SNCF GROUP GLOBAL INVESTOR CALL • Laurent Trevisani, Deputy CEO, SNCF Group • Guillaume Hintzy, Global Head - Financing & Treasury, SNCF Group SNCF GROUP SNCF GROUP OVERVIEWCREDIT PROFILE OF THE REFORM RAILWAY REFORM: WHAT CHANGED IN 2020

A NEW GOVERNANCE A MORE SUSTAINABLE FINANCIAL STRUCTURE

+ Creation of a vertically integrated group gathering all mobility + Higher productivity efforts at SNCF Group level and logistics activities + €35 bn debt relief at SNCF Réseau SA, the first stage of which + The 3 SNCF companies have been converted into SA (public already took place in 2020 for €25 bn limited companies), 100% state-owned (directly and indirectly) and whose shares are non-transferable + Stronger Golden Rule for SNCF Réseau SA: + Enlarged perimeter to include all capex + Train stations manager « SNCF Gares & Connexions SA » has + Ratio shifted from 18x to 6x by State decree been transferred to SNCF Réseau SA

DEVELOPMENT OF RAIL OFFER A SOCIAL COMPONENT

+ Passenger transport activities open to competition + End of specific employee status for new employees hired from 2020, in + Rail offer development favored by tariffs moderation on high speed parallel with a national collective agreement for all rail employees lines and freight activities

3 GLOBAL INVESTOR CALL SNCF: AN OVERVIEW OF THE NEW STRUCTURE

GROUP MISSIONS

+ SNCF Réseau SA: infrastructure and train station manager 100% State-owned shares are non transferable + SNCF Voyageurs SA: train operating company in and abroad + : world leader in day-to-day mobility (mass transit) + GEODIS: freight and logistics SNCF SA (Holding) + Rail freight activities including SNCF Fret: rail freight transport

100% 100% 70% 100% 100% non transferable non transferable KEY CREDIT FEATURES AND KEY FIGURES

RÉSEAU VOYAGEURS Freight activities + Ratings: AA- / Aa3 / A+

€8.0 €17.0 €6.6 €8.2 € 2.0 + 100% French State-owned and strategic missions for the French State Turnover Turnover Turnover Turnover Turnover + Large share of revenues from local authorities through contracts with the regions Subsidiaries + An integrated business model enabling the company to meet the 100% challenges of “mass transit” 62% + Well prepared and positioned to benefit from the gradual opening to competition in the passenger transportation segment

GARES& 55% CONNEXIONS + World leader in urban mass transit and logistics in more than 120 countries

This chart only present main subsidiaries + Targeting FCF neutrality by 2022 for the Group + Turnover: €35.1 bn + EBITDA: €5.6 bn + Net Debt*: €35.3 bn

*Pro forma of total debt relief occurring in 2020 (€25 bn)

4 GLOBAL INVESTOR CALL SNCF GROUP SNCF GROUP 2019CREDIT FINANCIALPROFILE RESULTS 2019 FINANCIAL RESULTS FOR SNCF

HISTORICAL FIGURES 2019 2019 PF* 2018 2019 PF / 2018

Revenues (€bn) 35.1 35.1 33.3 +1.8 EBITDA (€bn) 5.6 4.6 4.0 +0.6 Financial Result (€bn) -1.9 -1.7 -1.5 -0.3 Net Result (rec.) (€bn) -0.3 - -0.2 - Gross Investment (€bn) -9.9 -9.9 -8.9 -1.1 Net Investment excl. sub (€bn) -5.2 -5.3 -5.1 -0.2 Free Cash Flow (€bn) -2.3 -2.3 -2.6 +0.2 Net Financial Debt (€bn) 60.3 60.5 56.6 +3.9 Net Debt / EBITDA (x) 10.8 13.1 14.1 -1.0x FFO** / Net Debt (%) 5.8% 4.4% 3.5% +1%

*Pro forma of IFRS 16 impact **FFO = EBITDA – cash interest paid – cash taxes paid

TURNOVER & EBITDA COMMENTS ON 2019 RESULTS

STRIKE IMPACT STRIKE IMPACT +4.7% + Turnover: dynamic 2019 activity with +5.1% in growth in ordinary turnover mainly underpinned by train +9.2% passenger activities -0.7 -0.6 -0.9 + EBITDA: +€430 m vs 2018 notwithstanding IFRS 16 and perimeter effects. Strong improvement vs. 2018 +5.4% -0.8 (despite December strike) as a result of the increase in turnover and the success of the performance plan 35.1 33.3 +14.9% generating €560 m in additional competitiveness over the year 4.6 4.0 + Net result (rec): recurring net income at -€301 m. Excluding strike impact, Group recurring net result would have

been positive at +€313 m

2019

2018 2018 2019 + CAPEX: historical level of investments at €10 bn, 95% of which allocated for the rail activities in France REVENUES EBITDA w/o IFRS 16 + Free Cash Flow: stable excluding net strike effect*** of 2018-2019. Targeting positive FCF by 2022

***Net strike effect = excluding strike impact of 2018 and 2019 6 GLOBAL INVESTOR CALL A STRONGER INTERNATIONAL FOOTPRINT

Northern Europe Central & Eastern Europe United Kingdom - 42 + 17 North America + 410 €1 011 m €237 m €3 112 m Central Asia + 266 Western Europe (excl. France) €2 565 m + 131 Middle East - 59 North Africa Central America €404 m €2 996 m + 3 + 4 South Asia €82 m + 0 + 65 €35m South East Asia €237 m €88 m Africa South America + 0 + 11 + 1 €176m €40 m €174 m Australia / Oceania + 64

€904m

Turnover increase / decrease in m€

7 GLOBAL INVESTOR CALL +5.1% INCREASE IN TURNOVER VS. 2018 (W/O IFRS 16)

TURNOVER WATERFALL 2018-2019 (IN M€) +164 +601 +39 -26 +460 +312 +120 +97 +43 35 120 33 311 +€1.7 bn / +5.1%

Net of 2018 & 2019 +€1.5 bn / +4.5% strikes

Revenues Perimeter SNCF Réseau Gares & Voyages TER KEOLIS Logistics SNCF Other (SNCF Revenues 2018 & norms SA Connexions SNCF (GEODIS & Corporate Immobilier & 2019 effects SA Intercités Rail Freight) other)

1 VOYAGES SNCF (+4.2%) 2 TER, TRANSILIEN, INTERCITES 3 KEOLIS (+10%) + Success of new offers (Atlantique, TGV Max, + TER & Intercités: dynamic growth in traffic and + In France: undisputed leadership (+2% in growth) with new destinations) turnover underpinned by improvement in the in spite of a tough competitive environment quality of service and takeover of Hauts-de- + Growth in turnover with the launch of the France Intercités lines + On the overseas market: very strong growth new road « Amsterdam-CDG Marne la Vallée » (+18%) supported by a full year operation in the train + Leman Express: launch of the Leman Express, market in Wales (Transport for Wales), new bus + : stable but penalized by strikes of longest transnational European network contracts won in Norway and in the Netherlands, custom officers in S1 and by Brexit turmoil in S2 launch of the Shanghai Pudong airport automatic + Transilien: dynamic growth in traffic (+1.7%) and subway and completion of first part of the new Doha + Customer satisfaction increased to 82% in turnover 2019 (+3 pts) metro + TER: customer satisfaction increased to 86% in 2019 (+4.2 pts)

8 GLOBAL INVESTOR CALL +11.7% INCREASE IN EBITDA VS. 2018 (W/O IFRS 16)

EBITDA WATERFALL 2018-2019 (IN M€) +88 NA +35 +158 +75 +2 +221 +7 +986

Of which: €+972 m 5 591 4 020 related to IFRS 16 + €586 m / +11.7%

Net of 2018 & 2019 + €428 m / +10.6% strikes

EBITDA Perimeter SNCF Réseau Gares & Voyages TER KEOLIS Logistics SNCF Other (SNCF EBITDA 2018 & norms SA Connexions SNCF Transilien (GEODIS & Corporate Immobilier & 2019 effects SA Intercités Rail Freight) other)

EBITDA MARGIN 2018-2019 COMMENTS ON EBITDA

Some of 2019 / 2018 variation can + IFRS 16: +€972 m in EBITDA related to IFRS 16 28% be explained by IFRS 16 effects 30% 25% + Commercial activities: +€430 m related to commercial activities, €315 m of which related to rail activities 20% 16%16% 15% 13% + Performance plans: +€560 m in additional competitiveness over the year 10% 9% 10% 6% 4%4% 4% + Strikes: 2018/2019 net strike impact of +€156 m

SNCF Réseau Gares & Voyages TER KEOLIS Logistics + SNCF Réseau: in line with the increase in turnover (infrastructure fees) SA Connexions SNCF Transilien (GEODIS & + Voyages SNCF: growth underpinned by OUIGO and TGV InOUI performance SA Intercités Rail Freight) 2018 / 2019 (stronger occupancy rates)

9 GLOBAL INVESTOR CALL A SLIGHT IMPROVEMENT IN FCF, +€3.7 BN IN NET DEBT

DEBT RECONSTRUCTION 2018-2019 (IN BN €)

In bn€ -€2.4 bn in Free Cash Flow for 2019 Cash (-) / debt (+) +0.3 +5.2 -0.3 +0.5 +0.6 -4.5 +0.1 +1.7 60.3 56.6 Of which € 537 m reinjected as investment subsidies to support SNCF Réseau’s investments

CFO after Change in Financial Net Net Perimeter Dividend paid Other** Net Debt taxes and working Net Debt expenses investments divestments effect* 2018 before IFRS 16 capital 2019

*MyPark acquisition (KEOLIS) for € 194 m + Car Postal acquisition (KEOLIS) for € 34 m + Raffles Lease acquisition (Ermewa) for € 187 m ** Mainly changes in fair value for € 392 m

FCF BY ACTIVITY 2018-2019 (IN BN€) COMMENTS ON FREE CASH FLOW

SNCF G&C Voyages TER & KEOLIS GEODIS TFMM OTHER + 2019 vs. 2018: stable excluding net effect of 18/19 strikes ; improvement in Réseau SA SNCF** Transilien EBITDA partly offsetting the increase in CAPEX financed by SNCF SA* 0.26 0.11 0.17 0.11 0.14 0.13 + 2019 performance: strongly impacted by SNCF Réseau largely negative FCF 2018 / 2019 0.01 (-€2.0 bn), including €1.3 bn of financial charges to be halved in 2020 following first -0.06 -0.02 -0.07 stage of State debt relief -0.31 -0.23 -0.31 -0.37 + Strike impact: €0.6 bn in impact on FCF (2019). 2020 figures impacted to €0.3 bn, 2/3 of which will be recovered in 2020 (net impact of €0.1 bn) -1.97 + Perimeter effects: €0.5 bn related to bolt-on acquisitions at KEOLIS (€230 m) -2.51 and Ermewa (€187 m) * SNCF Réseau SA excluding Gares & Connexions and Immobilier **Including Intercités

10 GLOBAL INVESTOR CALL RECORD LEVEL OF CAPEX (€10 BN) AND STATE SUBSIDIES

CAPEX PER ACTIVITY IN 2019 (IN BN €) COMMENTS ON SNCF SA CAPEX 5.57 Subsidies Direct investments + Group investments strongly growing vs. 2015 (+€1.2 bn) 2.60 + Significant support from the French State as evidenced by the very 1.69 high level of subsidies (29% in 2015 and 47% in 2019) 1.11 + €5.6 bn of CAPEX allocated to SNCF Réseau SA, mainly for renewal 0.43 1.40 and performance (€2.7 bn) and major development project (€2.2 bn, 2.97 including €0.7 bn on EOLE). 0.39 0.69 0.33 0.76 0.29 + €2.6 bn of CAPEX used for the acquisition, overhaul, revision and conversion of rolling stock (including the delivery of 111 new train SNCF G&C Voyages TER & Transilien KEOLIS OTHER sets) & €1.7 bn allocated to fixed facilities and information system Réseau SA SA SNCF (train stations, digital applications…) GROUP INVESTMENT FROM 2014 TO 2019 (IN BN €)

+€1 155 m / +13.3% 9.87 8.70 8.63 8.90 8.88

2.52 4.63 3.05 3.70 3.79

6.18 5.58 5.20 5.09 5.24

Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019

11 GLOBAL INVESTOR CALL FINANCIAL ACTIVITY – WHAT HAPPENED IN 2019/20 ?

AMOUNT, MATURITY, COST 2015-2019 2019 FINANCIAL TOP NEWS

Debt raised Avg. maturity Avg. all-in cost + SNCF issued in 08/19 the first century Green Bond ever for an amount of €100 m

7 000 6 342 30 + SNCF received in 03/19 a Green Bond Pioneer award by the Climate Bond Initiative in March 2019 for the quality of its Green Bond Reporting 6 000 23.8 5 582 5 294 25 5 000 + Green Bonds: in 2019, SNCF issued 2 Green Bond benchmarks for €500 m & for 20 3 884 €1 500 m completed by 8 taps on existing Green Bonds (€1 050m). A total of €3 050 m 4 000 16.7 raised under green format in 2019 ; a record 12.6 12.3 15.6 15 2 224 3 000 + SNCF signed a €3.5 bn Revolving Credit Facility (RCF) available from 1 January 2020, 10 2 000 cost of which evolves in line with the achievement of sustainability targets: 1.8% 5 + 1 000 1.3% 1.2% Carbon footprint: a reduction of Greenhouse gas (GhG) emissions ; 0.8% 0.7% 0 - + Renewable energy: a higher share of renewable energy for electric traction ; 2015 2016 2017 2018 2019 + Responsible purchase: a higher weighting of ESG criteria in the scoring of tenders

DEBT ISSUANCES IN 2019 PROGRAMS (2020) GREEN BOND (2020)

Others Short-Term Long-Term France + 22 debt funding operations in 2019 Ceilings Ceilings + Green Bond Framework updated at N. America 9% 4% SNCF SA Asia + €5.6 bn raised Neu C.P €3 bn 7% 34% + 25% raised in USD ECP €5 bn + ‘Second Party Opinion’ (SPO) EMTN €12 bn provided by ISS ESG and asserting + 17 years in average maturity compliance with the GBP principles + 60% under benchmark format and ‘Prime’ rating (B-) of the entity Europe 35% 11% + A new EMTN program at SNCF SA level carrying the eligible projects (incl. Scandies) U.K. + 55% under Green format (€12 bn) updated in 2020 + Green methodology unchanged from + A new Neu CP (€3 bn) and ECP (€5 bn) Investors - geographical former RESFER approach breakdown in 2019 (%) programs at SNCF SA level updated

12 GLOBAL INVESTOR CALL SNCF GROUP SNCF GROUP 2020CREDIT FINANCIALPROFILE STRATEGY FINANCIAL STRATEGY AND POSITIONING IN 2020

Defend Group’s rating by ensuring ratios consistent with a plc status: 14.1x 7.7x* 5.0x  Net debt / EBITDA < 5x by 2022 2018 2019 2022

3.5% 7.5%* 10%  FFO / Net debt > 10% by 2022 2018 2019 2022

-2.6 -2.3 >0  Positive FCF by 2022 2018 2019 2022

Uses of liquidity expected to decrease in line with debt- 1.0x 1.5x relief and decrease in financial & capital charges >1.2x  Liquidity ratio >1.2x 2018 2019 2022

*Including €25 bn debt relief & without IFRS 16

14 GLOBAL INVESTOR CALL FUNDING POLICY AND ROADSHOW PROGRAM

FUNDING POLICY FOR SNCF SA

+ A targeted long-term funding programme of €4.0 billion in 2020

+ 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

RATINGS ALIGNED ON STATE (-1 NOTCH) ROADSHOW PROGRAM IN MARCH 2020

+ SNCF SA in charge of the financing of the new SNCF Group has mandated BNP Paribas and Crédit Agricole CIB to organize a series of fixed income investor meetings across Europe starting on Monday 2nd March. AA/A-1+ AA-/A-1+ AA/A-1+ + The issuer will be offering individual investor calls on request Stable Stable Stable + An inaugural Green EUR-denominated benchmark with a long-dated Aa2 Aa3/P-1 Aa2/P-1 maturity will follow, subject to market conditions Stable Stable Stable + The notes will be in Reg S Bearer format off the EMTN program and in line with SNCF SA’s Green Bond Framework AA/F1+ A+/F1+ AA/F1+ + For more information, please contact SNCF at investors@.fr Stable Stable Stable

15 GLOBAL INVESTOR CALL PERSPECTIVES IN 2020

ECONOMIC GROWTH EXPECTED TO SLOW DOWN €11 BN IN INVESTMENTS EXPECTED IN 2020

+ Expected growth expected to reach a 10-year low + A sustained investment policy in 2020: the level in the word (2.7%) and at +1.3% in France of investment (all funding combined) should exceed €11 bn, a new historic amount + Growth in turnover expected to remain strong in 2020 and in line with 2019-2018 growth + 95% of investments allocated to rail

STRIKES IMPACTS TO BE OFFSET IN 2020 SNCF’S STRATEGY FOR 2020

+ The strategy of SNCF will be deployed on rail + As a direct consequence of the 45 days of strike development in France with 3 major challenges: in December 2019 and January 2020, the group + Environmental and ecological will have to increase its efforts to win its customers + Reconciling with territories and regions back + Opening to competition for passenger activities + The level of expenditures will be adapted to offset + SNCF will consider 4 priorities: 2/3 of 2020 losses related to the strikes (~€300 m) + Increase customer satisfaction + In 2020 free cash flow will improve significantly as + Renovate and rejuvenate the rail network a consequence of the €25 bn debt relief and + Redevelop the rail freight offer financial charges cut in half + Bet on the men and women of the group

16 GLOBAL INVESTOR CALL SNCF GROUP SNCF GROUP APPENDICESCREDIT PROFILE MECHANISM OF THE DEBT RELIEF

C French State € 35 bn loan

A € 35bn € 35 bn loan C Equityincrease

€ 35 bn loan € 35 bn loan B D

$ $ $ Existing Existing Existing Lenders Lenders Lenders 1 2 3 4

EXISTING CREATION OF DEBT RELIEF CONSEQUENCES FOR STRUCTURE A SYNTHETIC DEBT MECHANISM SNCF RÉSEAU SNCF Réseau lends and borrows C The French State replaces This debt relief, in addition to SNCF the exact same amountto/from SNCF Réseau as debtor to Réseau’s performance plan, will allow the CDP (Caisse dela dette Publique / the CDP by operation of law SNCF Réseau, in 2022 or thereafter, to : Public Debt Fund). Thecharacteristics resulting in the direct increase - significantly reduce its net debt and (maturities, interest rate, etc.) in SNCF Réseau’s equity. increase its equity; of both loans fully replicate those - cut down its financial expenses, of SNCF Réseau’s financial debt D SNCF Réseau still receives on a pro-rata basis, byapproximately (including associated derivatives): from CDP the interests and € 1.1 bn per year; principal of the synthetic - reach financial equilibrium in terms A CDP lends to SNCF Réseau the debt until maturity of it. of free cash flow and, thereby, amount to be created synthetically stabilize its net debt; (€ 35 bn in two stages: € 25 bn on - reach financial ratios that are January 1st, 2020 and € 10 bn by 2022). compatible with a PublicLimited Company status; B SNCF Réseau lends to CDP theexact - ensure a fair treatment among same amount with similar conditions all creditors including bondholders. at the same time.

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