Cervinka LLP 86 Jermyn Street, 5th Fl. London SW1Y 6AW United Kingdom 26th May 2006 International Trust Corporation Limited Trustee of "The Dry Trust" P.O. Box 208 Avarua, Rarotonga Cook Islands Notice of Fee For services rendered from 1st April 2006 to 30th April 2006 pursuant to advisory agreement dated 7th December 2004. Market value of assets on 30th April 2006: USD 144,240,100.-- Fee due at 1% per annum: USD 120,200.-- Please wire funds to: Barclays Bank London, United Kingdom SWIFT Code: BARCGB22 IBAN: Credit to: Cervinka LLP Tel: +44 (20) 7930-8700 Fax: +44 (20) 7990-8002 Dry Trust - Net Asset Value (NAV) 30-Apr-06 NAV 31-Dec-05 Cash NAV 30-Apr-06 YTD $ Change YTD % Change 2,741,883 12,515,429 9,773,546 356.5% 2,745,887 2,655,450 3,136,532 2,044,185 3,109,323 1,722,980 2,347,422 1,790,432 2,923,310 3,182,454 3,448,214 3,508,024 2,860,208 3,005,149 4,631,458 1,886,162 1,870,985 1,836,087 1,891,412 1,837,280 0 81,841 1,738,473 2,698,726 2,769,625 3,407,752 2,357,256 3,384,217 1,907,532 2,605,636 1,821,171 3,037,320 3,144,594 3,970,560 3,969,056 2,932,020 3,267,277 3,528,780 2,014,567 2,042,651 2,042,799 1,999,767 2,044,128 2,959,830 81,841 38,956 (47,161) 114,175 271,220 313,071 274,895 184,553 258,214 30,740 114,010 (37,860) 522,346 461,032 71,812 262,128 (1,102,678) 128,405 171,666 206,712 108,356 206,848 2,959,830 0 (1,699,517) -1.7% 4.3% 8.6% 15.3% 8.8% 10.7% 11.0% 1.7% 3.9% -1.2% 15.1% 13.1% 2.5% 8.7% -23.8% 6.8% 9.2% 11.3% 5.7% 11.3% 54,253,265 58,026,061 3,772,796 1,251 20,380,554 0 14,456,790 (1,251) (5,923,764) -100.0% -29.1% 20,381,805 14,456,790 (5,925,015) -29.1% 4,985,493 6,192,452 6,596,854 304 5,030,530 5,141,247 (4,985,189) (1,161,922) (1,455,608) -100.0% -18.8% -22.1% 17,774,800 10,172,080 (7,602,719) -42.8% 7,075,457 5,794,239 5,581,502 1,633,429 841,435 749,723 342,417 7,509,203 3,853,113 5,839,680 2,167,532 1,007,212 871,900 715,944 433,746 (1,941,126) 258,178 534,103 165,777 122,177 373,528 6.1% -33.5% 4.6% 32.7% 19.7% 16.3% 109.1% 22,018,202 21,964,584 (53,618) -0.2% International Asset Management Cantillon US Low Volatility Eminence Partners Fund Karsch Capital II Kinetics Fund SEG Partners Trellus Partners Trivium Onshore Fund Orbis Optimal Growth Fund Partner Fund SCP Domestic Fund SR Global Fund Lansdowne UK Equity Julius Baer Diversified Fixed Income Castlerigg Partners Atticus European Limited Black River Global Multi-Strategy Stark Investments Brevan Howard OZ Domestic Partners II Winton Futures Feeder Fund Lansdowne Macro Fund Context Convertible Arbitrage PAW Partners Total Intl Asset Mngmt 0.0% -97.8% 7.0% Braver Stern Acct Acct Total Braver Stern Felberbaum Private Capital Management Snow Capital Management Lateef Asset Management Total Felberbaum Other Funds Centurion LT Strategy Rockall Icahn Partners Scudder Gold Fund HSBC Custody Acct. Vanguard Precious Metals Little Gem Life Sciences Total Other Funds Page 1 of 2 NAV 31-Dec-05 NAV 30-Apr-06 YTD $ Change YTD % Change 4,750,000 750,000 2,120,000 2,070,000 1,860,000 1,660,000 1,230,000 1,210,000 780,000 240,000 4,750,000 760,000 2,300,000 2,450,000 1,970,000 1,790,000 1,320,000 1,310,000 1,180,000 240,000 0 10,000 180,000 380,000 110,000 130,000 90,000 100,000 400,000 0 0.0% 1.3% 8.5% 18.4% 5.9% 7.8% 7.3% 8.3% 51.3% 0.0% 16,670,000 18,070,000 1,400,000 8.4% Other Investments G Angel Ltd (Lady Joy) DR Songs (LearJet) 785 Records Goldman-Vintage II Steinhardt-FGHP Oracle Strategic Steinhardt Partners Global Encasement Keystone Brewers 6,500,000 1,000,000 250,000 444,850 402,799 184,507 143,000 100,000 10,000 6,500,000 1,000,000 250,000 444,850 402,799 184,507 143,000 100,000 10,000 0 0 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Other Investments 9,035,156 9,035,156 0 0.0% $142,875,112 $144,240,100 1,364,988 1.0% Real Estate Los Angeles, CA (Richard) Wedgwood, TX Ridge Rd, Rockwall, TX Parkway Partners - Cardiff, NJ Parkway Partners - Union, NJ Plano Prairie, TX Galleria, Manalapan, NJ Midlothian Plaza, TX University Village, TX Walnut Plaza, Garland, TX Total Real Estate Grand Totals Page 2 of 2