9M 2018 Results

9M 2018 RESULTS

December 14th, 2018 DISCLAIMER

This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation) (collectively, the “Presentation”) has been prepared by Moby S.p.A. (the “Company”). This Presentation is confidential and has been prepared solely for the at a conference call with investors and analysts held on December 14th, 2018. Under no circumstances may this Presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any jurisdiction where such an offer, solicitation or sale requires registration, qualification, notice, disclosure or any other action under the securities laws and regulations of any such jurisdiction.

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The unaudited preliminary financial information presented in the Presentation has been prepared by management. The unaudited prospective financial information was not prepared with a view towards compliance with published guidelines of the SEC, the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information, GAAP or IFRS. Our independent auditors have not audited, reviewed, compiled or performed any procedures with respect to such unaudited preliminary financial information for the purpose of its inclusion herein and, accordingly, they have not expressed an opinion or provided any form of assurance with respect thereto for the purpose of this Presentation. Furthermore, the unaudited preliminary financial information does not take into account any circumstances or events occurring after the period it refers to. The unaudited prospective financial information set out above is based on a number of assumptions that are subject to inherent uncertainties subject to change. In addition, although we believe the unaudited preliminary financial information to be reasonable, our actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on such unaudited preliminary financial information and it should not be regarded as an indication that it will be an accurate prediction of future events.

1 TODAY’S SPEAKERS

Achille Onorato  Moby CEO and Vice Chairman Francesco Greggio  Member of the BoD of Tirrenia-CIN  Member of the BoD of Toremar  Group CFO  Fifth generation of ship owners

Luciana Russo  Group head of Finance & Investor Relations

2 TABLE OF CONTENTS

I. BUSINESS AND CORPORATE STRATEGY UPDATE

II. 9M 2018 RESULTS

III. Q&A

Appendix

 Q3 2018 Results

 Group Key Balance Sheet Figures

3 I. BUSINESS AND CORPORATE STRATEGY UPDATE 9M 2018: KEY OPERATING AND FINANCIAL HIGHLIGHTS

Operating performance Financial performance

Number of passengers/ vehicles (Million / Unit) Revenues (€m) Comments

 9M 2018 number of trips increased by 588.7 +1.7% compared to 9M 2017 to approx. 32.6k 5.5 5.1 476.2 478.8  9M 2018 revenues improved compared to the same period last year as a result of strong performance in freight and on- board services

– LTM 9M 2018 revenue increased by €23m (vs. €566m as of LTM 9M 9M 2017 9M 2018 9M 2017 9M 2018 LTM 9M 2018 2017)

Linear meters transported (Million / mt linear) Recurring EBITDA (€m) – Pax revenues in Baltic increased by +8.0% compared to 9M 2017

6.2  Performance at recurring EBITDA level 5.6 114.6 impacted by the ramp-up of new routes, 85.3 evolution of bunker costs and asset sales in 2017 68.3

– Group is in the process of implementing a series of new initiatives to improve profitability

9M 2017 9M 2018 9M 2017 9M 2018 LTM 9M 2018

Based on our Unaudited Consolidated Interim Report as of September 30, 2018 (the “Interim Report as of September 30, 2018”) compared to results of operations and financial condition of Moby as of and for the nine months ended September 30, 2017.

5 9M 2018: EBITDA BRIDGE

1 Average reference market oil price increased by 19% 2 Mainly related to ramp-up All figures in € millions profile of new routes 2.6 3 (22.7) Related to the sale of (1.0) 1.9 Dimonios vessel in 2017

(15.9) (2.6)

(8.6) Raw Materials & Services 114.4 (9.6) (9.6)

68.3

EBITDA 9M Revenues Bunker Materials & Change in Services Personnel Others EBITDA 9M 2017 Spare Parts Inventories 2018

(1,7) (3,3) 6 CORPORATE STRATEGY UPDATE Action Plan to Improve Profitability

Series of revenue improvement and cost saving initiatives being implemented

Expected Annual EBITDA Impact 1 Closure of  Already announced the closure of Nice-Bastia, expected savings of €2m unprofitable − Other start-up routes currently being analysed for potential downsizing together with fleet optimization min €2m routes

2  Match ship capacity to route utilisation by redeploying vessels and charter in / charter out − For example one of the new build Ro-Ro vessels is being sub-chartered instead of being deployed in Fleet Ongoing Optimization Sicily  Build on Moby’s strong track record in the active management of its fleet, including opportunities for vessel disposals if value accretive 3  In November, Moby announced a fare increase per linear-meter on its Sardinian and Sicilian Ro-Ro services − Despite this increase, Moby fares remain below 2015 levels and below the maximum level allowed by the subsidy Ongoing Fare increase  Based on internal management accounts as of November the company registered a limited impact on volumes since increase

4  Corporate simplification through reverse merger between Moby and CIN-Tirrenia expected to bring cost Corporate Re- €10m organization savings of ~€10m per year

5  Actively monitoring the market in preparation for the 2019 high season given material fuel price Bunker Costs Ongoing improvement since September

7 CORPORATE STRATEGY UPDATE Fleet Optimization

Strong track record of value accretive disposals

Moby Asset Sales Historical Track Record

All figures in € millions

75 71

22 19

2012 2016 2017

Total Sale Value Total Capital Gain

8 CORPORATE STRATEGY UPDATE Corporate Reorganization - Reverse merger to bring cost savings once completed

 Integration process started in 2015 with the acquisition of Tirrenia – CIN soon to be completed  Simplified operating structure aimed at cost savings of €10m from full realisation of cost synergies, creating a unique acquiring platform

Simplified Corporate Structure

Maria Grazia Maria Grazia Onorato Armatori Srl Vincenzo Onorato Vincenzo Onorato Carminio Carminio

9.1% 77.4% 13.5% 10.6% 89.4%

V1 S.A.

100% Onorato Armatori ACHI S.A. Srl

100% 100% Ale 1 B.V.

MOBY post merger 100% Compagnia Italiana di MOBY SPA Navigazione S.p.A. (Tirrenia – CIN)

100% 100% 100% 100%

Non-Cons Subs + JV Other Cons Subs Toremar S.p.A. Non-Cons Subs + JV Other Cons Subs Toremar S.p.A.

9 CORPORATE STRATEGY UPDATE Bunker Costs

Company is actively monitoring the market to prepare for the summer season

Total fuel cost per annum (€m) Hedging Policy

Average Brent Oil 45 55 52 70  Group hedging policy to hedge bunker volume with Price ($/barrel) reference to internal target

164  Moby: Moby covered approx. 86% of its 2017 141 136 bunker volumes for 2018 103

 CIN-Tirrenia: bunker volumes currently unhedged

– Under the Coastal Services Agreement in place, 2016 2017 LTM 9M 2017 LTM 9M 2018 the maximum fares applicable to clients are modified on the basis of the price of the bunker, Evolution of Brent Oil Price Since October 2018 ($/Barrel) which provides a degree of natural hedge

90 85  2019 bunker volumes currently unhedged 80

70 60 – Group monitoring price development closely 60 given significant bunker price improvement since September 50 01-ott 08-ott 15-ott 22-ott 29-ott 05-nov 12-nov 19-nov 26-nov 03-dic 10-dic

Source: Company’ nformation, Bloomberg

10 CORPORATE STRATEGY UPDATE IMO 2020

IMO Annex VI Overview Comments

 Global sulphur cap of 0.5% m/m from Jan-2020  Moby in process of analysing fleet to determine vs. 3.5% today feasibility and cost of scrubber installation vs. low/high sulphur fuel price differential – Baltic sea vessel already compliant  2 principal methods of compliance: – Install scrubbers and use higher sulphur fuel oil  Final decision on scrubbers to be taken in the course of 2019 – Use low sulphur gas oil – Scrubber capex can be paid in instalments to smooth impact on cash flows  Decision depends on number of factors – Cost and technical feasibility of scrubber  Low sulphur gas oil readily available at main installation: varies from ship to ship Moby ports – Payback period of scrubber: low/high sulphur fuel price differential vs. installation cost

11 OTHER CORPORATE UPDATES

 No updates on the EU State Aid Investigation since the last reporting date

European − Under the CIN-Tirrenia Purchase Agreement, the €180m deferred payment is currently suspended pending Commission the final outcome of the EU investigation (CIN-Tirrenia did not pay the first instalment of €55m originally due April 2016)

 On March 23, 2018 Moby and CIN received a €29m total fine from the Italian Competition Authority (Antitrust) for alleged abuse of a dominant position in the freight business in Sardinia.

− On July 5th, the Regional Administrative Court of Lazio granted a stay on the order to pay the fine of €29m imposed on Moby and CIN

− The Court also fixed a date for the beginning of the proceedings on the merits of the case in May 2019. Antitrust Investigation  The group companies have always acted in a proper manner, in the interests of their customers and in full compliance with its service contracts

 The Group is confident that the decision will be overturned, confirming that the companies’ conduct has been beyond reproach. In any case, the decision could be appealed; in the meantime, the suspension of the fine remains in place

12 II. 9M 2018 RESULTS 9M 2018 HIGHLIGHTS ON INCOME STATEMENT

Comments Amounts in €m 9M 2018 % Rev. 9M 2017 % Rev. Change  Revenues: In 9M 2018 the Group recorded +€2.6m (0.6%) Revenues 478.8 100% 476.2 100% 2.6 mostly due to the increase in the ferry business, mainly in Q3, Raw materials and services (311.4) (65)% (273.7) (57)% (37.7) partially offset by a decrease in the tugboats business

Personnel costs (100.8) (21)% (98.2) (21)% (2.6)  Net other operating income: in 9M 2017 approx. €10m was

Net other operating income/(expenses) 1.7 0% 10.3 2% (8.6) related to the capital gain from the sale of the vessel Dimonios; No equivalent sale re-occurred in 9M 2018 Recurring EBITDA 68.3 14% 114.6 24% (46.3)  Costs: Net (Accrual)/Reversal of provisions 0.0 0% 0.1 0% (0.1) − Raw material and service costs increased by €37.7m mainly Amortisation of intangible assets (1.9) 0% (2.0) 0% 0.2 due to: Depreciation of property, plant & (2.2) 0% (2.0) 0% (0.2) equipment • €22.7m increase in fuel mainly due to higher prices Depreciation of fleet (43.1) (9)% (38.9) (8)% (4.2) versus last year (bunker hedged and not hedged),

Operating profit 21.1 4% 71.7 15% (50.6) • €15.9m increase in costs of services, of which approx. €8.2m related to additional charter-in mainly due to the Net financial income/(expense) (26.7) (6)% (27.7) (6)% 1.0 new initiatives Result before taxes (5.6) (1)% 44.1 9% (49.7) – Personnel: €2.6m increase mainly due to acquisitions Non recurring pre-tax profit (2.2) 0% 0.2 0.0 (2.4)  As a result 9M 2018 Recurring EBITDA was €68.3m which Income tax expense (4.9) 5% (4.7) 5% (0.2) represented -€46.3m versus the previous year which included Net result (12.7) (3)% 39.6 8% (52.3) €10m of capital gain related to asset sales.

14 9M 2018: REVENUE HIGHLIGHTS

Revenues evolution (€m) Comments

 The evolution of revenues shows a 0.6% increase (€2.6m) versus 9M 2017 as a result of an increase in ferries’ revenues (€3.9m), an increase in port and other revenues (+0,8m) partially offset by a decrease in tugboat revenues (-€2.1m) due to a reduction in traffic

 Ferries:

– Pax & Vehicles: -1.1% a slight decrease (-€3.0m) versus 9M 2017

– Freight: 6.1% increase versus 9M 2017 (€6.3m)

Ferries revenues evolution broken down by service (€m) – On-board services: (representing 5.0% of total ferries’ revenues) registered +11.5% increase versus 9M Amount in € Total 2017. The increaase is mainly due to on-board Pax & vehicles (3.0) revenues on the Baltic cruises Freight 6.3 – Chartering: the decrease versus 9M 2017 is mainly On-board services 2.3 related to the charter out of the Dimonios that was Chartering (2.4) subsequently sold Subventions 0.6 – Subsidies: substantially flat Total 3.9

15 9M 2018: REVENUE HIGHLIGHTS Revenues Increased in Sicily and Baltic, Slight Decrease in Sardinia

9M 2018 Revenues (€m) 9M 2017 Revenues (€m)

5.2 10.6 23.7 12.9 7.9 23.5 9.8 44.3 10.2 43.8 1.0 16.9 14.9 1.3 48.6 56.8

59.3 59.8 Revenues Revenues breakdown breakdown by business by business (€476.2m) (€478.8m)

Ferries 254.1 448.5 Tugs 452.4 250.4 Port mng fee Others

Sardinia Subsidies Sicily Tuscan Archipelago Corsica Baltic Tremiti Islands & other

16 9M 2018 GROUP CASH FLOW

Amounts in €m 9M 2018 9M 2017 Comments  9M 2018 Operating cash flow was €10.8m, impacted by the lower EBITDA 66.6 114.8 EBITDA in the period and the negative contribution from other Change in OWC (35.2) (38.8) asset/liabilities which decrease versus previous year was due to Change in other assets/liabilities (17.5) 17.5 – a delay in receiving a portion of the government subsidy compared Other* (3.1) (13.2) to last year (amount was collected post quarter end); Operating cash flow 10.8 80.3 – the factoring of some receivables which occurred at the end of the Capex - Fleet (40.8) (48.4) year 2017; and Capex - acquisition of Dimonios 0 (42.4) Capex - Other (net and refitting in progress) (5.2) (11.6) – advanced charter payments in 2018 Proceeds from vessels' sale 0.0 53.9 Proceeds from other sale, acquisition of subsidiary, net of cash acquired 0.4 (4.3)  Change in OWC is quite aligned with previous year performance Investing Cash flow (45.7) (52.8)  In 9M 2018 the Group recorded approx. €40.8m of total fleet capex, Free cash flow (34.9) 27.5 which are mostly related to ordinary capex – €1.4m of additional capex related to some refitting of the vessel Increase of borrowings 0.0 4.3 Oglasa owned by the subsidiary Toremar Change in m/l term financial liabilities (41.1) (11.2) Change in other short term financial liabilities (1.7) 4.3  In February 2018 the Group repaid €40m of its Senior Facility that was Dividend distribution for repayment of existing debt (0.5) (0.7) due under the terms of the Credit Facility Agreement Interests paid (29.9) (29.0) Debt service (73.2) (32.3)  €125m cash on balance sheet provides liquidity buffer

Cash flow generated (108.1) (4.8) Cash at the beginning of the period 233.6 161.9 Cash at the end of the period 125.5 157.1 * Includes also change in provisions, payment to employees, change in other non monetary items

17 GROUP NET FINANCIAL DEBT

Net financial debt as of September 30, 2018 (€m)1 Strong Asset Coverage Book Value Market Value Net Financial Debt Sept, 30 2018 Category # (€m)2 (€m)2 Senior Secured Bank Debt 205.8 Ferries > 30,000 tons 9 368 723

Senior Secured Notes 295.5 Ferries 30,000 < tons < 20,000 5 140 138 Total Gross Secured Debt 501.3 Ferries 20,000 < tons < 10,000 4 36 37 Unsecured Deferred Payment 180.0 Other Financial Liabilities 5.9 Ferries < 10,000 tons 10 23 39 Gross Total Financial Debt 687.2 Total Ferries3 30 582 952

Tug boats 16 7 41 Cash & Cash equivalents (125.5) RoRo-only Vessels 4 15 50 Other Financial Assets (3.2) Total Cash & Other Financial Assets (128.7) Total Fleet Valuation 51 605 1,044 Total Secured Fleet Valuation 42 589 1,019 Net Total Financial Debt 558.6  One of the largest and youngest fleets operating in the Mediterranean Sea  Well invested fleet of which total net secured debt 375.9 – ~€158m spent on refurbishment and maintenance in last 3 years

1 Based on our Unaudited Consolidated Interim Report as of September 30, 2018 (the “Interim Report as of September 30, 2018”) compared to results of operations and financial condition of Moby as of and for the nine months ended September 30, 2017. 2 Value as of 31-Dec-17. 3 Total Ferries includes 2 ferries not categorised by size.

18 III. Q&A APPENDIX MOBY GROUP AT GLANCE Extensive network of routes across the Italian territory, recently added new routes in Corsica, Malta. Started cruises in the Baltic Sea

Moby Group Mediterranean Routes Moby Group Business Units

Ferries  Focus on transportation of passengers and freight between mainland Italy, France, and major and minor islands Sardinia, Corsica, Sicily, Tuscan Archipelago, Tremiti Islands, Malta Furthermore, through Moby spl, the Group launched cruises in the Baltic Sea between St. Petersburg, Stockholm, Helsinki and Tallin  The related fleet is comprised of 48 vessels Representing the largest passenger and freight roll-on roll-off (Ro-Ro) ferry operator in Italy. Fleet #1 in the world for pax, bed and car capacity (Source: Shippax)

Tug Boats

 Concessions in 8 harbours and with a leadership position in all Sardinian ports  These services are related to port security operations such as (i) manoeuvre in ports and The Baltic Cruises Routes (ii) rescue activities in case of fire or shipwrecks  The related fleet is comprised of 17 tugboats Port Operations

 Relates to the management of Olbia harbour, the Livorno Maritime Terminal and the terminal in Catania

Source: Company’s information 21 COMPETITIVE LANDSCAPE - SARDINIA Moby Group is the Clear Market Leader in its Core Market

 Largest passenger and RoRo transportation provider in Italy  Market leader in Sardinia and in Tuscan Archipelago passenger ferry and cargo

Moby Group Presence in Sardinia (Main Routes vs. Other Operators) Comments Ferry Operator Sardinia Grandi Grimaldi  Moby Group, through the Moby and Route Ferries Navi Veloci Lines Grendi Tirrenia-CIN brands, has unparalleled presence in Sardinia with a unique 1 Olbia-Genoa  (Seasonal)   offering Olbia-Livorno  2   A GNV announced the opening of the Northern Olbia-Piombino  (Seasonal)  (Seasonal) Olbia-Genoa route for four months Sardinia Olbia-Civitavecchia    In November Grimaldi Lines started the Porto Torres-Genoa   (Seasonal)  (RoRo) Genoa-Porto Torres and the Cagliari – Porto Torres-Civitavecchia 3 Civitavecchia routes

Cagliari-Marina di Carrara  (RoRo)

Cagliari-Livorno  (RoRo)  (RoRo)

Cagliari-Civitavecchia 1  (RoRo) Southern Cagliari-Salerno 4 (RoRo) Sardinia Napoli-Cagliari  Cagliari-Palermo   (RoRo)

Genoa-Cagliari  (RoRo)  (RoRo)

Source: Company’s information 1 Stop-over in Arbatax. 2 Livorno-Golfo Aranci route and Piombino – Golfo Aranci route. 3Route mainly directed to Barcelona, with extra landing in Porto Torres. 4Route mainly directed to Valencia, with stop-over in Cagliari.

Direct Competitive Route  Route Covered by the Ferry Operator

22 COMPETITIVE LANDSCAPE - SICILY

 Moby Group strengthened its connections between the Italian mainland and Sicily in the freight business  Moreover, the Group announced additional connections to Malta (Napoli-Catania, Catania-Malta)

Moby Group Presence in Sicily (Main Routes vs. Other Operators) Comments

Ferry Operator  Moby Group strengthened its presence in Grandi Navi Grimaldi Caronte & the Sicilian market, especially in the freight Route Veloci Lines Tourist business, opening new routes with the Palermo-Genoa 1  (RoRo) purpose of offering a bespoke and complete Palermo-Livorno  service to truckers, through a more Palermo-Civitavecchia  extensive network of connections Palermo-Naples  

Palermo-Salerno  (RoRo) Palermo-Cagliari   (RoRo) Termini Imerese-Civitavecchia  Sicily Catania-Genoa2  (RoRo)  (RoRo) Catania-Livorno2  (RoRo)  (RoRo) Catania-Naples2  Catania-Salerno  Catania-Brindisi-Ravenna  (RoRo)  (RoRo) Catania-Taranto  (RoRo) Messina-Salerno 

Source: Company’s information 1 Route also covers Malta and Tunisi. 2 Route also covers Malta.  Route Covered by the Ferry Operator

23 Q3 2018: INCOME STATEMENT HIGHLIGHTS

Amounts in €m Q3 2018 % Revenue Q3 2017 % Revenue Change

Revenues 245.5 100 % 239.1 100 % 6.4 Raw materials and services (132.2) (54)% (111.6) (47)% (20.6) Personnel costs (36.1) (15)% (36.7) (15)% 0.6 Net other operating income / (expenses) (0.1) 0 % (1.1) 0 % 1.0 Recurring EBITDA 77.1 31 % 89.6 37 % (12.5) Reversal of provisions / write-downs of current assets 0.0 0 % 0.6 0 % (0.6) Amortization, depreciation and write-downs of fixed assets (16.7) (7)% (14.7) (6)% (2.0) Operating profit 60.4 25 % 75.5 32 % (15.1) Net financial income / (expenses) (8.7) (4)% (8.8) (4)% 0.1 Results before taxes 51.7 21 % 66.7 28 % (15.0) Non-recurring pre-tax profit (1.7) (1)% 0.0 0 % (1.7) Income tax expenses (2.4) (1)% (2.4) (1)% (0.0) Net result 47.5 19 % 64.3 27 % (16.7)

24 Q3 2018: CASH FLOW STATEMENT HIGHLIGHTS

Amounts in €m Q3 2018 Q3 2017

EBITDA 75.4 89.6 Change in OWC (22.4) (28.9) Change in other assets/liabilities (106.9) (100.8) Other* (2.3) (0.6) Operating cash flow (56.2) (40.6) Capex - Fleet (8.1) (5.1) Capex - Other (net and refitting in progress) (2.2) (8.5) Proceeds from vessels' sale 0.0 0.7 Proceeds from other sale, acquisition of subsidiary, net of cash acquired 0.3 (0.5) Investing Cash flow (10.0) (13.3)

Free cash flow (66.2) (53.9)

Increase of borrowings 0.0 0.0 Change in m/l term financial liabilities (0.4) (0.4) Change in other short term financial liabilities 0.5 6.2 Dividend distribution for repayment of existing debt 0.0 (0.7) Interests paid (13.4) (13.3) Debt service (13.3) (8.2)

Cash flow generated (79.5) (62.1) Cash at the beginning of the period 204.9 219.2 Cash at the end of the period 125.5 157.1 * Includes also change in provisions, payment to employees, change in other non monetary items

25 GROUP KEY BALANCE SHEET FIGURES

Amounts in €m Sept 30, 2018 December 31, 2017 Property, plant and equipment 34.5 32.2 Fleet 621.4 623.7 Goodwill 48.5 48.5 Other intangible assets 26.1 27.5 Other 6.8 7.6 Total non-current assets 737.3 739.5

Net Working Capital (11.7) (71.0) of Which Operating Working Capital (17.9) (53.1) Long-term liabilities and provisions (18.3) (18.4)

Net Invested Capital 707.2 650.0 Net Debt 558.6 496.4 Equity 148.6 153.6 Financial Liabilities & Equity 707.2 650.0