Limarko Laivininkystes Kompanija AB - Notification on material event

Regarding the sale of vessel

Limarko laivininkystės kompanija AB concluded the Memorandum of Agreement for
the sale of motor vessel “URANUS”. The vessel shall be handed over to the buyer
in China at the end of August 2012. 

The vessel is being sold due to her inefficient performance. Moreover, in
October 2012 vessel‘s classification document will expire and the extension of
them would require substantial investments in the dry-docking of the vessel. 

Due to ongoing difficult economic situation in Shipping sector the vessels'
prices have reduced. Therefore, the vessel is being sold for less amount than
her book value, which is in excess of 1/20 Company's authorised capital. The
terms of vessel's sale and purchase agreement are confidential. 

The proceeds from sale will be used to prepay the loans and for general working
capital purposes. 


         Mindaugas Petrauskas
         Executive Director
         Tel. +370 46 340001 ext. 713