27 April 2007 TO ALL MEMBERS Dear Sirs CLASS 8 FREIGHT, DEMURRAGE & DEFENCE DEFERRED AND RELEASE CALLS Following the meeting of the Committee on 18 April 2007, the position in respect of Deferred and Release Calls for each open year is as follows: 2004/2005 The Deferred Call was levied in 2005 at 30%, as originally estimated. The year will be considered for closure in October 2007. 2005/2006 The Deferred Call was levied in 2006 at 30%, as originally estimated. 2006/2007 The Deferred Call will be levied at 30% as originally estimated and will be payable in one instalment due by 20 October 2007. 2007/2008 The initial Deferred Call estimate is set at 30%, as advised in the Association’s Circular (8:081) of 20 November 2006. Release Call rates for open years remain unchanged. Yours faithfully A BILBROUGH & CO LTD (MANAGERS) 8:083