March 6th, 2006

Starting today, our Norasia brand will be changed to CSAV NORASIA, which reflects the new spirit of our organization as it faces the challenges of globalization.

What does this mean to you? Business will remain as usual and will continue to improve. We will continue to concentrate on providing outstanding service, understanding and anticipating your needs, while at the same time extending our reach and making ourselves an invaluable part of your supply chain.

CSAV NORASIA appreciates and values our customers' business in every market that we participate in. We will reinforce our knowledge about your requirements and expectations by knowing, understanding, working, and thinking in terms of our customers. CSAV brings more than 130 years of shipping experience while the Norasia team has the expertise that retains the enormous value of our relationships.

We are reinforcing our focus in which customers are always more important than ships, and the solutions we provide are more important than the containers. We will continue to be an essential part of your distribution chain and the integration of the two brands is of paramount importance for delivering our commitment.

We still have to travel before we reach our final destination together. We want to sincerely thank you once again for working with us in the past and welcome you on board for the next part of the journey.

Please visit our website at www.csavnorasia.com to find out further details.
Sincerely,

Guillermo Ginesta
President & CEO, CSAV NORASIA