Common use of Declared Value Clause in Contracts

Declared Value. (i) for the Vasconia type Crude Oil, it will be the average of the daily closing quotes for the Vasconia Crude Oil, according to Argus’ publication during the Operation Month; (ii) for the Castilla type Crude Oil, it will be the average of the daily closing quotes for the Castilla Crude Oil, according to Argus’ publication during the Operation Month (in all cases the arithmetic average rounded to four decimal figures will be used); and (iii) for Crude Oil other than the one mentioned in items (i) and (ii) above, that does not have a quotation in Argus or in another similar publication, it will be determined utilizing the Specific Gravity (SG) average determined as a function of the API Gravity and sulfur contents (%S) of the Crude Oil to be assessed, according to the quality and quantity report of the Month of Operation, of the Crude the price of which is to be determined, according to the following formula: Price per Barrel in Dollars = b0 + (b1 * SG) + (b2 + %S) Where: b0 = Petroleum base price b1 = coefficient of the price adjustment for SG b2 = coefficient of the price adjustment for sulfur contents (%S) The values for b0, b1 and b2 utilized in this formula will be those obtained in the crude oil valuation process in the Volumetric Compensation for Quality of the Month of Operation in reference, according to the routine procedures established by the Transporter.

Declared Value. (i) for the Vasconia type Crude Oil, it will be the average of the daily closing quotes for the Vasconia Crude Oil, according to Argus’ publication during the Operation Month; (ii) for the Castilla type Crude Oil, it will be the average of the daily closing quotes for the Castilla Crude Oil, according to Argus’ publication during the Operation Month (in all cases the arithmetic average rounded to four decimal figures will be used); and (iii) for Crude Oil other than the one mentioned in items (i) and (ii) above, that does not have a quotation in Argus or in another similar publication, it will be determined utilizing the Specific Gravity (SG) average determined as a function of the API Gravity and sulfur contents (%S) of the Crude Oil to be assessed, according to the quality and quantity report of the Month of Operation, of the Crude the price of which is to be determined, according to the following formula: Price per Barrel in Dollars = b0 + (b1 * SG) + (b2 + %S) Where: b0 = Petroleum base price b1 = coefficient of the price adjustment for SG b2 = coefficient of the price adjustment for sulfur contents (%S) The values for b0, b1 and b2 utilized in this formula will be those obtained in the crude oil valuation process in the Volumetric Compensation for Quality of the Month of Operation in reference, according to the routine procedures established by the Transporter.. DC – Contrato de Transporte de Crude Oil – 017 – 2013 46

Declared Value. (i) for the Vasconia type Crude Oil, it will be the average of the daily closing quotes for the Vasconia Crude Oil, according to Argus’ publication during the Operation Month; (ii) for the Castilla type Crude Oil, it will be the average of the daily closing quotes for the Castilla Crude Oil, according to Argus’ publication during the Operation Month (in all cases the arithmetic average rounded to four decimal figures will be used); and (iii) for Crude Oil other than the one mentioned in items (i) and (ii) above, that does not have a quotation in Argus or in another similar publication, it will be determined utilizing the Specific Gravity (SG) average determined as a function of the API Gravity and sulfur contents (%S) of the Crude Oil to be assessed, according to the quality and quantity report of the Month of Operation, of the Crude the price of which is to be determined, according to the following formula: Price per Barrel in Dollars = b0 + (b1 * SG) + (b2 + %S) Where: b0 = Petroleum base price b1 = coefficient of the price adjustment for SG b2 = coefficient of the price adjustment for sulfur contents (%S) The values for b0, b1 and b2 utilized in this formula will be those obtained in the crude oil valuation process in the Volumetric Compensation for Quality of the DC- Crude Oil Transportation Agreement - 009 - 2013 46 Month of Operation in reference, according to the routine procedures established by the Transporter.

Declared Value. (i) for the Vasconia type Crude Oil, it will be the average of the daily closing quotes for the Vasconia Crude Oil, according to Argus’ publication during the Operation Month; (ii) for the Castilla type Crude Oil, it will be the average of the daily closing quotes for the Castilla Crude Oil, according to Argus’ publication during the Operation Month (in all cases the arithmetic average rounded to four decimal figures will be used); and (iii) for Crude Oil other than the one mentioned in items (i) and (ii) above, that does not have a quotation in Argus or in another similar publication, it will be determined utilizing the DC – Contrato de Transporte de Crude Oil – 008 – 2013 43 Specific Gravity (SG) average determined as a function of the API Gravity and sulfur contents (%S) of the Crude Oil to be assessed, according to the quality and quantity report of the Month of Operation, of the Crude the price of which is to be determined, according to the following formula: Price per Barrel in Dollars = b0 + (b1 * SG) + (b2 + %S) Where: b0 = Petroleum base price b1 = coefficient of the price adjustment for SG b2 = coefficient of the price adjustment for sulfur contents (%S) The values for b0, b1 and b2 utilized in this formula will be those obtained in the crude oil valuation process in the Volumetric Compensation for Quality of the Month of Operation in reference, according to the routine procedures established by the Transporter.