Navigazione Montanari S.p.A

Navigazione Montanari S.p.A. sells its fully owned Navgas Srl, a new company established from the spin off of its Lpg sector. As communicated by Press Release on 20th October 2005, Navigazione Montanari S.p.A. announces that its fully owned company Navgas Srl, a new company established from the spin off of its LPG sector, composed of 10 gas tankers, has been sold to SYNERGAS Srl, a joint venture between Julia Finance B.V. and CA.FI.MA Group, third parties not correlated. The price for the spin off was U$ 220.600 thousand, with a capital gain of € 78 million. As previously said and according to the purchase agreement the ships will maintain Italian international register and will continue to be part of the Gaschem/Gasmare pool as far as the commercial and trading operations are concerned. This transaction, although will reduce the number of ships and relevant turnover, which as on 31 December 2004 amounted to € 41,5 million will not affect the income margins and profitability of the Company. The net cash flow in will give the Company the opportunity to make new investments on the market.