOROD ETA ETB/S TBC BRITISH SAPPHIRE ETA ETB/S TBC