Tank Capital Spending & Asset Optimization Analysis CONFIDENTIAL

Working Capacity, Heel Reduction and Cost per Barrell of Capacity

Customer Location Stored Product Tank Diameter Date

ANCAP Punta del Este, Uruguay Crudo 210' August 27, 2012
Tank Descriptions: Tank A: EFRT Tank B: Geodesic Dome + AIFR

Physical Tank Information Capacity Comparison

Tank dimensions Tank A Tank B Nominal Tank Capacity Tank A Tank B
Tank Diameter (feet) 210 210 Nominal Tank Capacity (cubic feet) 2,590,777 2,590,777
Tank Height (feet) 74.8 74.8 Nominal Tank Capacity (barrels) 461,437 461,437
Working Capacity Tank A Tank B Difference % Diff
Top conditions (cone vs. dome) Tank A Tank B Working Capacity (cubic feet) 2,258,848 2,458,006 199,157 8.8%
Rafter clip depth (inches) 0 0 Working Capacity (barrels) 402,318 437,790 35,471 8.8%
High-level buffer (inches) 6 6

IFR conditions Tank A Tank B Heel Comparison

Secondary Height 24 0 Unusable Inventory Tank A Tank B Difference % Diff
Floating roof depth (inches) 39 12 Unusable Inventory (cubic feet) 132,772 80,817 (51,954) -39.1%
Unusable Inventory (barrels) 23,648 14,394 (9,253) -39.1%
Bottom conditions Tank A Tank B
Lowest operating level possible (inches) 42 24 Working Capital Impact Tank A Tank B Difference % Diff
Low-level buffer if additional (inches) 4 4 Product Cost per Barrell $ 100 $ 100
Working Capital Impact $ 2,364,762 $ 1,439,421 (925,342) -39.1%

Tank Cost Data

Cost components Tank A Tank B Financial Comparison
Tank shell $ 5,000,000 $ 5,000,000 Tank Cost / Barrell of Capacity Tank A Tank B Difference % Diff
Tank bottom $ 1,000,000 $ 1,000,000 Tank Cost $ 8,500,000 $ 7,415,000 (1,085,000) -12.8%
Floating roof and seals $ 2,500,000 $ 380,000 Cost Per Barrell of Capacity $ 21.13 $ 16.94 $ (4.19) -19.8%
Fixed roof or dome $ - $ 535,000
Other cost $ - $ 500,000 Factoring In Heel Impact Tank A Tank B Difference % Diff
Other cost $ - Real Cost incl. inventory reduction $ 8,500,000 $ 6,489,658 (2,010,342) -23.7%
Total complete tank cost $ 8,500,000 $ 7,415,000 Real Cost Per Barrell of Capacity $ 21.13 $ 14.82 $ (6.30) -29.8%

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