AGCM

PRESS RELEASE

MARITIME TRANSPORT: ANTITRUST GIVES CONDITIONAL OK FOR TIRRENIA'S TAKEOVER BY CIN. MEASURES ON PRICE REDUCTION, CONVEYANCE OF ROUTE TITLES, MOBY'S "EXIT" FROM THE GENOA-PORTO TORRES ROUTE, CONVEYANCE OF TRANSPORT CAPACITY AND THE DISSOLUTION OF CODE-SHARING AGREEMENTS.

Conditional ok from the Antitrust for the Tirrenia's takeover by CIN (jointly controlled by Moby and Fondo Clessidra). In today's session, the Authority authorized the operation while imposing measures on price reduction, route conveyance, Moby's exit from the Genoa-Porto Torres route and the conveyance of transport capacity.

In specific:

PRICE REDUCTION MEASURES

Effective immediately and for the summer 2013 season, the following discounts and price reductions will be offered to passengers purchasing tickets for Tirrenia and Moby ships on the Civitavecchia – Olbia, Genoa – Olbia and Genoa - Porto Torres routes without any limitations on quantity, aside from on-board seat availability:

1)      "children" promotion: children (under the age of 12) accompanied by at least 2 adults travel at the "zero fare";

2)      "auto" promotion: for roundtrip ticket purchases, 50% off the price of vehicle transport after the passenger tickets;

3)      "quadruple cabin" promotion, 10% discount off of cabin prices;

4)      for Sardinian natives and residents and their spouses and children, a 30% discount off of the standard fares for non-residents and 10% off the promotional fares for non-residents.

The discount does not apply to taxes/fees/duties.

For the summer 2012 season, fare levels after promotions on the Moby and CIN/Tirrenia on the Civitavecchia-Olbia, Genoa-Porto Torres and Genoa - Olbia routes must maintain Moby's average per unit gain for the summer 2009 season, when consumer prices were especially favorable, with the exception of a direct increment designed to compensate for the fluctuations in average fuel prices between 2009 and Q1 of 2012. An analogous fare policy will be implemented in 2013 as well.

ROUTE CONVEYANCE

Moby must cease its provision of freight shipping services on the Livorno - Cagliari route if a new operator shows an interest in the route.

Moby, in any case, must cease operations on the Genoa - Porto Torres route, where CIN/Tirrenia, however, will continue to operate.

CONVEYANCE OF TRANSPORT CAPACITY

For the summer seasons (June-September) of 2013 and 2014, Moby and CIN/Tirrenia must transfer 10% of their respective mixed passenger/freight transport capacity on the Civitavecchia - Olbia and Genoa - Olbia routes to other operators. Moby and CIN/Tirrenia must transfer this transport capacity at reduced prices relative to the final fares applied by these two companies. This serves to heighten competition over the final prices applied to consumers. The transfer procedure must be entrusted to an independent third party approved by the Authority, who must also be informed of the results of the transport capacity allocations.

DISSOLUTION OF CODE-SHARING AGREEMENTS

In the period of 2012– 2016, Moby and CIN/Tirrenia must not stipulate (or must cancel, effective immediately) any code-sharing agreements or other types of agreements designed to sell fare tickets to competing operators (or their associates) for the Civitavecchia-Olbia, Genoa-Porto Torres and Genoa – Olbia routes.

Rome - 21 June 2012