Wednesday, May 28, 2003
Re: TACA Currency Adjustment Factor July 2003

Dear NASA Member,

The Trans-Atlantic Conference Agreement (TACA) announces:
      The depreciation of the U.S. Dollar over time has reached a point that       triggers an automatic change in TACA’s Currency Adjustment Factor       (CAF) from “zero” to plus 2 percent, which now will be published in       relevant TACA Tariffs, for effectiveness July 1st, 2003.
 
      CAF monitoring will continue under a monthly cycle, and until and       unless the above 2 percent CAF application changes, no further CAF       announcements will be made. If a CAF change is triggered, such will
      be preceded by a minimum of 30 days’ notice exercised in the last full       week of each month, starting from the end of June 2003.

      The Members of TACA are:

             Atlantic Container Line A.B.        
             Nippon Yusen Kaisha (NYK) Line
             Hapag-Lloyd Container Line GmbH
             Orient Overseas Container Line
             Mediterranean Shipping Co.
             P&O Nedlloyd Limited
             A.P. Moller-Maersk Sealand

Best Regards,
North American Shippers Association

Judy Mannix,
Administrator