TO ALL ADRIATIC LINES CUSTOMERS

10h00 Friday 2nd July 2010

The illegal blockade of our ships in Corinth has been lifted during this afternoon. Presently our ships remain in the port of Corinth. We are now free and ready to re-commence our operations.

We intend to start our service again on this Saturday 3rd July sailing from Corinth at 15h00, and on Tuesday 6th July sailing from Ravenna at 15h00. Our intention is to re-build our service in a gradual way and we will communicate a full schedule to you in due course.

We thank you for your support during these difficult weeks and take this opportunity to relate to you some facts which we hope will correct some of the misinformation you may have read and heard.

Adriatic Lines ships are operated in full compliance with International and EC standards and regulations. They operate with EC flag and with EC crew between two EC ports. Adriatic Lines is an Italian company - our crew salary levels are contained in a Collective Bargaining Agreement with the Italian seamens union. Before entry into service in October 2009 both our passenger ships were presented to, then inspected by, Greek and Italian authorities who approved them as passenger ships for our intra-European route between Italy and Greece (so not cabotage). The ships are regularly inspect by both these authorities and recently underwent full annual inspection by British flag in dry-dock in Greece (including full assessment of safety and evacuation).

Adriatic Lines sailings carry only freight and freight drivers - an average of 40 drivers, sometimes up to 100 although the ships are licensed and crewed, including safety and evacuation for up to 200. Adriatic Lines does not carry passenger vehicles or foot passengers.

Our service is tailored to freight needs offering:

• Constant year round capacity only for freight, even in summer and holidays - our only customers are freight customers;
• Good on-board service for drivers - own cabin, good food, but no casinos, multiple bars and restaurants;
• Long distance routes saving road kilometres;
• Big capacity with medium speed of ship leading to good cost per space offered, and so good price to transporter/ customer;
• Good sailing times and frequency.

Allegations that Adriatic Lines "misrepresented" their ships are untrue - we did not do this; the ships are classed, registered and inspected as passenger ships because they carry more than 12 drivers/passengers, and they have always been presented as such (in fact it is simply not possible to misrepresent the ships in the way suggested - each time a passenger vessel plans to enter or leave a Greek port, the vessel type and number of passengers is declared to the port, along with a lot of other details).

The illegal blockade of Adriatic Lines ships for almost a month has caused great disruption of service to our loyal customers, and very great financial cost to Adriatic Lines. The injunction against PNO, handed down on Tues 8th June, requiring them to desist from the blockade, and for us to be allowed to operate our service without hindrance, has not been enforced at the time of writing, despite repeated requests from the Italian and British Governments, the European Commission and ourselves. A final hearing at which the injunction was continued, took place on Monday 28th June, with a final confirmation of the injunction being given, or not, towards the end of July.

We will seek financial redress from those who have caused damage to Adriatic Lines business and reputation by blockading our ships or by alleging we misrepresented our ships.