SNCF GROUP INVESTOR PRESENTATION · 4 SNCF GROUP INVESTOR PRESENTATION SNCF GROUP PRESENTATION A...

SNCF GROUP INVESTOR PRESENTATION

2 SNCF GROUP INVESTOR PRESENTATION

TABLE OF CONTENT

1 SNCF GROUP: AN OVERVIEW OF OUR BUSINESSES

2 SNCF GROUP: CREDIT PROFILE

3 SNCF RÉSEAU: CREDIT PROFILE

4 CSR: COMMITMENTS & GREEN BOND PROGRAMME

5 APPENDICES: BUSINESS PROFILES OTHER CONTACTS

AN OVERVIEW OF OUR BUSINESSES


SNCF GROUP PRESENTATIONA LEADING PASSENGER AND FREIGHT LOGISTICS GROUP IN FRANCE & WORLDWIDE

€ 33.3 bnTurnover in 2018

1/3 outside of France

World leader in day to day mobility

Revenues: € 5.9 bnEBITDA: € 350 m3.3 bn passengers annually

21 light rail networks worldwide

21,500 buses and coaches

16 countries

10 modes of transport

Freight and logistics, both internal and international, including non rail activities

Revenues: € 8.2 bnEBITDA: € 306 mDirect presencein 67 countriesA network connecting more than 120 countries

Rail freight transport solutions for industries (steel, chemicals, goods…)

Revenues: € 1.6 bnEBITDA: € -188 m

Total turnover: breakdown by branches (internal and external) Main activities: rankings & KPIs

€ 4.0 bnGroup EBITDA in 2018

€ 21.6 bnNet debt pro forma of total debt relief*

SNCF Voyageurs

15 k trains / day, of which 7,000 in the Paris Greater area

15 m travelers / day in the world

KEOLIS

#1SNCF Logistics

#4 operator in Europe

#8 operator worldwide

OUI.SNCF

#1 online travel agency in France

SNCF Réseau

#2 largest network in Europe

#3 largest ‘high speed’ network in the world

€ 5.1 bnCAPEX financed on its own

by SNCF Group

AA-S&P

Stable

Aa3Moody’s Stable

A+Fitch

Stable

SNCF RéseauSNCF VoyageursKEOLISGEODISRail FreightOther*

Train operating company in France and internationally

Revenues: € 16.4 bnEBITDA: € 1.3 bn5 m passengers / day for TER regional lines and Transilien

8.4 m passengers on international markets in 2018

SNCF Voyageurs KEOLIS GEODIS Rail Freight

IN %automatic subway and tramway operator worldwide

23

18

24 4 -19100

Infrastructure and train station manager in France

Revenues: € 7.7 bnEBITDA: € 1.8 bn30,000 km size of the French network

20,000 train paths delivered daily

440 m t.km train paths sold in 2018

3,000 train stations under management in France

SNCF Réseau

50

* Mainly intercompany sales elimination

* Pro forma of the € 35 bn debt relief, post 2022


94% 6%SUB-SAHARAN AFRICA

€ 39 m

75%25%

NORTH AFRICA

€ 32 m45%

55%

MIDDLE EAST

€ 78 m 12%75% 13%

SOUTH ASIA

€ 88 m

95%5%

CENTRAL ASIA

€ 463 m

96% 4%

SOUTHEAST ASIA

€ 176 m

67%32%

0.9%

AUSTRALIA / OCEANIA

€ 840 m

99.7% 0.3%

CENTRAL AND EASTERN EUROPE

€ 220 m

60%

39%

0.7%NORTHERN EUROPE

€ 1 053 m

26%

72%1%0.6%

NORTH AMERICA

99.7% 0.3%

CENTRAL AMERICA

€ 172 m

€ 2 299 m

23%59%

18%

WESTERN EUROPE

€ 2 865 m

97% 3%

SOUTH AMERICA

€ 163 m

50%6%

43%0.7%

UNITED KINGDOM

€ 2 702 m

INTERNATIONAL FOOTPRINT1/3 OF TOTAL GROUP BUSINESS

BUSINESSES 2018

• Logistics

• Mass Transit

• Passengers long distance services

• Consulting and rail engineering (of which Systra, consolidated under the equity method)

* Total revenue volume generated by companies owned by SNCF Group (Controlling or not)


OVERVIEW OF THE REFORM

A NEW GOVERNANCE– Creation of a vertically integrated Group

gathering all rail activities

– Train stations manager « Gares & Connexions » is transferred to SNCF Réseau

– The 3 SNCF companies are all converted into SA (public limited company) with capital 100% (directly and indirectly) state-owned and non-transferable in order to ensure the independence of the corporate governance and new capitalistic links

– Compliant with the European regulation ensuring the independence between the infrastructure manager and operating companies (4th railway package)

DEVELOPMENT OF THE RAIL OFFER– Opening to competition of transport activities

(4th railway package)

– Foster the development of the rail offer via tariffs moderation on HSL and freight activities

A STRENGTHENED AND MORE SUSTAINABLE FINANCIAL STRUCTURE FOR THE INFRASTRUCTURE– Higher productivity efforts at SNCF Group level

– Debt relief (SNCF Réseau) by the State for € 35 bn

– Increase in the modernization efforts by € 200 m per year from 2020 onwards on the railway infrastructure

– Stronger Golden Rule for SNCF Réseau: - Enlarged perimeter to include all capex - Ratio shifted from x18 to x6 by State decree - 2-year period to achieve financial ratio until 2026

A SOCIAL COMPONENT– End of the specific employee status for new workers

hired from 2020 onwards

OPENING TO COMPETITION

SCHEDULE

DECEMBER 2019

For subsidised services (TER, TET), French

regions able to organise call for tenders

DECEMBER 2020

“Open Access” allowed for High-Speed and conventional trains not subject to a public

service contract

DECEMBER 2023

For subsidised services (TER, TET) regions

or State will have to organise mandatory

call for tenders at the termination date of operating contracts

DECEMBER 2039

Special provisions for Transilien: opening is scheduled between

2023 and 2039 depending on lines


KEY STEPS TOWARDS THE NEW ORGANISATION

Gares & Connexions transferred from SNCF Mobilités (B.U.) to SNCF Réseau as a subsidiary

SNCF SA (holding) operating activities transferred to SNCF Voyageurs, to only retain strategic and controlling missions

SNCF Mobilités takes over SNCF EPIC to become the holding SNCF SA

SNCF Voyageurs takes over passenger activities and rolling stock of SNCF Mobilités including Thalys and Eurostar

SNCF SA (directly) and SNCF Voyageurs & SNCF Réseau (indirectly) become 100% State-owned public limited companies (French equivalent).

SNCF BECOMES A FULLY INTEGRATED GROUP FROM JANUARY 1ST, 2020

BIRTH OF AN INTEGRATED PLAYER

SNCF SA (Holding)

Subsidiaries

100% non transferable

100% 62%

55%

100% non transferable 70% 100% 100%

100% State-Owned shares non transferable

RÉSEAU SA Infrastructure manager

VOYAGEURS SA Operating company

Rail Freight

Multimodal freight & freight forwarding

Paris - Brussels - Amsterdam

Paris - London

GARES&CONNEXIONS SATrain station manager

Other subsidiaries are not mentionned in this chart

World leader in day to day mobility


OUR AMBITIONSBRINGING THE FREEDOM OF EFFORTLESS MOBILITY AND A GREENER PLANET TO ALL

GROW RAIL USEDevelop mass transit and prepare opening to competition

Target: € 47 bn invested in the network between 2017 & 2026

INCREASE CUSTOMER SATISFACTION Increase satisfaction among all categories of customers

Target: 84% in passengers satisfaction in 2026

DELIVER ECONOMIC DISCIPLINE AND HIGH PERFORMANCEGet the financial means to match our ambitions

Target: positive free cash flow by 2022

BE THE BEST ON THE FUNDAMENTALSPunctuality, regularity, passenger informationModernization efforts for the core network

Target: 90% in punctuality (< 5 mins) at departure by 2026

BOOST EMPLOYEE ENGAGEMENT AND SATISFACTIONPrepare employees to a new social pact

Target: +1 pt / year in employee satisfaction / commitment by 2026

WORK WITH REGIONS TO ADVANCE THE ECOLOGICAL AND INCLUSIVE TRANSITIONBy developing rail, carpooling and all kind of shared motilities

Target: -30% of tons of CO2 per passenger.km by 2026

SNCF GROUP CREDIT PROFILE


SNCF GROUP: CREDIT FEATURES

A LEADING COMPETITIVE POSITION

A REINFORCED FINANCIAL STRUCTURE

An integrated business model enabling the company to meet the challenges of “mass transit” with a multimodal offer aimed at reducing congestion in main conurbations (in France and abroad) and a strategy focused on sustainable development

Well prepared and positioned to benefit from the gradual opening to competition in the passenger transportation segment

World leader in urban mass transit and logistics in more than 120 countries

Targeting positive Free Cash Flow generation for SNCF Group from 2022 onwards

Financial ratios restored owing to the € 35 bn debt relief by the French State and a more stringent golden rule aimed at ensuring a sustainable long-term financial structure

Renewed state support: a new performance contract with the State (up to 2030) and a more supportive dividends reinvestment mechanism

A VERY STRONG LINK WITH AND A CRITICAL ROLE FOR THE FRENCH STATE

Entirely owned by the French State, with shares neither transferable nor sellable. Chairman of the holding SNCF SA is appointed by the French State

Strategic missions for the French State due to its role in the economy, regional planning, daily mobility, equal access to the territories, employment, Cop 21 trajectory compliance, energy transition, national defense

A large share of revenues originating from local authorities through contracts with the Regions

Shall be included in the “Government Related Entity” list by the European Commission and eligible to the ECPpurchasing programme for denominated issues


INVOLVED ALL ALONG THE VALUE CHAINA VIEW BY ACTIVITY

Business / Brands

Market

Business Environnment

Clients

Competitors & peers

KEOLIS

Private operatorof public transport,including light traintransport (subway,tramway), buses and coaches throughout more than 17 countries

Competitiveenvironment

Passengers (travel) and companies

(professional trips)

Transdev, DB Regio, Arriva, RATP,

First Group, MTR

GEODIS

Optimization of the supply chain, every step of the way,freight forwarding,contract logistics,distribution & expressand road transportwith a direct presence in 67 countries and a network covering 120 countries


Shippers

DB-ScheinkerXPO

KUEHNE + NAGEL

Rail Freight

Train transport & logistics solutions for industries (steel,chemicals, goods…)


KEOLIS GEODIS Rail Freight

SNCF Réseau Gares & Connexions

Rail networkmanagement,operation,maintenanceand development

Trains stationsrenovation & management

Legal & Natural monopoly

Train operating companies (incl. SNCF)

Train operating companies (incl. SNCF)

DB NetzADIFINEO

EUROVIA

ADPGrandi Stazioni

SNCF Réseau SA

TER + Transilien + IntercitésVoyages SNCF

HSL Train FranceOpening to

competition in 2020

Other activitiesOpened to competition

TER + IntercitésOpening to

competition from 2023 onwards

TransilienOpening to

competition from 2023 to 2039

Passengers (travel) and companies (professional trips)

Deutsche Bahn, ThelloAir France, Ryanair, Easy Jet

Flixbus, BlablacarExpedia (oui.sncf)

Transdev, DB Regio, Arriva, RATP

HSL Train FranceTGV InOui OuiGo

HSL Train EuropeEurostar

Thalys

Lyria

Elipsos

Alleo

SNCF Voyages Italia

Other MobilitiesWest bahn IDVroom…

DistributionOui.sncf

Rail Europe

…

TER + Intercités: regional and interregional train and coach service operated by SNCF and regional governments across France

Transilien: Train transportfor Greater Paris area (Ile de France Mobilités)

SNCF Voyageurs SA


166

3%

112

2%

32

1%

5.936

18%

8.161

24%

1.578

5%

6.216

19%

1.486

4%

Net (€bn) investments

Net investments (%)

884

17%

28

1%

-43

NA

2.956

60%

246

5%

696

12%

5.077

100%

SNCF Voyageurs SASNCF Réseau SA

Revenues (€bn)

Revenues (%)

EBITDA (€bn)

EBITDAMargin (%)

FCF 2018 (€bn)

FCF 2017 (€bn)

Employees

KEOLIS GEODIS Rail Freight Other activities SNCF Group

KEOLIS GEODIS Rail Freight

7.837

24%

7.690

23%

833

3%

1.044

13%

251

3%

50

6%

-68

256

171

-7

331

185

1.560

25%

233

16%

-2.502

-2.057

-59

-31

350

6%

306

4%

-188

NA

112

-27

144

207

-353

-283

-6.425*

-19%

33.312

100%

415** 4.020

12%

-336

-120

-2.560

-1.876

KEY FINANCIAL METRICS FY 2018A VIEW BY ACTIVITY

SNCF Réseau Gares & Connexions

** € 328 m Ermewa + € 125 m SNCF Immobilier + € 54 m SNCF Corporate* Including elimination of intercompany sales for € 10.4 bn

Voyages SNCF TER + Transilien SNCF Intercités

23.268 44.227 2.77158.301 4.056 65.664 39.869 10.933 23.633 272.721


2016 2017 2018 2018 PF 2) H1 2019

Revenues (€bn) 32.3 33.5 33.3 33.3 17.9EBITDA (€bn) 4.1 4.7 4.0 4.0 2.9Financial Result (€bn) -1.5 -1.5 -1.4 -0.6 NANet Result (Rec.) (€bn) 0.6 1.5 -0.2 0.8 0.0Gross Investments (€bn) -8.6 -8.8 -8.9 -8.7 -4.3Net investments excl. sub (€bn) -5.5 -5.1 -5.1 -4.9 -3.1Free Cash Flow (€bn) -2.8 -1.9 -2.6 -1.8 -1.5 3)

Net financial Debt (€bn) 52.8 54.6 56.6 21.6 59.7 3)

Equity (€bn) -7.2 -5.9 -6.5 28.5 NANet Debt / EBITDA (x) 12.7 11.4 14.2 5.4 NAGearing 4) (€bn) NA NA NA 43% NAEBITDA / Financial expenses (x) 2.8 3.2 2.8 7.0 NA1) In two steps, € 25 bn at 1st January and € 10 bn in 2022 2) Unaudited and notwhistanding 2018 debt repayment 3) SNCF Réseau + SNCF Mobilités 4) Defined as Net Debt / (Equity + Net Debt)

FINANCIAL PROFILESNCF GROUP: HISTORICAL FIGURES

COMMENTS ON 2018 & H1 2019 FIGURES

SNCF Group, will benefit from SNCF Réseau’s debt relief that will shrink total net indebtedness by € 35 bn1) and improve equity position by the same amount. This relief will help the company maintain solvency and liquidity ratios aligned with top class credit ratings.

IN 2018Group revenues increased +1.3% (at constant scope, standards and exchange rates) and +3.9% notwithstanding strikes impacts

Impact of 39 days of strikes:– Revenues: - € 882 m– Operating Margin: - € 770 m (€ 20 m / day)

EBITDA margin at 12.1% of turnover

Recurring net income at Group level amounted to - € 214 m, as a direct result of the strikes

IN H1 2019+10.5% Y-o-Y revenues growth at € 17.9 bn

EBITDA grew up sharply at € 2.9 bn (16% of revenues)

+ € 400 m in competitiveness for H1 2019

Net income stood at 20 m, up + € 551 m vs H1 2018

2017

33.5

4.7

+3.9%

STRIKE* IMPACT

STRIKE* IMPACT

REVENUES EBITDA

33.3

4.0

-0.9

-0.8

2018

2017

2018

* 2018 historically long strike impact due to the adoption of the railway reform and the termination of railway’s workers’ derogatory status


Defend Group’s rating by ensuringratios consistent with a plc status:– Net debt / EBITDA < 5x– FFO / Net debt > 10%– Positive FCF by 2022

Avoid structural subordinationfor the debt located at the levelof the holding company

Maintain a sufficient levelof liquidity (cash + RCF) for the Groupto ensure, at any time a liquidity ratio>1.2x (sources / uses)

Adopt a prudent hedging strategyon main financial risks (currency,interest rates, inflation, etc.)

2 31 4

Provide financing capacity,at all times, at the best of market conditions and at the best cost

5

FINANCIAL STRATEGY


FUNDING STRATEGY: GENERAL PRINCIPLES

Between 1st January and 30th June 2020, at the latest, two issuers (SNCF SA & SNCF Réseau) will be kept on parallel for operational issues

From 30th June 2020, SNCF SA will act as sole issuer

Medium Term funding policy at 1st of January 2020– External debts (and the associated hedging instruments) borne by the Group’s

various subsidiaries (including SNCF Réseau) at 31st of December 2019 will continue to be borne by these subsidiaries and will not be transferred to the parent company

– SNCF SA will be the sole issuer of debt in the bond market

– SNCF SA will be the only entity in the Group to benefit from bank credit lines, with the exception of some subsidiaries, including Keolis

– For any new financing at the level of the Group’s subsidiaries, SNCF will have to ensure that it does not have a negative impact on its own financing

Short term cash management at 1st of January 2020– All Group companies will be required to invest their surplus cash and finance

their short-term needs directly from SNCF SA

– Taking into account the constraints related to the 4th railway package, it is planned the creation of 2 tight spheres of cash: - SNCF Réseau and its subsidiaries, therefore Gares & Connexions - SNCF SA and the other subsidiaries of the Group

– By way of exception, the following entities will constitute sealed cash pockets within the SNCF SA sphere: Rail Freight, Keolis, Eurostar

RÉSEAU SA

SA

SA

RÉSEAU

SA

SA

RAIL FREIGHT


FUNDING STRATEGYA targeted long-term funding programme of circa € 4.0 billion in 2020, € 2.0 to € 4.0 billion in 2021 and € 1.0 to 3.0 billion thereafter.

3 main funding pillars in the bond market:

– Building credit curves in €, $ and in green bond core financial markets, with liquid benchmark issues especially on long term maturities.

– Being active when possible in public £ or CHF markets where SNCF Réseau has reference curves.

– Issuing innovative products such as inflation linked bonds, NSV, etc., completed by tailor-made private placements.

The funding strategy emphasizes public benchmarks and public reopening, leaving around 25% room for private placements in various formats and currencies.

A dynamic investor relation policy in the key investor main geographical areas (America(s), Asia, Europe, Middle East) to diversify the investor base.


Fitch believes that this change of statuswill help prepare SNCF Mobilites for the opening-up to competition of the domestic passenger railway transport market in 2020. In a competitive market, the European regulator has interpreted the EPIC status as conferring an unfair advantage to the operator […] Fitch views that the 100% state ownership and the legal provision preventing the state from selling its shares as positive for SNCF Mobilites, which illustrate the state’s ongoing involvement with the company. [5th Sept. 19]

We expect the integra-tion of rail services and the efficiency measures

promoted by the reform to support the Group’s cash flow stability, partially offsetting its high financial leverage (€ 67 billion as of Dec. 31, 2018), which we expect to significantly decline following € 25 billion debt relief by the state in 2020 and € 10 billion in 2022. We are therefore assigning preliminary ‘AA-/A-1+’ long- and short-term issuer credit ratings to SNCF S.A., and also assigning a preliminary ‘AA-’ issue rating to the holding company’s future debt. [11th Oct. 19]

The Aa3 issuer rating, one notch below

the France sovereign rating, reflects our expectation that the company’s credit quality will continue to benefit from a high level of support from the French Government despite a gradual erosion of the company’s quasi monopoly in France and the loss of its special legal status (EPIC) starting from the 1st of January 2020. [3rd July 19]

Bloomberg ticker: SNCFReuters ticker: SNCF

FINANCIAL PROGRAMMES AND ISSUERSA new EMTN programme will substitute to the previous ones (SNCF Mobilités & SNCF Réseau) and cover the Group future funding needs:– EMTN Programme Ceiling (€ 12 bn)– Placed under French Law– Compatible with the format Directive Prospectus 3– Dedicated to professionals only

Two money markets programmes, Neu.CP & ECP

5,500

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

SNCF CREDIT CURVEPublic issues outstanding in € million equivalent (as of 31st December 2019, SNCF Réseau & SNCF Mobilités’ aggregates)

EUR CURRENCY EUR Green Bonds

2024

2026

2028

2030

2032

2034

2036

2039

2044

2048

2054

2062

SHORT-TERM LONG-TERM CEILINGS CEILINGS

Neu CP € 3 bn

ECP € 5 bn

EMTN € 12 bn

RATING AGENCY SHORT-TERM LONG-TERM

Standard & Poor’s A-1+ AA- 1)

Moody’s P-1 Aa3 2)

FitchRatings F1+ A+ 3)

1) for SNCF SA, 2) for SNCF Mobilités to be renamed SNCF SA, 3) likely but to be confirmed

Share of gross debt relieved through financial flows received as part of the French State debt relief mechanism

2021

2023

2025

2027

2029

2031

2033

2035

2037

2042

2047

2052

2060

2119

2115

2020

2022

2064

SNCF RÉSEAU CREDIT PROFILE


A MONOPOLISTIC ACTIVITY AND A STABLE FINANCIAL PROFILE

A REAFFIRMED AND REINFORCED STATE SUPPORT

Public service mission with a natural and legal monopoly over the infrastructure bearing no risk of deregulation

Unified and integrated infrastructure manager with long-term tangible assets and very stable and predictable revenues

Wholly and indirectly owned by the French State; shares are neither transferable nor sellable. Chairman of SNCF Réseau will be appointed by the board, under proposal of the French State and approval from the ART 1)

Strategic missions to the French State due to its weight in the economy, regional planning, daily mobility, equal access to the territories, employment, Cop 21 trajectory compliance, energy transition, national defense

Strong support from the French State which actively participates in the determination of SNCF Réseau’s strategy and economic trajectory (multi-annual contract)

Financial risk is mitigated by the liquidity support offered by the French State through the CDP’s (Public Debt Fund)

SNCF RÉSEAU: CREDIT FEATURES

A FRAMEWORK STENGTHENING THE ROLE OF SNCF RÉSEAU FOR THE FRENCH STATE

SNCF Réseau is now considered as a public administration (APU) and as such, its debt and deficit are fully consolidated into the French public debt and deficit

Independence and neutrality of SNCF Réseau is guaranteed by Law within the SNCF Group in accordance with the provisions of the 4th European railway package and under the supervision of the ART 1)

Included in the “Government Related Entity” list by the European Commission in 2002 (under its former name RFF) & eligible to the ECB Public Sector Purchasing Programme (PSPP) for € denominated issues

1) ART is the French Transportation Independent Regulator


FINANCIAL & FUNDING STRATEGY SNCF RESEAU, A TOP QUALITY ISSUER

FINANCIAL POLICY AND TARGETS

Very strong credit profile with alignment of the rating to the one of the French state (0 notch differential)

A financial structure sustainable and adequate with the transformation into a PLC:– Positive equity– Neutral Free Cash Flow– Solvency ratios in line with main peers by 2026

Conservative hedging strategy on main financial risks assumed by SNCF Réseau and then by the holding from 1st of January 2020 onwards

21

Fitch Ratings classifies SNCFReseau as a government-related entity (GRE) of the state of France (AA/Stable /F1+) and equalises its ratings with those of the sovereign. This reflects a ‘Very Strong’ assessment of the following rating factors: status, ownership and control, support track record and expectations, and financial implications of the GRE’s default. It also reflects a ‘Strong’ assessment of socio-political implications of default. [13th Sept. 19]

We revised our outlook to stable because the French

government’s recent clarification of the governance of SNCF Réseau and the future unified rail Group from 2020 leads us to conclude that the likelihood of government support to the company is not subject to transition risk. We therefore expect our ratings and outlook on SNCF Réseau will move in line with those on France. [27th June 19]

Today’s rating affir-mation reflects that

SNCF Réseau’s credit profile is expected to remain aligned with that of the government of France (Aa2 positive) despite the change in ownership structure and funding model of the company. This reflects the continued strong links between SNCF Réseau and the Government and the credit support provided directly to the company by the Government, which is expected to survive into the foreseeable future. [2nd July 19]

Strategic allocation90% Fixed rate6% Floating rate4% Inflation-linked rate

Bloomberg ticker: RESFERReuters ticker: SNCFR

Until 30th of June 2020, SNCF Réseau will have the ability to raise its own fundings.

After 1st of July 2020, all fundings will be carried out by SNCF SA and then allocated to SNCF’s subsidiaries including SNCF Réseau.

SHORT-TERM LONG-TERM CEILINGS CEILING

Neu CP € 3 bn

ECP € 5 bn

EMTN € 55 bn

Until 30/06/20 Run-off

RATING AGENCY SHORT-TERM LONG-TERM

Standard & Poor’s A-1+ AA

Moody’s P-1 Aa2

FitchRatings F1+ AA

Issuance format: Reg S, Cat 1-2-3, EMTN programme

20132012 2014 2015 2016

AVERAGE MATURITY OF ANNUAL LONG-TERM ISSUANCES

2017 2018

3

5 years

25 years

20 years

15 years

10 years

0 year


DEBT PROFILE

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

SNCF RÉSEAU CREDIT CURVEPublic issues outstanding in € million equivalent (as of 31st December 2019)

EUR EUR Green Bonds CHF CAD GBP EUR€i USD

SELECTED BENCHMARK ISSUES (as of 31st December 2019, in million per currency)

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2052

2060

2062

2061

2119

2115

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

GEOGRAPHICAL BREAKDOWNSince 1997

38% France24% Euro area16% UK7% Switzerland

7% Asia5% Others1% Scandinavia2% USA/Canada

75% EUR11% GBP4% CHF8% USD2% Others

(AUD, CAD, HKD, NOK, SEK, JPY)

59% Euro Public Issues 22% Other public Issues19% Private placements

CURRENCY BREAKDOWNSince 1997

ISSUING FORMATSince 1997

CHF26/02/21 2.875 30021/11/26 2 15010/02/31 2.625 12530/06/32 3.25 25024/11/34 2 10011/03/37 2.625 130

US $13/10/20 2 1,50018/03/22 2.750 1,500

GBP02/12/21 5.5 80007/12/28 5.25 65031/01/35 5.25 47511/03/52 5 55025/03/60 4.83 550

C $01/06/35 4.7 300

EUR ei28/02/23 €i 2.45 2,000

EUR12/10/20 6 2,00027/05/21 0.1 1,00002/06/22 4.375 3,00030/01/24 4.5 3,85029/12/25 2.625 1,50007/10/26 4.25 3,60019/05/27 1.125 65025/10/28 3.125 2,07522/01/29 0.875 85025/05/30 1.125 1,80009/11/31 1.00 90010/10/33 5 3,65030/03/34 1.875 1,00025/05/36 0.750 1.50029/05/37 1.5 1,45018/12/42 3.3 1,82520/12/47 2.25 1,35005/02/48 2 1,22522/03/62 4.125 1,25029/07/2115 2.777 4014/08/2119 1.425 100

CSR: COMMITMENTS & GREEN BOND PROGRAMME

SNCF has developed a unique and truly innovative approach to impact reporting that makes it possible to assess the carbon footprint of its entire green bond programme – green investors have praised its exhaustive nature and transparency

Compliance with high-level market standards

Benefiting from the Climate Bond Initiative Certification under the Low-Carbon Transportation Standard

04

ClimateBondCertified

The Green Bond Principles

SNCF-Réseau GREEN BOND


SNCF GROUP: CSR POLICYBEST IN CLASS IN MOST CSR CRITERIAIn the context of the climate emergency, rail has grown up as a critical asset in favor of the ecological transition. It is one of the most environmentally-friendly means of transport accounting for > 10% of passenger and freight traffic with only (i) 0.6% of energy consumption ; (ii) 0.6% of transportation CO2 emissions and (iii) 2.6% of the particle emissions for the sector.

Sustainable design and operations are essential to the success of any mobility system. That’s why SNCF pledged to meet four challenges: (i) deliver sustainable mobility for all ; (ii) reduce the environmental impact ; (iii) promote human development and (iv) contribute to regional economic growth.

SNCF’s approach is comforted by extra financial ratings (SRI) provided by VIGÉO and ECOVADIS with respective ratings of 66/100 and 79/100.

SNCF’s approach is comforted by the sustainable KPIs of its € 3.5 bn Revolving Credit Facility (RCF): (i) GHG emissions reductions targets in passenger.km ; (ii) greater weighting of CSR criteria in Group purchases contracts and (iii) renewable energy supply contracts targets.

A SAFE AND SUSTAINABLE BUSINESS MODEL FOR THE FUTURE

AGENCIES

VIGÉO EIRIS

ECOVADIS

VIGÉO EIRIS

ISS-Oekom

SCORES RANKINGS

2016

54/100

75/100

2017

53/100

75/100

2018

66/100

79/100

2019

72/100

–

49/100

C+

66/100

B-

66/100

B-

70/100

B-

#1 out of 15 companies

Top 1% out of 40 companies



CO

0.6% of total CO2 emissions for the

transportation industry (Scope 1 & 2)

30 X greener than the car

52 Xsafer than the car


GREEN BOND PROGRAMME

Since 2016, SNCF has initiated an innovative Green Bond programme dedicated to SNCF Réseau’s major renovation investments.

GREEN BOND FRAMEWORK MAIN CHARACTERISTICSEligible Green Assets: Green Bond programme currently focused on maintenance, upgrade and energy efficiency of the rail system and investments related to new rail lines and rail lines extensions

Significant amounts: Eligible Green Assets represent € 1.5 to € 1.8 bn every year (at SNCF Réseau’s level)

Recurrent programme: Targeting to issue Green Bonds Benchmarks at least once a year

Additionality: New money for new Capex

Second opinion: Provided by ISS-Corporate Services (ISS-ESG)

High Standards: – In line with the Green Bond Principles (GBP) – Climate Bond Initiative (CBI) certification

TRANSPARENCYAnnual reporting certified by external auditors which allows investors to verify the adequate allocation of the proceeds to eligible projects, and evaluate the environmental impact of their investments.

STANDARDISATIONCarbon impact calculation methodology developed in coordination and approved by “CARBON 4”.

SNCF Réseau Green Bonds are included in the MSCI Barclays Green Bond index.

2019Largest Green Bond for SNCF Réseau

€ 1,500,000,0000.75% Climate Bond due May 2036

2019First Green Century Bond ever issued

€ 100,000,0001.425% Climate Bond due August 2119

2017 + 2019

(TAP)

Longest Green Bond in € with a double certification from CBI and GBP

€ 1,350,000,0002.25% Climate Bond due December 2047

2017Longest Green Bond for a French company or agency

€ 1,000,000,0001.875% Climate Bond due March 2034

20161st Green Bond for a Railway Infrastructure Manager

€ 900,000,0001% Climate Bond due November 2031

MOST REMARKABLE GREEN BOND ISSUANCES

Green outstanding (as of December 2019)

€5.7 bn

For the quality of its Green Bond Reporting By the Climate Bonds Initiative (03/19)

GREEN PIONEER AWARD

% of SNCF Réseau’s total debt

11.1%

For € 1 bn invested in Green renewal projects

3.7 M of tCO2 eq. avoided


SNCF-Réseau GREEN BOND

A PROCEEDS ALLOCATION SPLIT IN 3 CATEGORIESSNCF RÉSEAU GREEN BOND’S CATEGORIES Investments related to maintenance, upgrade and energy efficiency of the rail system on the HSL and most circulated network

Investments related to new rail linesand rail lines extensions

Other investments linked to theglobal climate change challenges,the protection of biodiversity and natural resources

* Realised, as of December 2019

TYPOLOGY OF PROJECTS

Track, ballast sleepers & switches Catenary’s system renewal Signalling’s system renewalBridges, Tunnels, Earthworks & others sub-Total

LGV EE PHASE 2 (2016), LGV SEA (2017), LGV BPL (2017), LGV CNM (2017)

Currently included in categories 1 and 2 but is expected to be disdinguished over time

ASSET POOLS ELIGIBLE IN €2016

1,08436

1830

1,303

176

nd

1,479

2017

1,025 36

197 108

1,366

0

nd

1,366

2018

961 233 151 79

1,424

0

nd

1,424

2019

869 263 173 167

1,471

0

nd

1,471

IMPACT ASSESSMENT METHODOLOGYCarbon amortization depends on two parameters1 Emissions due to regeneration works, or new lines developments.

For reference, steel used for the tracks stand for 2/3 of the overall emissions.2 Emissions saved thanks to the regeneration works or new lines developments.

It depends on the traffic volumes on the tracks throughout the life cycle of the infrastructure (30 years), with various modal shifts based on the line considered.– High Speed Lines, 53.7 bn.v.km/y, > modal shift: 50% airplane, 40% car, 10% buses– Regional Trains Lines, 13.6 bn.v.km/y, > modal shift: 90% car, 10% buses– Freight Lines, 32 bn.v.km/y, > modal shift: 90% trucks, 10% waterway

== €1 bnInvested in Green

Bonds renewal projects

equivalent to the carbon footprint of

7.600 French people over 40 year

TANGIBLE ENVIRONMENTAL IMPACTS FOR EACH € INVESTED

3.7 M of tCO2 eq.

of avoided emissions over 40 years

CO2

** * *

APPENDICES BUSINESS PROFILES 05


SNCF RÉSEAU

€ 6.2 bnREVENUES

~58,000EMPLOYEES

30,000KM OF LINES

(INCLUDING 2 600 KM OF HIGH SPEED LINES)

€ 5.1 bnGROSS CAPEX SPENT

ON THE NETWORK IN 2018 (68% FOR RENEWAL WORKS)

20,000TRAIN PATHS DELIVERED

EVERY DAY

Activities and environment

Customers and markets

Commercialisation of train paths to train operating companies and transport authorities

Organisation of train services and development of rail traffic

Maintenance and enhancement of rail assets

Development of the network, through reopening of existing lines and construction of new lines

Clients and partners: 27 operators using the network, and 15 businesses authorized to book train paths for their activities


GARES & CONNEXIONS



Operate, develop and transform train stations

Create an offer including services and shops

Manage station traffic and transport hubs

Changing environment: stations are open to the cities they serve, and to the intersection of all modes of transport

Clients and partners: – Rail companies – Transport organizing authorities, metropolitan areas

SNCF Retail & Connexions: – Optimize revenues from in-station shops, – All revenues from in-station shops are reinvested

in the rail system in the form of reduced track access fees for carriers and increased investment in stations development and renovation

AREP: – Designs and builds spaces that can meet complex

needs in multimodal stations worldwide

€ 1.5 bnREVENUES

3,000STATIONS UNDER

MANAGEMENT

2 MillionSQUARE METERS UNDER

MANAGEMENT INCLUDING 180 000 FOR STORES

~4,000EMPLOYEES

10 MillionPASSENGERS VISITING

G&C STATIONS IN FRANCE EVERY DAY


SNCF VOYAGEURS

€ 16.4 bnREVENUES

~70,000EMPLOYEES

110 MillionHIGH SPEED RAIL

PASSENGERS IN FRANCE / YEAR

28.4 MillionPASSENGERS

ON INTERNATIONAL HIGH-SPEED LINES IN 2018

N°.1VOYAGES-SNCF.COM :

FRANCE’S ONLINE TRAVEL AGENCY



High-speed, long distance train – In France: TGV InOui, OuiGo – In Europe: rail operators including Eurostar,

Thalys, Alleo and Lyria

TER+ Intercités: medium and long distance trains in France

Transilien: passenger transport in the Greater Paris area

OUI.sncf: on-line travel agent

New mobilities: OuiCar, iDAVIS

Changing environment: fierce competition from other modes, including low cost and other air transport carriers, privately owned automobiles

Customers: – Business travelers and individuals / travelling

for personal reasons– Transport organizing authorities for TER and

Transilien passengers in France

Rail market: – Market opening to competition in 2020

for high-speed lines and from 2020 to 2039 for other activites


KEOLIS



Mass transit: a major public transport player in Europe and the rest of the world

Operation and maintenance of all transit modes and related services

23 tramway networks in France and abroad, N°1 worldwide, World largest tramway network in Melbourne

N°1 in urban mass transit in France and in transport of passengers with reduced mobility

N°2 in parking spaces facilities in France, managing 150 000 spaces (370 car parks in 170 cities in France)

2nd largest inter urban transit operator in France serving the whole territory

2nd largest provider of bike-share services

€ 5.9 bnREVENUES

~65,000EMPLOYEES

50% OF TOTAL BUSINESS ON

INTERNATIONAL MARKETS(in 16 countries)

3.3 bnPASSENGERS

A YEAR

N°.1FOR EXPLOITATION

OF AUTOMATIC METRO AND TRAMWAY IN THE WORLD

21.650BUSES AND COACHES

IN THE WORLD


GEODIS

€ 8.2 bnREVENUES

~40,000EMPLOYEES

67 countries DIRECT PRESENCE IN 67

COUNTRIES AND NETWORK CONNECTING 120 COUNTRIES

100 MillionPARCELS PER YEAR

IN EXPRESS & PARCEL DELIVERY



A full range of expert services across the supply chain with five lines of business: – Freight Forwarding: multi modal transport solutions

(Sea, Air, Road and Rail)

– Contract Logistics: one of the key players in the Contract Logistics market worldwide

– Distribution & Express: N°4 Distribution & Express solution operator, and N°1 in France for 24 to 48 hour deliveries across the continent

– Road Transport: road transport leader in Europe when it comes to full and partial truckloads

– Supply Chain Optimization: consulting services such as logistics chain diagnostics and network design, supply management and flow management

Changing environment: structurally favourable market trends, despite unstable economic conditions

300LOGISTICS

PLATFORMSWORLDWODE

APPENDICES OTHER


MECHANISM OF THE DEBT RELIEF

€ 35 bn loan€ 35 bn loan

€ 35 bn Equity increase€ 35 bn loan

€ 35 bn loan

Existing Lenders

Existing Lenders

Existing Lenders

CDPCDP

$ $ $

CONSEQUENCES FOR SNCF RÉSEAUThis debt relief, in addition to SNCF Réseau’s performance plan, will allow SNCF Réseau, in 2022 or thereafter, to :- significantly reduce its net debt and increase its equity;

- cut down its financial expenses, on a pro-rata basis, by approximately € 1.1 bn per year;

- reach financial equilibrium in terms of free cash flow and, thereby, stabilize its net debt;

- reach financial ratios that are compatible with a Public Limited Company status;

- ensure a fair treatment among all creditors including bondholders.

A

B D

C

CFrench State

EXISTING STRUCTURE

1 2 3 4

CREATION OF A SYNTHETIC DEBTSNCF Réseau lends and borrows the exact same amount to/from the CDP (Caisse de la dette Publique / Public Debt Fund). The characteristics (maturities, interest rate, etc.) of both loans fully replicate those of SNCF Réseau’s financial debt (including associated derivatives):

CDP lends to SNCF Réseau the amount to be created synthetically (€ 35 bn in two stages: € 25 bn on January 1st, 2020 and € 10 bn by 2022).

SNCF Réseau lends to CDP the exact same amount with similar conditions at the same time.

DEBT RELIEF MECHANISMThe French State replaces SNCF Réseau as debtor to the CDP by operation of law resulting in the direct increase in SNCF Réseau’s equity.

SNCF Réseau still receives from CDP the interests and principal of the synthetic debt until maturity of it.A

B

C

D


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Ploie�tiPite�ti

Odessa

Tiraspol

MINSK

Vitebsk

Orcha

Smolensk

Briansk

Vitebsk

Polotsk

Gomel

Orcha

Mogilev

Lecce

Waterford

Tralee

Westport

Sligo

Tilbourg

Patras

Héraklion

Alexandroupoli

Volos

Edirne

Stara Zagora

Niš

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Craiova

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Ternopil

Ivano-Frankivsk

Tchernihiv

Bila Tserkva

Debrecen

Nyíregyháza

PrešovŽilina

Bielsko-Biała

Rzeszów

Olsztyn

Elbasan

Tuzla

Zenica

Daugavpils

Panev�žys

Babrouisk

Baranovitchy

Borisov

St-Gall

Ringsted

Bruges

Mons

BochumWuppertal

Bielefeld

Aix-la-C.

Oldenburg

Bradford

Stoke

Northampton

Luton

Preston

Holyhead

Swansea

Tralee

Westport

Sligo

St-Etienne

Valentiennes

Bayonne

Annecy

St-Nazaire

Thionville

Lorient

Maubeuge

MontbéliardVierzon

Alès

Vienne

Colmar

Sète

Boulogne

Arras

Belfort

Roanne

FréjusAix-en-P.

RavenneRimini

Forlì

Latina

BresciaBergame Vicence

Terni

Plaisance

Lecce

Olbia

Elche

Jerez

Marbella

Jaén

Braga

Constantine

Barcelona

Tangiers

Cadix

SevillaHuelvaFaro

Algéciras

Setubal

Porto Zaragosa

Valencia

Malaga

Cartagena

Palma De Majorque

Pamplona

SanSebastián

Vigo

Santiago de Compostela

A Coruña

BilbaoOviedo

SantanderLugo

León

Gijón

Granada

Badajoz

Toledo

Huesca

Lérida

Figueras

Salamanque

Viana Do Castelo

Aveiro

Orense

Coimbra

Guarda

Évora

Cáceres

BurgosPalencia

Zamora Valladolid

Logroño

Vitoria-Gasteiz

Ciudad Real

Cordoba

Almería

Murcia

Alicante

Albacete

Castellón De La Plana

Tarragona

Gérona

Béjaïa Skikda

Annaba

Bizerte

Belfast

Cork

Glasgow

Edinburgh

Liverpool

Sheffield

Manchester

Norwich

Cardiff

Southampton

Leeds

Bristol

Ipswich

Newcastle

Limerick

Galway

Londonderry

Plymouth

Brighton

Folkestone

Cambridge

LeicesterBirmingham

Gloucester

Shrewsbury

LincolnChester Stoke

Derby

Carlisle

Middlesbrough

Rotterdam

TarbesToulouse

Pau

Agen

Dax

Arcachon

Marseille

Montauban NîmesAvignon

Toulon

Montpellier

Narbonne

BéziersArles

Limoges Clermont-Ferrand

Angoulême Lyon

ValenceBordeaux

Brive-la-Gaillarde

Nevers

Le Mans

Rouen

Angers

Rennes

Saint-Brieuc

Moulins

Vannes

Tours

Amiens

Caen

Niort

Nantes

Brest

La Rochelle

Bourges

Le Havre

Cherbourg

Chartres

Poitiers

Quimper

Orléans

Lens

Lille

Charleroi

Dunkerque

Calais

Nancy

Charleville-Mézières

Strasbourg

Reims Metz

Troyes

Grenoble

Lausanne

Mâcon

Mulhouse

Chambéry

Dijon Besançon

Genève

Nice

Cannes

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Ajaccio

Saint-Malo

AntwerpenGhent

Utrecht

Groningen

Zwolle

Arnhem

LiègeNamur

LUXEMBOURG

Dortmund

Kaiserslautern

SaarbrückenKarlsruhe

WilhelmshavenBremerhaven Hamburg

Lübeck

Kiel

Rostock

BERLINBremen

Hannover

Osnabrück

Münster

Duisbourg

Eindhoven

Essen

DüsseldorfKöln

Bonn

Koblenz

Mainz

Frankfurt-am-Main

Darmstadt

Mannheim

Stuttgart

Ulm

Freiburg

Magdeburg

Braunschweig

Halle

Kassel

IénaErfurt

Leipzig Dresden

Cottbus

Görlitz

ChemnitzZwickau

WurzburgBamberg

Nuremberg

Regensburg

Ingolstadt

München

Esbjerg

Aarhus

Odense

Helsingborg

Malmö

Kalmar

Basel Olten Zurich

Luzern

Lugano

Innsbruck

Linz

Graz

Klagenfurt

Milano

Venezia

Torino

Genova

BolognaParma

Novara

Alexandria

Savona

Trento

Bolzano

Udine

Trieste

Verona

Modena

La Spezia

Ferrara

Firenze

Livorno

Ancona

Arezzo

PerugiaGrosseto Pescara

Palermo

Bari

Cagliari

Foggia

Napoli

CasertaSalerno

Tarento

Sassari

Agrigento

Messina

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Banja Luka

Mostar

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Thessaloniki

Larissa

Durrës

Vlora

Perpignan

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Białystok

Doncaster

Kingston

Nottingham

Coventry

Reading

Portsmouth

Augsburg

Padova

Inverness

Aberdeen Aalborg

Göteborg

Radom

Kielce

Brest

Šiauliai

Kaunas

Lublin

Lviv

Grodno

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Salzburg

Krakow

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KYIV

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PRISTINA

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LONDON

BRUSSELS

COPENHAGEN

PRAHA

PARIS

ROMA

LJUBLJANAZAGREB

SARAJEVO

PODGORICA

TIRANË

BERN

BUDAPEST

VILNIUS

AMSTERDAM

DUBLIN

WIEN

WARSZAWA

SWITZERLAND

MONACO

PORTUGAL

FRANCE

UNITED KINGDOM

IRERLAND

BELGIUM

LUXEMBOURG

GERMANY

ITALY

ALBANIA

BOSNIA ANDHERZEGOVINA

SLOVENIACROATIA

SERBIA

MONTENEGRO

BELARUS

RUSSIA

UKRAINE

AUSTRIA

LIECHTENSTEIN

KOSOVO

ANDORRE

SAN MARINO

LITHUANIA

SWEDEN

NORWAY

DENMARK

REPUBLIC

RUSSIA

LATVIA

TURKEY

CZECH

SPAIN

NETHERLANDS

POLAND

SLOVAKIA

GREECE

MACEDONIA

MOLDOVA

ROMANIA

BULGARIA

HIGH SPEED EUROPE IN 2019

French border

EUROPEAN NETWORK MAPS

35 SNCF GROUP INVESTOR PRESENTATION Ticker : RESFER/SNCFER

This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed on, in whole or in part, to any other person. This document does not constitute or form part of any solicitation, offer or invitation to purchase or subscribe for any securities issued by SNCF SA and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Accordingly, it is not directed to the specific investment objectives, financial situation or particular needs of any recipient.

You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in SNCF SA securities) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this document.

No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of SNCF SA, or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

Certain statements in this document are forward-looking, including statements concerning SNCF SA’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends SNCF SA anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. SNCF SA does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward-looking statements speak only as of the date on which they are made. Any opinions expressed in this document are subject to change without notice and SNCF SA does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

Within the United Kingdom, this document is directed at and intended for distribution only to persons in the United Kingdom in circumstances where the provisions of section 21(1) of the Financial Services and Markets Act 2000 do not apply to SNCF SA and is directed solely at persons in the United Kingdom who (a) have professional experience in matters relating to investments falling within article 19(5) of the Financial Services And Markets Act 2000 “FSMA” (Financial Promotion) Order 2005, as amended (the “Order”) or (b) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order or (c) are persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”) and in such a case this document must not be viewed, accessed, acted on or relied on in the United Kingdom by persons who are not relevant persons and any investment or investment activity to which the document relates or may relate is available only to relevant persons and will be engaged in only with relevant persons.

This document shall not be made available to and should not be made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (“MiFID II”); or (ii) a customer within the meaning of Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

Neither this document nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, into the United States or to a U.S. Person (as defined in Rule 902 of Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. This document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.

Neither this document nor any copy thereof may be retained by you or reproduced, redistributed or passed on, in whole or in part, to any other person. By attending the presentation you agree to be bound by the foregoing restrictions.

DISCLAIMER


EMAIL: [email protected] WEB: www.sncf.com

TICKER BLOOMBERG: SNCFTICKER REUTERS: SNCF

NICOLAS MARCHESSAUXHead of Capital Markets & Investor Relations Dpt.TEL . : +33 (0)1 45 19 28 54 MAIL : [email protected]

JULIEN JOACHIMDeputy Head of Capital Markets & Investor Relations Dpt.TEL . : +33 (0)1 45 19 28 65 MAIL : [email protected]

FLORIAN MORINICredit Analyst, Investor RelationsTEL . : +33 (0) 1 85 58 85 31 MAIL : [email protected]

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