May 4, 2009

Effective June 15, 2009,

the Emergency Fuel Adjustment Factor (EFAF)

from the United States to Australia and New Zealand

will be adjusted to

US $296/20’ and US $592/40’.

As a reminder, the new EFAF level is applicable

from date of cargo receipt.

USL will continue to monitor bunker fuel costs each quarter,

adjusting EFAF on a cost recovery basis.

If you have any questions,

please contact your USL representative.