Terminales Río de la Plata S.A. (T.R.P.) and Terminales Portuarias Argentinas S.A. (T.P.A.), have decided their re-organization by means of an absorption of T.P.A. by T.R.P. - The registration of such absorption is underway at the Companies Registry.

As a result of this decision, T.P.A. dissolves without liquidation, transferring its assets and liabilities to T.R.P.

Terminales Río de la Plata S.A. (T.R.P.) announced to the Port Community the administrative and operational changes in force as from January 1st, 2005:

1. As from the above mentioned date, and according to regulations from the AFIP, T.R.P. (the absorbing company), will invoice, under its name, all the services rendered by Terminals 1, 2 and 3 from Puerto Nuevo of the Autonomous City of Buenos Aires.

2. All credits in favor of T.P.A. which remain unpaid as at December 31st, 2004, will have to be cancelled to the order of Terminales Río de la Plata S.A.

3. All T.P.A. debts as at December 31st, 2004, will be cancelled by Terminales Río de la Plata S.A.

4. Taxation framing to be taken into account will be that of Terminales Río de la Plata (the absorbing company).

- T.R.P. acts as withholding and reception agent of the Value Added Tax, according to Annex I of General Resolution Nbr. 18/97 issued by AFIP. For that reason it is not subject to retention of the mentioned tax.

- T.R.P. acts as withholding and reception agent of the Turn Over Tax, according to Annex I of Resolution S.H. and F. 430/01. For that reason it is not subject to retention of the mentioned tax.

- T.R.P. acts as withholding and reception agent of the Income Tax, according to Annex IV of General Resolution Nbr. 830/00, issued by the AFIP.

- T.R.P. holds a Non Withholding Certificate for Income Tax, granted by the A.F.I.P., in force until June 30th, 2005.

For additional information on the matter, contact following telephone numbers:

Accounts Receivable Dept. Carlos Santini (54 11) 4319-9542
Accounts Payable Dept. Victor Ronconi (54 11) 4319-9540
Tax Dept. Walter Gomez (54 11) 4319-9500 (ext. 439)