Date : FEB, 2009

To : Our Valuable Customers Who May Concern

From : “K” Line (Hong Kong) Ltd

Subject: REVISED BUNKER ADJUSTMENT FACTOR (BAF) AND CURRENCY ADJUSTMENT FACTOR (CAF) FOR EUROPE & MEDITERRANEAN CARGOES

Kindly be informed that the Bunker Adjustment Factor (BAF) and Currency Adjustment Factor (CAF) for Europe & Mediterranean shipments will be adjusted as below with effect from 1^st MARCH, 2009.

BAF (wef 01/MAR/09 – 31/MAR/09)

20’DRY USD245

40’ & 40’HQ USD490

CAF (wef 01/MAR/09 – 31/MAR/09) - (except ISRAEL)

11.38%

We take this opportunity to thank for your valuable support and look forward to having your unchanged

patronage in future. Should you have any further queries, please feel free to contact our Customer Service Team.

Customer Service EURMED

Hotline: 2861 5431

Email : hkglcuseurmed@hk.kline.com

Thanks for your kind attention.

Best Regards.

Yours faithfully,

Sales Administration Team

For and on behalf of “K” Line (Hong Kong) Ltd