BAF (Bunker Adjustment Factor) INCREASE

Date: 29/02/2012

Dear Customer,

Arkas Line will apply a $10 per teu BAF increase from whole Blacksea Ports. Increase will be applied according to the below vessel departures.

Bulgaria and Romania : Marguerite A (ROCND ETA 5.3 & BGVAR 8.3)

Ukraine : Martine A (UAODS ETA 6.3)

Russia : Wanda A (RUNVS ETA 5.3)

Georgia : Esra A (GEPTI ETA 6.3)

Yours sincerely

Arkas Line