PRESS RELEASE

FOOD INDUSTRY: ANTITRUST LAUNCHES INVESTIGATION INTO MULTINATIONAL BOLTON’S (RIO MARE, PALMERA, ALCO BRANDS) ACQUISITION OF JOINT CONTROL OVER CALVO (NOSTROMO BRAND)

The operation could have competition-restricting effects on the markets for the production and commercialization of preserved foods based on tuna and salmon, with possible price increases.

In a meeting on 25^th July, the Autorità Garante della Concorrenza e del Mercato decided to launch an investigation to determine whether the acquisition by multinational Bolton’s joint control over Calvo could have competition-restricting effects.

According to the Antitrust, the operation could create a dominant position with the capacity to reduce or eliminate competition in the markets for the production and commercialization of preserved foods based on tuna and salmon.

Bolton's Rio Mare, Palmera and Alco brands of tuna account for a 35-40% share of this market, in fact, as compared to the 10-15% held by Calvo, which commercializes tuna in Italy under the Nostromo brand name. Bolton's and Calvo's respective market shares in the salmon sector are 75-80% and up to 5%.

The operation could lead to increases in tuna and salmon prices in various commercial channels and a strengthening of Bolton's position as the interlocutor for large-scale retailing and distribution, with a consequent constriction of the commercial spaces available to the competition.

The investigation shall be concluded within the next 45 days.

Rome – 27^th July 2012