Date: Monday, January 3, 2010 Re:  February BAF Increase from South America, BAF Unchanged from Europe/S.Africa/Oceania BAF Increase from South America for February 2011; No Change from Europe, South Africa or Oceania. The BAF adjustment levels on imports are as follows: Europe, South Africa to USA Based on IFO 380 Rotterdam rolling 3-month average Month Adjustment 20' 40' Dec 2010 No change, remains at $231 per TEU $231 $462 Jan 2011 No change, remains at $231 per TEU $231 $462 Feb 2011 No change, remains at $231 per TEU $231 $462 South America to USA Based on IFO 380 Houston rolling 3-month average Month Adjustment 20' 40' Dec 2010 No change, remains at $177 per TEU $177 $354 Jan 2011 No change, remains at $177 per TEU $177 $354 Feb 2011 BAF adjustment, increase of $76 per TEU $253 $506 Australia, New Zealand to USA Based quarterly BAF average Quarter Adjustment 20' 40' Oct-Dec 2010 BAF adjustment of $10 per TEU $530 $1,060 Jan-Mar 2011 No change, remains at $530 per TEU $530 $1,060 Europe/South Africa and South America Bunker Adjustment Factor (BAF) is based on rolling three-month averages of the IFO 380 Rotterdam and Houston Fuel Indexes respectively. Adjustments to the BAF are made when the prior month's average exceeds +/- 15%. IFO 380 Rotterdam and Houston Indexes are published at www.bunkerworld.com. Click here for JF Hillebrand USA historical BAF information on imports.