22 April 2008 TO ALL MEMBERS Dear Sirs CLASS 8 FREIGHT, DEMURRAGE & DEFENCE DEFERRED AND RELEASE CALLS At its meeting on 16 April 2008, the Committee reviewed the Deferred and Release Calls position for each open year and reached the following decisions: 2005/2006 The Deferred Call was levied in 2006 at 30%, as originally estimated. The year will be considered for closure in October 2008. 2006/2007 The Deferred Call was levied in 2007 at 30%, as originally estimated. 2007/2008 The Deferred Call will be levied at 30% as originally estimated and will be payable in one instalment on 20 October 2008. 2008/2009 The initial Deferred Call estimate is set at 30%, as advised in the Association’s Circular (8:084) of 23 November 2007. Release Call rates for open years remain unchanged. Yours faithfully A BILBROUGH & CO LTD (MANAGERS) 8:085