Smit rejects invitation to discuss break-up proposal

News – September 16, 2008

Smit Internationale has confirmeds receipt of Boskalis’ invitation to enter into discussions in relation to a contemplated transaction.

Smit confirmed that the Boskalis proposal comprises:

• the acquisition of Smit by way of a public offer (Euros 62.50 per share)

followed by a split up of Smit in three parts:

• Harbour towage, to be divested to one or more parties, yet to be identified
• terminals sold to Lamnalco (a joint venture of Boskalis with Rezayat)
• salvage, heavy lift and transport to be combined with Boskalis.

“Smit is committed to its corporate strategy as successfully executed over recent years and has strong confidence in its proven strategy of integrated maritime services going forward,” said the company.

“Both the Executive Board and the Supervisory Board of Smit believe that Boskalis’ proposal contradicts Smit’s strategy.”

“Furthermore, Boskalis’ proposal undervalues Smit on a stand-alone basis, failing to recognize the value of Smit’s strategy.”

“The Executive Board and the Supervisory Board have concluded that entering into discussions with Boskalis is not in the interest of the company and its stakeholders. Smit rejects the invitation of Boskalis.”