Executive Changes in Costa Crociere S.p.A.

Iberocruceros was created in September 2007 as a joint venture between Costa Cruises (which owns 75% of the company) and the leading Spanish tour operator Orizonia Corporación (with a 25% stake). Mr. Martini will be reporting to the Iberocruceros Board of Directors, chaired by Costa Crociere S.p.A. Chairman & CEO Pier Luigi Foschi. Iberocruceros’ General Manager Alfredo Serrano, Sales & Marketing Director Carlo Schiavon and Finance Manager Roberto Alberti will all be reporting to Mario Martini. Mr. Martini will also continue to represent the Costa Group in industry associations.

62-year-old Martini, who was born in Camogli (Genoa - Italy), joined Costa Cruises in 1969 and over the years has held a range of positions of increasing responsibility both on board the ships in the historic Costa Cruises fleet and in the Sales Department in the Company’s Genoa Headquarters as well as in the South American, Spanish and French markets, including three years as Sales Director for Southern Europe based in Paris. At the beginning of 2002 he returned to to take up the position of Sales Director Europe, followed by his appointment as Senior Vice President Sales & Marketing Europe and New Markets.

Costa Cruises’ current Vice President Corporate Communication Fabrizia Greppi, who reports to the company’s Chairman and CEO Mr. Foschi, will be in charge of the new Corporate Marketing & Communication Department, reporting also to the President. The newly created Corporate Marketing & Communication Department will strive to implement a common international communication strategy supporting the brand and the corporation while addressing the specific needs of the target market segments.

Fabrizia Greppi, who is 43 years old and was born in (), is a Political Science graduate (major in marketing and communication) and also has a Master in Corporate Communication. She joined Costa Cruises in 2001 after ten years in leading business communication companies where she was in charge of marketing and corporate communication activities for major Italian and international consumer brands.