#16 – Closing of the 2005 Navigation Season

December 8, 2003

The Seaway Corporations, as per the process outlined in Seaway Notice 13, have reviewed the climatic conditions and forecasts, as well as vessel demand for the closing period. The Corporations have agreed to extend navigation to December 26th at 23:59 hours. Accordingly, the Corporation has decided to waive the applicable surcharges for December 23rd and 24th, 2003.

Current and forecasted conditions will continue to be reviewed and any further changes beyond these closing dates will be communicated via Radio Message and Seaway Notice on December 15th, 2003.

Irrespective of operating conditions, due to winter maintenance requirements in both sections of the Seaway, all vessels must be clear of the system at 23:59 hours on December 29th.

Mariners are reminded that there is always a possibility that severe climatic conditions may occur during the closing period. Should this happen, there is a chance that the dates outlined below, for the Welland Canal or the Montreal-Lake Ontario Section, may not be met.

Welland Canal

Mariners are advised that the closing of the Welland Canal is scheduled to take place at 23:59 hours on December 26th. Any transits allowed beyond this date, depending on demand and operating conditions, will be subject to written agreements. Arrangements are to be made at our St.Catharines office.

Montreal/Lake Ontario Section

Mariners are advised that the closing of the Montreal-Lake Ontario section is scheduled for December 26th at 23:59 hours. Any transits of the Montreal-Lake Ontario after this date and time will only be accepted, depending on demand and operating conditions and subject to prior written agreement. Arrangements are to be made at our St-Lambert office.