RATP group Green Bond allocation and impact report JUNE !"#$ RATP group: a long term corporate social responsibility commitment p. ! RATP inaugural Green Bond: description of projects financed by bond proceeds p. " RATP inaugural Green Bond: allocation report p. #$ RATP inaugural Green Bond: impact report p. #" Attestation by one of RATP EPIC’s Statutory Auditors on the allocation of proceeds from the Green Bond issuance of June !, "#$% p. !%
ND GREEN BOND RATP GROUP IMPACT REPORT The RATP group CSR policy relies on three pillars RATP group: and nine strategic priorities a long term corporate social responsibility commitment Be a major player Reduce Mobility is an essential lever in responding to the in sustainable mobility and its environmental increasing societal and environmental challenges in the sustainable city footprint tomorrow’s cities. As a privileged partner of French regions, RATP Group is actively committed, on a daily # ( Reduce its carbon footprint basis, to achieving a more inclusive, ecological and Build a connected Assert its human city. and accessible mobility offer and save its resources ! social and societal ) responsibility Develop a circular economy In "#$&, RATP was awarded the Afnor “Engagé RSE” Act in favour * (CSR Commitment) label. It is the world’s first transport of environmental health ' $ Promote steps for company having obtained the confirmed maturity level Foster urban integration Contribute to economic continuous improvement with such a broad scope from the first assessment. This and mixed-use buildings health and solidarity within and eco-design label rewards its sustainable development performance territories level in its long-standing Île-de-France region. & Foster management and boost commitment on the part of the employees " Ensure fair practice Below, some emblematic dates of this commitment: 2011 2017 in RATP value chain adoption of the first sustainable development 1996 code of ethics policy update creation of the first 2012 2018 body for continuous adoption of the first RATP Group joins the Forum communication with 1999 responsible purchasing des entreprises engagées approved passengers’ signing of the International policy brought together by associations Association of Public Transparency International Transport (UITP) 2014 development charter Group’s first CSR “Engagé RSE” (CSR Commitment) label, “Confirmed” level for RATP
2003 2015 joining the signing of the This policy is backed up by a road map of operational actions. UN Global Compact 2006 CSR charter for the Each departments and subsidiaries are committed to this road map and actively take part to it. first energy policy Grand Paris contracts
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT The RATP group naturally contributes to RATP’s greenhouse Average greenhouse the UN’s sustainable development goals. gases emissions gas emissions According to its activity, its CSR road map Source: 2017 RATP parent company per passenger.km covers all sustainable development goals carbon footprint Source: RATP Île-de-France network (SDG) except for SDG “life below gCO 2e/passenger-km – RATP 2017 water”. Detailed information is available in the Financial and CSR report: 10% https://www.ratp.fr/en/groupe-ratp/ Business travel 1% group-presentation/our-essential- Public transport is by essence the most virtuous way and staff commuting Direct waste Tramway documents. to go from a place to another one. Opting for public 2,8 transport in Île-de-France region means using only a fi fth of the energy used for the same itinerary 17 GOALS TO TRANSFORM OUR WORLD when taking a car. A RATP traveller using subway, 23% RER 3,3 RER or tramways emits 50 times less greenhouses Procurement gases than when using its car. RATP has produced a carbon footprint report 1% Métro since 2004 (scopes 1, 2 and 3). This report is updated Cooling 3,4 gas every three years. The analysis has demonstrated that, between 2015 & 2018, RATP has reduced energy 11% Bus consumptions by 6% and GHG emissions by 9% Buildings, 93,5 workshops, per passenger-km. bus depots, 54% stations energy Traction energy (bus, metro, train, Car tramways) 166
RATP is the first multimodal player in the world RATP major ambition in terms of energy transition LED technology will be replaced for the first time, that has been certified ISO 50001 (in 2017). This is the Bus2025 plan. This plan should allow the hence targeting an additional 50% reduction in the certification stands for RATP’s whole range of company to have a fleet of clean buses by 2025 energy consumption. activity and acknowledges RATP’s commitment aimed at reducing its greenhouse gas emissions. The RATP Green Bond issuance, dedicated to towards an ongoing strategy of energetic RATP will then be the world leader in clean buses, low-carbon and sustainable transport, is an performance improvement. And it continues its and will pave the way to the entire industrial sector opportunity to emphasize the Group’s strategy in efforts to offer an ever more efficient, energy- with the planned operation of 4,700 clean buses. terms of sustainability and climate change. It also saving and decarbonised transport offer. RATP reached a significant milestone in this plan enables RATP to diversify its investor base, thanks RATP parent company set the objectives to reduce in 2016 with the commissioning of the first 100% to a reinforced dialogue with socially responsible its greenhouse gases emissions (GHG) by 50% electric standard bus route in Île-de-France. investors. between 2015 and 2025 and to reduce energy Railway equipment modernisation and Moreover, the RATP Green Bond will contribute to consumption by 20% within the same period. To optimisation of operating techniques also enable encourage other public transportation issuers to achieve these objectives, RATP has built action- significant energy savings in the Paris region come to market to fund rail investments and other plans to promote energy sobriety and to encourage network. In particular, 2016 was marked by low-carbon and sustainable transport investments, the use of the low-carbon mobility means. The completion of the commissioning of MF01 trains on while complying with the highest standards of the energy transition is essential for RATP, especially in line 9, providing energy consumption savings of Green Bond market. the context of a more sustainable development of 30% compared to the previous equipment. The RATP inaugural Green Bond will also the city of tomorrow. RATP completed the renewal of station lighting in encourage project management teams to integrate To achieve these objectives, the Group has adopted 2016. LED technology has replaced conventional the carbon and energy criterion at an earlier stage an action plan deployed across its activities: bulbs (250,000 lights were concerned). This in the design phase. passenger transport (subway, bus, RER, tramways), replacement has led to a 50% reduction in the management of the rail infrastructure network, energy consumption required for lighting passenger engineering, maintenance and management of its areas in the metro and RER and a 50% reduction in real estate. associated greenhouse gas emissions. In 2019, this
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT RATP inaugural Green Bond: Description
Category 1 Public transport of projects infrastructures maintenance and renovation One project fi nanced fi nanced by Automation Category of Paris Metro line 4 Public transport rolling stock renovation €200 million and renewal bond proceeds the second busiest Metro line in Paris in Two projects fi nanced terms of traffic after the line 1, with 172 million trips per year Renewal of rolling stock (>700,000 passengers per day) of the RER A 100% new financing €250 million Three investments are fi nanced by the busiest regional train in Europe with 1.2 million passengers per working day the inaugural Green Bond of June 100% refinancing 22, 2017 in two different categories, for a total amount of proceeds of million €500. Purchase of 100% electric maintenance RER shunters €50 million replacement of diesel shunters used for the night works on the regional train network 100% new financing
Total inaugural Green Bond
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT Automation Projects description and major benefi ts of Paris Metro line 4 Line 4 main Project Project challenges Project benefi ts features opportunities • A 100-year old line and/ • Improved safety (with • North/south backbone for line 4 or sensitive infrastructure platform screen doors and of the Paris metro • Redeployment of • No traffic interruption CBTC for train speed • Built 1908-1910 automatic -car trains or works by night on a control) • 1 st sub-river crossing in from line reduced time • Improved security with Category 1 1910 • Short-term renewal and/ • 3 different generations CCTV in trains and Public transport infrastructures • 14 km, 29 stations or modernisation needed of automated rolling stock stations maintenance and renovation. (27+2: extension in on line infrastructure • Line extension in • Direct operational One project fi nanced progress) • Improvement of service parallel savings, energy savings • The second busiest quality offered by an • Difficult transition • Fewer delay related Parisian metro line after automatic system (thanks stages economic losses €200 million the line 1 with more than to improved reliability, • Exceptional • Improved capacity and 100% new fi nancing 700,000 passengers per capacity, resilience and concentration of worksites reliability, and resilience day (172 million trips per adaptability), for a line between 2015 and 2020 • Real time adaptability year) with an irregular and • Reduced schedule and/or tailoring the offer • Connected to all metro atypical traffic compared to line 1 lines (13) and suburban • An opportunity that automation lines (5) makes sense in the • Change management: • Sudden peaks in traffic context of the Grand Paris technical progress should demand Express project with its lead to social • Tourist areas, 3 major future connection to the • Progress and better railway stations (TGV) South service • The project will improve the energy savings thanks to economic piloting of trains and the optimisation of regenerative breaking enabled by the automated At summer 2013, RATP, owner of the project, in close coordination with line 4 platform renewal system and Île-de-France Mobilités,the public transport plan and are on schedule. Montparnasse station • The project will reduce authority, launched the automation of line 4. was even reopened twelve days before the GHG emissions thanks to 140 The project should be completed in 2022. scheduled day. Besides, a platform screen door internal energy savings Line 4-automation project can be divided into five prototype has been installed. and modal shift GWh energy savings sub-projects: infrastructure upgrades, platforms and Unattended trains will be operated by a CBTC platform screen doors, the automated system, system with a new Operation control center (OCC). rolling stock and change management. In 2017, Technical rooms and rooms for new OCCs were RATP proceeded with these five sub-projects delivered for installation of technical equipment. simultaneously. New audiovisual means were developed to operate 6,700 In order to prepare the commissioning of upgraded future fully-automated line 4. tCO 2e saved signalling in terminals (scheduled for summer Concerning rolling stock, predisposition works are in 2018), RATP continued the renewal of obsolete progress for MP89C-MP05 trains. More than half of equipment, infrastructure modernisation and its the them were ready at the end of 2017. preconfiguration to the automation. Finally, technical progress brought by automation At the end of 2017, more than half of the stations should serve social progress: several social had been reinforced and their platforms height agreements were signed with unions to organise the adapted to install the first operational platform transition towards automation. screen doors in 2018. These works were completed
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT Project 1: Projects description and major benefi ts renewal of rolling stock RER line A main Project Project challenges Project benefi ts features opportunities • Renew the fleet in • Reduction of energy • East/west backbone for line A a minimum of time consumption of the RER A of the Paris regional train • Desaturation of a line • Adapting the Energy savings • 1,200,000 passengers victim of its success linked infrastructure at the and better regeneration per day to the growing urbanism same time as the arrival (breaking energy recovery) • 109 km, 46 stations of the Paris region of new vehicles By transported traveller: • Connected to all the • Further enhance the – 31% to 55% decrease main metro and train capacity of the line, in in consumption of energy Category 2 station in Paris region addition to the increased compared to the replaced Public transport rolling stock performance already trains renovation and renewal. made possible by – 20% drop compared Two projects fi nanced automatic train control to the previous generation • Modernise and of trains at two levels standardise the materials of the RER A €250 million used on the line • Reduction of consumption 100% refi nancing • Facilitate the operations of used materials in real time of trains Recyclability studies injection in the network and analysis of the life and maintenance, via cycle for what has changed a fleet of interchangeable compared to the previous rolling stock generation of equipment to two levels according to ISO 22628 Recyclability rate reached • 91.5%: reduction of noise emissions 1 Compliance with the TSI noise TWh energy savings* • Several areas for wheelchair users • Reducing the impact on the air Work on the rate The challenge of this project is to modernise The first commercial commissioning in the 50,400 of wear of the friction the vehicle fleet of the most frequented urban presence of the President of the French Republic material and braking by tCO 2e saved train line in Europe with 305,000,000 passengers occurred in December 2011. energy recovery privileged per year. The Group placed an additional order of 10 items * see the impact report section • Controlled waste It consists in designing and supplying of self- in July 2015. th production propelled items with the group Alstom/Bombardier. The commercial operation of the 140 and last Sealing of the organs The first order of 130 items took place in April 2009. train ordered began in April 2017, i.e. six weeks requiring oil/fat – For the first time, RATP decided to draft a ahead of contract schedule. reduction of waste specification incorporating all the environmental in general issues considered necessary, even beyond the regulatory constraints.
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT Project 2: Projects description and major benefi ts purchase of 100% Project Project challenges Project environmental opportunities • The development of a benefi ts • Ensure coherence with completely electric dual • Pollution prevention electric maintenance the company’s virtuous mode shunters: catenary and control by a total and eco-responsible , kV and embedded eradication of diesel engine approach towards air traction batteries pollutant gas due RER shunters quality improvement and • At the time of the to the actual shunters the environmental impact definition of the needs, – 4 different diesel engines of public transport in there was no equipment types – especially in tunnels Paris region reduction available to be carried out • Total suppression of diesel programme on RATP sites pollution in tunnels Category 2 • Participation to the Paris • Those devices are • Improvement of the air Public transport rolling stock City policy “diesel fuel intended to intervene on quality to all passengers renovation and renewal. eradication by 2020” the building rights that • Improvement of health • Anticipation in case the catenary fed or not, and safety and employment Two projects fi nanced of future indoor air they can also evolve on conditions by the reduction quality regulations infrastructures not of RATP staff exposure • Studies and equipped with catenary to pollutant gas €50 million manufacturing of tractors Routings and set-ups 100% new fi nancing are carried out by the are carried out with the French subsidiary catenary feed whenever of CAF based in Bagnères- it is possible de-Bigorre (Hautes- The capacity of the Pyrénées). This contract traction batteries allows has allowed a hundred the execution of jobs to be kept in France circulations on an for three years on the site infrastructure site. These and among subcontractors circulations take place mainly during the period of interruption of the operation i.e. at night 32 GWh energy savings*
To improve the internal air quality in transport The structuring stage of the project is almost infrastructures, RATP group decided a purchase of completed as of mid-2018 and the preliminary 14,700 100% electric maintenance shunter for RER works. studies are well-advanced. tCO 2e saved The shunters are the locomotives used to tow the Detailed studies, manufacturing and testing work trains for the maintenance of the tracks and of the first 2 shunters are planned to be delivered * see the impact report section tunnels. mid-2019. In March 2017, this resulted in the signing of the The delivery of the 10 last shunters is scheduled at autonomous shunter contract for the design and the rate of one per month in 2020. This represents the supply of 12 shunters with CAF / CAF France, the end of the project, as far as the green bond and ordering of the first 12 items (6 more will be proceeds are concerned. ordered later, if needed).
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT RATP inaugural Green Bond: Allocation report at category level
Total amount Total allocated amount of proceeds in !%#) and %
Allocation Category #: Public transport infrastructures maintenance and renovation €!%% million €#%$.&' million – &!%
Category !: Public transport rolling stock renovation and renewal* €'%% million €!&).#( million – )"%
report Category ': Public transport station and spaces modernisation ––
Category $: Other public transport low-carbon vehicles ––
TOTAL inaugural Green Bond €&%% million €'"!.(% million – ('%
Date of fundraising : June !, "#$% *The refi nancing of the “Renewal of rolling stock of the RER A” project corresponds to the net amounts for and calendar years. The amounts allocated are expenses affected to the projects for the calendar year, net of grants requested over the year. All funds raised have not yet fully allocated Allocation report at project level
for the calendar year "#$&. Total amount Total allocated amount of proceeds in !%#) and %
Automation of Paris Metro line $ €!%% million €#%$.&' million – &!% #%%% new fi nancing
Renewal of rolling stock of the RER A, the busiest regional train in Europe €!&% million €!&% million – #%%% #%%% refi nancing
Purchase of #%%% electric maintenance RER shunters €&% million €).#( million – #"% #%%% new fi nancing
TOTAL inaugural Green Bond €&%% million €'"!.(% million – ('%
Breakdown new fi nancing versus refi nancing
Total amount Total allocated amount of proceeds in !%#) and %
€!&% million €#%$.&' million and $!% line $ automation New fi nancing €).#( million and '% electric shunter
€!&% million !&% million and #%%% Refi nancing RER A rolling stock
TOTAL inaugural Green Bond €&%% million
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT RATP inaugural Green Bond: Project: automation of Paris metro line 4
The automation of metro lines can directly feedback from RATP following the automation of generate energy savings. The automation offers the line 14. Impact opportunity to create various types of driving in On line 14, RATP measured the impact of the operation depending on the needs: “tight running” consumption of friction materials (the main source for peak hours and “coasting” for off-peak hours. of dust in underground railway enclosures) before This evolution is aimed at optimising: and after the implementation of the eco-driving. report • acceleration and braking phases (eco-driving) and; According to the calculations made, the • synchronisation of train’s departures and trains’ implementation of the eco-driving reduces the arrivals in stations in order to promote the number of braking equipments by 53%. recovery of braking energy. Therefore, this calculation highlights a reduction This impact has been estimated to: of more than 50% of the main particles sources on • energy saving of 5 GWh per year; line 14. By analogy, following the automation of For each investment, the potential energy savings and • avoidance of 220 tCO 2e per year; line 4, a significant decrease in the consumption greenhouse gas (GHG) emissions avoidance has been • 34 tCO 2e avoided / € million invested. of friction materials is expected and therefore a reduction of the particles concentrations associated estimated. The aim is to highlight the contribution of Methodology: in the station. each investment to the reduction of greenhouse gas Ex-ante evaluation (GHG) emissions and to the energy transition. The evaluation is done ex-ante as the automation Social benefi ts project for line 4 is currently being implemented. Many social co-benefits are also created as part Only the direct effects of the operation phase of the The evaluation is based upon RATP’s experience in of the metro automation projects “by RATP”. In fact, operating automatic lines. On line 14 of the Paris the success of the automation of line 4 relies as projects have been taken into account. Thus, indirect subway, RATP measured the impact of similar much on its technical quality as on the control of the effects such as emissions avoided due to the transfer measures (eco-driving on an automatic line), based social subject associated with the project. of passengers from the private car to public transport on its actual energy consumption. Three The installation of automatic systems appears more are not evaluated. measurement campaigns were carried out by RATP reliable but also more complex. Consequently, it in 2010 to evaluate the energy consumption of line requires the acquisition of new skills and technicality In the absence of reliable data, the GHG emissions 14. The energy savings resulting from the both at the operation and the maintenance levels. implementation of these provisions on line 14 is Hence, the automated metro induces new work and energy consumption associated with the estimated to be 16%. organisations creating new and more rewarding equipment and rolling stock construction phase have By analogy, the potential gain associated with the professions, with a greater variety of tasks. These jobs not been included in the calculation. automation of line 4 is estimated to be 10% of the are higher-skilled ones and therefore better paid. consumption of the line (low hypothesis). Line 14 had been designed without a driver, and GHG emissions measured are emissions associated inaugurated in 1998. As it was seen as a successful with energy use. Emission factors used “managerial laboratory”, the automatic system has Electricity consumption (France, transport use): been integrated into the modernisation program of For the entire Green Bond, on average $/" tCO"e are 48 gCO 2e per kWh the Paris metro as a whole. Vis-à-vis the unions, the avoided per € million invested. Source: Ademe, April 2018, http://www.bilans-ges.ademe.fr/. modernisation of the network was apprehended at a global level in which the automation of line 1 – in Air quality 2011 –, and the one of line – currently taking place, The automation of line 4 improves air quality by had been integrated. reducing the particles emissions of rolling stock. In addition, the automations are carried out by Indeed, automation offers the opportunity to RATP without major interruption of operations. Jobs increase electric braking with energy recovery, as a must be adapted as work progresses. In addition to substitute for mechanical braking. In the braking negotiations with the trade unions, a constructive phase, trains are able to restore their kinetic energy dialogue has been set up between engineering, in the form of electricity to other trains: it is the operation and maintenance. The agents of the line electric braking energy recovery. Synchronism (train benefit from an ongoing training program of and pulling while another one is braking) is necessary specific supervision during the phase of acquisition for the energy exchanges to take place. of the necessary skills to exercise their new An ex-ante evaluation is carried out based on the profession in a constantly evolving universe.
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT Project: renewal of rolling stock of the RER A Project: purchase of 100% electric maintenance RER shunters Rolling stock fleet modernisation is an important Methodology: lever for continuing to improve energy performance Ex-post evaluation RATP currently maintains the RER rail lines (line A Emission factors used of the transport networks operated by RATP. The evaluation is done ex-post. Energy savings and and line B) with maintenance equipment running Electricity consumption (France, transport use): The modernisation of the fleet of RER line A rolling GHG emissions avoided by replacing the arrival of on diesel. With this investment, all of this 48 gCO 2e per kWh stock with the arrival of MI09 has led to very MI09 equipment had been estimated from maintenance will now be performed by electric Diesel fuel consumption: 3,17 kg CO2e per liter. significant gains both in terms of energy measurements on a sample of the fleet. locomotives. The project will therefore have a direct Source: Base carbone, Ademe, April 2018, http://www.bilans-ges. consumption and associated GHG emissions. The calculation is made over the life of the benefit in terms of both energy transition and ademe.fr/ The recovery and reuse of braking energy on the investment, i.e. thirty years. reduction of GHG. line is made possible thanks to the new equipment. The environmental balance sheet on the Air Quality The environmental balance sheet on the Emission factors used depreciation period of the investment (“thirty years By replacing the fleet of diesel tractors with depreciation period of the investment (thirty years Electricity consumption (France, transport use): and 12 locomotive”) is estimated to: electrical tractors, we obtain a 100% reduction in and 140 elements) is estimated to: 48 gCO 2e per kWh • an energy saving of 32 GWh; carbon monoxide emissions, hydrocarbons • an energy saving of 1 TWh; Source: Base carbone, Ademe, April 2018, http://www.bilans-ges. • 14,000 tCO2e avoided; emissions, nitrogen oxides emissions and particles. ademe.fr/ • 50,400 tCO2e avoided; • a savings of 279 tCO 2e avoided per € million Consequently, the impact is significant and • 202 tCO2e avoided per € million invested. invested. immediate on the air quality; especially underground (the main place of use of locotractors). Methodology: Indeed, the standard (1) emission on “phase 2” of Ex-ante evaluation diesel tractors in the current RATP fleet gives a The evaluation is done ex-ante. Energy savings and maximum thresholds of the net power category avoided GHG emissions due to the replacement of comprised between 130 and 560 kW: diesel locomotives by electric locomotives are based on theoretical calculations. These calculations are carried out at the preliminary design studies stage. The calculation is made over the life of the investment, i.e. thirty years.
Phase II: %#/!%%! Mass of carbon Mass of hydro- Mass Nitrogen Mass of particles monoxide – CO carbons oxides (g /kWh) (g/kWh) – HC – NOx (g/kWh) (g/kWh)
Threshold ',& # " %,!
For #! locotrators $! #! (! ! respecting the standard
Impact of the #! electric %%%% locators of the investment as soon as they are used
(1) Regulation (EU) 2016/1628 of the European Parliament and of the Council of September 14, 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.
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT RATP EPIC RATP EPIC: Registered office: 54, quai de la Rapée – 75012 Paris.
Attestation by one of RATP EPIC’s Statutory Auditors Attestation by on the allocation of proceeds from the Green Bond issuance of June 22, 2017 one of RATP EPIC’s As independent third party and Statutory Auditor the identified projects; of RATP EPIC and in response to your request, we • use of proceeds allocated to eligible projects after have prepared this attestation on information allocation; relating to the allocation at December 31, 2018 • non-financial indicators specific to projects. Statutory Auditors of proceeds amounting to €500 million from the Green Bond issuance (hereinafter the “Issuance”) of June 22, 2017, as reported in the accompanying As part of our statutory audit engagement, we document entitled RATP Group Green Bond conducted a joint audit of RATP EPIC’s financial on the allocation allocation and impact report (June 2019), which statements for the year ended December 31, 2018. was prepared in accordance with the terms and The purpose of our audit, which was conducted in conditions of the issuance agreement dated accordance with the professional standards June 22, 2017 (hereinafter the “Green Bond applicable in France, was to express an opinion on of proceeds from Framework”). the financial statements as a whole rather than on The RATP Group Green Bond allocation and the specific items used to obtain the information. impact report, which is intended for green Consequently, we did not carry out any tests of bondholders, states that €362,70 million of details or sampling for that purpose and we do not the green bond proceeds had been allocated to eligible projects express an opinion on those individual items. The at December 31, 2018. financial statements were approved by the Board The information was prepared by your finance of Directors on April 1, 2019 and our unqualified issuance of department based on the accounting records used audit report was issued on April 1, 2019. to prepare the financial statements for the year ended December 31, 2018. The accompanying document specifies the methods and eligibility 2017, June 22 criteria used to prepare the information. It is our responsibility to provide an opinion on the following information presented on page 15 of the RATP Group Green Bond allocation and impact report regarding: • the appropriate allocation of proceeds from the Green Bond issuance and the amount allocated to each eligible green project; • the share of proceeds allocated to financing or refinancing each project.
However, it is not our responsibility to provide an opinion on the: • eligibility criteria of projects, which were validated in the second party opinion by Vigeo Eiris prior to the Issuance; • compliance, in all significant aspects, of projects with the eligibility criteria defined by RATP EPIC in the Green Bond Framework; • effective enforcement of the policy for managing proceeds before being earmarked or allocated to
RATP GROUP ND GREEN BOND RATP GROUP IMPACT REPORT Based on our work, we have no matters to report concerning the consistency of: • the statement of allocation of proceeds presented on page 15 of the RATP Group Green Bond allocation and impact report (June 2019); • the share of proceeds allocated to financing or refinancing each project; with accounting information or the information on which the financial statements for the year ended December 31, 2018 were based.
This attestation has been prepared for you in connection with the context mentioned in the first paragraph and it may not be used, disclosed or referred to for any other purpose. In our capacity as Statutory Auditor of RATP EPIC, Moreover, we have not implemented procedures to our responsibility to RATP EPIC is defined by identify any events that may have occurred since French law and we do not accept any extension of we issued our audit report on the financial our responsibility beyond that specified by French statements dated April 1, 2019. law. We shall not be liable to any third parties, Our assignment, which did not constitute an audit including the holders of Green Bonds, and we are or a review, was performed in accordance with the not party to the Green Bond Framework professional standards applicable in France. Our agreement. We shall not be held liable for the work included: execution of the Green Bond Framework or for any • identifying the people responsible for data resulting damages, loss, cost or expense. collection within the company and, where This attestation is governed by French law. All appropriate, for the internal control and risk disputes, claims, or disagreements arising from our management procedures implemented; engagement letter or this attestation fall under the • assessing the appropriateness of the data exclusive jurisdiction of the French courts. Both collection procedures in terms of their relevance, parties irrevocably forego their right to oppose any completeness, reliability, neutrality and case brought before the French courts, or to argue understandability; that the case has been brought before a court that • verifying the existence of internal control and risk lacks jurisdiction, or that the French courts do not management procedures implemented by the have jurisdiction. company; • examining, using sampling techniques, the Paris-la Défense, June 6, 2019 processes used for data collection, compilation, KPMG SA processing and verification, particularly the procedures relating to the allocation of proceeds Philippe Arnaud set out in the Green Bond Framework; Partner • based on a representative sample of eligible projects at December 31, 2018: – verifying the calculation of proceeds allocated to each project, and the share allocated to financing and refinancing eligible green projects; – reconciling the information with the supporting documents, • implementing analytical procedures on the allocation of proceeds and verifying their consistency with information provided in reporting documents.
RATP GROUP