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March 17, 2004

Smit under investigation

Smit Internationale N.V. announces that the Dutch Competition Authority has started an investigation at the company's head office concerning tender procedures of salvage operations and wreck removals during the period from 1999 until today. At the same time the European Commission has started an investigation into the towage services in the divisions Harbor Towage and Terminals. SMIT has extended its cooperation to both parties. In order not to disturb the investigation, SMIT will refrain from giving information during the investigation.

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