We are forwarding the information about the captioned matter which was received from Pandi Liquidadores S.R.L., our correspondent in Buenos Aires, Argentina.

QUOTE

Customs at the Port of Quequén/Necochea has now implemented for this port a new regulation as from 16th June 2015 for a trial period of 30 days by which they are requiring that the store list declaration upon a vessel arrival has to be submitted in Spanish language. This new regulation was imposed without previous warnings and has already affected vessels that arrived at the port of Necochea this week which are not able to perform operations until the time the store list is presented in Spanish language with all the complications, delays, costs that this absurd imposition implies.

In the meantime the chamber grouping all the local ship agents filed already letters to the Head of Customs Authorities in Buenos Aires and Home Office as to try to reverse Necochea Customs decision but without decision for the time being.

The Necochea Customs are basing their rights for such request based in old regulations which come out of use long time ago.

For your guidance we are also discussing with our local lawyers and will keep you posted on developments as soon as they come. Meantime, we suggest that your members calling or intending to call at the Port of Necochea are warned about this new development.

UNQUOTE

We will circulate further information upon receipt.