SNCF GROUP INVESTOR PRESENTATION TABLE OF CONTENT 1 SNCF GROUP: - PowerPoint PPT Presentation

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 BUSINESS PROFILES APPENDICES: OTHER CONTACTS 2 SNCF GROUP INVESTOR PRESENTATION

AN OVERVIEW OF OUR BUSINESSES

SNCF GROUP PRESENTATION A LEADING PASSENGER AND FREIGHT LOGISTICS GROUP IN FRANCE & WORLDWIDE € 33.3 bn € 21.6 bn € 5.1 bn AA- Aa3 A+ € 4.0 bn Turnover in 2018 Net debt pro forma CAPEX financed on its own S&P Moody’s Fitch Group EBITDA in 2018 1/3 outside of France of total debt relief* by SNCF Group Stable Stable Stable * Pro forma of the € 35 bn debt relief, post 2022 Total turnover: breakdown by branches (internal and external) Main activities: rankings & KPIs 4 SNCF Réseau KEOLIS IN % 24 -19 #2 largest network in Europe #1 automatic subway SNCF Réseau 100 and tramway operator worldwide 18 #3 largest ‘high speed’ network in the world SNCF Voyageurs 50 SNCF Logistics #4 operator in Europe KEOLIS SNCF Voyageurs #8 operator worldwide 15 k trains / day, GEODIS of which 7,000 in the Paris Greater area Rail Freight 23 OUI.SNCF 15 m travelers / day in the world #1 online travel agency in France Other* * Mainly intercompany sales elimination SNCF Réseau SNCF Voyageurs KEOLIS GEODIS Rail Freight World leader in day Infrastructure and train Train operating company Freight and logistics, Rail freight transport to day mobility station manager in France in France and internationally both internal and international, solutions for industries including non rail activities (steel, chemicals, goods…) Revenues: € 7.7 bn Revenues: € 16.4 bn Revenues: € 5.9 bn Revenues: € 8.2 bn Revenues: € 1.6 bn EBITDA: € 350 m EBITDA: € 1.8 bn EBITDA: € 1.3 bn EBITDA: € 306 m EBITDA: € - 188 m 3.3 bn passengers 30,000 km size of 5 m passengers / day annually the French network for TER regional lines Direct presence and Transilien in 67 countries 21 light rail networks 20,000 train paths 8.4 m passengers on worldwide delivered daily A network connecting international markets in 2018 more than 120 countries 21,500 buses and coaches 440 m t.km train paths sold in 2018 16 countries 3,000 train stations under 10 modes of transport management in France 4 SNCF GROUP INVESTOR PRESENTATION

INTERNATIONAL FOOTPRINT UNITED KINGDOM 0.7% 1/3 OF TOTAL GROUP BUSINESS 43% NORTHERN EUROPE 0.7% 60% 50% CENTRAL AND EASTERN EUROPE 6% € 2 702 m 99.7% 39% 0.3% NORTH AMERICA € 220 m € 1 053 m 18% 1% 72% 0.6% CENTRAL ASIA 23% 95% 26% 59% 5% € 2 299 m NORTH AFRICA € 2 865 m € 463 m MIDDLE EAST 75% 25% WESTERN EUROPE 45% SOUTH ASIA € 32 m 55% CENTRAL AMERICA 13% 75% € 78 m 12% 0.3% SOUTHEAST ASIA 99.7% € 88 m € 172 m 96% 4% SUB-SAHARAN AFRICA € 176 m 6% 94% BUSINESSES 2018 SOUTH AMERICA • € 39 m Logistics AUSTRALIA / OCEANIA 3% • 97% Mass Transit • 32% Passengers long distance services • Consulting and rail engineering (of which Systra, € 163 m 67% consolidated under the equity method) 0.9% € 840 m * Total revenue volume generated by companies owned by SNCF Group (Controlling or not) 5 SNCF GROUP INVESTOR PRESENTATION

OVERVIEW OF THE REFORM OPENING TO COMPETITION SCHEDULE DECEMBER 2019 For subsidised services (TER, TET), French regions able to organise A NEW GOVERNANCE A STRENGTHENED AND MORE SUSTAINABLE call for tenders FINANCIAL STRUCTURE FOR THE INFRASTRUCTURE – Creation of a vertically integrated Group – Higher productivity efforts at SNCF Group level gathering all rail activities DECEMBER 2020 – Debt relief (SNCF Réseau) by the State for € 35 bn – Train stations manager « Gares & Connexions » “Open Access” is transferred to SNCF Réseau – Increase in the modernization efforts by € 200 m allowed for High-Speed per year from 2020 onwards on the railway infrastructure – The 3 SNCF companies are all converted into SA and conventional trains not subject to a public (public limited company) with capital 100% (directly – Stronger Golden Rule for SNCF Réseau: service contract and indirectly) state-owned and non-transferable - Enlarged perimeter to include all capex in order to ensure the independence of the corporate - Ratio shifted from x18 to x6 by State decree governance and new capitalistic links - 2-year period to achieve financial ratio until 2026 DECEMBER 2023 – Compliant with the European regulation ensuring For subsidised services the independence between the infrastructure manager (TER, TET) regions or State will have to and operating companies (4 th railway package) organise mandatory call for tenders at the termination date of operating contracts DEVELOPMENT OF THE RAIL OFFER A SOCIAL COMPONENT DECEMBER 2039 – Opening to competition of transport activities – End of the specific employee status for new workers Special provisions (4 th railway package) hired from 2020 onwards for Transilien: opening is scheduled between – Foster the development of the rail offer via tariffs 2023 and 2039 depending on lines moderation on HSL and freight activities 6 SNCF GROUP INVESTOR PRESENTATION

BIRTH OF AN INTEGRATED PLAYER 100% State-Owned KEY STEPS TOWARDS shares non transferable THE NEW ORGANISATION Gares & Connexions transferred from SNCF Mobilités (B.U.) to SNCF Réseau as a subsidiary SNCF SA (Holding) SNCF SA (holding) operating activities transferred to SNCF Voyageurs, to only retain strategic and controlling missions 100% 100% 70% 100% 100% non transferable non transferable SNCF Mobilités takes over SNCF EPIC to become the holding SNCF SA RÉSEAU SA VOYAGEURS SA SNCF Voyageurs takes over passenger Rail Freight Infrastructure manager Operating company World leader Multimodal freight in day to day mobility & freight forwarding activities and rolling stock of SNCF Mobilités including Thalys and Eurostar Subsidiaries SNCF SA (directly) and SNCF Voyageurs & SNCF Réseau (indirectly) become 100% 100% 62% State-owned public limited companies (French equivalent). Paris - Brussels - Amsterdam 55% GARES& CONNEXIONS SA SNCF BECOMES A FULL Y Paris - London Train station manager INTEGRATED GROUP FROM JANUARY 1ST , 2020 Other subsidiaries are not mentionned in this chart 7 SNCF GROUP INVESTOR PRESENTATION

OUR AMBITIONS BRINGING THE FREEDOM OF EFFORTLESS MOBILITY AND A GREENER PLANET TO ALL GROW RAIL USE BE THE BEST ON THE FUNDAMENTALS Develop mass transit and prepare opening to competition Punctuality, regularity, passenger information Modernization efforts for the core network Target: € 47 bn invested in the network between 2017 & 2026 Target: 90% in punctuality (< 5 mins) at departure by 2026 INCREASE CUSTOMER SATISFACTION BOOST EMPLOYEE ENGAGEMENT AND SATISFACTION Increase satisfaction among all categories of customers Prepare employees to a new social pact Target: 84% in passengers satisfaction in 2026 Target: +1 pt / year in employee satisfaction / commitment by 2026 DELIVER ECONOMIC DISCIPLINE WORK WITH REGIONS TO ADVANCE AND HIGH PERFORMANCE THE ECOLOGICAL AND INCLUSIVE TRANSITION By developing rail, carpooling and all kind of shared motilities Get the fjnancial means to match our ambitions Target: -30% of tons of CO2 per passenger.km by 2026 Target: positive free cash flow by 2022 8 SNCF GROUP INVESTOR PRESENTATION

SNCF GROUP CREDIT PROFILE

SNCF GROUP: CREDIT FEATURES A LEADING COMPETITIVE POSITION 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 benefjt from the gradual opening to competition in the passenger transportation segment World leader in urban mass transit and logistics in more than 120 countries A REINFORCED FINANCIAL STRUCTURE 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 fjnancial 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 ECP purchasing programme for denominated issues 10 SNCF GROUP INVESTOR PRESENTATION