Transdev Board of Directors – Wednesday, December 18, 2013

The decision was taken unanimously by the directors, following the request by the conciliator to Transdev’s senior management, including in two recent letters dated December 10 and December 16. The directors’ action was based on the understanding that the payment was indispensable to financing a transitional period to allow the completion of the work underway “that would ensure the company’s sustainability.” The June 14 conditional commitment by Transdev’s Chairman to pay SNCM € 30 million before the end of the year has thus been fulfilled, despite developments since that date, which have worsened prospects for SNCM’s recovery (interruption by the CTC of payments for additional service, condemnation by the EU of € 220 euros of supplementary reimbursement for privatization, opening of an EU investigation and recourse to remedies by Corsica Ferries on the new delegated service plan). The directors, including representatives of Transdev’s shareholders, Veolia Environnement and Caisse des Dépôts, were unanimous in underlining that the decision by Transdev to provide this significant extra support meant that no further financial support can be made to SNCM. They also called for other stakeholders in this matter to fulfill their responsibilities.