PRESS RELEASE

MARITIME TRANSPORTATION: THE ANTITRUST AUTHORITY SANCTIONS MOBY, SNAV, GRANDI NAVI VELOCI AND MARINVEST FOR A RESTRICTIVE COMPETITION AGREEMENT AIMED AT INCREASING TICKET PRICES DURING SUMMER 2011 ON THE ROUTES FROM AND TO SARDINIA

Sanctions for over 8 million Euros. Unjustified price increases up to 65%.

In a meeting on 11^th June 2013, the Autorità Garante della Concorrenza e del Mercato resolved that the companies Moby, SNAV, Grandi Navi Veloci and Marinvest entered into an agreement aimed at increasing prices for their passenger transportation services during summer 2011 on the routes Civitavecchia-Olbia, Genoa-Olbia and Genoa-Porto Torres. For the ascertained conducts, the Antitrust Authority resolved to sanction the companies with a fine amounting to 8,107,445 Euros, which kept into account the companies’ loss for the financial year.

The preliminary investigation ascertained parallel conducts during summer 2011 carried out by Moby, GNV and SNAV, which applied considerable price increases, generally above 65%, whereas in the previous years the companies had followed strategies aimed at competition. In particular, during summer 2011, the average price increase resulted to be of 42% on the route Civitavecchia-Olbia (from 35 to 49 Euros) as well as on the route Genoa-Olbia (from 57 to 81 Euros), and of 50% on the route Genoa-Porto Torres (from 65 to 98 Euros).

The agreement started at the beginning of September 2010 and lasted until at least the end of September 2011 (for Snav until May 2011), that is until the closing of the summer season. Said agreement was entered into by companies that as a whole hold very high market shares on the routes involved in the preliminary investigation. Moreover, the parallel price increase ascertained during the investigation is not justifiable in any other terms if not due to an agreement. In fact, such a simultaneous and considerable price increase is not justifiable by tariff transparency, which usually characterizes the sector, neither by the increase of petrol, which could have caused a price increase although in lower measure, nor by the operators’ loss for the financial year.

The sanctions imposed are as follows:

Moby 5,462,310 Euros;

GNV 2,370,795 Euros;

SNAV 231,765 Euros;

Marinvest 42,575 Euros

Rome, 14^th June 2013