DECRETO CREAL ARBITRALES No. 1.918/81 Approve the General Regulations for the operation of the aforementioned Chambers throughout the country.

Bs. As., 5/11/81

VISTO file No. 717/76 of the registration of the National Board of Grains related to the development of the Arbitral Chambers throughout the country, and

CONSIDERING:

That the Arbitral Chamber of the Bolsa de Cereales de Buenos Aires and the Arbitral Chamber of Cereals de la Bolsa de Comercio de Santa Fe have made various presentations to the said body, requesting to modify their respective General Regulations.

It is convenient to establish a uniform operating regulatory body for all the Arbitrary Chambers of the country.

That article 30 of Decree-Law No. 6.698 of 9 August 1963 authorizes the executive branch to regulate, with the advice of the National Board of Grains, the functioning of the Arbitral Chambers of Cereals of the country, declared of exclusive national jurisdiction.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 Artículo Apply for the functioning of all the Arbitral Chambers of Cereals of the country the annexed General Regulations, which is an integral part of this decree. Art. 2o o Decrees No. 103,289 of 10 April 1937, 104,430 of 27 April 1937, 3500 of 2 May 1938 and 8,629 of 20 November 1967. Art. 3o o Contact, post, give to the National Directorate of the Official Register and archvese.

Viola

Jorge R. Aguado REGLAMENT GENERAL

1 S DEMANDAS AND JUICIOS DE AMIGABLES

Action bodies: Article 1 de The Board of Directors of the Arbitral Chamber, or the Subcommission provided for in article 15 of the present regulation, shall act on the issues or demands arising from its adherents or third parties as the Arbitral Tribunal of Componers Amigables or as a Conciliatory Board, in accordance with the jurisdictions established by the Executive Power, committing the parties to comply with their awards and resolutions. It will also perform all the powers and functions conferred upon it by its statutes. Reservation for applications and consultations: Article 2 — The Chamber reserves the right to understand in matters where there is no written evidence or signed tickets. Article 3 o The Chamber shall evacuate the consultations made to it on the scope of the provisions of its regulation, with the exception of those issues which, by their content or nature, may constitute an advance issue of opinion on matters to be decided or failed. Procedure in the Claims - Right to Demand: Article 4 de Any question or claim submitted to the judgment of each Arbitral Chamber, in which it resolves to understand, shall be subject to the following procedure:

(a) The demand, as well as its response or reconvention, must be submitted in writing and duplicate, and must be informed of the data and accompany the documents described below:

(1) The defendant's and the plaintiff's domicile.

(2) The transaction grounds the demand.

(3) The point in the plaintiff ' s opinion originates the trial.

(4) What the plaintiff claims, specifically on time.

(5) The contract linked to the issues discussed, duly registered in bags and other entities recognized for this purpose.

6) The documents you make to your rights and/or those you want to use as evidence.

(b) Upon transfer of the claim, the time limit for the respondent to reply in writing shall be established, granting him two (2) working days if he resides in the urban radio seat of the House. If it is domiciled in another place other than the urban radius of the city seat of the House, that term will be extended in one (1) business day for every two hundred (200) kilometers away or fraction that does not go down a hundred (100) kilometers, counted from the date of notification.

(c) Having been the respondent duly notified and in the absence or failure to respond to the complaint, the Tribunal shall give as a deciduous the right to do so in the future in such a case: (1) Judgement after transfer to the parties or (2) To have the opening of the proceedings and/or the measures to better provide as necessary.

(d) It will be optional for the Chamber to determine whether it is appropriate to cite the parties to a verbal trial. The oral trial may be held before the Sub-Commission established by article 15 or in charge of the Procedure, in accordance with article 5 of the present regulation.

(e) At the request of the parties, or when, in the opinion of the Presidency of the Chamber or of the Sub-Commission established by article 15, there is a danger that due to the delay of the proceedings an irreparable injury may be caused, urgent or precautionary measures may be ordered that are deemed appropriate by the party requesting the measure.

(f) In the case of the preceding subparagraph, the person who has requested the measure or in favour of the person who has been ordered, shall be obliged to file the complaint within a period not exceeding eight (8) working days on the expectation of revoking the measure at its expense.

(g) All citations or notifications will be made by card with one (1) working day of anticipation at least, if it is a hearing to which the parties must attend, collecting the signature in the original that will be added to the file. If the parties reside outside the Chamber's seat urban radio, they will be made by certified letter with return notice or collisioned telegram if so resolved by leaving a copy to add to the file.

(h) In addition to the formal requirements set out in subparagraph (a) the respondent shall, in his reply, recognize or categorically deny the facts invoked by the plaintiff and the authenticity of the accompanying documentation, in the event of silence, evasive or ambiguous responses of the respondent, be interpreted as true the facts or documents submitted by the plaintiff.

Proceedings: Article 5 del The President of the Chamber or the member of the Board of Directors, in which he delegated the functions referred to in this article, is the Chargé d ' Procedure in the arbitral proceedings before the Chamber, directs the procedure in all its aspects, dictates resolutions related to it, gives evidence of all the actions that carry its signature presumably the accuracy and authenticity of such proceedings. Representations: Article 6 : In the event that it does not happen personally, the parties can only be represented before the House by an adherent of it, through the respective power or authorization letter. Arbitral Commitment: Article 7 : It will be the obligation of the Laudar Chamber in the affairs of its competence.

In the cases provided for in article 37 of Decree-Law No. 6.698/63, the awards shall be made without arbitration and shall have the effects provided for in that Act.

In any case where the parties were summoned to oral proceedings and could not be agreed, the Chamber may invite them to formalize arbitration in which case and to agree on it, a fine shall be provided for by the person who fails to comply with the acts necessary for the fulfilment of the undertaking.

Claim between adherents and third parties or between third parties: Article 8 : Where the claims take place between adherents and third parties or between third parties, the previous articles shall be applied in the relevant matter and the provisions of the subsequent articles. Deposit in lawsuits involving third parties: Article 9 : When third parties intervene as claimants or respondents, they shall deposit in the possession of the Arbitral Chamber money or values determined by the parties or the member of the Steering Committee under the procedure. This sum will be lost by the one who does not know the award in favor of the part that acates it. Reconsiderations of the House Judgment - Rights of the Parties: Article 10. A party that is not in conformity with the Chamber ' s ruling may request reconsideration within eight (8) working days if the Chamber ' s seat resides in the urban radio. If it is domiciled in another place other than the urban radius of the seat city of the House, that term will be extended in one (1) business day for every two hundred (200) kilometers of distance or fraction that does not go down of one hundred (100) kilometers counted from the date of notification and prior payment of an amount equal to that of the fees fixed, which will be lost in case of confirmation of the award and refunded.

In filing the appeal, the applicant must comply with the detailed requirements at the previous point and must deposit the amount of the sentence in the Chamber, which will be handed over to the counterpart as payment when the award is final if applicable.

The parties expressly release to the House any liability for the delivery of the deposited amount to the beneficiary of the deposit, in accordance with the award.

The final decisions of the House may be appealed to the National Board of Grains pursuant to article 31 of Decree Law No. 6.698/63.

2 S VARIOUS

Fees and expenses: Article 11. The rights of claim, expenses and fees established in the relevant processing shall be paid by the plaintiff without prejudice to the determination by the Chamber, in the respective award, to whom the payment is final. If the party failed to pay them, the Chamber shall charge them with the amount deposited by the plaintiff, leaving the latter ' s rights to the defendant safe. Testing of writings: Article 12. It is the prerogative of the Presidency or of the member of the Steering Committee in charge of the procedure, to order the return or to submit to the relevant part of the writings that are presented and in which the necessary forms of style and decorum have not been kept, and the penalties provided for in the respective statutes of the Chambers may be applied. Non-compliance penalties: Article 13. The adherent who does not abide by the resolutions and awards of the Arbitral Chamber shall lose his status as such, and must proceed in accordance with the provisions of its statutes.

The quality of this will also be lost when the societies of which the adherent is a party do not comply with the resolutions or rulings of the House.

In the case of non-adherent persons, non-compliance shall be communicated to the entity to which the Chamber is attached and to the entity to which the person is attached.

Rehabilitation: Article 14. Any person who discards a ruling may not enter or re-enter the Arbitral Chamber without proving it before it has complied with and provided that it is accepted by the Board of Directors prior examination of the case ' s background and circumstances.

3. S WEEK SUBCOMMISSION

Competition: Article 15. The Board of Directors or, in its absence, the Presidency of the Chamber shall weekly appoint a Sub-Commission of its bosom consisting of five (5) or three (3) members according to the constitution of its Steering Committee, all of them belonging to the activity of grain trade. Such a subcommission shall maintain a balanced representation as set forth below:

(a) Two (2) buyers, two (2) sellers and one (1) representative of the race of runners and commissioners.

(b) One (1) buyer a (1) seller and one (1) representative of the brokerage and commissioner guild.

(c) The Sub-Commission referred to in (a) may also operate with three (3) members, provided that it is integrated in the manner provided for in (b). These subcommissions may also be integrated with up to two (2) alternate vowels, when they act five (5) members and one (1) alternate vocal when three (3) members operate.

These so-called subcommissions shall be subject to the following questions:

(1) The fixing of the price for each unfulfilled ticket or part of the ticket and the purchase orders for goods that may be made by the parties.

(2) Receipts with Chamber intervention, samples in consultation, arbitration and quotation marks of goods shall be made in sight without knowing of who is the sample of sale or of delivery, or the contracting parties.

(3) Cases for receiving stays, reconsiderations of analytical determinations (article 47) and claims for failures or delays in the payment of goods.

(4) It shall intervene in oral proceedings when the Chamber so determines, in accordance with article 4 (d).

Reconsideration of resolutions of the Weekly Subcommission: Article 16. A party that is not in conformity with the decision of the Sub-Commission may request reconsideration within eight (8) working days, on the date of notification. This remedy shall be taken into consideration by the Steering Committee in a regular number. In cases of receipt with intervention of the Chamber receiver or samples in consultation on goods to the discharge, the term will be one (1) business day.

In arbitration reconsiderations, the current rates increased by 50 per cent (50 per cent) will be applied if the original result is confirmed and will be unpaid if it is modified.

After the proceedings referred to in this article, the dissenting party may avail itself of the right provided for in the last paragraph of Article 10.

Procedures for reconsideration of joints and arbitrations: Article 17. In the case of reconsideration of arbitrations and cotejos a la vista, the sales or delivery samples that serve as the basis for the final resolution shall be identified in such a way that the members of the Chamber that shall issue the ruling do not know who their owners are, the name of the parties should also be omitted and the result of the judgement given by the Sub-Commission referred to in article 15.

In the event that such circumstances were accidentally known by the arbitrators, they should be excused, and they may also be challenged by the parties concerned.

4 - COMPRAY REGULATION - AND RECEIVES

Rules of application: Article 18. The rules for the marketing of grains, products and by-products set by the National Grain Board are considered an integral part of this regulation. In the case of products and by-products that are not within the competence of such an agency, the rules established by the Arbitral Chamber shall be applied as from the date on which they are set by circular. Business days - Completion of deadlines: Article 19. For all the activities carried out by the House, as well as for the computation of the regulatory deadlines, on Saturdays, Sundays and holidays will be considered as inholic. When the expiration of the delivery period is opere in days deemed to be incapable, it will extend to the next working day. Force majeure - Case fortuitous: Article 20. In each case, the Arbitral Chamber shall decide whether the inexecution of the tickets is due to force majeure or fortuitous case, extending its performance if yes, for so many days as many have been suspended for that cause. The evidence of the fortuitous case or force majeure rests with the person who invokes it in his favor, except that it is the knowledge of the public domain.

These reasons may not be invoked when they already existed at the time of the operation.

The damages and/or expenses incurred, decreases, quality, deposit or storage, etc., will be supported by equal shares between the seller and the buyer. The Arbitral Chamber shall decide on the compensation and quality of the goods, in accordance with the background and evidence provided by the parties.

Transfer of tickets: Article 21. Contractors may transfer tickets to third parties and be responsible for their compliance. Such liability shall not remain in the case that the counterpart expressly accepts the transfer. Date of ticket: Article 22. For the interpretation of sales tickets, the date of their conclusion shall be taken into account, and the regulations and resolutions in force at that date are therefore applicable to each ticket, except for the cases specified by the Chamber in its resolutions for products not regulated by the National Grain Board. General Guild Resolutions: Article 23. None of the acting guilds may take a general resolution that affects or alters this regulation. Presumption of malicious acts: Article 24. In the event of the presumption of malicious acts, the party deemed to have been injured may request the intervention of the Chamber which in turn shall notify the other party for any purpose. Market operations to Term: Article 25. The disputed issues or problems arising from the Charters of the Markets to Term shall be resolved in accordance with the provisions of this general regulation as long as they are not expressly considered in the regulations or resolutions of those Markets. If they were, it will take into account what was established there. Unforeseen cases: Article 26. The cases not provided for in this regulation shall be resolved by the Board of Directors, in accordance with the commercial customs and customs and in the absence of them based on the rules of sound criticism and equity.

Bankruptcy or civil contest of any party

Article 27. In the event of bankruptcy, convocation or civil contest of any party, the rights of the counterpart are subject to the provisions of the competition law.

However, in order to apply to the appropriate party, the party concerned may request the Chamber to record differences in price or other information without such information being made in the form of an arbitral award or resolution.

5 DE PRECY FIJATION IN PIZARRA

Opening and closing of quotations on board: Article 28. The National Grain Board, through its representatives to the Arbitrary Chambers, will authorize the opening and closing of contributions and grain operations records. Time of pricing and listed goods: Article 29. The time for pricing and listed products will be in line with the provisions of the National Grain Board.

The quotations will be for bulk goods or ambushed according to the provisions adopted by the National Grain Board.

The corresponding bonuses will also be set for the delivery of ambush goods, those grains listed in bulk and the bulk discounts for grains that are baked. These bonuses or discounts will apply to the deliveries that are made in the day.

Semanera Commission: Article 30. Prices shall be set by the Sub-Commission referred to in Article 15 which shall act in the manner provided for in its statements. Replacement of members: Article 31. The Sub-Commission shall fill its mandate with the statutory number of members, and in the event that at the time of pricing the number is not reached, the members present shall notify the Presidency, in order to appoint the titular or alternate members of the Steering Committee who shall integrate it, in order to ensure that they are of the same guild in which the replaced ones act. Book for fixations: Article 32. Of the prices set on board will be recorded in special tables that will be signed every day by the acting semaneros. Guidelines for fixing: Article 33. The Sub-Commission will also set the prices of slate based on the current value in place at the time of the fixation, by goods "deliver immediately" and payment to cash.

The National Grain Board may regulate the form and basis for establishing slate prices. To this end, the actual merchandise deals, the quantities and quotations provided by the guilds, as well as the market values to Term and any other precedent that it deems appropriate to ponder, will be taken into account. Purchasing operations considered by the Sub-Commission should be credited and tested by the interested parties, when required above. Prices to be considered exceptional under some of the following circumstances shall not be taken into account:

(a) Purple business or small amounts, or with notorious price out of the market, or which do not have a normal character.

(b) Operations on batches of special origin or held in different conditions than those of board.

(c) Any other situation that is not demonstrative of the reality of the market.

Modalities for fixing: Article 34. The Sub-Commission shall also set the following prices on a daily basis:

(a) By goods shipped with delivery and receipt in destination, placed on carriage and/or truck in port of embarkation.

(b) In addition, the corresponding discounts will be set for deliveries and receipts in origin.

Bases for fixing: Article 35. The pricing will be made according to the contribution bases established by the National Grain Board. Reconsideration of fixed prices: Article 36. With regard to the prices set, they may request a well-founded reconsideration, up to fifteen (15) minutes after their fixing on board four (4) adherents to the House, at a minimum, which must belong to different social reasons.

The Sub-Commission that acted in pricing shall resolve the request for reconsideration, for which purpose it shall be composed at least with the statutory number of members or in its default incorporating to the same up to two (2) titular or alternate members of the Board of Directors.

6 NORMS ON ANALITIC DETERMINATIONS, ARBITRATIONS, RECONSIDERATIONS, ETC.

Technical office area: Article 37. The Chamber, through its technical units, will carry out the analytical determinations necessary for the marketing of grains, products and agricultural by-products, on behalf of the person or those who request it and on the basis of the samples presented for this purpose.

It shall also make the appropriate determinations to ensure that the Steering Committee or the Sub-Commission referred to in Article 15, as appropriate, deals with discounts, quality differences, receipts with Chambers intervention, etc., on the basis of the lacquered or statutory samples.

Presentation of letters-only analysis and samples: Article 38. Analytical determinations will be practiced at the request of the parties through letter-only signed by them, accompanied by the games of lacrated or precincted samples of both parties, and specifying the stamps or seals with which they are. The process for the submission of applications and samples shall be in accordance with the deadlines and mechanisms established by the National Grain Board or the Arbitral Chamber, in the case of products not regulated by that agency.

In exceptional cases it will be accepted to practice them only with the game of one of the parties, provided that in the letter-application signed by them it is recorded.

Regulation of the Arbitral Chamber: Article 39. The regulations issued by the Arbitral Chamber within the above-mentioned aspects shall be compulsive prior publicity by circular and notification to the National Grain Board and/or its approval in appropriate cases. Off-term analysis requests: Article 40. After the time limits set by the provisions in force since the delivery of the goods, analyses or arbitrations, they may only be requested with agreement from both parties, and the Chamber is optional to intervene in the proceedings and to resolve the relevant matters. Request for analysis for interruption of deliveries: Article 41. When the delivery of the goods is interrupted and suspended for longer than the time limit set for the shipment of samples and the request for analysis, the parties may request appropriate analysis on partial delivery. If one of the parties refused, the provisions of article 42.

The liquidation of the goods for the partial deliveries referred to above shall be consistent with the provisions of the current marketing standards.

Negative to the signature of the letter-sulicity and/or shipment of samples: Article 42. If one of the parties submits letter-supplicity, stating that the other refuses or delays in presenting its conformity and/or presenting its sample game, the Chamber will pass by letter a notice intimating to keep its game and/or give its conformity within two (2) business days, if it resides in the urban radius seat of the House and four (4) days if it is domiciled in the interior, counted from the date of the date of the notification. Once the deadline is expired, it will be considered that there is conformity to make the analytical determinations and/or arbitrations with the only game of the party that requested it and will proceed to the order under such conditions. If opposition existed, the Sub-Commission referred to in article 15. Loss or deterioration of samples: Article 43. If one of the parties informed the Chamber that its sampling game has been lost or impaired, the Chamber shall notify the counterpart of the obligation to present its own. If the injured party also claims to remove or impair samples or other cause, it will be liquidated according to the agreed bases. Difference between samples: Article 44. If the samples were opened, there would be significant differences between them, the parties would be summoned to agree on how to proceed and not reach agreement, the case would be submitted to the Subcommission concerned, which would resolve the procedure to follow. Recognition of open samples: Article 45. The Chamber reserves the right not to understand in any matter about open sample sales that are not previously recognized by the interested parties.

In sales according to open samples, they will govern the provisions applicable to business on lacrated samples, once the open sample has been recognized by both parties.

It is understood that the scope of this article is not applicable in primary operations.

Time for reconsideration: Article 46. Requests for reconsideration of analytical determinations should be formulated in accordance with the provisions established by the National Grain Board. Procedure for reconsideration - Errors and/or objections to the proceedings - Law of the parties: Article 47. The submission of requests for reconsideration shall be in accordance with the deadlines and mechanisms established by the National Grain Board, or the Arbitral Chamber, when it comes to products not regulated by that agency.

Requested a review within a statutory time frame, the Chamber shall notify the parties concerned by letter on the day and time that it will be done, inviting them to attend. In cases where either party manifested dissent with the procedure or claimed that there was a manifest error in the result, the Sub-Commission referred to in article 15 would take action, determining what was appropriate.

The dissenting party with the final ruling of the Chamber may proceed in accordance with the provisions of the last paragraph of Article 10.

Honours: Article 48. The reconsiderations will apply the current analysis rates, increased by 50% (50 %) if the primitive result is confirmed and will be unpaid if the result is modified. When it is appropriate to average the result of the first analysis with that of reconsideration, the rate will be applied without increase.

7 Y LIQUIDATIONS AND PAGOS

Merchandise: Article 49. The liquidation and payment of the goods acquired in warehouses of the seller or of third parties, or whose payment has been agreed to be made after delivery, shall be carried out in the conditions and terms established by the National Board of Grains in each case. Freights and other expenses: Article 50. With the freight of the seller, the buyer shall deduct it from the appropriate amount to be paid by applying the current rate at the time of loading the goods on carriages. When the railway companies misrepresent the freight, the buyer is obliged to claim the surplus for the seller. If the seller makes use of the authority to pay the freight in origin, it will be responsible for any further difference that the railway companies claim.

The freight of the seller shall be discounted in the settlement until such time as the corresponding proofs of payment are submitted to the buyer.

In the case of operations where the seller is entitled to issue a certificate of deposit to collect a certain percentage of the agreed price and the remission of the goods is made after the agreed delivery period, the freight will be liquidated according to the procedures established by the National Grain Board.

Taxpayers: Article 51. In cases where the General Directorates of Revenue from the provinces where the goods proceeds claim proofs of the taxes on production, the seller has the obligation to provide the buyer with such proofs, within the time period that those have fixed. Corridor Commission: Article 52. The broker may include in each partial billing the total settlement of the commission corresponding to the lot, which shall be paid within forty-eight (48) hours of submission; the time limit shall be incurred in arrears and the broker may invoice the corresponding interest in each case.

In case of total or partial non-compliance of a ticket and the unfulfilled part is terminated without a difference of price, the commission to the broker shall be paid as follows: By the amount fulfilled, each party shall pay the amount that is proportionate to it; by the amount not fulfilled, the default party shall pay the total amount of the commission for the buyer and seller.

It is understood that there is substitute performance of the seller when the price difference has been fixed through the Chamber increased by one percent (1 %) if the broker intervened and the buyer has charged the respective amount, in which case the corresponding commission must pay. Rescised or arranged a common ticket agreement between the parties in whole or in part, the broker will charge your fee on the amount sold, according to the conditions set out in the ticket.