PRESS RELEASE

MARITIME TRANSPORT: ANTITRUST LAUNCHES INQUIRY INTO POSSIBLE AGREEMENT AMONG THE MAIN OPERATORS FOR CONNECTIONS TO AND FROM SARDINIA

Average increases of 90-110% over 2010 prices. Measures announced during inspections of Moby, Snav, Grandi Navi Veloci and Forship (the “Sardinia Ferries” line) conducted with the Special Market Protection Unit of the Financial Police

In a meeting on 11 May 2011, the Autorità Garante della Concorrenza e del Mercato decided to launch investigative proceedings into Moby, Snav, Grandi Navi Veloci and Forship (the “Sardinia Ferries” line) and their parent companies to determine whether a competition-restricting agreement was established to coordinate prices for passenger services to and from Sardinia. The companies in question are the main operators for the routes affected by price hikes and account for a substantial market share - at least 75% in terms of scheduled frequency and 60% in terms of passengers.

The launching of the inquiry was officially communicated to the parties today during the course of inspections conducted in collaboration with the Special Market Protection Unit of the Financial Police.  The measure responds to numerous reports received by the Authority from private citizens, consumer organizations and the Regions of Sardinia and Liguria complaining of major price increases for summer 2011. A preliminary Antitrust Authority analysis of private company price dynamics confirmed a general increase in the prices being imposed by the operators, with an average estimated increase on the order of 90-110% relative to last year's prices.

In specific, the investigative proceeding shall determine whether the major, across-the-board price increases for maritime transport services for summer 2011 are the result of an agreement to suppress normal competitive dynamics for the connections to/from Civitavecchia, Livorno and Genoa to/from Olbia-Golfo Aranci and Porto Torres.

Rome, 17 May 2011