18 April 2005 TO ALL MEMBERS Dear Sirs CLASS 8 FREIGHT, DEMURRAGE & DEFENCE DEFERRED AND RELEASE CALLS At its meeting on 13 April 2005, the Committee reviewed the Deferred and Release Calls position for each open year and reached the following decisions: 2002/2003 The Deferred Call was levied in 2003 at 30%, as originally estimated. The Release Call rate will remain at 20% and the year will be considered for closure in October 2005. 2003/2004 The Deferred Call was levied in 2004 at 30%, as originally estimated. The Release Call rate will remain at 20%. 2004/2005 The Deferred Call will be levied at 30% as originally estimated and will be payable in one instalment on 20 October 2005. The Release Call uplift will remain at 20%. 2005/2006 The initial Deferred Call estimate is set at 30% with the Release Call uplift at a further 20%, as advised in the Association’s Circular (8:075) of 10 November 2004. Yours faithfully A BILBROUGH & CO LTD (MANAGERS) 8:077