Panama , February 1st. 2008

Dear Client:

I take advantage of this opportunity to give you our deepest appreciation for the privilege you have placed upon us to be your exclusive P.O. Box  and cargo service from the USA.

As you know in recent months there have been several increases in the airlines rates and all other commodities affecting our cost in a way that we could no longer wait until the price of the barrel of oil started going down. In lieu of this, we are compelled to make minimum adjustments that will allow us to keep and improve our service standards.

Starting February 1st. 2008, our rates will be as follows:

A. Mail Services:

Monthly Renovations:

$10.00 monthly charge  is now  $13.00 monthly  plus the ITBM 5%  tax.
$15.00 monthly charge  is now  $15.00  monthly plus the ITBM 5% tax.
$25.00 monthly charge  is now   $30.00  monthly plus the ITBM 5% tax.
$45.00 monthly charge  is now   $50.00  monthly plus the ITBM 5% tax.

Fuel Charge:

The airline has applied  9 increases in the fuel charge since all of this started.  The increases are now up to .45 cents per pound. We need to start applying these charges
before we fall in financial problems. As a measure of respect for our clients we will now only apply a .10 cents increase to the fuel charge but will need to apply any decreases or increases that the airline applies to us from now on.

B. Cargo Services:

Consolidated Cargo:

The AWB charge goes from $23.00 to $26.00 in shipments higher than 31 pounds.

Express Cargo:

For shipments of 11 pounds and up, we will adjust the AWB charge form $22.00 to $25.00, and the additional pounds will be adjusted from $1.44 (includes weight, fuel charge and security fee) to $1.50 per pound.

C. Line haul transit between  the Tocumen Airport and the City of Panama:

The minimum charge goes from $15.00 to $20.00. 

D. Overdue payments:

Accounts overdue for more than:

30 days $10.00
45 days    15.00
60 days    20.00
From 60 days and upwards of 60 days $25.00 monthly.

E. New Charges in Miami:

Pick Ups in  the Miami Metro Area

Minimum charge is now $25.00 to $30.00

Thanking you in advance for your kindness in  understanding and accepting these increases we remain.

Truly Yours,

   President
   Miami Express Inc.