IMAREX TD8 FORUM Tuesday 25 September 2007

A number of issues including the settlement index, the forward curve and how a two way market can be started on TD8 has been under review, and we would like your input.

We are now gathering a number of naturally exposed TD8 players in an informal forum to discuss how we can kick-start trading of the TD8 freight futures contract.

The meeting will be held at REUTERS at 1 Raffles Quay, #28-00 North Tower, Singapore between 10:00 and 12:00 on 25 Sept. Coffee and pastries will be served.

IMAREX will bring up the three key aspects of what is required to get liquidity going on the TD8 route.

• Is the settlement index sufficient and how can it be improved?
• IMAREX has worked on a new methodology for the TD8 forward curve to improve reliability in the absence of a regular two way market.
• Can TD8 be used as a proxy for East-of-Suez Aframax trading? We have looked at the following routes:

• Market makers – who would do it and for which incentives?
• TD8 – TD3 premium and when is this a tradable spread?

The meeting will last for about 2 hours and we hope to stimulate a discussion which can lead to specific solutions which can again lead to a more liquid TD8 market.

If you wish to attend please RSVP to response@imarex.com