Discontinuation with Smit International Overseas B.V.

Ref.: discontinuation joint venture

Dear client,

We would like to inform you that Towage & Marine Assistance UAB and SMIT have decided to discontinue the joint venture Towmar SMIT Baltic, UAB (“Towmar”).

The strategic plans of SMIT Harbour Towage in the Baltic region have recently been reviewed and as a result the shareholders have, in mutual agreement, decided to discontinue the joint venture that was formed in 2009. Despite that fact Towmar continues their activities. As a result we would like to inform you that as of January 2012 our name will be changed to Towmar Baltic, UAB.

We would like to emphasize that Towmar is one of the biggest towage companies in the Baltic area and has already been operating in Klaipeda port and in other Baltic ports for 15 years. Therefore the discontinuation of the joint venture will not result in any change in the organization. The same team will continue working for Towmar and moreover the goals of Towmar to perform quality and reliable services in the Baltic ports remain unchanged.

Thank you for your trust and cooperation. If you require further information, do not hesitate to contact me.

Yours faithfully,

Tomas Zabulionis
Managing Director
Phone: +370 46 303427
Fax: +370 46 303428
Mobile: +370 615 59500
E-mail:  
www.towmar.lt