Press Release

March 23, 2010

MIS Establishes the Jerry M. Smith Scolarship for Innovation

UAE-based Maritime Industrial Services Co. Ltd. Inc. (OSE: MIS) has announced the establishment of the Jerry M. Smith Scholarship for Innovation, in honour of one of its founding members.

The scholarship will benefit the child of one of MIS’ employees helping them complete their higher education in any field and at any university in the United Arab Emirates, as part of MIS’ commitment to the development of young talent. This scholarship acknowledges the substantial contributions that Jerry M. Smith, Special Advisor to the Board of Directors, has made to MIS since its earliest days.

The scholarship was formally announced during the MIS 30th anniversary gala dinner, held on 5th November in Dubai, and will eventually evolve to the establishment of an endowment in partnership with one of the region’s key universities.

“MIS has long benefited from the young talent in the region both in terms of engineering, business and other. This scholarship aims to reward one of our employees by helping to educate his or her child and therefore develop future talent,” said Kevin Hudson, MIS’ Managing Director. “I am especially pleased to be launching this initiative, as part of MIS’ 30th anniversary celebrations.”

Speaking after the announcement, Smith said, “This scholarship has made me proud on two counts; it coincides with MIS’ 30th year of operations in the region, an achievement in itself, and it has been given in my name, something that makes me exceptionally proud today.”