RATP group Green Bond impact report JUNE 2020 Green bonds: promoting an enhanced economic and environmental performance

In carrying out our functions, RATP Group continuously works to reconcile economic and environmental performance. Green bonds are an example of this. Over the past three years, RATP Group has issued green bonds amounting to €500 million on two separate occasions, the first in 2017 and the second in 2019. Both green bond issuances met with great success: in 2019, demand for them amounted to €2.6 billion, reaching a subscription rate five times greater than that of the initial issuance. These results demonstrate our credibility in terms of sustainable development; they also show how appealing RATP Group’s signature is. Presentation of RATP Group p. 02 Thanks to the two green bond issuances, we are able CSR approach and the ecological and to successfully carry out projects that are at the core of carbon transition p. 04 RATP Group’s priorities: they contribute to the financing of rolling stock renewal and the automation of metro Our green bond program p. 08 lines making journeys easier; they also finance projects Description of projects financed by bond regarding our real estate and the energy conversion of proceeds p. 10 our fleet, which both play a part in making cities increasingly sustainable. Allocation of borrowed funds p. 22 At a time when RATP Group and are confronted Methodology of the green bonds with the aftermath of a historic crisis, I am convinced that program indicators p. 24 economic recovery must be accomplished in conjunction with the ecological transition. Faced with this two-fold Attestation by one of RATP EPIC’s challenge, initiatives such as the issuance of our green Statutory Auditors p. 30 bonds are highly relevant.

GREEN BOND IMPACT REPORT, JUNE 2020 — 1 PRESENTATION OF RATP

Our expertise Urban mobility: 4 continents, 12 countries

RATP Group has developed unique time-honoured expertise The France Switzerland as a multimodal operator and is a world leader in urban mobility. RATP Group relies on 6 areas of expertise to build the city of tomorrow.

China 64,000 8 transport 5 partnerships employees modes operated in new forms of mobility

Morocco Philippines 16 M The daily journeys worldwide Metro Urban and Demand Railway Autonomous Scooter Smart Qatar interurban Responsive vehicle car parks Transport Algeria

4.8 billion Saudi Arabia journeys per year including South 1.5 billion outside Île-de-France Sightseeing Maritime shuttle Cable car Carpooling Car sharing

Urban mobility Urban services Engineering

RATP is a major player in urban in Île-de-France. RATP Smart Systems: design, integration, operation, and maintenance The Group’s expertise of ticketing, multimodal information, and operational support systems. in engineering allows it RATP Dev is the subsidiary that develops and manages contracts RATP Cooperation: technical assistance on behalf of public authorities operating to deliver safe solutions for for operating transport networks outside of RATP’s traditional public transport networks. all transport modes in a timely and cost-effective manner. area, in France and internationally. Passengers RATP Real Estate: real estate management and engineering for RATP Group. Buy transport Systra: RATP participation RATP Travel Retail: marketing and managing urban spaces. tickets. with a 43.4% stake through Mobility offering RATP Connect: specialising in the roll-out of fibre optics. RATP Cooperation. Transport authorities combining fluidity, high RATP Habitat: management and construction of social housing in Île-de-France. Delegate operations quality service, and safety. and maintenance. Group employees Define the pricing policy. Payment of wages, training, etc.

Transport authorities, Suppliers State, local authorities Infrastructure Investment funds Sponsorship Advertising Energy purchases, chartering, Joint funding management and businesses materials, rolling stock, of investments. RATP Capital Innovation: 100% owned For over twenty years, intellectual services, etc. Contribute to the Group’s RATP manages the infrastructure by the RATP Participations subsidiary, the RATP Group revenue derived from of the metro and RER lines which invests in targeted companies Foundation has embodied the use of spaces. it operates. It is responsible for or investment funds in line with the human values of RATP State and investors the maintenance and upgrading key innovation and development Group. It supports general State and local authorities Shareholding Payment of taxes and duties. and financing. of existing infrastructure and for areas: new forms of mobility interest projects in the the technical management of the and smart cities. heart of the locations future Grand Express network. where we operate, An economic model integrating a vast ecosystem of stakeholders in France and abroad. “Traditional” revenues for a transport operator. Joint funding of investments. Expenses (wages, payments to suppliers, taxes, etc.). Other finance and cash flow sources.

2 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 3 CSR APPROACH AND THE ECOLOGICAL AND CARBON TRANSITION

RATP group: a long-term It is set out in a roadmap that is made commitment to Corporate available to our internal stakeholders and regularly updated. Social Responsibility RATP Group naturally contributes to the UN’s sustainable development goals. RATP Group continues to demonstrate its commitment to being The Group’s CSR commitment has always been long-term There is detailed information available in a world leader in urban, sustainable and connected mobility. and on a voluntary basis. It has shown promising results in the 2019 Financial and CSR report. Its drive is to be the privileged partner of smart cities. its performance so far. In 2017, in addition to a new and The Corporate Social Responsibility (CSR) policy is fully in line with even more ambitious CSR policy, it was natural for the this goal and emphasises the proactive and ambitious role that RATP Group to consider launching an inaugural Green Bond. is playing in energy transition and sustainable development. The operation was renewed in 2019. 17 GOALS TO TRANSFORM OUR WORLD

The Group CSR policy is based on three strategies Below, are some of the emblematic dates of this commitment:

1996 2009 2017 Creation of the first First sustainable Update of the sustainable Be a major player Reduce our Confirm body for continuous development policy development policy in mobility and environmental our social communication with sustainable cities footprint responsibility approved passenger 2018 associations “CSR Commitment” label, “confirmed” level obtained Establish a connected Reduce the carbon footprint Contribute to the economic 2011 by RATP. and accessible mobility and save resources vitality and solidarity in regions RATP Group joins the Forum 1999 Adoption of the first offering of Committed Companies Signing of the International code of ethics Develop the circular Promote management that Association of Public convened by Transparency Act in favour of economy encourages staff commitment International Transport (UITP) 2014 environmental health development charter Group’s first CSR report 2019 Promote continuous Ensure fair practices Second issuance of green Encourage urban integration improvement and in its value chain bonds, new code of ethics and and functional diversity eco-design measures code of business conduct and corruption prevention

2003 2015 UN Global Compact Signing of the CSR charter membership for the contracts 2006 First energy policy

4 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 5 CSR APPROACH AND THE ECOLOGICAL AND CARBON TRANSITION

Average greenhouse gas emissions per passenger- Trends in energy consumption and GHG emissions Extra financial Energy kilometre, RATP network in Île-de-France – RATP

1 ratings transition 2017 2018 2019 2025 target

% % % 99.1 9% % • An external recognition in 2018: and low 13% ISO 26000: RATP is the 20% 1st multimodal transport operator Reduction in energy consumption carbon per passenger-km compared to 2015 in the world to be certified Reduction in greenhouse gas emissions 2. 2.7 2.3 “Committed to CSR – confirmed per passenger-km compared to 2015 Public transport is in and of level” by Afnor Certification 0% itself the most ecological way Car Bus Metro RER Tram • 2019 Results of RATP’s rating by Vigeo Eiris to go from one place to In gCO₂e/passenger-km Between 2015 and 2019, RATP reduced its energy consumption Rank in sector: 2/22 another. Opting for public RATP has produced a carbon footprint report since 2005 (scopes 1, 2 by 8% and its associated GHG emissions by 13%. transport in the Île-de-France and 3). This report is updated every three years. RATP’s greenhouse gas To achieve these goals, the Group has adopted an action plan region means using only a fifth emissions are broken down in the following way: implemented across its operations: passenger transport (metro, bus, Risk mitigation index (/100) of the energy needed for the RER, tram), management of the rail infrastructure network, same trip by car. An RATP RATP’s greenhouse gases emissions engineering, maintenance and management of its real estate. 39 traveller using the metro, RER Source: 2017 RATP parent company carbon footprint Reputation 65 or tram emits 60 times less The RATP Green Bond issuance, dedicated to low-carbon and 44 Operational efficiency 73 greenhouse gas than when 10% , is an opportunity to emphasise the group’s Business travel 1% 34 they use a car. and staff commuting Direct waste strategy in terms of sustainability and climate change. It also Human capital 68 enables RATP to diversify its investor base, thanks to a more 35 Legal security 65 action-oriented dialogue with Socially Responsible Investors. Moreover, the RATP Green Bond will encourage other public 23% Procurement transportation providers to fund rail investments and other Analyst focus low-carbon and sustainable transport investments, while complying 1st network in the world to be with the highest standards of the Green Bond market. Environnemental management 100% fitted with LEDs 1% The RATP Green Bonds also encourage project management teams st RATP has allocated a comprehensive environmental 1 multimodal network in the Cooling gas to integrate the carbon and energy criterion at an earlier stage in TREND strategy with an ISO 14001 certified management world to be ISO 50001 certified for all the design phase. system. The company has set ambitious targets for its its operations 11% energy consumption and development of sustainable mobility 27% hybrid, electric or bio-NGV buses Buildings, 54% services with extensive measures allocated in this regard. in the Île-de-France region fleet in 2019 workshops, Traction energy bus depots, (bus, metro, train, 1,084 managed bicycle parking stations energy tramways) Labour strikers spaces near metro and tram stations The company achieves advanced performances in its promotion of labour relations and the right to collective bargaining. In addition, More details can be found on RATP’s website: ratp.fr. RATP has signed several agreements with employee representatives including one on reorganisations. However, the company faces on-going labour strikes which may be a source of concern. RATP is the first multimodal player in the world that has been certified ISO 50001 (in 2017). This certification stands for all of Customers RATP’s operations and recognises RATP’s commitment to an RATP has set ambitious targets for its customer relations ongoing strategy to improve its energy performance. And it TREND and provides extensive information to customers on continues its efforts to offer an ever more efficient, energy-saving several platforms. The company has also implemented and decarbonised transport offer. exhaustive means to ensure customer safety and reports on mixed RATP has set the goal to reduce its greenhouse gas emissions (GHG) results in this regard. In contrast, RATP’s performance is impacted by 50% between 2015 and 2025 and to reduce energy consumption due to the on-going labour strikes. by 20% within this same period.

6 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 7 OUR GREEN BOND PROGRAM

Our green bond 2017

Category: Public transport rolling program stock renovation and renewal 2019 Renewal of rolling stock on RER line A, the busiest regional train Category: Other public transport in low-carbon vehicles €250 million Bus2025 financed by the bond The ambitious RATP plan for RATP is rated in compliance with standards 100% refinancing a 100% ecologically friendly fleet from the French state on the following terms: in the Paris Region • Strategic importance as the owner and 1 TWh energy savings infrastructure manager of urban 50,400 tCO e avoided €250 million 2 financed by the bond (bus & depots) • Strong state support – 100% state-ownership 100% new financing • Legally protected from events such as Typological and geographical insolvency and bankruptcy distribution of investors Category: Public transport 149,000 tCO2e saved per year procedures by virtue of its EPIC status (industrial infrastructures maintenance and and commercial public undertaking) 4% renovation • Resilient budgetary performance and 11% Other medium-term debt stabilisation CB / OI Automation of Paris Category: Public transport Metro line 4 infrastructures maintenance and Aligned with the Green Bond Principles renovation €200 million 15% financed by the bond Vaugirard Workshops INS / PF 100% new financing An industrial and urban project: an exemplary urban mix operation 140 GWh energy savings €100 million 6,700 tCO2e avoided financed by the bond (workshops) 22% 23% refinancing Bank 48% AM Category: Public transport rolling 580 tCO₂e avoided stock renovation and renewal Main characteristics of the 2017 and 2019 operations 2% 10% Other Purchase of 100% electric Other Category: Public transport rolling 2017 2019 Europe maintenance RER shunters stock renovation and renewal 4% RATP ISSUER RATP UK & Ireland €50 million New vehicles for Metro lines Moody’s: Aa2(St) RATING Moody’s: Aa2(St) financed by the bond 10% 100% new financing More ergonomic vehicles with Fitch: AA(St) ORDER BOOK Fitch: AA(St) more capacity for an extended line €1.6 billion FINAL SIZE €1.8 billion 32 GWh energy savings €500 million ISSUE DATE €500 million €150 million 14,000 tCO2e avoided financed by the bond (vehicles) 2017-06-22 SETTLEMENT DATE 2019-06-13 13% Benelux 17% refinancing 2027-06-29 MATURITY DATE 2019-06-20

2027-05-25 PRICE/REOFFER YIELD 2029-06-20 43% 700 GWh 99.736% / 0.9030% COUPON 99.696% / 0.381% 18% France 26,500 tCO2e saved Germany 0.875% SPREAD 0.350% & Austria

8 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 9 DESCRIPTION OF PROJECTS FINANCED BY BOND PROCEEDS

Description of projects financed and major Major sustainable benefits benefits financed by bond proceeds in 2017 Line 4 main features Project opportunities Project challenges Project benefits for line 4 Automation • North/south backbone of • A 100-year-old line and/or • Improved safety (with the Paris metro • Redeployment of automatic sensitive infrastructure platform screen doors and of Paris Metro line 4 • Built 1908-1910 6-car trains from line 14 • No traffic interruption or CBTC for train speed control) • 1st sub-river crossing in 1910 • Short-term renewal and/or works by night on a reduced • Improved security with • 14 km, 29 stations (27+2: modernisation needed time CCTV in trains and stations extension in progress) on line 4 infrastructure • 3 different generations • Direct operational savings, • The second busiest Parisian • Improvement of service of automated rolling stock energy savings metro line after the quality offered by an • Line extension in parallel • Fewer delay related with more than 700,000 automatic system (thanks to • Difficult transition stages economic losses passengers per day improved reliability, capacity, • Exceptional concentration • Improved capacity and Category 1 (172 million trips per year) resilience and adaptability), of worksites between 2015 reliability, and resilience Public transport infrastructures • Connected to all metro lines for a line with an irregular and 2020 • Real time adaptability maintenance and renovation (13) and suburban lines (5) and atypical traffic • Reduced schedule compared and/or tailoring the offer One project financed • Sudden peaks in traffic • An opportunity that makes to line 1 automation demand sense in the context of the • Change management: • Tourist areas, 3 major project technical progress should lead €200 million railway stations (TGV) with its future connection to to social 100% new financing the South • Progress and better service • The project will improve the energy savings thanks to economic piloting of trains and the optimisation of regenerative breaking enabled by the automated system • The project will reduce GHG emissions thanks to internal energy savings and modal shift

In the summer of 2013, RATP, the project owner, and Unattended trains will be operated by a Communication Île-de-France Mobilités, the public transport authority, Based Train Control system (CBTC) with a new Operation 140 began the automation of line 4. The project should be Control Center (OCC). The new OCC is now undergoing GWh energy savings completed in 2022. The project to automate line 4 can be testing before being commissioned. divided into five subprojects: infrastructure upgrades, Concerning rolling stock, predisposition works are done platforms and platform screen doors, the automated for MP89C-MP05 trains, and the first new MP14CA train system, rolling stock and change management. has been delivered on line 4 for testing. At the end of 2019, the infrastructure upgrades were Finally, technical progress brought about by automation complete, all the platforms had their height adapted and should also serve social progress: several social they had been reinforced to install the platform screen agreements were signed with unions to organise the 6,700 doors. These steps were completed on schedule. More transition towards automation. tCO₂e saved than half of the stations are now equipped with platform screen doors.

10 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 11 DESCRIPTION OF PROJECTS FINANCED BY BOND PROCEEDS

Description of projects financed and major Projects description and major benefits benefits financed by bond proceeds in 2017 RER line A main Project opportunities Project challenges Project benefits features for line A • Renew the fleet in • Reduction of energy Renewal of rolling • East/west backbone • Desaturation of a line victim a minimum of time consumption of the Paris regional train of its success linked • Adapting the infrastructure a Energy savings stock on RER line A • 1,200,000 passengers to the growing urbanism at the same time as the and better regeneration per day of the Paris region arrival of new vehicles (breaking energy recovery) • 109 km, 46 stations • Further enhance the By transported traveller: • Connected to all the main capacity of the line, in – 31% to 55% decrease metro and train station addition to the increased in consumption of energy in Paris region performance already compared to the replaced made possible by automatic trains train control – 20% drop compared Category 2 • Modernise and standardise to the previous generation Public transport rolling stock the materials used on the line of trains at two levels renovation and renewal. • Facilitate the operations of the RER A Two projects financed in real time of trains injection • Reduction of consumption in the network and of used materials maintenance, via a Recyclability studies €250 million a fleet of interchangeable and analysis of the life cycle 100% refinancing rolling stock for what has changed compared to the previous generation of equipment to two levels according to ISO 22628 a Recyclability rate reached • 91.5%: reduction of noise emissions a Compliance with the TSI noise • Several areas for wheelchair users • Reducing the impact on the air a Work on the rate of wear of the friction material and braking by energy recovery privileged • Controlled waste production The challenge of this project is to modernise the vehicle The first order of 130 pieces was placed in April 2009. a Sealing of the organs fleet of the urban train line that gets the most use For the first time, RATP decided to draft a specification 1 requiring oil/fat – reduction in Europe, with 305,000,000 passengers per year. incorporating all the environmental issues considered GWh energy savings of waste in general It consists of designing and supplying self-propelled necessary, going even beyond the regulatory constraints. elements with the group Alstom/Bombardier. The first commercial commissioning in the presence of the President of the French Republic occurred in December 2011. The Group placed an additional order of 10 items in July 2015. The commercial operation of the 140th and last train ordered began in April 2017, i.e. six weeks ahead of 50,400 contract schedule. tCO₂e saved

12 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 13 DESCRIPTION OF PROJECTS FINANCED BY BOND PROCEEDS

Description of financed projects and major Projects description and major benefits benefits financed by bond proceeds in 2017 Project opportunities Project challenges Project environmental benefits • Ensure coherence with the • The development of a Purchase of 100% company’s virtuous and completely electric dual • Pollution prevention eco-responsible approach mode shunters: catenary and control by a total electric maintenance towards air quality 1,5 kV and embedded eradication of diesel engine improvement and the traction batteries pollutant gas due to the environmental impact • At the time of the definition actual shunters – 4 different RER shunters of public transport in of the needs, there was no diesel engines types – Paris region reduction equipment available to be especially in tunnels programme carried out on RATP sites • Total suppression of diesel • Participation to the Paris • Those devices are intended pollution in tunnels City policy “diesel fuel to intervene on the building • Improvement of the air eradication by 2020” rights that the catenary fed or quality to all passengers • Anticipation in case not, they can also evolve on • Improvement of health Category 2 of future indoor air quality infrastructures not equipped and safety and employment conditions by the reduction Public transport rolling stock regulations with catenary renovation and renewal. • Studies and manufacturing a Routings and set-ups of RATP staff exposure Two projects financed of tractors are carried out are carried out with the to pollutant gas by the French subsidiary catenary feed whenever of CAF based in Bagnères-de- it is possible Bigorre (Hautes-Pyrénées). a The capacity of the traction €50 million This contract has allowed batteries allows the execution 100% new financing a hundred jobs to be kept in of circulations on an France for three years on the infrastructure site. These site and among subcontractors circulations take place mainly during the period of interruption of the operation i.e. at night

To improve the internal air quality in transport infrastructures, RATP Group decided to purchase of 100% electric maintenance shuntershunters for RER worksoperations. The shunters are the locomotives used to tow the work trains for the maintenance of in order to maintain the tracks and tunnels. 32 In March 2017, this resulted in the signing oflead to the GWh energy savings autonomous shunter contract for the design and the supply of 12 shunters with CAF France, and ordering of to placing an order for the first 12 items (6 more will be ordered later, if needed). The structuring stage of the project has been was finalised mid-2019 (with about 1 year of extra delay The first 2 shunters are expected around to be complete because of lots of studies difficulties behind schedule mid-2021. The delivery of the 10 last shunters is 14,000 due to numerous research challenges) and the scheduled at the rate of one per month in 2022. This tCO₂e saved preliminary and detailed studies are planned scheduled represents will mark the end of the project, as far to be ended complete before the end of 2020. as the Green Bond proceeds are concerned extend.

14 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 15 DESCRIPTION OF PROJECTS FINANCED BY BOND PROCEEDS

Description of financed projects and major benefits financed by bond proceeds in 2019 Bus2025

Category 4 Other public transport low-carbon vehicles One project financed €250 million 100% new financing

Bus2025 is the ambitious RATP plan for a 100% ecologically friendly fleet in the Paris region. It is a 3-phase project: • 2015: real life trials • 2017: first deployment with first huge bid to acquire electric buses • 2019: large scale deployment This is a double challenge: the depots must be transformed, In order to ensure rapid deployment of buses from the end Major sustainable benefits and the minimisation of the impact on the electric grid of 2020 (600 buses per year from 2021 to 2025), RATP is taken into account. preparing changes in the organisation of operation and • To stand out by • To be a pioneer in • To offer After the study phase, the site conversion projects are now maintenance by implementing the necessary changes at meeting increasingly the operation a reliable, being launched: at the beginning of 2020, 20 out of the the level of operational teams and central support teams. high expectations in of a fleet of large- comfortable service, 25 sites are in the project phase, with the aim of completing At the end of January 2020, the fleet of own buses consisted terms of service level, scale clean in line with the construction by mid-2024 (except for the Charlebourg site, of 1,011 hybrid buses, 122 electric buses and 189 CNG- performance and energy buses. expectations which is undergoing a property development project): powered buses. environmental of the passenger. • Construction in Créteil (GNV) and construction of the first impact. phase of Lagny and Corentin (electric) are completed. • Construction has started on 5 additional sites: Massy and Bussy (GNV), Pleyel, Lilas and Lebrun (electric). • The other sites are under study, from the program and AVP phases to the purchasing phases.

16 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 17 DESCRIPTION OF PROJECTS FINANCED BY BOND PROCEEDS

Description of financed projects and major benefits financed by bond proceeds in 2019 Vaugirard workshops

Category 1 Public transport infrastructures maintenance and renovation €100 million 23% refinancing

February 2019: laying the first stone Delivery from 2022: social housing, private housing, equipment maintenance workshops Delivery 2023: private dwellings 2027: restructuring the train maintenance workshop, other parts of the housing units Birth of a new district with the creation of an urban road and: • 2 maintenance workshops: rolling stock and Major sustainable benefits equipment; • 400 housing units (50% social housing); Positive impacts • The entire project environment” and meet blue-collar workers in • a daycare for children, food shops; related to RATP is part of an the requirements of dense areas and the • 700 m2 dedicated to urban agriculture and the largest proactive CSR “Environmental eco-design, 50% social urban mix green roof in Paris with 15,000 m2. policy: approach to urban housing (dedicated A decrease to one third planning” implemented to RATP staff) Work on phase 1 is in progress (12,000 m2 of equipment of the regular energy by RATP Group in • Thermic Regulation maintenance workshop, a building with 50 private consumption between partnership with the (RT 2012): –30% dwellings, another with 100 private dwellings also the new RATP workshops Ademe (French Agency targeted energy comprising a daycare centre, and 104 social housing and the old ones, i.e. for the Environment and consumption for units); phase 2, consisting of the train maintenance avoided GHG emissions Energy Management) dwellings workshop and a final tranche of social housing, is of around 580 tCO₂e Housing units are Project that maintains undergoing preliminary design studies for 2019. per year certified “habitat employment of

18 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 19 DESCRIPTION OF PROJECTS FINANCED BY BOND PROCEEDS

Description of financed projects and major benefits financed by bond proceeds in 2019 New vehicles for Metro lines

Category 3 Public transport rolling stock renovation and renewal One project financed €150 million 17% refinancing

First high-capacity automatic metro line commissioned worldwide in 1998. 40% Future backbone of the Grand Paris Express, on the quieter: –2dBA inside occasion of the extension of line 14 to the Town Hall of Saint-Ouen in 2020 (Covid-19 impact), rolling stock will be renewed across the entire line (first order of 35 trains). Major sustainable benefits

Energy savings Social impacts Thanks to the new & comfort 95% generation of energy Each train will offer recovery breaking 48 seats for people Recyclability systems and motors: with reduced mobility 20% energy savings and 8 for wheelchairs, on the line overall. a completely Air quality: Thanks to accessible train (wide the electrical circulation areas, new breaking, there is a ergonomic seats). reduction in the emission of particles.

20 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 21 ALLOCATION OF BORROWED FUNDS Allocation Allocation report at category level

Total amount Total allocated Total allocated Total amount Total allocated of borrowed funds of proceeds amount in amount in of proceeds amount in Target 2017 2017 and % 2018 and % Target 2019 2019 and % €200 million €44.85 million €104.52 million €300 million €186.81 million Category 1: Public transport infrastructures 22% 52% 62% maintenance and renovation

€300 million €255.24 million €258.17 million €450 million €298.55 million Category 2: Public transport rolling stock 85% 86,06% 66,35% renovation and renewal

– – – – – Category 3: Modernisation of public transport stations and facilities

Date of fundraising: June 6, 2019 – – – €250 million €21.53 million The amounts allocated are expenses affected to Category 4: Other public transport low-carbon 9% vehicles the projects for the calendar year 2019, net of grants requested over the year. €500 million €300 million €362.69 million €1,000 million €506.89 million TOTAL green bond All funds raised have not yet fully allocated for 60% 73% 51% the calendar year 2019.

Allocation report at project level

INVESTMENTS 2017 2018 2019 Total amount Total allocated Total amount Total allocated Total amount Total allocated of proceeds amount in of proceeds amount in of proceeds amount in 2017 and % 2018 and % 2019 and % Automation of Paris Metro €200 million €44.85 million €104.52 million – €158.54 million line 4 22% 52% 79% 100% new financing Renewal of rolling stock on €250 million €250 million €250 million – €250 million RER line A, the busiest 100% 100% 100% regional train in Europe 100% refinancing Purchase of 100% electric €50 million €5.24 million €8.17 million – €13.16 million maintenance RER shunters 10% 16% 26% 100% new financing Bus2025 – – – – €250 million €21.53 million 100% new financing 9% Vaugirard workshops – – – – €100 million €28.27 million 23% refinancing 28% New vehicles for Metro lines – – – – €150 million €35.40 million 17% refinancing 24% TOTAL green bond €500 million €300 million €500 million €85.2 million 60% 17%

22 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 23 METHODOLOGY OF THE GREEN BONDS PROGRAM INDICATORS Methodology Project: automation of Paris metro line 4 Synchronism (train pulling while another one is braking) is of the green bonds necessary for the energy exchanges to take place. 140 6,700 An ex ante evaluation is carried out based on the feedback program indicators GWh energy savings tCO₂e avoided from RATP following the automation of line 14. On line 14, RATP measured the impact of the consumption The automation of metro lines can directly generate energy of friction materials (the main source of dust in underground savings. The automation offers the opportunity to create railway enclosures) before and after implementing eco- various types of circulating depending on the needs: “tight driving. According to the calculations made, the running” for peak hours and “coasting” for off-peak hours. implementation of eco-driving reduces the number of These changes are aimed at optimising: braking equipment by 53%. • the acceleration and braking phases (eco-driving) and; Therefore, this calculation highlights a reduction of more • the synchronisation of the train’s departures and arrivals in than 50% of the main particle sources on line 14. By stations in order to recover braking energy. analogy, following the automation of line 4, a significant This impact has been estimated at: decrease in the consumption of friction materials is expected For each investment, the potential energy • energy savings of 5 GWh per year; and therefore a reduction of the concentration of particles savings and greenhouse gas (GHG) emissions • avoidance of 220 tCO₂e per year; associated in the station. avoidance has been estimated. The aim is to • 34 tCO₂e avoided/€ million invested. highlight the impact of each investment on the Social benefits reduction of greenhouse gas (GHG) emissions Many social co-benefits are also created as part of the metro and on the energy transition. Methodology automation projects “by RATP”. In fact, the success of the Only the direct effects of the operation phase of automation of line 4 relies as much on its technical quality as the projects have been taken into account. Thus, Ex ante evaluation on the control of the social subject associated with the project. indirect effects such as emissions avoided when The evaluation is done ex ante since the automation project The installation of automatic systems is more reliable but can a passenger uses public transport instead of for line 4 is currently being implemented. also be more complex. Consequently, new skills and using their car are not included. The evaluation is based on RATP’s experience in operating technicality need to be acquired both at the level of operations In the absence of reliable data, the GHG automatic lines. On Paris metro line 14, RATP measured the and maintenance. Therefore, the automated metro induces emissions and energy consumption associated impact of similar implementations (eco-driving on an new work organisations creating new and more rewarding with the equipment and rolling stock automatic line), based on its actual energy consumption. professions, with a greater variety of tasks. These jobs are construction phase have not been included in Three measurement campaigns were carried out by RATP in higher-skilled and therefore better paid. the calculation. 2010 to evaluate the energy consumption of line 14. The Line 14 was designed without a driver and inaugurated in GHG emissions measured are emissions energy savings resulting from the implementation of these 1998. Since it was a successful “managerial experiment”, the associated with energy use provisions on line 14 is estimated at 16%. automatic system has been integrated into the modernisation By analogy, the potential gain associated with the program of the Paris metro as a whole. automation of line 4 is estimated at 10% of the In regard to the unions, the modernisation of the network was consumption of the line (low hypothesis). apprehended at a global level in which the automation of line 1 – in 2011 –, and the one of line 4 – currently taking place, Emission factors used was integrated. Electricity consumption (France, transport use): In addition, RATP is able to carry out the automation without 48 gCO₂e/kWh major interruption of operations. Jobs must be adapted as Source: Ademe, April 2018, http://www.bilans-ges.ademe.fr/. work progresses. In addition to negotiations with the trade unions, a Air quality constructive dialogue The automation of line 4 improves air quality by reducing has been set up between engineering, operations and the particles emissions of rolling stock. maintenance departments. Staff members of the line benefit In this way, automation offers the opportunity to increase from an ongoing training program and specific supervision electric braking with energy recovery, as a substitute for during the time they acquire the necessary skills to exercise mechanical braking. In the braking phase, trains are able to their new profession in a constantly evolving context. restore their kinetic energy in the form of electricity to other trains: this is the electric braking energy recovery.

24 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 25 METHODOLOGY OF THE GREEN BONDS PROGRAM INDICATORS

Project: Renewal of rolling stock of the RER A Project: Purchase of 100% electric maintenance RER shunters

Methodology Methodology

1 50,400 Ex post evaluation 32 14,000 Ex ante evaluation TWh energy savings tCO₂e avoided The evaluation is done ex post. Energy savings and GHG GWh energy savings tCO₂e avoided The evaluation is done ex ante. Energy savings and avoided emissions avoided by replacing the arrival of MI09 GHG emissions due to the replacement of diesel locomotives Rolling stock fleet modernisation is an important lever for equipment had been estimated from measurements on a RATP currently maintains the RER rail lines (line A and line by electric locomotives are based on theoretical calculations. continuing to improve the energy performance of the sample of the fleet. The calculation is made over the life of B) with maintenance equipment running on diesel. With this These calculations are carried out at the preliminary design transport networks operated by RATP. the investment, i.e. 30 years. investment, all of this maintenance will now be performed studies stage. The calculation is made over the life of the The modernisation of the RER line A rolling stock fleet with by electric locomotives. The project will therefore have a investment, i.e. 30 years. the arrival of MI09 has led to very significant advantages direct benefit in terms of both energy transition and GHG both in terms of energy consumption and associated GHG reduction. Air quality emissions. The environmental balance sheet on the depreciation period By replacing the fleet of diesel tractors with electrical tractors, The recovery and reuse of braking energy on the line is made of the investment (“30 years and 12 locomotives”) is we obtain a 100% reduction in carbon monoxide emissions, possible thanks to the new equipment. estimated at: hydrocarbons emissions, nitrogen oxides emissions and The environmental balance sheet on the depreciation period • energy savings of 32 GWh; particles. Consequently, the impact is significant and immediate of the investment (30 years and 140 elements) is estimated at: • 14,000 tCO₂e avoided; on air quality; especially underground (the main place of use of • energy savings of 1 TWh; • 279 tCO₂e avoided/€ million invested. electrical tractors). • 50,400 tCO₂e avoided; Indeed, the standard(1) emission on “phase 2” of diesel tractors • 202 tCO₂e avoided/€ million invested. in the current RATP fleet gives a maximum threshold of the net power category comprised between 130 kWand 560 kW:

Mass of carbon Mass of Mass nitrogen Mass of Phase II: 01/2002 monoxide – CO hydrocarbons oxides particles (g/kWh) – HC (g/kWh) – NOx (g/kWh) (g/kWh)

Threshold 3,5 1 6 0,2

For 12 locotractors 42 12 72 2 respecting the standard

Impact of the 12 electric locators of the investment as soon 0 0 0 0 as they are used

(1) Regulation (EU) 2016/1628 of the European Parliament and of the Council of 14 September 2016 on requirements relating to gaseous and particulate pollutant emission limits and type-approval for internal combustion engines for non-road mobile machinery, amending Regulations (EU) No 1024/2012 and (EU) no. 167/2013, and amending and repealing Directive 97/68/EC.

26 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 27 METHODOLOGY OF THE GREEN BONDS PROGRAM INDICATORS

Project: MP14 Project: Bus2025 Project: Vaugirard • Improvement of the workshop’s natural lighting conditions; • Eco-design; • Improving the future building’s energy performance; • Limiting the carbon impact on the future building’s life cycle. Rolling stock fleet modernisation is an important lever for As a pioneer in energy and climate issues, RATP contributes to The Vaugirard workshops adaptation project should make it At the design stage, the measures envisaged include the green continuing to improve energy performance of the transport the energy transition and to improving outdoor air quality with possible to accommodate new, more efficient rolling stock, roofs or the installation of equipment (BMS) allowing the networks operated by RATP. the Bus2025 plan, which aims to provide a 100% low-carbon particularly in terms of energy consumption, on Paris metro regulation of installations and thus the reduction of energy The modernisation of the fleet of metro rolling stock with bus fleet. It is the first transport operator of this size to line 12. consumption. the arrival of MP14 has led to very significant advantages implement such an ambitious action plan. The project is designed in accordance with the prescriptions of both in terms of energy consumption and associated GHG In the long term, approximately half of the bus fleet will be An eco-design approach is implemented for this project. the low carbon E + C– label. emissions. electric and the other half powered by renewable gas. Bus GHG Eco-socio-design is an approach to integrate environmental A forecast carbon assessment was carried out. Overall, and The new generation MP14 tire rolling stock will circulate emissions represent around 72% of RATP’s energy and social criteria from the design phase of a project. over its entire lifespan, including deconstruction, the workshop from 2019 on lines 4, 11 and 14. consumption-related GHG emissions. The Bus2025 plan, which This project is based on two approaches: restructuring project presents a greenhouse gas emission The recovery and reuse of braking energy on the line is made is part of the Île-de-France region urban travel plan, thus has a • Infrastructure life cycle analysis; balance of approximately 23,000 tons of CO₂ equivalent possible thanks to the new equipment. big impact on RATP’s carbon footprint. • The integration of stakeholders. (direct and indirect). The environmental balance sheet on the depreciation period Strictly considering the electric part of Bus2025 plan, the RATP wishes to optimise this carbon impact as much as of the investment (30 years) is estimated at: environmental balance sheet is estimated at 149,000 tCO₂e This approach does not only seek to reduce negative impacts possible. It includes taking action during the design phase to • energy savings of 690 GWh; saved per year. throughout the life cycle of the infrastructure, it must also reduce the CO₂e emissions that will be generated as a result of • 26,500 tCO₂e avoided. make it possible to work on positive outcomes for its the site’s energy consumptions during the operation phase Methodology stakeholders and the environment. and the products and materials used in its construction. Methodology In the case of the Vaugirard project, the 4 main lines of action Ex ante evaluation of the approach are: Ex ante evaluation The evaluation is done ex ante. Avoided GHG emissions due to • Quality of life at work (QVT); The evaluation is done ex ante. Energy savings and avoided the replacement of buses are based on theoretical calculations. • Enhanced thermal comfort in summer in the workshop, GHG emissions due to the replacement of rolling stocks are integrating the effects of climate change; based on theoretical calculations. These calculations are made at the design study stage. The calculation is made over the life of the investment, i.e. 30 years.

MANUFACTURING EMPLOYEES SOCIETY RAW MATERIALS

GOVERNANCE TRANSPORT STAKEHOLDERS CONCEPTION LIFE CYCLES

USE CONSUMER USER VALUE CHAIN END OF LIFE AND LIFE FLOW LOCAL COMMUNITIES

28 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 29 RATP EPIC Attestation by one of the Statutory Auditors of RATP EPIC

with the professional standards applicable in France, was Based on our work, we have no matters to report to express an opinion on the non-consolidated financial concerning the consistency of: Attestation by one of the Statutory Auditors of statements as a whole rather than on the specific items used • the statement of allocation of proceeds presented on RATP EPIC on the Allocation of Proceeds from to obtain the information. Consequently, we did not carry out page 23 of the Report; the Green Bond issuances of June 22, 2017 and any tests of details or sampling for that purpose and we do • the share of proceeds allocated to financing or June 13, 2019 not express an opinion on those individual items. The refinancing each project; non-consolidated financial statements were approved by the with accounting information or the information on which Board of Directors on March 6, 2020 and our unqualified the RATP EPIC’s financial statements for the year ended audit report was issued on March 10, 2020. December 31, 2019 were based.

Moreover, we have not implemented procedures to identify This attestation has been prepared for you in connection any events that may have occurred since we issued our audit with the context mentioned in the first paragraph and it may report on the financial statements dated March 10, 2020. not be used, disclosed or referred to for any other purpose.

Our assignment, which did not constitute an audit or a In our capacity as Statutory Auditor of RATP EPIC, our In our capacity as Independent Third Party and Statutory • the appropriate allocation of proceeds from the green review, was performed in accordance with the professional responsibility to RATP EPIC is defined by French law and we Auditor of RATP EPIC and in response to your request, we bond issuances and the amount allocated to each Eligible standards applicable in France. Our work included: do not accept any extension of our responsibility beyond that have prepared this attestation on information relating to the Green Project; • identifying the people responsible for data collection within specified by French law. We shall not be liable to any third allocation at December 31, 2019 of proceeds amounting to • the share of proceeds allocated to financing or refinancing the company and, where appropriate, for the internal parties, including green bondholders, and we are not party to €500 million from each Green Bond issuance of June 22, each project. control and risk management procedures implemented; the Green Bond Framework agreement. We shall not be held 2017 and June 13, 2019 (hereinafter the “Issuances”), as • assessing the appropriateness of the data collection liable for the execution of the Green Bond Framework or for reported in the accompanying document entitled “Green However, it is not our responsibility to provide an opinion procedures in terms of their relevance, completeness, any resulting damages, loss, cost or expense. Bond Impact Report” (June 2020, hereinafter the “Report”), on the: reliability, neutrality and understandability; which was prepared in accordance with the terms and • eligibility criteria of projects, which were validated in • verifying the existence of internal control and risk This attestation is governed by French law. All disputes, conditions of the issuance agreement dated June 22, 2017 the Second Party Opinion by Vigeo Eiris prior to the management procedures implemented by the company; claims, or disagreements arising from our engagement (hereinafter the “Green Bond Framework”). inaugural issuance; • examining, using sampling techniques, the processes letter or this attestation fall under the exclusive jurisdiction • compliance, in all significant aspects, of projects with the used for data collection, compilation, processing of the French courts. Both parties irrevocably forego their The Report, which is intended for green bondholders, states eligibility criteria defined by RATP EPIC in the Green Bond and verification, particularly the procedures relating right to oppose any case brought before the French courts, that €506.89 million of proceeds had been allocated to Framework; to the allocation of proceeds set out in the Green Bond or to argue that the case has been brought before a court eligible projects as at December 31, 2019. • effective enforcement of the policy for managing Framework; that lacks jurisdiction, or that the French courts do not proceeds before being earmarked or allocated to the • based on a representative sample of eligible projects as have jurisdiction. The information was prepared by your finance department identified projects; at December 31, 2019: based on the accounting records used to prepare the • use of proceeds allocated to eligible projects after – verifying the calculation of proceeds allocated to each Paris-la Défense, June 29, 2020 non-consolidated financial statements for the year ended allocation; project, and the share allocated to financing and KPMG SA December 31, 2019. The accompanying document • non-financial indicators specific to projects. refinancing Eligible Green Projects; specifies the methods and eligibility criteria used to – reconciling the information with the supporting Stéphanie Millet prepare the information. As part of our statutory audit engagement, we conducted documents. Partner a joint audit of RATP EPIC’s non-consolidated financial • implementing analytical procedures on the allocation of It is our responsibility to provide an opinion on the following statements for the year ended December 31, 2019. The proceeds and verifying their consistency with information Anne Garans information presented on page 23 of the Report regarding: purpose of our audit, which was conducted in accordance provided in reporting documents. Partner Sustainability Services

30 — RATP GROUP GREEN BOND IMPACT REPORT, JUNE 2020 — 31 ratpgroup.com