UABL II

completed

UABL Limited (UABL or the company) is the largest barge operator on the Paraná-Paraguay river system (the River System) in South America. The company primarily transports across the River System:- soy products and iron ore from Paraguay, Bolivia and Western Brazil for final export markets in Europe and China, and - petroleum products into Paraguay for internal consumption. UABL is implementing an investment program in 2007-2010 to - replace existing diesel engines with more efficient engines to consume less expensive fuel; - enlarge and reinforce existing barges; and - construct and acquire additional tugboats and barges. The project will reduce UABL’s fuel cost and pollutant emission, improve its efficiency, extend asset life, and expand the capacity of its fleet.