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Bottiglieri Group Reorganizes

Maritime Activity Reports, Inc.

September 7, 2004

The Bottiglieri group companies, Bottiglieri di Navigazione Spa, Bottigkieri Tankers Spa, Navimar Srl and Finship Srl have announced an internal reorganization. Grazia Bottiglieri becomes president of Bottiglieri di Navigazione Spa with Michele Bottiglieri as vice president and Giuseppe Mauro Rizzo and Orsola Bottiglieri as managing directors. Bottiglieri di Navigazione is owned bty the families of Roberto Rizzo, Grazia Bottiglieri, Ugo De Carlini, Orsola Bottiglieri, Michele Bottiglieri and Rosaria Savastano. A newco Giuseppe Bottiglieri di Navigazione Spa is owned by the families of Giuseppe Bottiglieri and Gaetano Cozzolino with Giuseppe Bottiglieri as president and Gaetano Cozzolino and Mariella Bottiglieri as managing directors.

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