1st December, 2006
To Members & whom it may concern,

Dear Sir(Madam),

RE : ANNOUNCEMENT OF
SCALES OF MINIMUM AGENCY FEES 2007 IN KOREA

We sincerely hope your company shall be more prosperous at all times in the coming year.

Please be advised that our Tramper Sub-Committee decided to adjust “SCALES OF MINIMUM AGENCY FEES 2005 IN KOREA" on the 22nd of November as attached.

As shown in the SCALES, basic rates are increased in 9.5% due to domestic price, employees'' wage and other foreign exchange against Korean Won.

These SCALES shall be effective from 1st January, 2007.

We strongly look forward that Members and your Principals shall cooperate each other to observe our adjusted "SCALES OF MINIMUM AGENCY FEES 2007 IN KOREA" for mutual benefits.

Yours very truly,
THE INTERNATIONAL SHIPPING AGENCIES ASSOCIATION OF KOREA


S. B. Lee
Chairman
Attachment : SCALES OF MINIMUM AGENCY FEES 2007 IN KOREA