Groupe Eurotunnel Defends the Logic of Its Maritime Activity MyFerryLink

  Groupe Eurotunnel Defends the Logic of Its Maritime Activity MyFerryLink

Business Wire

PARIS -- March 15, 2013

Regulatory News:

The Competition Commission has stated in its Provisional Findings that Groupe
Eurotunnel’s (Paris:GET) new maritime proposition could lead to a reduction in
competition across the Channel and has provisionally concluded that it will be
necessary that MyFerryLink is withdrawn from the market.

Groupe Eurotunnel contests this analysis and has today sent its own
observations, which are summarized below, to the Competition Commission.

  * Groupe Eurotunnel is surprised to find that, in order to maintain
    competition, it is first necessary that one operator disappear from the
    market.
  * Following the liquidation of SeaFrance, Groupe Eurotunnel took part in an
    open and transparent tender process for the assets of the defunct company,
    organized by the Paris Commercial Court. Groupe Eurotunnel put forward the
    best offer.
  * Following an in depth analysis by the French Competition Authorities, the
    acquisition was approved with certain restrictions, in particular the
    requirement not to market a bundle of Tunnel/Ferry options.
  * Groupe Eurotunnel considers the maritime activities of MyFerryLink to be
    complementary to those of Le Shuttle, particularly with regard to traffic
    which cannot be transported through the Tunnel, and to offer an
    alternative to its customers in the event of its own infrastructure being
    unavailable.
  * Groupe Eurotunnel does not envisage the activity putting the two incumbent
    operators at risk^1.
  * DFDS has recently stated that it has multiplied its activity in the short
    straits by 6 and has, in the press, confirmed its long term commitment to
    the market
  * MyFerryLink currently represents 4% of the Dover-Continent truck market,
    compared to 32% for P&O and 22.4% for DFDS.
  * In contrast to the Competition Commission, Groupe Eurotunnel considers
    that it has increased competition in the ferry market. Maintaining
    MyFerryLink, which is targeting a market share of just 8%, in the short
    straits market, can only be positive for customers who have, in research
    conducted by the Competition Commission itself, declared their
    satisfaction with the arrival of a new competitor.
  * The Paris Commercial Court included, in the sale agreement for the
    SeaFrance assets, a prohibition on the sale or any form of alienation of
    the ships in order to protect the jobs created by the establishment of the
    new company in both France and the UK.
  * Groupe Eurotunnel is confident that the Competition Commission will not
    prescribe restrictions which would be disproportionate or legally
    inapplicable.

^1 As a reminder, the Group P&O has achieved a turnover of € 313.5 million in
2012 and DFDS a turnover of $ 2 billion in 2012

Contact:

Groupe Eurotunnel
Media Enquiries
John Keefe, + 44 (0) 1303 284491
Consultant
press@eurotunnel.com
or
Investor Enquiries
Michael Schuller, +44 (0) 1303 288749
Michael.schuller@eurotunnel.com