MORE INFORMATION AND CONSOLIDATED FINANCIAL STATEMENTS FOR 2011 PLUS HALF-YEAR 2012 STATEMENTS ARE AVAILABLE AT SNCF.COM 2011 PROFILE & KEY FIGURES

SNCF, Direction de la Communication, 34 rue du Commandant Mouchotte, 75699 Cedex 14, .com Photos: E. Bernard / J. Chapuis / W. Daniels – Lowe Stratéus / H. Parent / SNCF Médiathèque : P. Curtet – J. Guiot – C. Recoura – More information sncf.com P. Messina – C. Curt / S. Tétu – La Company / SNCF Médiathèque-AREP / Photothèque Geodis. English text: Durban/Clementi. Design & production: Lowe Stratéus. Printing: September 2012. SNCF IN 2011

SNCF IS A WORLD LEADER IN MOBILITY AND LOGISTICS. PRESENT IN 120 COUNTRIES, WITH A TOTAL WORKFORCE OF 245,000 GENERATING REVENUE OF €32.6 BILLION.

A public-sector group commited to REVENUE INVESTMENT REVENUE public service, SNCF draws on its foundations in rail in to offer an € BILLION € BILLION BY MARKET extended range of services for smooth door-to-door mobility for clients, International travellers, transport and logistics operators, and the regional and local 23 % governments that are its organizing authorities. France 32.6 2.4 77 % The group is made up of fi ve divisions:

• SNCF Infra Managing, operating, maintaining EBITDA(1) GLOBAL PRESENCE 245,000 and developing rail and related infrastructure € BILLION IN 120 COUNTRIES EMPLOYEES • SNCF Proximités Operating local, urban and regional passenger services • SNCF Voyages Operating high-speed passenger rail services • SNCF Geodis 3.02 Providing freight and logistic services or 9.3% of revenue • Gares & Connexions Charged with train-station management and development RECURRING NET PROFIT (2) NET PROFIT €664 m €125 m

(1) Earnings before interest, taxes, depreciation and amortization. (2) Excluding non-recurring items.

01 KEY FIGURES

KEY FIGURES FOR 2011 CHANGE IN REVENUE EBITDA(1) SNCF CAPITAL FREE CASH FLOW SNCF GROUP € BILLION IN € MILLIONS INVESTMENT € MILLION € BILLION

(€ million) 2010 2011 32.6 3,020 2.4 261 30.5 9.3% 2.3 Revenue 30,466 32,645 2,591 EBITDA/ 10.3% REVENUE 2.2 25.2 24.9 2,163 EBITDA/ 2.1 - 82 - 491 - 162 Gross profi t (EBITDA) 2,163 3,020 REVENUE 7.1% 1,688 EBITDA/ Current operating profi t 531 1,255 6.8% REVENUE EBITDA/ Operating profi t 1,409 821 REVENUE Financial profi t -358 -359 Recurring net profi t 231 664 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 Net profi t (attributable to equity REVENUE RECURRING NET NET PROFIT(2) FINANCIAL holders of the parent) 697 125 BY DIVISION PROFIT € MILLION NET INDEBTEDNESS € MILLION € BILLION Self-fi nancing capacity 1,431 2,148 3 % SNCF Infra 664 697 15% 8.5 SNCF capital investment 2,127 2,364 € 5.3 bn 575 8.3 SNCF Proximités 530 125 7.2 € 12.3 bn Free cash fl ow -162 261 27 % 6 SNCF Voyages - 980 Financial net indebtedness 8,499 8,329 € 7.3 bn 35 % SNCF Geodis 231 € 9.4 bn Workforce 240,978 245,090 20% Gares & Connexions 3 € 1.2 bn 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

(1) Earnings before interest, taxes, depreciation and amortization. (2) Attributable to equity holders of the parent.

02 03 A GLOBAL PRESENCE

PRESENT IN 120 COUNTRIES, SNCF IS A WORLD LEADER IN MOBILITY FOR PEOPLE, GOODS AND LOGISTICS.

Map Divisions present SNCF present SNCF Infra SNCF Proximités SNCF Voyages SNCF Geodis Gares & Connexions

EUROPE ASIA-PACIFIC NORTH & SOUTH AMERICA AFRICA & MIDEAST

Austria Luxembourg Australia Kazakhstan Argentina Mexico Algeria Morocco Belgium Macedonia Azerbaijan Malaysia Brazil Peru Cameroon Niger Bosnia-Herzegovina Netherlands Bangladesh New Zealand Canada United States Chad Nigeria Bulgaria Norway China Philippines Chile Uruguay Congo Qatar Czech Republic Poland Georgia Singapore Colombia Venezuela Egypt Saudi Arabia Denmark Portugal Hong Kong South Korea Ecuador Gabon South Africa Estonia Romania India Taiwan Iraq Syria Finland Russia Indonesia Thailand Israel Tunisia France Slovakia Japan Vietnam Kuwait United Arab Emirates Germany Slovenia Libya Greece Hungary Sweden Ireland Switzerland Italy Turkey Latvia Ukraine Lithuania United Kingdom 04 05 CORPORATE GOVERNANCE

BOARD OF DIRECTORS SNCF GROUP MANAGEMENT

The Board of Directors defi nes Group policy, sets its direction and implements contracts with the French State. The Chairman of the Board of Directors is appointed by the Council of Ministers at the proposal of the Board. The Board of Directors comprises: • 12 members appointed GUILLAUME PEPY JACQUES DAMAS SOPHIE BOISSARD PIERRE BLAYAU JEAN-PIERRE FARANDOU BARBARA DALIBARD by the French State, Chairman SNCF EPIC(1) Business Strategy SNCF Geodis division SNCF Voyages division including: & Development (SNCF Proximités division) – 7 representatives of the State – 5 members chosen for particular expertise, including at least one representative of clients • 6 members, including one representative of management, elected by Group employees.

(1) SNCF EPIC is the state-owned FRANÇOIS NOGUÉ ALAIN KRAKOVITCH ALAIN PICARD SYLVIE CHARLES BÉNÉDICTE TILLOY PIERRE IZARD enterprise responsible for core railway services in France. Cohesion Rail Services Safety Finance, Purchasing & IT SNCF Freight SNCF Transilien SNCF Infra division & Human Resources & Quality (SNCF Geodis division) (SNCF Proximités division)

STÉPHANE VOLANT BERNARD EMSELLEM PATRICK ROPERT JOEL LEBRETON CLAUDE SOLARD RACHEL PICARD Company Secretary Sustainable Development Communications SNCF Proximités SNCF Regions & Intercités Gares & Connexions (SNCF Proximités division)

06 07 SNCF GROUP

SNCF INFRA DIVISION SNCF PROXIMITÉS DIVISION SNCF VOYAGES DIVISION SNCF GEODIS DIVISION GARES & CONNEXIONS DIVISION

Rail network TER High-speed rail operators Global transport Station management operation & management (Regional express lines) for passengers & logistics operator & development in France Direction de la Circulation TGV Geodis Ferroviaire (rail traffi c Transilien iDTGV STVA Multidisciplinary operations – control body) (Rail transport for Greater Paris) building and outfi tting facilities Rail freight (TFM) AREP Construction & renovation Intercités Lyria Fret SNCF Parvis (for lines serving regional and Alleo Captrain A2C Engineering local planning & development) VFLI Systra Gala Multi-modal transport businesses Keolis TGV Italia Westbahn Asset management NTV (Nuovo Trasporto Viaggiatori) Ermewa Akiem Long-distance coach travel iDBUS

Sales distribution voyages-sncf.com

08 09 SNCF INFRA DIVISION MISSION: provision, under a public-service remit, of management, operation and maintenance of the French rail network for RFF, owner of the French rail network, as well as engineering services, primarily for rail infrastructures.

KEY FIGURES IN 2011 BUSINESS PROFILE CHALLENGES AND TARGETS

CLIENTS OUVERTURE

SNCF --TER The main client in France is RFF, which owns the French rail network. €5.3 bn Outside France, clients are major construction and civil engineering revenue companies purchasing engineering services (Europe, Asia, Middle East, 15,0 00 Africa, United States, India, Canada and South America). EBITDA(1) trains circulating daily coordinated by DCF (Direction SERVICES de la Circulation Ferroviaire, Network maintenance, operational security and management €229 m France’s rail traffi c organizing body). of train circulation for RFF. Engineering services, contract coordination, oversight and site logistics or of revenue in France and abroad. 4.3% Implement conclusions of the Assises 30,000 km du Ferroviaire debate. rail network maintained and CHANGES IN THE BUSINESS ENVIRONMENT monitored 24/7, including nearly • Institutional environment: conclusions of the Assises du Ferroviaire, Pursue deployment of train 2,000 km of high-speed track. a nationwide debate on the future of rail, calling for France’s rail network schedules calling for circulation to be brought together under a single management entity. at regular intervals that began with • Re-launch of Systra, confi rming its rank as a world leader in engineering the 2012 Service Plan. for public transport, by combining Systra (co-owned by SNCF and RATP, 36 the Paris public transport company), Inexia (SNCF) and Xelis (RATP). Continue to upgrade the rail network. countries. Boost production effi ciency further. SNCF INFRA DIVISION AT A GLANCE Meet the challenge of competition.

DCF (1) Step up SNCF Infra’s growth Revenue breakdown (rail traffi c organizing body) on international markets. France 99% Construction & renovation

International Engineering Systra 1% 1,000 major projects launched in 2011.

Over 1,000 km of track upgraded in 2011. (1) Earnings before interest, taxes, depreciation (1) Independent unit within SNCF that manages rail traffi c and circulation in France and amortization (gross profi t). for RFF (owner of the French rail network).

10 11 SNCF PROXIMITÉS DIVISION MISSION: provision of urban, suburban and regional commuter transport.

KEY FIGURES IN 2011 BUSINESS PROFILE CHALLENGES AND TARGETS

The world’s no. 2 public mobility provider and no. 1 partner for French regional and local Transport Authorities, the SNCF Proximités division is involved in the €12.3 bn entire range of collective transport services: trains, buses, coaches, metros, revenue tram-trains, tramways, trolleybuses, bicycles, car-sharing, ferries and airport ground transport. • In France: 21 regional agreements, Intercités agreement EBITDA(1) with the French State, 88 urban transport networks operated by Keolis 10 million in France, 74 regional networks at département level, and EFFIA passengers every day. carparks in 100 towns and cities. €811 m • Worldwide: Present in 12 countries altogether through Keolis (Australia, Belgium, Canada, Denmark, France, Germany, Norway, the Netherlands, or of revenue Portugal, Sweden, the United Kingdom and the United States). 6.6% Continue building team commitment + 47.5 % to punctuality, passenger information TER traffi c since 2002. CLIENTS and service, customer service and • Transport Organizing Authorities: national and regional authorities, innovation to promote passengers STIF (responsible for public transport in the Greater Paris area), mobility. + 27 % départements, communities and groupings of communities. Transilien traffi c since 2002. • 10 million passengers a day (4 million carried by TER, Transilien Build model partnerships for the future and Intercités trains). with Transport Organizing Authorities and begin moving the business in this MARKET direction. Provision of public services for Transport Organizing Authorities. Continue international growth with Keolis. CHANGES IN BUSINESS ENVIRONMENT Revenue breakdown • Steep rise in demand for commuter transport, with TER traffi c up 47.5% France and Transilien traffi c up 27% since 2002. • Growth in services linked to mobility and multimodal solutions. 83% • Rising economic pressures. International • Intercités lines set to open up to competition in 2014 as announced at the Assises du Ferroviaire. 17%

SNCF PROXIMITÉS DIVISION AT A GLANCE

TER nd (Regional rail traffi c) Keolis, 2 The leading urban largest bicycle rental Transilien Keolis passenger transport specialist in France. (Greater Paris area) specialist in France and a global benchmark (1) Earnings before interest, taxes, depreciation for trams. Intercités and amortization (gross profi t). (for lines serving regional and local planning & development) 12 13 SNCF VOYAGES DIVISION MISSION: high-speed passenger rail services.

KEY FIGURES IN 2011 BUSINESS PROFILE CHALLENGES AND TARGETS

No. of passengers in France CLIENTS TGV + iDTGV trains 2005-2011 Passengers (or their employers). € 7.3 bn (millions) revenue 102.5 100 98.4 98.5 SERVICES 80 • French market through TGV and iDTGV services. (1) EBITDA • International links, primarily in high-speed services, between France and 126 million the UK (Eurostar International), with Belgium and the Netherlands (Thalys), passengers carried in 2011. with Switzerland (Lyria), Germany (Alleo), Spain (Gala and Elipsos) and Italy €1,020 m Up 3.6% from 2010, with (TGV Italia). strong growth in both domestic • International links by coach with iDBUS. or of revenue and international traffi c. 2005 2008 2009 2010 2011 • Westbahn: -Linz- service operating in 14% since December 2011. Priorities: high-quality service for • NTV: seven cities will soon be served in Italy (Turin, Milan, Bologna, clients and profi table growth through Florence, Rome, Naples and Salerno). improved operational performance.

Rhine-Rhone TGV line opened in CHANGES IN BUSINESS ENVIRONMENT December 2011, linking eastern and • Fierce competition from road and air transport. southeastern France. • International rail transport opened up to competition since year-end 2009. • Plans call for domestic market to open towards the middle In a struggling economy, TGV business of the current decade. faces a very sharp rise in external costs, • Planned expansion of current high-speed rail network in Europe particularly energy and track access fees and worldwide, combined with rising environmental concerns, will drive paid to RFF. development of rail transport and offer a potential relay for growth. Expand international business: Develop the high-speed link between SNCF VOYAGES AT A GLANCE France and Spain; enhance Lyria offering; launch TGV Italia, NTV and 1/5 122 million No.1 Westbahn links; prepare Eurostar Nearly 1/5 of revenue Since start-up in 1994, Eurostar has Voyages.sncf.com is France’s leading TGV France iDTGV and Thalys for new competitors; and is generated outside France. carried over 122 million travellers ticket-sales portal, ahead of shops, in- make iDBUS the European benchmark between Europe and London. station sales counters, ticket vending TGV Europe Eurostar for long-distance coach travel. machines and travel agencies. Thalys Lyria Ambitious targets for raising revenue Alleo and bringing external operating costs CARRIERS Westbahn under control to meet new challenges. NTV (Nuovo Trasporto Viaggiatori) Gala Elipsos TGV Italia Auto-trains special trains iDBUS

(1) Earnings before interest, taxes, depreciation and amortization (gross profi t). voyages-sncf.com (Rail Europe, RailSolutions, etc.)

14 DISTRIBUTION 15 SNCF GEODIS DIVISION MISSION: global multi-modal operator in freight transport and logistics.

KEY FIGURES IN 2011 BUSINESS PROFILE CHALLENGES AND TARGETS

CLIENTS € 9.4 bn GEODIS Businesses shipping goods and commodities. revenue MARKET Fully open and competitive. EBITDA(1) Revenue by business Freight forwarding (air and maritime) 25% CHANGES IN BUSINESS ENVIRONMENT €237 m Rail and multi-modal services 23% • Global economic environment in fl ux, with increased Express delivery services 19 % competition among operators. or of revenue Supply chain optimization (4PL) 10 % • Rising demand for sustainable freight transport solutions 2.5% Logistics 10 % and low-impact urban logistics. Confi rm ranking in the top 5 Road 9 % No. 4 • Development of multi-modal platforms for transshipment. contenders worldwide. Transport of fi nished vehicles (STVA) 4% Europe’s 4th largest operator • Stronger growth in emerging countries, particularly Asia, in freight transport and logistics, and especially in freight forwarding (air and maritime). Continue to reorganize rail freight and no. 7 worldwide industry in France.

SNCF GEODIS DIVISION AT A GLANCE Expand presence outside 120 continental Europe. countries served Geodis Enhance platform coordinating on fi ve continents. STVA worldwide freight fl ows for large

AND AND industrial clients. GLOBAL GLOBAL FREIGHT LOGISTICS TRANSPORT Promote innovation, modal options and sustainable solutions for land-based freight transport in Europe. Fret SNCF Captrain (French rail freight VFLI Revenue breakdown business) Ecorail RAIL FREIGHT RAIL FERROVIAIRES Multi-model transport

France (TRANSPORTSTFM DE MARCHANDISES) MARCHANDISES) DE companies 55% (Ecorail, ITC, Naviland Cargo, Novatrans and Lorry Rail) International Ermewa

45% ASSET of which 29% in Europe Akiem MANAGEMENT MANAGEMENT

(1) Earnings before interest, taxes, depreciation and amortization (gross profi t).

16 17 GARES & CONNEXIONS DIVISION MISSION: manage and develop 3,029 passenger stations in France, including new services and new mobility areas in city centres.

KEY FIGURES IN 2011 BUSINESS PROFILE CHALLENGES AND TARGETS

CLIENTS AND PARTNERS Rail companies, Transport Organizing Authorities, communities, €1.2 bn urban transport and businesses. revenue

SOURCES OF REVENUE (1) EBITDA 2 bn • Station access charges paid by carriers for use of stations and services travellers transit through stations (regulated prices). each year. • Income from commercial concessions (advertising, parking facilities, €175 m businesses in stations and offi ce rentals). • Architecture and design services sold on international markets (AREP). or of revenue 15 % Deliver useful services to passengers, €773 m CHANGES IN BUSINESS ENVIRONMENT carriers and the city, as travellers spend GARE SNCF in station access charges, or 66% • Open to competition from international rail transport. The French more time in stations: operations, of total revenue. These charges are government’s “Passenger station and other service infrastructure” passenger information and comfort, paid by carriers in exchange for essential decree, issued 20 January 2012, sets out the types of services that station equipment and services. services that must be made available on managers must offer and how these must be billed. a transparent, non-discriminatory basis • First non-SNCF train operator appeared in December 2011. Continue station renovation to all rail operators. • Charter signed by the Association of French Mayors and RFF to build and programmes to increase traffi c and develop the stations of the future and surrounding neighbourhoods. without impacting carriers, and 3,029 • New positioning of train stations: open to the city around them, in a period of shrinking budgets; passenger stations in France. and at the centre of transport hubs. €1.8 billion between now and 2016, including public investments by State, regional, municipal and other €133 m GARES & CONNEXIONS DIVISION AT A GLANCE authorities. in commercial revenue, Revenue breakdown or 11% of the total. With the arrival of new rail companies France on the market, facilitate integration Management & development AREP and provide equitable and transparent 99 % of French train stations Parvis services. A2C International 180,000 1% sq. m. of shops and offi ces. € 855 m in investments by SNCF between now and 2016.

(1) Earnings before interest, taxes, depreciation and amortization (gross profi t).

18 19 SOCIAL AND ENVIRONMENTAL RESPONSIBLITY AT SNCF

4 CHALLENGES 4 COMMITMENTS 3-YEAR IMPACT

SUSTAINABLE MOBILITY FOR ALL OFFER BICYCLE SERVICES Number of stations with bicycle

Trains generate only 1% of CO2 AT 1,800 STATIONS BETWEEN parking and rentals emissions in France, yet carry NOW AND 2013 10% of travellers and freight Aim: encourage travellers to cycle — making them the backbone of a between home and the station 1,700 (1) commitment to sustainable mobility. by expanding bicycle parking and 1,641 rental services in stations. 1,249

2009 2010 2011

REDUCING OUR INTRODUCE AN ENVIRONMEN- % of entities with EMS (2) ENVIRONMENTAL IMPACT TAL MANAGEMENT SYSTEM (ISO 14001-certifi ed or with modifi ed EMS) Making sustainable mobility a reality (EMS) AT ALL SNCF ENTITIES has an impact on the environment. BETWEEN NOW AND 2015 And minimizing that impact is the to anticipate risks and improve 27 % only way ahead. environmental performance 18 % by eliminating sources of pollution and controlling their impact. 12 %

2009 2010 2011

TAKING OUR POLICY OF SOCIAL ENCOURAGE DIVERSITY IN Number of workers with disabilities (2) RESPONSIBILITY FORWARD RECRUITMENT BY HIRING 500 At SNCF, we work with trade unions PEOPLE WITH DISABILITIES to address diversity, quality of life at BETWEEN 2012 AND 2015 the workplace, and ethical business This company-wide agreement 5,087 5,300 practices and behaviour. is a natural follow-up to the policy 4,706 fi rst launched in 1992. Annual budget: €10 million.

2009 2010 2011

ENCOURAGING REGIONAL INCREASE SOCIALLY Total socially responsible purchasing (2) INITIATIVES RESPONSIBLE PURCHASING (€ millions) We have three priorities in the TO €35 MILLION IN 2015 communities where we operate: by working with suppliers that 25 keeping youngsters on track, employ workers with disabilities 21 helping the long-term unemployed, and the long-term unemployed. fi ghting social exclusion and 12.5 bringing marginalized members of the community back into the 2009 2010 2011 mainstream. (1) Estimate (2) parent-company fi gures (SNCF EPIC)

20