As of 31St December 2019, SNCF Réseau & SNCF Mobilités

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As of 31St December 2019, SNCF Réseau & SNCF Mobilités SNCF GROUP INVESTOR PRESENTATION TABLE OF CONTENT 1 SNCF GROUP: AN OVERVIEW OF OUR BUSINESSES 2 SNCF GROUP: CREDIT PROFILE 3 SNCF RÉSEAU: CREDIT PROFILE 4 CSR: COMMITMENTS & GREEN BOND PROGRAMME 5 APPENDICES: BUSINESS PROFILES OTHER CONTACTS 2 SNCF GROUP INVESTOR PRESENTATION AN OVERVIEW OF OUR BUSINESSES SNCF GROUP PRESENTATION A LEADING PASSENGER AND FREIGHT LOGISTICS GROUP IN FRANCE & WORLDWIDE € 33.3 bn € 21.6 bn € 5.1 bn AA- Aa3 A+ Turnover in 2018 € 4.0 bn Net debt pro forma CAPEX financed on its own S&P Moody’s Fitch Group EBITDA in 2018 1/3 outside of France of total debt relief* by SNCF Group Stable Stable Stable * Pro forma of the € 35 bn debt relief, post 2022 Total turnover: breakdown by branches (internal and external) Main activities: rankings & KPIs IN % 24 4 -19 SNCF Réseau KEOLIS automatic subway 100 SNCF Réseau largest network in Europe 18 #2 #1 and tramway operator worldwide 50 SNCF Voyageurs #3 largest ‘high speed’ network in the world SNCF Logistics KEOLIS SNCF Voyageurs #4 operator in Europe GEODIS operator worldwide 15 k trains / day, #8 23 Rail Freight of which 7,000 in the Paris Greater area OUI.SNCF Other* 15 m travelers / day in the world #1 online travel agency in France * Mainly intercompany sales elimination SNCF Réseau SNCF Voyageurs KEOLIS GEODIS Rail Freight Infrastructure and train Train operating company World leader in day Freight and logistics, Rail freight transport station manager in France in France and internationally to day mobility both internal and international, solutions for industries including non rail activities (steel, chemicals, goods…) Revenues: € 7.7 bn Revenues: € 16.4 bn Revenues: € 5.9 bn Revenues: 8.2 bn Revenues: 1.6 bn EBITDA: € 1.8 bn EBITDA: € 1.3 bn EBITDA: € 350 m € € EBITDA: EBITDA: 30,000 km size of 5 m passengers / day 3.3 bn passengers € 306 m € -188 m the French network for TER regional lines annually Direct presence 20,000 train paths and Transilien 21 light rail networks in 67 countries delivered daily 8.4 m passengers on worldwide A network connecting 440 m t.km train international markets in 2018 21,500 buses and coaches more than 120 countries paths sold in 2018 16 countries 3,000 train stations under 10 modes of transport management in France 4 SNCF GROUP INVESTOR PRESENTATION INTERNATIONAL FOOTPRINT UNITED KINGDOM 1/3 OF TOTAL GROUP BUSINESS 0.7% 43% NORTHERN EUROPE 50% 0.7% 60% CENTRAL AND EASTERN EUROPE 6% € 2 702 m 99.7% 39% 0.3% NORTH AMERICA 18% € 1 053 m € 220 m 1% 72% 0.6% CENTRAL ASIA 23% 26% 59% 95% € 2 299 m NORTH AFRICA 5% € 2 865 m MIDDLE EAST € 463 m WESTERN EUROPE 25% 75% 45% SOUTH ASIA CENTRAL AMERICA € 32 m 55% 13% 75% 99.7% 0.3% € 78 m 12% SOUTHEAST ASIA € 88 m 172 m 96% € 4% SUB-SAHARAN AFRICA 6% € 176 m BUSINESSES 2018 SOUTH AMERICA 94% 39 m • Logistics € AUSTRALIA / OCEANIA • Mass Transit 97% 3% • Passengers long distance services 32% • Consulting and rail engineering (of which Systra, consolidated under the equity method) € 163 m 67% 0.9% * Total revenue volume generated by companies owned € 840 m by SNCF Group (Controlling or not) 5 SNCF GROUP INVESTOR PRESENTATION OPENING TO COMPETITION OVERVIEW OF THE REFORM SCHEDULE DECEMBER 2019 For subsidised services (TER, TET), French regions able to organise call for tenders A NEW GOVERNANCE A STRENGTHENED AND MORE SUSTAINABLE – Creation of a vertically integrated Group FINANCIAL STRUCTURE FOR THE INFRASTRUCTURE gathering all rail activities – Higher productivity efforts at SNCF Group level DECEMBER 2020 – Train stations manager « Gares & Connexions » – Debt relief (SNCF Réseau) by the State for € 35 bn “Open Access” is transferred to SNCF Réseau allowed for High-Speed – Increase in the modernization efforts by € 200 m and conventional trains – The 3 SNCF companies are all converted into SA per year from 2020 onwards on the railway infrastructure not subject to a public service contract (public limited company) with capital 100% (directly – Stronger Golden Rule for SNCF Réseau: and indirectly) state-owned and non-transferable - Enlarged perimeter to include all capex in order to ensure the independence of the corporate - Ratio shifted from x18 to x6 by State decree governance and new capitalistic links DECEMBER 2023 - 2-year period to achieve financial ratio until 2026 – Compliant with the European regulation ensuring For subsidised services (TER, TET) regions the independence between the infrastructure manager or State will have to and operating companies (4th railway package) organise mandatory call for tenders at the termination date of operating contracts DECEMBER 2039 DEVELOPMENT OF THE RAIL OFFER A SOCIAL COMPONENT Special provisions – Opening to competition of transport activities – End of the specific employee status for new workers for Transilien: opening (4th railway package) hired from 2020 onwards is scheduled between 2023 and 2039 – Foster the development of the rail offer via tariffs depending on lines moderation on HSL and freight activities 6 SNCF GROUP INVESTOR PRESENTATION BIRTH OF AN INTEGRATED PLAYER 100% State-Owned shares non transferable KEY STEPS TOWARDS THE NEW ORGANISATION Gares & Connexions transferred from SNCF Mobilités (B.U.) to SNCF Réseau SNCF SA as a subsidiary (Holding) SNCF SA (holding) operating activities transferred to SNCF Voyageurs, to only 100% 100% retain strategic and controlling missions non transferable non transferable 70% 100% 100% SNCF Mobilités takes over SNCF EPIC to become the holding SNCF SA RÉSEAU SA VOYAGEURS SA Infrastructure manager Operating company World leader Multimodal freight Rail Freight SNCF Voyageurs takes over passenger in day to day mobility & freight forwarding activities and rolling stock of SNCF Mobilités including Thalys and Eurostar Subsidiaries SNCF SA (directly) and SNCF Voyageurs & SNCF Réseau (indirectly) become 100% 100% 62% State-owned public limited companies Paris - Brussels - Amsterdam (French equivalent). GARES& 55% CONNEXIONS SA Train station manager Paris - London SNCF BECOMES A FULLY INTEGRATED GROUP FROM JANUARY 1ST, 2020 Other subsidiaries are not mentionned in this chart 7 SNCF GROUP INVESTOR PRESENTATION OUR AMBITIONS BRINGING THE FREEDOM OF EFFORTLESS MOBILITY AND A GREENER PLANET TO ALL GROW RAIL USE BE THE BEST ON THE FUNDAMENTALS Develop mass transit and prepare opening to competition Punctuality, regularity, passenger information Modernization efforts for the core network Target: € 47 bn invested in the network between 2017 & 2026 Target: 90% in punctuality (< 5 mins) at departure by 2026 INCREASE CUSTOMER SATISFACTION BOOST EMPLOYEE ENGAGEMENT Increase satisfaction among all categories of customers AND SATISFACTION Prepare employees to a new social pact Target: 84% in passengers satisfaction in 2026 Target: +1 pt / year in employee satisfaction / commitment by 2026 DELIVER ECONOMIC DISCIPLINE WORK WITH REGIONS TO ADVANCE AND HIGH PERFORMANCE THE ECOLOGICAL AND INCLUSIVE TRANSITION Get the financial means to match our ambitions By developing rail, carpooling and all kind of shared motilities Target: positive free cash flow by 2022 Target: -30% of tons of CO2 per passenger.km by 2026 8 SNCF GROUP INVESTOR PRESENTATION SNCF GROUP CREDIT PROFILE SNCF GROUP: CREDIT FEATURES A LEADING COMPETITIVE POSITION An integrated business model enabling the company to meet the challenges of “mass transit” with a multimodal offer aimed at reducing congestion in main conurbations (in France and abroad) and a strategy focused on sustainable development Well prepared and positioned to benefit from the gradual opening to competition in the passenger transportation segment World leader in urban mass transit and logistics in more than 120 countries A REINFORCED FINANCIAL STRUCTURE Targeting positive Free Cash Flow generation for SNCF Group from 2022 onwards Financial ratios restored owing to the € 35 bn debt relief by the French State and a more stringent golden rule aimed at ensuring a sustainable long-term financial structure Renewed state support: a new performance contract with the State (up to 2030) and a more supportive dividends reinvestment mechanism A VERY STRONG LINK WITH AND A CRITICAL ROLE FOR THE FRENCH STATE Entirely owned by the French State, with shares neither transferable nor sellable. Chairman of the holding SNCF SA is appointed by the French State Strategic missions for the French State due to its role in the economy, regional planning, daily mobility, equal access to the territories, employment, Cop 21 trajectory compliance, energy transition, national defense A large share of revenues originating from local authorities through contracts with the Regions Shall be included in the “Government Related Entity” list by the European Commission and eligible to the ECP purchasing programme for denominated issues 10 SNCF GROUP INVESTOR PRESENTATION 11 SNCF GROUP INVESTOR PRESENTATION INVOLVED ALL ALONG THE VALUE CHAIN A VIEW BY ACTIVITY SNCF Réseau SA SNCF Voyageurs SA KEOLIS GEODIS Rail Freight SNCF Réseau Gares & Connexions Voyages SNCF TER + Transilien + Intercités KEOLIS GEODIS Rail Freight Rail network Trains stations HSL Train France Other Mobilities TER + Intercités: regional and Private operator Optimization of Train transport & management, renovation & TGV InOui West bahn interregional train and coach service of public transport, the supply chain, logistics solutions operation, management operated by SNCF and regional including light train every step of the way, for industries (steel, maintenance OuiGo IDVroom… governments across France transport (subway, freight forwarding, chemicals, goods…)
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