Date: Wednesday, February 2, 2012 Re:  Monthly BAF and US Intermodal Fuel Surcharge Levels for March 2012 Monthly BAF and US Intermodal Fuel Surcharge Levels for March 2012 The BAF adjustment levels on USA imports are as follows: Europe, South America, South Africa to USA* Month Adjustment 20' 40' Jan 2012 BAF adjustment, increase of $4 per TEU $412 $824 Feb 2012 BAF adjustment, decrease of $4 per TEU $408 $816 Mar 2012 BAF - BAF adjustment, increase of $14 per TEU $422 $844 Australia, New Zealand to USA** Quarter Adjustment 20' 40' Oct-Dec 2011 BAF adjustment, increase $10 per TEU $775 $1550 Jan-Mar 2012 BAF adjustment, decrease $5 per TEU $770 $1540 US Intermodal Fuel Surcharge on Import/Export Containers handled by JF Hillebrand*** Month Adjustment Percentage Jan 2012 Based on US National Fuel Cost Average for Nov 2011 36.5% Feb 2012 Based on US National Fuel Cost Average for Dec 2011 35.0% Mar 2012 Based on US National Fuel Cost Average for Jan 2012 34.5% NEW! Fuel Pricing on Inland Transportation at Origin Country Inland Fuel for February: Argentina 5% Chile 13% France 18% (increase from 15%) Italy 22% (increase from 19%) Portugal 20% South Africa 14% *Europe, South Africa and South America Bunker Adjustment Factor (BAF) is calculated on rolling three-month averages of the IFO 380 Rotterdam Indexes as monitored by BunkerWorld. Any fluctuation from the previous three month average (increase/decrease) will be applied the following month after 30 day notice. **Oceania BAF is calculated quarterly based on the Australia New Zealand United States Discussion Agreement and tracked by Shipping Australia Limited. Any fluctuation from the previous three month average (increase/decrease) will be applied the following month after 30 day notice. ***The US Intermodal Fuel Surcharge applies to all intermodal moves in ocean containers, import, export, and export consolidation that are coordinated by JF Hillebrand USA and not directly with the steamship line carrier. The fuel level is based on the previous month’s US national fuel cost average and will be applied the following month after 30 day notice. The fuel application date for imports (on-carriage) is based on the sailing date from the origin port of loading and for exports (pre-carriage) the fuel application date is the pickup date from the supplier.