JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) hereby informs that today JSC Latvijas kuģniecība Supervisory Council approved Mr. Imants Sarmulis as Chairman of JSC Latvijas kuģniecība Management Board. At the same time the Supervisory Council accepted the resignation of Mr. Imans Vikmanis, the former Chairman of LASCO Management Board, who will continue with the company in an advisory role. The professional experience of Imants Sarmulis, the new Chairman of LASCO Management Board, has been closely linked with international cargo carriage. I. Sarmulis graduated from Riga Naval School, Kaliningrad Technological Institute (majoring in Ship navigation), as well Moscow Foreign Trade Academy. He started to work at Latvian Shipping Company as a able seaman and rose through the ranks to become a ship captain. After Latvia regained its independence, I. Sarmulis became the Director of Maritime Department at the Ministry of Transport and Maritime Affairs. Since 1995, I. Sarmulis was the Manager of Ventspils port, a position he held until being approved as the new Chairman of JSC Latvijas kuģniecība Management Board. „I consider the opportunity to head the most significant international shipping company in the Baltic region to be one of my major professional challenges. I see the continuation of modernisation processes and further increase of competitiveness of the company as my key objectives,“ said I. Sarmulis upon accepting his new post. According to JSC Latvijas kuģniecība Strategic Plan to the Year 2015, the Company's main strategic goal is to ensure the growth of LASCO's value through increasing the Group's equity and retaining the Group's position among the world's top ten handy-size and middle-range tanker owners at the same time preserving its leading position in the North European market. Mr. Imants Vikmanis will continue with the company in the capacity of Advisor to the Chairman of the Management Board. The professional experience of I. Vikmanis dates back to 1954 and now the former Chairaman of LASCO Board plans to reduce his workload. Mr. Uldis Pumpurs, Chairman of LASCO Supervisory Council expressed gratitude and appreciation to Imants Vikmanis: „The professional contribution of Imants Vikmanis cannot be overvalued at the time, when we changed the business into a modern shipping company, that corresponds to all the latest market demands. Under his leadership the company has modernised the fleet and improved the working processes. His advise will be of high value to the new head of the company”. Looking back at the five years spent in the capacity of LASCO Board Chairman Mr. Imants Vikmanis acknowledged that he resigns with a sense of a well-done work. “I consider the improvement of LASCO performance and a large-scale Fleet Renwal Programme commenced in the Company to be the most important achievements, that promoted the Company's attractiveness for both local and foreign investors. Therefore, I would like to express my gratitude to all the Group's employees for their sense of responsibilty, enthusiasm and professional contribution, that made it possible to reach such positive resluts,” stressed Imats Vikmanis. LASCO continues the modernisation of its fleet. On 30 October 2007, the Company's fleet has been expanded with another newly built tanker: the delivery of the eleventh of in total fourteen tanker newbuildings ordered by LASCO took place at 3.Maj shipyard in Croatia. For further information: Marita Ozolina-Tumanovska Head of PR Departament Phone: +371 7020120, 29287169 E-mail : marita.ozolina@lscgroup.lv