investor presentation · - a performance plan of €0.7 bn by 2021 and €1.6 bn by 2026: - boost...

INVESTOR PRESENTATION

TABLE OF CONTENT

1 SNCF RÉSEAU AT A GLANCE

2 STRATEGIC UPDATE FOLLOWING 2018’S RAILWAY PACT

3 FINANCIAL TRAJECTORY & FUNDING STRATEGY

4 GREEN BONDS PROGRAM

5 APPENDICES

2

SNCF RÉSEAU AT A GLANCE


1

SNCF-Réseau PRESENTATION

Ticker : RESFER/SNCFER

SNCF RÉSEAU AT A GLANCE 2018 KEY FACTS AND FIGURES

€6.3 billionin revenue

€5.1 billion invested in infrastructure 54% renewal and perf., 32% develop., 14% other

30,000 km of linesincluding 2,600 km of high-speed lines (> 300 km/h in France)

137 ESR (Remarkable Safety Events)

€1.6 billionin EBITDA (25% margin)

15,000 train circulations per day

440 million tkm(train-kilometer) train paths sold in 2018

Aa2 / AA / AALong Term Rating (same as Republic of France)

€49.6 billionin net financial debt

54,100employees

5 millionpassengers per day

10.5% of minutes lost due to the infrastructure manager in 2018

4

TURNOVER SPLIT

34% TAC State subsidies 66% Aggregated Toll fees

and reservation fees

38% Regional trains 36% High-speed trains 13% Greater Paris10% National & InterRegional Express 3% Freight

€ billion6.3

€ billion6.3

BY REVENUES SOURCES IN 2018

BUSINESSES IN 2018


SNCF RÉSEAU: OWNER AND MANAGER OF THE FRENCH RAILWAY INFRASTRUCTURE MAIN ACTIVITIES– Commercialisation to train operating companies and transport authorities of train paths

(the railway equivalent of time slot in air travel), which allows its clients to run a train from one point to another at a given time.

– 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.

MAIN ACTIVITIES & SPECIFICITIES SNCF Réseau Corporate Socially Responsible (CSR) policy has been developed by the Environment & Sustainable Development department, involving all business lines of the company, regional departments and transversal functions.

SNCF Réseau’s approach is comforted by extra financial ratings (SRI) provided by VIGÉO and ISS-Oekom. SNCF Réseau respectively ranks #2 & #2 out of 49 and 51 companies.

CHALLENGE 1Secure a high level of network safety, thus contributing to rail system safety

CHALLENGE 2Reduce our ecological footprint and consolidate our environmental assets

CHALLENGE 3Improve our social performance

CHALLENGE 4Reinforce our regional involvement

5

AGENCIESVIGÉOISS-Oekom

SCORE RANKING2016

49/100C+

201766/100

B-

201866/100

B-#2 out of 49 companies#2 out of 51 companies

CSR CHALLENGES


SNCF RÉSEAU MAIN CREDIT FEATURESUnified and integrated infrastructure manager with long-term tangible assets and very stable and predictable revenues

Public service mission with a natural and legal monopoly onto the infrastructure bearing no risk of deregulationWholly owned by the French State; shares are non-transferable nor sellable. Chairman of SNCF Réseau appointed by the French State, after approval from the ARAFER 1)

Strategic missions to the French State due to their weight in the French economy, citizens mobility, employment and national defence

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

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

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 issuesLiquidity is risk mitigated by the potential support offered by the French State though the CDP (Public Debt Fund)

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

€

1) ARAFER is the French Rail & Road Independent Regulator

6

STRATEGIC UPDATE FOLLOWING 2018’S RAILWAY PACT


2


COMPETITIVE ENVIRONMENT

OPENING TO COMPETITION

STARTING FROM 2020

NATURAL MONOPOLY

HOLDING

SubsidiariesOther subsidiaries

100% & non-transferable

100% & non-transferable

100% State-owned &Shares are non-transferable

THE 2018 RAILWAY REFORMWILL BE IMPLEMENTED ON 1st JANUARY 2020

RÉSEAU Infrastructure Management

NEW MOBILITÉS VOYAGEURS

OTHER SUBSIDIARIES

A REINFORCED CORPORATE GOVERNANCE

GARES& CONNEXIONS

– On January the 1st, 2020, SNCF Group becomes a fully integrated Group including:

• A holding company, 100% directly held by the French State • Two main operating entities (SNCF Mobilités, SNCF Réseau) and several other subsidiariries • SNCF Holding and the operating entities become 100% State owned Public Limited Companies

– Reinforced Infrastructure Manager role for SNCF Réseau: Gares & Connexions (train stations activity) will be transferred to SNCF Réseau

8


THE FRENCH RAILWAY REFORM: WHAT CHANGES, OR NOT

Very strong support from the State.Enjoys a natural monopoly onto the infrastructure with no risk of deregulation.Liquidity risk is mitigated by the potential support offered by the French State through the CDP (Caisse de la dette Publique / Public Debt Fund).Included in the "Government Related Entity" list by the European Commission in 2002.Remains eligible to the ECB PSPP for its € denominated issues.

UNDER THE 2014 RAILWAY REFORM AND BEFORE THE 'RAILWAY PACT' OF 2018

Not subject to private-sector bankruptcy law due to EPIC status.Integrated infrastructure manager holding the former RFF, SNCF Infra and DCF branches.Debt is seen by the rating agencies as implicitly guaranteed by the French State.'Golden Rule' of a maximum leverage ratio of 18x to allow the company to invest in new development projects.

FROM THE 1ST OF JANUARY 2020, UNDER THE 'RAILWAY PACT' OF 2018

Becomes a 100% State owned Public Limited Company (whose shares are non-transferable, nor sellable by the French State 1)).Integration of Gares & Connexions (the train stations manager) into SNCF Réseau. SNCF Réseau will be fully owned by SNCF, the new Holding company of SNCF Group. Considered as critical for the French Government by the ratings agencies, its debt rating is similar to that of the French State.The French State relieves €35 bn debt of SNCF Réseau, in two steps (€25 bn on January the 1st, of 2020, and €10 bn in 2022). Subject to publication the finance act.Reinforced ‘Golden Rule’ with a maximum leverage ratio above which the company will not be able to invest in any projects.�End�of�the�specific�employees’�status for new workers hired after January the 1st, 2020. New railway pact transposes in the French Law the opening to competition of passenger transport market as foreseen by the 4th European railway package.

1) The Law n°2018-515 of June the 27th, 2018 specifies that shares of SNCF Holding and its Subsidiaries SNCF Réseau and SNCF Mobilités are non-transferable nor sellable by the French State.

SUBJECT TO PUBLICATION OF THE FINANCE ACT 9

WHAT DOES NOT CHANGE

WHAT CHANGES


MAIN FEATURES OF THE DEBT RELIEF– The French State has committed to relieve €35 bn of SNCF Réseau's debt, in two stages:

€25 bn on January 1st, 2020 and €10 bn by 2022 through the following envisaged mechanism.– After implementation of the debt relief mechanism, SNCF Réseau will benefit from:

• a €35 bn financial receivable from the CDP, perfectly matching the characteristics of SNCF Réseau’s debt towards the markets,

• an increase in equity for an equivalent amount (€35 bn).– This financial receivable from the CDP will generate:

• financial products for approximately €1.1 bn/annum and, • principal repayments perfectly matching the debt repayment (prorata).

– SNCF Réseau’s “historical” debt stock will be retained in its balance sheet.

KEY OBJECTIVES FOR STAKEHOLDERS Reduce its net indebtedness and increase its equity capital Reduce its financial expenses in order to maintain solvency and liquidity ratios consistent with a very solid credit rating, aligned with (or as close as possible) that of the French State

Reach long-term visibility and provide the company with a sustainable capital structure

No change in counterparty for debtholders Ensure a fair treatment among all creditors including bondholders Avoid uncertainty thanks to a clear strategy and a strong commitment from the French State

Build a long-term balanced economic model for the French rail sector Enable SNCF Réseau to restore its financial autonomy, by significantly relieving the debt burden

$

SUBJECT TO PUBLICATION OF THE FINANCE ACT 10

Mirroring loan towardsThe CDP €+35 bn

CDP Loan Financial Products €+1.1 bn

Existing Assets

Capital increase

€+35 bn

Existing financial charges≈��€1.5�bn

Existing Debt stock

≈��€50�bn

ASSET

P&L

LIABILITY

FINANCIAL TRAJECTORY & FUNDING STRATEGY


3

2016 2017 2018 2018 PF 3)

Turnover (€bn) 6.4 6.5 6.3 6.3EBITDA (€bn) 1.9 1.9 1.6 1.6Financial Result (€bn) -1.2 -1.2 -1.2 -0.4Net Result (Rec.) (€bn) -0.1 -0.2 -0.6 0.3Gross Investments (€bn) 5.2 5.4 5.1 4.9Net investments excl. sub (€bn) 3.4 3.2 3.0 2.8Net financial Debt (€bn) 44.9 46.6 49.6 14.6Equity 1) (€bn) -12.0 -12.0 -17.0 18.0Net Debt / EBITDA (x) 23.8x 24.6x 31.9x 9.4xGearing 2) (€bn) n.s. n.s. n.s. 45%EBITDA / Financial expenses (x) 1.7x 1.6x 1.3x 4.2x

1) €3.4 bn impairment test impact, no cash impact 2) Defined as Net Debt / (Equity + Net Debt) 3) Unaudited

SNCF-Réseau AUDITED FINANCIAL STATEMENTS 2018

FINANCIAL HIGHLIGHTSThe €35 bn debt relief from the French State will strenghten SNCF Réseau’s balance sheet, creating a significant equity cushion while improving cash generation in order for the company to reduce its net indebtedness on a stand-alone basis.

FINANCIAL POLICYFrom January the1st, 2020 and the shift into PLC, the objective of SNCF Réseau and it sole shareholder, the French State, is to maintain solvency and liquidity ratios consistent with a very solid credit rating, as close as possible to that of the French StateSNCF Réseau targets a sustainable long-term financial structure, aligned with industry standards and the long-lived nature of its asset base, while rejuvenating and maintaining infrastructure through dedicated investments

KEY 2018 ACTUAL & PRO-FORMA FIGURES

Ticker : RESFER/SNCFER12

STRATEGY AND PERFORMANCE CONTRACTTHE PERFORMANCE CONTRACT- A multi-annual contract signed between the French State and SNCF Réseau on a decade length- A revaluation clause set every 3 yearsADDITIONNAL MEANS- A performance plan of €0.7 bn by 2021 and €1.6 bn by 2026:

- Boost productivity (optimization of the non circulated train paths for works periods, work organization…)

- Strengthens externalization of works and studies- Includes a savings program of 1.8% per annum until 2026 on cross-functional activities

- A €35 bn debt relief of SNCF Réseau’s debt, in two steps (€25 bn on January the 1st, of 2020, and €10 bn in 2022)

- A reinforced ‘Golden Rule’ with a maximum leverage ratio beyond which SNCF Réseau can no longer contribute to investments which must then be funded by requesting parties (State, Local authorities, E.U.,…)

- In a context of fast decrease of total investments- With investments conducted on third parties demands (State, Local Authorities) already funded by themselves

32%Network development

68%

Productivity, safety, quality and renewal4,000

5,000

7,000

6,000

3,000

2,000

1,000

8,000

0

Direct investments from SNCF Réseau stand at €3.0 bn

7,8

2013

6,2

2015

5,2

2016

A 5.1 BILLION EURO INVESTMENT IN 2018

2014

6,9

5,4

2017

5,1

2018

13 Ticker : RESFER/SNCFER

FUNDING STRATEGYTargeted long-term funding programme €3.0 to €4.0 billion each year until 2020, and €1.0 to €3.0 billion thereafter.

3 main funding pillars on the bond market: • Building credit curves in €, $ and 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, targeted to a diversified investor base.

The funding strategy emphasises public benchmarks and public reopening, leaving around 25% room for private placements in various formats and currencies.A dynamic investor relation policy in the main geographical areas (Americas, Asia, Europe, Middle-East, Africa) to constantly widen and diversify the investor base.

FUNDING ENTITIESUntil January 1st, 2020, SNCF Réseau and SNCF Mobilités will continue to raise, on their own behalf, their respective funding.From January 1st, 2020, historical debt stock retained into SNCF Réseau’s balance sheet. New issues carried out either by: - Holding company alone, or- Holding company for the funding of railway operating activities (SNCF Mobilités &

SNCF Logistics) and SNCF Réseau for the funding of the infrastructure activities.

5 years

25 years

20 years

15 years

10 years

20132012 2014 2015 2016

0 years

AVERAGE MATURITY OF ANNUAL LONG-TERM ISSUANCE

INTEREST RATE EXPOSURE (as of December 2018)

Bloomberg ticker: RESFER Reuters ticker: SNCFER

90% Fixed rate 6% Floating rate 4% Inflation-linked rate

2017 2018


SNCF RÉSEAU, A TOP QUALITY ISSUER(as of 2019)

SHORT-TERM LONG-TERM CEILINGS CEILINGSFrench Commercial Paper (DPF) €3 billionGlobal Commercial Paper €5 billionEuro Medium Term Notes €55 billion

SHORT-TERMF1+P-1

A-1+

LONG-TERMAAAa2AA

RATING AGENCYFitchMoody’sStandard & Poor’s

Proactive liquidity risk management with: – An access to various sources of short-term funding backed by a €1.5 bn

syndicated credit facility– Strict counterparty risk management within individual and consolidated limits

set by the Board of Directors– An effective system of internal control and audit set-up to manage operational risk– No currency risk– A strong cash position (€2.8 bn at year end 2018).

Fitch Ratings-Paris-01 June 2018: Fitch Ratings says the transfer of

a EUR35 billion of SNCF Reseau’s (AA/Stable) debt to the French government in 2020 (EUR25 billion) and 2022 (EUR10 billion) would represent a significant relief for the railway company’s EUR 46.6 billion net debtThe terms of the debt transfer are not yet finalised but Fitch believes that the objective of both the French government and SNCF Reseau is to avoid a possible discrimination among creditors of SNCF Reseau. [1-June.-18]

INSEE's reclassification does not affect SNCF Reseau's debt ratio, but it is consistent with our view that the company functions as a proxy vehicle for the French state, which therefore has a strong incentive to provide financial support if necessary. Its ratings are the refore equalised with those of the sovereign.” [18-Sept-18]

The French government has announ- ced it will to take over a sizable portion of SNCF Réseau’s debt in 2020 and

2022 under a comprehensive rail reform package adopted mid-June by Parliament.

We continue to assess the likelihood of extraordinary support from the France in case of need as almost certain, reflecting the crucial importance to the government of it activities of owning and managing France’s railway network and its very close relations with the government. We therefore affirming our ‘AA/A-1+’ ratings on SNCF Réseau.

Our opinion of an almost certain likelihood of extraordinary government support for SNCF Réseau reflects our views that the company plays a critical role for and continue to have an integral link with the government. We therefore equalize our ratings on SNCF Réseau with those on France (unsolicited, AA/St./A-1+). [29-June-18]


DEBT PROFILE

4,5004,0003,5003,0002,5002,0001,5001,000

5000

SNCF RÉSEAU CREDIT CURVEPublic issues outstanding in € millions equivalent (as of April 2019)

EUR EUR Green Bonds CHF CAD GBP EUR€i USD

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

2051

2053

2055

2057

2059

2061

2063

2115

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 130US $11/10/19 1.375 1,00013/10/20 2 1,50018/03/22 2.750 1,500GBP02/12/21 5.5 80007/12/28 5.25 65031/01/35 5.25 47511/03/52 5 55025/03/60 4.83 550C $01/06/35 4.7 300EUR ei28/02/23 €i 2.45 2,000EUR12/10/20 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 1,10007/10/26 4.25 3,60019/05/27 1.125 65025/10/28 3.125 1,97522/01/29 0.875 50025/05/30 1.125 1,70009/11/31 1.00 90010/10/33 5 3,80030/03/34 1.875 1,00029/05/37 1.5 1,30018/12/42 3.3 1,82520/12/47 2.25 1,10005/02/48 2 1,10022/03/62 4.125 1,150

SELECTED BENCHMARK ISSUES (as of April 2019, in millions per currency)


ISSUING FORMATSince 1997

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

CURRENCY BREAKDOWNSince 1997

74% EUR11% GBP 4% CHF

8% USD2% Others (AUD, CAD, HKD, NOK, SEK, JPY)

GEOGRAPHICAL BREAKDOWNSince 1997

38% France24% Continental

Europe16% UK 7% Switzerland

7% Asia5% Others1% Scandinavia2% USA/Canada

GREEN BONDS PROGRAM


4

SNCF-Réseau GREEN BOND SNCF Réseau 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 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

GREEN BONDS PROGRAMMESince 2016, SNCF Réseau has performed a major renovation programme of its rail network and initiated an innovating funding through Green Bonds

GREEN BONDS FRAMEWORK MAIN CHARACTERISTICSEligible Green Assets: Green Bond programme focused on maintenance, upgrades and energy efficiency of the rail system and Investments related to new rail lines and rail lines extensionsSignificant�amounts:�Eligible Green Assets represent €1.5 bn to €1.8 bn every yearRecurrent programme: Targeting to issue Green Bonds Benchmarks at least once a yearAdditionality: New money for new CapexSecond opinion: Provided by ISS-Corporate Services (ISS-ESG)High Standards: - In line with the Green Bond Principles (GBP)

- Climate Bond Initiative (CBI) certification

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

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.


Green outstanding (as of March 2019)

€3.5 bn% of total debt

7.1%Green Bonds 2016-2018

8.8 M tCO2eq Over 40 ans

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

2019

20161st Green Bond for a Railway

Infrastructure Manager

2017 + 2019 (TAP)Longest Green Bonds in €

with a double certification from CBI and GBP

€ 1,100,000,000 2.25% Climate Bond due December 2047

€ 500,000,000 0.875% Climate Bond due January 2029

€ 900,000,000 1% Climate Bond due November 2031

2017Longest Green Bonds

for a French company or agency

€ 1,000,000,000 1.875% Climate Bond due March 2034

18

IMPACT ASSESSMENT METHODOLOGYCarbon amortization depends on two parametersEmissions due to regeneration works, or new lines developments. For reference, steel used for the tracks stand for 2/3 of the overall emissions.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 shift based on the line considered.High Speed Lines, 53.7 bn.v.km/y, > modal shift: 50% airplane, 40% car, 10% busesRegional trains lines, 13.6 bn.v.km/y, > modal shift: 90% car, 10% busesFreight lines, 32 bn.v.km/y, > modal shift: 90% trucks, 10% waterway

TANGIBLE ENVIRONMENTAL IMPACTS FOR EACH € INVESTED

SNCF-Réseau GREEN BOND

A PROCEEDS ALLOCATION SPLIT IN 3 CATEGORIES

* ***

== €1 bn Invested in Green Bonds

renewal projects

3.7 M of tCO2

of avoided emissions over 40 years

equivalent to the carbon footprint of 7.600 French people over 40 year

CO2


SNCF 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 extensionsOther investments linked to theglobal climate change challenges,the protection of biodiversity and natural resources(as of Dec-2019, * Realised, ** Anticipated)

TYPOLOGY OF PROJECTS

Track, ballast sleepers & switches Catenary’s system renewal Signalling’s system renewalBridges, Tunnels, Earthworks & others sub-TotalLGV 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 €20161,084

36183

0 1,303

176

nd

1,479

* 20171,025

36 197 108

1,366 0

nd

1,366

2018926 231 150

78 1,385

0

nd

1,385

2019869 263 173 167

1,471 0

nd

1,471

19

APPENDICES


5

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


$ $ $

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.

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.

EXISTING STRUCTURE

1 2

A

A

B

B D

C

C

C

D

3

French State

SUBJECT TO PUBLICATION THE FINANCE ACT21

THE FRENCH RAILWAY REFORM: ADDITIONAL FEATURES

SNCF Holding and the operating entities to become 100% State owned Public Limited Companies.The Law n°2018-515 of the 27th of June 2018 specifies that shares of SNCF Holding and it Subsidiaries SNCF Réseau and SNCF Mobilités are non-transferable nor sellable by the French State.


THE 2018 RAILWAY REFORMWILL BE IMPLEMENTED ON 1ST JANUARY 2020

KEY MILESTONES SINCE

LEGAL STATUS POST 2018 REFORM

1997Creation of RFF establishing a separation between the operator (SNCF) and the manager of the railway infrastructure

2009Set-up of the French railway sector independent authority ARAFER

Gradual opening of railway freight to competition 1st new freight operator2005

Creation of EPSF (security railway sector authority) 2006

€10 bn additional debt debt relief from SNCF Réseau to the French State 2022

2018New Railway pact voted at the Parliament and promulgated

2020SNCF group becomes fully unified and integrated. The SNCF Holding and operating entities become 100% State-owned Public Limited Companies €25 bn debt relief from SNCF Réseau to the French State

2013Draft bill from the French government to set-up in 2015 a Unified Infrastructure Manager

Gradual opening of passenger crossborder traffic to competition2010

Railway reform Act, merging RFF, SNCF-Infra and DCF in one single independant EPIC: SNCF Reseau2014

(i) Open acces to passenger trafic (ii) 12 train freight operating companies on the network with 42.7% market share for new operators2019

SUBJECT TO PUBLICATION THE FINANCE ACT22


A SUSTAINABLE DEVELOPMENT POLICY FOR RESPONSIBLE MODERNISATION AROUND SEVERAL CHALLENGES

SNCF RÉSEAU IS DEDICATED TO MAKING SUSTAINABLE DEVELOPMENT A REALITY IN ITS OWN WORK METHODS

REDUCING THE ECOLOGICAL FOOTPRINT & CONSOLIDATING OUR ECOLOGICAL ASSETSSNCF Réseau is committed to reducing the impact of it operations by developing a circular economy and preserving biodiversity whilst contributing to the national energy transition (and the Paris Agreement)1,464: # of hours of training related to environmental issues provided to SNCF Réseau’ employees in 2018 (versus 1,233 hours in 2017)78: % of trains running on electrical traction€45.5: millions of sales reported of equipment at end of life65,187: Tons of wooden sleepers turned into electricity in 201897,3: % of rails recycled in 2018

IMPROVING OUR SOCIAL PERFORMANCE

SNCF Réseau employed 54.097 people in 2018. Access to employment, knowledge sharing, diversity promotion and life at work improvement... all of these projects are contributing to excellence on the French railways.2,079: # of newly hired employees in 2018 (versus 2,832 in 2017)2,048: # of workers with a disability in 2018 (versus 2,046 in 2017)644: # of employees involved in skills sponsorship in 2018 (versus 542 in 2017)16.3: % of women recruited in 2018 (versus 16.2% in 2017)

REINFORCING OUR REGIONAL PRESENCEbeing at the heart of regional economic and social activities that the company is working hard to develop. SNCF Réseau maintains constant open dialogue with local stakeholders about all our various projects.

30: # of consultations launched in 2018 (versus 32 in 2017)718: # of homes in Rail Noise Black Spots (RNBS) treated in 2018 (versus 734 in 2017) 330 000: # of hours of social integration projects carried out through social clauses

23

OPENING OF THE DOMESTIC PASSENGER MARKET: AN OPPORTUNITY TO DEVELOP THE USE OF RAILWAY


SCHEDULEFor high-speed trains and conventional trains not subject to a public service contract: from December 2020 on “open Access”. For subsidized services (TER, TET), the regions or the State which wish it, will be able to organize calls for tenders: from December 2019 (obligatory from December 2023).The Law provides special provisions for Transilien: opening from 2023 to 2039 for certain lines.

A NEW DEAL FOR FRENCH RAILWAYSSNCF Réseau has the opportunity to create a virtuous circle favorable to the development of the railway system.

PROVIDE NEUTRAL AND EQUITABLE ACCESS TO THE NETWORKSNCF Réseau will have to prepare, build and distribute train paths between all customers (current and future) with the utmost strictness of fairness and transparency.

24

TRAIN CIRCULATION GROWTH(ADDITIONAL TRAIN PATHS SALES)

GROWTH OF THE TOLL FEES GENERATED BY SNCF RÉSEAU

NEW REVENUES TO FUND THE INFRASTRUCTURE MODERNISATION

NEW TRAINS OPERATING COMPANIES

A 3 STEPS APPROACH– Get more trains circulating on the network – Create a high-performance network – Develop professional training and training

for all agents

ORGANIZATION TARGET Structuration by main strategic missions, with 3 prescription directions, 3 production directions and 4 support directions.

A PROJECT ORGANIZED AROUND 3 PILLARSStrategic plan Organization Processus

BASED ON FOUR AREAS

Modernise the Network to improveThe quality of service

Change our organization toward more cross-cutting

Setup a dynamic commercial policy

Differentiate prescriptors from developpers

A full length articulation betwen contracting authority and contractor

Unify and pilot the organization of the production by axis

Set the exploitation at the heart of the organization system

Network management of the assets, with a long-term industrial strategy

Strengthen thedialogue with all clients and stakeholders

Change the trainexploitation to getmore trains circulating

6 PRINCIPLES

25

DEPLOYMENT OF NOUVEL’R IN JULY 2018

NOUVEL’R: BASICS OF THE NEW ORGANIZATION


Lore

Patras

Corinth

Plovdiv

Varna

Roussé

Pleven

Burgas

Izmir

Galați

PloieștiPitești

Odessa

Tiraspol

MINSK

Vitebsk

Orcha

Smolensk

Briansk

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Disclaimer : these maps striclty show indicative paths april 2019

EUROPEAN NETWORK MAPS

27

CONTACTS

Design & production by: Pascal Sardaby for Toolsmachines’ Photos: Médiathèque SNCF – AVRIL. 2019 28

GUILLAUME HINTZYGroup Treasurer, Executive Director Financing & TreasuryTEL . : +33 (0)1 72 92 60 40 MAIL : [email protected]

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

YANNICK LINCKFinancial Market OperationsTEL . : +33 (0)1 45 19 28 58 MAIL : [email protected]

ANTOINE CHAUMEILFinancial Market OperationsTEL . : +33 (0)1 45 19 28 53 MAIL : [email protected]

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

EMAIL [email protected] www.sncf-reseau.fr

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