August 15, 2005

Dear TPI Marine Services Customer,

As you may know, my company, Waterline Systems, which I founded in 1988, joined forces with TPI Composites and Mark Pearson in the summer of 2003 to form TPI Marine Services, a service and repair business based in the Melville Marina District. The intent was to service our existing customer base, as well as, the J-Boat, True North and Alerion owners for whom TPI Composites had built many boats over the years. From our waterfront facility we are now able to offer complete yard services along with our painting and repair expertise.

We have enjoyed a close working relationship with Mark and the staff at TPI Composites/ Pearson Composites, but during the past year several changes have occurred at the plant in Warren that have necessitated changes on our end. First, the TPI Composites name was sold along with the structural composites division of TPI (best known for producing windmill blades and Humvee hoods) and the marine division became known as Pearson Composites, followed by additional restructuring at the newly named Pearson Composites, which ultimately led to the resignation of Mark Pearson, the person with whom I had originally formed this alliance. In light of these developments, the decision was made to dissolve our formal affiliation with Pearson Composites, and return to the Waterline Systems name. This name, with which we have been identified for 15 years, is synonymous with the highest industry standards, integrity and professionalism.

I realize that with change comes some level of uncertainty but I want to assure you that we will continue to provide the same top-quality service with which you have become accustomed, and I pledge to work harder than ever to exceed your expectations. Please feel free to contact me anytime to book your winter storage or service work. All of us at Waterline Systems look forward to working with you soon, and wish you fair sailing for the remainder of the summer.

Best regards,

Randy Borges, President

TPI Marine Services/Waterline Systems