K LINE VARIOUS ANNOUNCEMENTS

Dear valued clients,

Please review the following three K Line announcements:

SOUTHBOUND RATE RESTORATION EX SOUTH EAST ASIA:

From the 1st August 2012, rates ex SINGAPORE / MALAYSIA / INDONESIA / PHILLIPINES / CAMBODIA / THAILAND / VIETNAM TO AUSTRALIA will increase.

The increase will be: USD$ 300/20' USD$ 600/40'

SOUTHBOUND RATE RESTORATION EX NORTH EAST ASIA:

From 1st August 2012, rates ex CHINA / HONG KONG / TAIWAN / KOREA TO AUSTRALIA will increase.

The increase will be: USD$ 300/20' USD$ 600/40'

REVISION OF BUNKER SURCHARGE EX NORTH EAST ASIA:

The baf ex CHINA / HONG KONG / KOREA / TAIWAN TO AUSTRALIA will decrease.

FROM 7/7/12: USD$ 625/20' USD$ 1250/40'

FROM 28/7/12: USD$ 575/20' USD$ 1150/40'

Loch M Fraser will monitor all of the above very closely and advise our clients the full ramifications at the time of implementation.