New Port Development

In addition to our three existing Port Terminals, we are currently developing a multipurpose upriver port terminal in Port Murtinho in the State of Mato Grosso do Sul, in the center-west region of Brazil, for exports of agricultural commodities and imports of fertilizers and fuel products. We recently signed a non-binding letter of intent with Xiamen C&D Commodities Limited (“CND”) for long-term storage and transshipment contracts for the upriver Murtinho port terminal, which is currently under development, and the Nueva Palmira Grain Terminal in Uruguay for a minimum of 300,000 tons annual volume.

Furthermore, we have plans to develop new terminal facilities for refined petroleum products in the Nueva Palmira Free Zone in Uruguay for the importation of fuel products into Uruguay and transshipment of fuel products for exportation to other countries through the Hidrovia Waterway. We are still in the early stages of development, and there can be no assurance that these new terminal facilities will be constructed.