Company Sipsa S.A.

Sipsa SA is a Chile-based holding company engaged, through its subsidiaries, principally in the shipping industry and real estate sector. The Company's main activities include the transport of bulk solids and liquids, river transport through the Parana-Paraguay Hidroway, as well as the provision of support services for companies engaged in the petroleum production. As of December 31, 2011, the Company owned such subsidiaries as Inversiones Los Avellanos SA, Maritima Sipsa SA, Inversiones La Cantera SA, Operadora Casablanca SA, Inmobiliaria Sipsa SA, Inversiones Los Andes SA and Lomiton Argentina SA, among others.