Martín Manzano CURRENT POSITION MANZANO, LÓPEZ SAAVEDRA & RAMÍREZ CALVO BUENOS AIRES, ARGENTINA PARTNER

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About us CORPORATE LAW AND MERGERS AND ACQUISITIONS ENERGY FINANCE INSURANCE LAW LITIGATION, DISPUTE RESOLUTION AND ARBITRATION PUBLIC LAW Our firm covers a wide variety of areas. Our professionals are leading experts in their respective fields of the law, with long experience in high yield cases and transactions. Their combined professional experience gives them a unique ability to provide to the clients a multidisciplinary approach to their different legal requirements. Our focus is to provide consistent excellence. We offer dedicated and personal legal services, with intensive partner involvement. We aim to build relationships with our clients that endure through economic cycles. We give particular importance to creating relationships based on trust, which requires a constant focus on our clients and their needs and a close interaction with them.

CORPORATE LAW AND MERGERS AND ACQUISITIONS Investments in Argentina by foreign investors and abroad by Argentine investors. Design of efficient legal and tax structures to channel investments. Mergers and acquisitions, including due diligence. Planning and structuring of joint ventures. Shareholder agreements and other corporate agreements. Governmental approvals and regulatory requirements. Acquisitions through bidding processes, IPOs and other public offerings. Restructurings and spin-offs. General corporate representation for public and private corporations. Advice on compliance with local corporate rules. Advice on corporate governance, including for listed companies. Corporate dispute resolution. Areas of practice ENERGY LAW Active involvement in the development of the oil and gas industry. Regulatory issues, tariff policies, easements, oil and gas purchases, transportation and export agreements. Advice in electricity projects, including wind farms. Assistance in preparing and negotiating exploration permits, operating concessions and transportation and distribution contracts. Assistance in title and record inspections, project financing, preparing bids for exploration and development. Advice to mining investors. LITIGATION, DISPUTE RESOLUTION AND ARBITRATION Our team of professionals has represented Argentine and international clients in federal and local courts (including the Supreme Court of Justice) in civil and commercial litigation. They have also broad experience in the enforcement of foreign judgments and arbitration awards in Argentina. They have participated in international arbitrations as arbitrators, counsel or expert witnesses. They regularly advise on bankruptcy and creditor`s rights, including advising debtors in court and out-of-court debt restructuring proceedings. Our firm also has entended experience in recovery of debts, both judicial and extra judicial. FINANCE Secured and unsecured credit facilities, including sindicated loans. Sovereign and sub-sovereign credit arrangements. Financial trusts and leasing transactions. Exchange control regulations, proceedings in the Central Bank. Acquisition of financial institutions and portfolios (including distressed debt). Financing of exports and trade. We advise our clients regarding carriage of goods by sea, air and land, including multi-modal transport and forwarding, and in general international trade issues. We also provide advice regarding ship sale and purchase, contracts of affreightment. Our clients include ship-owners, charters, carriers, agents, operators, adjusters and insurers (hull and machinery, cargo and protection and indemnity). We provide legal services regarding collisions, general and particular average, salvage and cargo claims, registration and arrest of vessels and aircraft. We have broad experience in marine pollution cases, ship finance, ship building contracts and in procedures with the regulators. INSURANCE LAW Advising on life, general liability, maritime, aviation, fire, product liability, professional malpractice, Directors and Officers (D&O), Errors and Omissions (E&O), political risk insurance and Bankers Blanket Bond (BBB). Regulatory and corporate advice to insurers, insurance brokers and agents. Insurance and reinsurance litigation and alternative dispute resolution. Defense of insurers against claims by consumers and consumer`s associations. Incorporation, acquisition, liquidation and run off of local insurers. Drafting and adaptation of insurance plans and policies to Argentina law. Representation and defense of insurers with the insurance supervisor. Registration of foreign reinsurers and reinsurance brokers. PUBLIC LAW Advice in a wide range of regulated markets and industries. Public procurement, public offerings, negotiating concessions, public works and other administrative contracts, permits and authorizations. Administrative procedures. Litigation in administrative, judicial and arbitration courts regarding constitutional and administrative law matters. Our partners had a leading role in Argentina s privatization of publicly owned companies, on behalf of both the government and local and foreign investors, including gas, oil and electricity and other utilities. One of our partners is a leading constitutional law scholar.

Lawyer graduated at the University of Buenos Aires in 1985. Obtained a Master of Laws from London University in 1997 focused on shipping, marine and non-marine insurance and international trade. Associate to the Law Firm Manzano & Cappagli (1986-1992). He joined Marval, O Farrell & Mairal in 1993 and has been a partner since 1999 until May 31, 2011. Since June 1, 2011 partner to Manzano, López Saavedra & Ramirez Calvo He specializes in shipping law, insurance law (marine and non-marine), international trade and general litigation. He has a broad background in shipping disputes acting on behalf of shipowners and their insurers and cargo interests. Has acted in complex cases dealing with collisions, oil pollution damages, general average and salvage. He is advising clients in the first oil pollution case governed by the CLC and the Fund conventions. Most recently, he has been advising clients in respect of the potential liability for LNG spills and in respect of alternative legal structures for the provision of LNG through ships. He advises in all the areas related with insurance law and has experience in a wide variety of litigation and contractual matters with an emphasis on liability policies, directors and officers, errors and omissions, bankers blanket bond (BBB), political risk, marine (hull and machinery, cargo and protection and indemnity) and aviation policies (hull and machinery, cargo and liability). He has also advised in regulatory issues dealing with insurance plans approval within the argentine regulator and drafting of policies. In general litigation matters he has acted in different complex disputes not only locally buy also internationally. Former Professor at both the Universidad de Buenos Aires Law School and the Universidad del Museo Social Argentino Law School. Member of the Argentine Maritime Law Association and of the Shipping Institute of the National Academy of Law. Chair of the Insurance Committee of the International Bar Association (2008/2009). Martín Manzano CURRENT POSITION MANZANO, LÓPEZ SAAVEDRA & RAMÍREZ CALVO BUENOS AIRES, ARGENTINA PARTNER PROFESSIONAL EXPERIENCE MARVAL, O FARRELL & MAIRAL, 1993 TO MAY 31, 2011. ESTUDIO MANZANO & CAPPAGLI, 1986-1992. TEACHING AND ACADEMIC EXPERIENCE UNIVERSIDAD DE BUENOS AIRES, LAW SCHOOL, SHIPPING LAW ASSISTANT PROFESSOR, 1986-1989. UNIVERSIDAD DEL MUSEO SOCIAL, FORMER ASSISTANT PROFESSOR OF INSURANCE LAW. UNIVERSITY OF LONDON, QUEEN MARY AND WESTFIELD COLLEGE, MASTER IN LAWS, 1997. UNIVERSIDAD DE BUENOS AIRES, LAWYER, 1985. LANGUAGES SPANISH ENGLISH INSURANCE AND REINSURANCE LAW LITIGATION, DISPUTE RESOLUTION AND ARBITRATION INTERNATIONAL TRADE Speaker in several seminars and conferences held both in Argentina and abroad. Recently spoke in a seminar sponsored by the Argentine Maritime Law Association dealing with the CLC and Fund Conventions.

Hernán López Saavedra is a partner of Manzano, López Saavedra & Ramírez Calvo. Before joining the firm, he worked in the law firm López Saavedra Abogados from 1995 until 2001 when such law firm merged into López Saavedra, Armando, Esnaola & Vidal Raffo, where he became a partner in 2001 and remained as such until he joined his current law firm. He graduated from the Museo Social University (UMSA) with a law degree in 1995. He is currently professor of Maritime law in the UMSA and also teaches Marine Insurance in the Insurance Companies Association. He specializes in shipping law, insurance law (marine and nonmarine), aviation law, general litigation and arbitration. He has a broad background in shipping disputes acting on behalf of shipowners and their insurers and cargo interests. He has acted in complex cases dealing with collisions, general average and salvage. He advises in all the areas related with insurance law and has experience in a wide variety of litigation and contractual matters with an emphasis on liability policies, marine (hull and machinery, cargo and protection and indemnity) and aviation policies (hull and machinery, cargo and liability). In general litigation matters he has acted in different complex disputes not only locally but also internationally. He is co-author of the book "Problemas actuales de Derecho Marítimo en la Argentina" and has published many articles related with Maritime and Insurance Law. Mr. Lopez Saavedra is a member of the Institute of Insurance Law of the Bar Association of the City of Buenos Aires, member of the Executive Counsel of the Argentine Maritime Association and member of the Shipping Institute of the National Academy of Law. Hernán López Saavedra CURRENT POSITION MANZANO, LÓPEZ SAAVEDRA & RAMÍREZ CALVO BUENOS AIRES, ARGENTINA PARTNER PROFESSIONAL EXPERIENCE LÓPEZ SAAVEDRA, ARMANDO, ESNAOLA & VIDAL RAFFO, 2001-2011. LÓPEZ SAAVEDRA, 1995-2001. TEACHING AND ACADEMIC EXPERIENCE ASSISTANT PROFESSOR OF MARITIME LAW. INSURANCE COMPANIES ASSOCIATION, PROFESSOR OF MARINE INSURANCE. MUSEO SOCIAL UNIVERSITY. LAWYER, 1995. LANGUAGES SPANISH ENGLISH INSURANCE AND REINSURANCE LAW LITIGATION, DISPUTE RESOLUTION AND ARBITRATION INTERNATIONAL TRADE He is a regular speaker in seminars and conferences held both in Argentina and abroad on maritime and insurance matters. He is fluent in English and Spanish.

Ricardo Ramirez-Calvo is a partner of Manzano, Lopez Saavedra & Ramirez Calvo. Before joining the firm, he worked in Marval, O Farrell & Mairal from 1992 until 2011, and was a partner of such firm from 1997 until he joined his current law firm. He is specialized in corporate law, financing, energy and constitutional and administrative law. He participated in several privatizations, M&As, project financings (including ship finance and major construction projects), issuance of equity and bonds, securitizations and public offerings. He acted as lawyer for the Government in the privatization of the Argentina gas industry and for the company in the IPO of the state owned oil company YPF. For more than 6 years he advised YPF in different financial transactions, M&As and oil and gas issues. In the field of project finance, he advised Compañía Mega, Profertil and The Dow Chemical Company in different projects for the construction of operating facilities. He graduated from the University of Buenos Aires with a law degree in 1988. He is currently professor of Constitutional Law in the School of Law of the Universidad del Salvador and the School for Government Lawyers of the Argentine Government. He taught Constitutional Law at the University of Buenos Aires, the Universidad de Belgrano and the Universidad Di Tella. He is the author of the books Las Fuentes de la Constitución Nacional (LexisNexis 2004) and La Constitución Nacional y la Obsesión Antinorteamericana (Virtudes 2008). He is coauthor of the Treatise on Constitutional Procedural Law and the author of many works on constitutional and administrative law. He was lecturer at Georgetown University in 2001 and visiting scholar of such University in 2000 and 2001. Ricardo Ramirez-Calvo is a member of the Bar Association of the City of Buenos Aires, the Argentine Constitutional Law Association, the Argentine Comparative Law Association, officer of the Public Law Committee of the International Bar Association and individual member of the International Association of Constitutional Law. He is fluent in English, German, Spanish and Portuguese and has good knowledge of French. Ricardo Ramirez Calvo CURRENT POSITION MANZANO, LÓPEZ SAAVEDRA & RAMÍREZ CALVO BUENOS AIRES, ARGENTINA PARTNER PROFESSIONAL EXPERIENCE MARVAL, O FARRELL & MAIRAL, 1992-2011. KOERNER WENZEL BAUSBACK ASCHAFFENBURG (GERMANY), 1992. ZAVALÍA BUNGE ABOGADOS, 1988-1991. TEACHING AND ACADEMIC EXPERIENCE UNIVERSIDAD DEL SALVADOR, PROFESSOR OF CONSTITUTIONAL LAW. ESCUELA DE ABOGACÍA DEL ESTADO, PROFESSOR OF CONSTITUTIONAL LAW. UNIVERSIDAD DE BUENOS AIRES, PROFESSOR OF CONSTITUTIONAL LAW. GEORGETOWN UNIVERSITY LAW CENTER, VISITING PROFESSOR. LANGUAGES SPANISH ENGLISH GERMAN PORTUGUESE FRENCH ADMINISTRATIVE LAW CORPORATE LAW CONSTITUTIONAL LAW ENERGY FINANCE MERGERS & ACQUISITIONS

PALACIO ALCORTA Martín Coronado 3260, 2nd floor, suite 202 1425 Buenos Aires, Argentina Telephone and Fax (54 11) 4802 4147 (54 11) 4802 4701 (54 11) 4802 6431 (54 11) 4803 4403 (54 11) 4803 7080 www.mlsrc.com.ar info@mlsrc.com.ar