Date: Thursday, May 25, 2006

Re:	TRAIN DERAILMENT - AUSTRALIA

Please be advised that we have been informed of a major train derailment in Australia on the main line that serves all exports out of the Adelaide region. Following is what we have been told so far:

Following are the details of a major rail accident which occurred early today (Thursday, May 25th) en route from Adelaide to Melbourne resulting in the total write off of approximately 40 containers.

Unfortunately the vast majority of wine containers were located at the front of the train which suffered the most severe damage. We expect to learn the total extent of the damage in the next 24-48 hours. This train was delivering cargo ex Adelaide to connect with the Panama loop vessels loading in Melbourne serving North America and to a lesser extent Europe.

Apart from the cargo which was lost, this accident will have a major impact upon all exports from Adelaide in the short term. All direct shipping services to North America are via Melbourne while those that do call directly in Adelaide (mainly serving Europe and parts of Asia) are dependent upon this rail link as the primary route to reposition empty equipment for export to all destinations. The lines are already exploring different options to accommodate Adelaide based cargo.

The initial estimates today suggest that the situation (and clearance of the inevitable backlog that is going to occur) will not return to normal for at least 3-4 weeks. We will continue to monitor the situation closely and provide any updates as they become available.

Best regards,
JF Hillebrand USA, Inc.

David J. Ferris
Managing Director

T +1 732 680 4516 (direct)
F +1 732 388 0631
d.ferris@jfhillebrand.com