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<div class=3DSection1>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><b style=3D=
'mso-bidi-font-weight:
normal'><span style=3D'font-size:12.0pt;font-family:Arial'>TRADE ALERT<o:p>=
</o:p></span></b></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><b style=3D=
'mso-bidi-font-weight:
normal'><span style=3D'font-size:12.0pt;font-family:Arial'><o:p>&nbsp;</o:p=
></span></b></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><b style=3D=
'mso-bidi-font-weight:
normal'><span style=3D'font-size:12.0pt;font-family:Arial'>US Imposes Tarif=
fs on
Softwood Lumber from Four Canadian Provinces <o:p></o:p></span></b></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><b style=3D=
'mso-bidi-font-weight:
normal'><span style=3D'font-size:12.0pt;font-family:Arial'><o:p>&nbsp;</o:p=
></span></b></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><span
style=3D'font-size:12.0pt;font-family:Arial'>(April 8, 2009)<o:p></o:p></sp=
an></p>

<p class=3DMsoNormal align=3Dcenter style=3D'text-align:center'><span
style=3D'font-size:12.0pt;font-family:Arial'><o:p>&nbsp;</o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>United
States Trade Representative Ron Kirk announced that the US is imposing a 10
percent <i style=3D'mso-bidi-font-style:normal'>ad <span class=3DSpellE>val=
orem</span></i>
customs duty on imports of softwood lumber from the Canadian provinces of
Ontario, Quebec, Manitoba, and Saskatchewan, effective April 15, 2009.<span
style=3D'mso-spacerun:yes'>&nbsp; </span>Shipments that are covered by the
US-Canada Softwood Lumber Agreement of 2006 (SLA) and entered for consumpti=
on
or withdrawn from a warehouse for consumption on or after April 15 will be
affected.<span style=3D'mso-spacerun:yes'>&nbsp; </span><o:p></o:p></span><=
/p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'><o:p>&nbsp;</o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>The
additional duty is a result of the US&#8217; decision to exercise its right=
 to
take action in response to Canada&#8217;s failure to honor a trade ruling m=
ade
earlier this year.<span style=3D'mso-spacerun:yes'>&nbsp; </span>It was fou=
nd
that Canada breached the SLA by failing to calculate quotas properly during=
 the
first six months of 2007.<span style=3D'mso-spacerun:yes'>&nbsp; </span>The
additional duty will remain in place until the US has collected $54.8
million.<span style=3D'mso-spacerun:yes'>&nbsp; </span><o:p></o:p></span></=
p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'><o:p>&nbsp;</o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>On
March 27, 2009, Canada offered to make a one time payment of $36.6 million =
to
the US.<span style=3D'mso-spacerun:yes'>&nbsp; </span>However, the US did n=
ot
consider that the offer cured the breach and rejected Canada&#8217;s offer =
on
April 2, 2009.<span style=3D'mso-spacerun:yes'>&nbsp; </span><span
style=3D'mso-spacerun:yes'>&nbsp;</span><o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'><o:p>&nbsp;</o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>Deringer
will provide updates as more information becomes available.<span
style=3D'mso-spacerun:yes'>&nbsp; </span>Please visit USTR Ron Kirk&#8217;s=
 <a
href=3D"http://www.ustr.gov/Document_Library/Press_Releases/2009/April/Unit=
ed_States_Imposes_Tariffs_On_Softwood_Lumber_From_Four_Canadian_Provinces_D=
ue_To_Canadas_Failure_To_Comply_With_The_Softwood.html">press
release</a> <span style=3D'color:black'>for more information. <o:p></o:p></=
span></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&=
shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;____________________________________=
__________________&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&s=
hy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;&shy;____________=
___________________________________________<o:p></o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><b style=3D'mso-bidi-font=
-weight:
normal'><i style=3D'mso-bidi-font-style:normal'><span style=3D'font-size:12=
.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'><o:p>&nbsp;</o:p></span></i></b></p>

<p class=3DMsoNormal style=3D'text-align:justify'><b style=3D'mso-bidi-font=
-weight:
normal'><i style=3D'mso-bidi-font-style:normal'><span style=3D'font-size:12=
.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>About
Deringer <o:p></o:p></span></i></b></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'><o:p>&nbsp;</o:p></span></p>

<p class=3DMsoNormal style=3D'text-align:justify'><span style=3D'font-size:=
12.0pt;
mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New=
 Roman"'>A.N.
Deringer, Inc. is a leading provider of international logistics services
including Freight Forwarding, Warehousing &amp; Distribution, Customs
Brokerage, Logistics Consulting, Cargo Insurance, and Meat Inspection. Deri=
nger
combines over 30 US offices with a global agency network to facilitate the
movement of cargo throughout the world.<o:p></o:p></span></p>

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