GLOBAL INVESTOR CALL 9-10th March, 2021

Diffusable IMPACT OF THE PANDEMIC AND FINANCIAL ROADMAP LAURENT TREVISANI Deputy CEO, Chief Strategy and Finance Officer IN AN UNPRECEDENTED CRISIS, SNCF GROUP SHOWED STRONG RESILIENCE DUE TO BUSINESS AND GEOGRAPHIC DIVERSIFICATION

Diffusable AN UNPRECEDENTED CRISIS … PASSENGER BUSINESS STRONGLY IMPACTED BY COVID-19 SNCF Voyageurs TGV* TN*, TER* & IC* (Sales in €BN) (Sales in €BN) (Sales in €BN) 16.8 SNCF VOYAGEURS

TGV (High speed ) 12.1 8.0 9.0 8.6 – Hit a low during first lockdown with ridership down 90% in April /May – Rebounded in summer as 80% of passengers returned 3.7 – Second lockdown reduced traffic supply to 1/3 of capacity in -28% -54% -5% November – 2020 activity more strongly impacted for business activity (-63%) than 2019 2020 2019 2020 2019 2020 for leisure (-42%)

TER (Regional passenger transport) & (Commuter transport in ) (Sales in €BN) – Mass transit businesses showed more resilience because of loss sharing agreements between SNCF and French local authorities *TGV: High-speed transport in & Europe 6.6 6.1 *TN: Commuter transport in the Paris region – Traffic decreased by 40 to 50% but revenue are down only 5% in 2020 *TER: Regional passenger transport *IC: Medium and long-distance in France KEOLIS -8% – Traffic resilient but diversely impacted depending on geography – Revenue / EBITDA loss more limited on regulated activities than on 2019 2020 open access

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Diffusable AN UNPRECEDENTED CRISIS … INFRASTRUCTURE AND LOGISTICS OPERATIONS STAY STRONG RAIL LOGISTICS GEODIS EUROPE (Sales in €BN) (Sales in €BN) LOGISTICS 1.7 8.4 8.2 1.5 GEODIS – Excellent resilience with revenue increasing vs. 2019 (+4.5%) because of Freight forwarding (+12%) and contract logistics activities +4.5% -12% (+9%) offsetting losses on Distribution & Express and Road Transport activities in France 2019 2020 2019 2020

RAIL LOGISTICS EUROPE – Fret down only 12% in 2020 because of first lockdown – Stronger resilience in H2 with business keeping pace with the economy SNCF RÉSEAU G&C and easing of sanitary restrictions (Sales in €BN) (Sales in €BN)

6.5 1.5 1.5 5.9 SNCF RESEAU – SNCF G&C – Operations hit by falling track access charges payments from transport operators -9% -4% – SNCF G&C: €71 M loss on retail fees reflecting the impact of the two lockdowns and the slow resumption since 2019 2020 2019 2020

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Diffusable AN UNPRECEDENTED CRISIS … KEY FIGURES AT DECEMBER 31 AND IMPACT OF COVID-19

DECEMBER 2020 IMPACT OF COVID

– Down -14% from 2019 On revenue REVENUE €30.0 BN – Impact of January strikes: -€0.4 BN -€6.8 BN

– 6.6% of revenue (vs 15.9% in 2019) On EBITDA EBITDA €2.0 BN – Impact of January strikes: -€0.3 BN -€5.4 BN

ACTION PLAN: IMPACT – Shared between OPEX (€1.1 BN), CAPEX (€0.6 BN) and cash actions (€0.8 BN) ON FREE CASH FLOW €2.5 BN

FREE CASH FLOW -€2.8 BN – Versus -€2.350 BN in 2019

NET CAPEX €3.7 BN – Decrease of -€1.6 BN vs. 2019 with 2/3 of the impact on SNCF Voyageurs

– €25BN transferred to French State (debt-relief of SNCF Debt) NET INDEBTEDNESS €38.1 BN – Impact of negative free cash flow: -€2.8 BN

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Diffusable AN AMBITIOUS STRATEGY SUPPORTED BY FRENCH RECOVERY PLAN & SNCF STRONG REMEDIAL ACTIONS

Diffusable AN AMBITIOUS STRATEGY… 2020 CRISIS MITIGATION PLAN ROLLED OUT IN APRIL IN RESPONSE TO COVID-19

FREE CASH FLOW

ACTION Overhead – Decrease in SG&A costs expenses PLAN – Performance in purchasing and expenses €0.4BN

Industrial – Optimizing business processes, productivity, expenses digitalization – Lower energy & maintenance expenses €0.7 BN – Short-time working €2.5 BN CAPEX – Adjustments to investments and postponement of €0.6 BN non-essential projects – Decrease in IS CAPEX

Cash actions – Postponement of costs: 2020 CVAE, social charges – Activation of cash flow levers including securitization of receivables €0.8 BN – Optimizing working capital requirement

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Diffusable AN AMBITIOUS STRATEGY… A HISTORIC STATE SUPPORT PACKAGE FOR THE RAIL INDUSTRY

BREAKDOWN OF SUPPORT PACKAGE SUPPORT PACKAGE OBJECTIVES

BUDGET CREDITS CAPITAL INCREASE

- €250 M to upgrade the railway - Of which 3.8 BN to secure planned network investment programmes at SNCF BN Réseau €4.7 - €300 M for small regional lines Budget earmarked Capital 2021-2028 increase - €250 M allocated to 14 small - €250 M to reintroduce service on regional lines €0.6 BN €4.05 BN two overnight train lines

SNCF PLAYS A STRATEGIC ROLE IN FRANCE’S GREEN RECOVERY Exceptional dividend RAIL’S NETWORK AS A PRIORITY REBOOT RAIL FREIGHT - Upgrade the busiest segments - Reduce the transport emissions - Improve quality on core network - Boost employment by renewed - Boost employment in the investment in network segments construction industry used for freight

FIGHT REGIONAL INEQUALITY FINANCE ON A SOUND FOOTING

- Upgrade small local lines - Get debt under control without slowing the pace of development Transport Organizing Authorities - Give France’s least populated regions more appeal - Aim for a sound financial structure and strong sustainable solvency 9 SNCF GROUP PRESENTATION

Diffusable AN AMBITIOUS STRATEGY… SNCF 2030 - A WORLD LEADER OF SUSTAINABLE MOBILITY FOR PASSENGERS AND FREIGHT

Establishing a strong position across all business lines

RAIL AND MASS TRANSIT RAIL AND MASS TRANSIT LOGISTICS AND IN FRANCE AROUND THE WORLD FREIGHT TRANSPORTATION

Network upgrades: vital to successful SNCF Voyageurs transport operators in Europe: GEODIS operation of the rail system , , and more A resilient player that rounds out other SNCF Voyageurs transport operators: SNCF business lines KEOLIS: a global leader in mass transit Voyages, TER, Transilien Proved its strategic value during the worst of the KEOLIS: a powerful presence on French SYSTRA, AREP and more Covid-19 crisis markets already open to competition (concession of public service) FRET SNCF Gares & Connexions Rail freight, grounded on a stable and profitable business model Industrial operations: and other services

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Diffusable AN AMBITIOUS STRATEGY… SNCF 2030 - DIVERSIFYING TO PROMOTE RESILIENCE

MANAGEMENT OF INFRASTRUCTURE AND ASSETS OPERATIONS

B2C Passengers €8.8 BN VOYAGE + SUBSIDIARIES

B2B €4.4 BN €1.5 BN Shippers, €1.9 BN €8.2 BN SNCF RÉSEAU GARES& DIRECTION GEODIS carriers, etc. CONNEXIONS INDUSTRIELLE

B2G2C Countries, regions, €2.1 BN €3.2 BN €5.0 BN €6.6 BN urban communities SNCF RÉSEAU TRANSILIEN TER KEOLIS and more

2019 revenues on a stand-alone basis (not as a contribution to the group total)

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Diffusable AN AMBITIOUS STRATEGY… SNCF 2030 - DIVERSIFYING TO PROMOTE RESILIENCE

UNITED KINGDOM 1% 37% No.1 Worldwide NORTHERN EUROPE 57% 1% 61% CENTRAL/EASTERN EUROPE in automatic metros and 5% 3 112 M€ 99.7% light rail/ 38% 0.3% NORTH AMERICA 18% €1,011 M €237 M 1% 70% No.8 Worldwide 1% CENTRAL ASIA 24% in logistics 28% 58% 95% €2,565 M 5% €2,996 M NORTH AFRICA MIDDLE EAST 404 M€ WESTERN EUROPE 27% 73% 40% SOUTH ASIA 120 €35 M 60% CENTRAL AMERICA 13% countries 75% 99.7% 0.3% €82 M 12% SOUTHEAST ASIA €88 M €237 M 95% 5% SUB-SAHARAN AFRICA 60,000 €176 M 93% 7% employees outside France SOUTH AMERICA €40 M AUSTRALIA / OCEANIA 97% 3% 33% 33% €174 M 66% of revenue outside France 1% BUSINESSES IN2019 €904 M • Freight/goods logistics • Masstransit • Long-distance passenger transport • Engineering consultancy (incl. Systra,consolidated on the equity method) Revenue recorded by SNCF Group companies (controlling interest or not)

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Diffusable AN AMBITIOUS STRATEGY… OUR 4 GUIDING PRINCIPLES TO RESTORE OUR FINANCIAL STRENGTH

RISK DIVERSIFICATION PRAGMATIC GROWTH IN PROFITABILITY ACROSS SELF-FINANCING FOR 1 2 EUROPE 3 ALL BUSINESS LINES 4NON-CORE INVESTMENTS

- SNCF is already diversified. - Growing our international markets - This is consistent with SNCF’s - SNCF Group cannot take on debt is not an end in itself. It’s a corporate mission and essential to to fund growth in areas outside - We must continue to diversify: decision to be made line by line, its success our core rail business logistics and other non-core contract by contract, as business lines act as financial opportunities present themselves - This principle calls for continuous - Occasionally, we will develop shock absorbers, cushioning the improvement in our operational partnerships with third parties impact of economic cycles - We may opt to do business in and financial performance and that could provide funding high-growth markets and pull out continued across-the-board of markets with low margins or productivity efforts fierce competition - Our choices should enable us to: - Maintain a sustainable financial structure - Optimize dividends to secure investments in the rail system - Fund profitable investments and keep the Group on track

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Diffusable DESPITE THE CRISIS WE REMAIN COMMITTED TO FINANCIAL SUSTAINABILITY GUILLAUME HINTZY Head of Finance and Treasury Division, SNCF Group

Diffusable CONSISTENT FINANCIAL COMMITMENTS SUPPORTING STRONG RATINGS AND PROACTIVE FINANCING STRATEGY

Diffusable CONSISTENT FINANCIAL COMMITMENTS… FINANCIAL COMMITMENTS CONFIRMED

Keep liquidity high enough (cash Decrease structural subordination position + RCF) to ensure—at all of debt held by SNCF SA times—a ratio over 1.2x (sources/uses)

1 2 3 4

Defend SNCF Group rating by ensuring that ratios are consistent with SA status – CFL > 0 from2022 – FFO / net debt ≥ 10.0% from2022 Ensure prudent hedging for all financial – Net debt / EBITDA ≤ 6.0x from2023 risk (forex, interest rates, inflation,etc.)

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Diffusable CONSISTENT FINANCIAL COMMITMENTS… LIQUIDITY & RATINGS PRESERVED THROUGHOUT THE YEAR

A LIQUIDITY LEVEL REMAINING STRONG RATINGS PRESERVED

Since introducing its EMTN programme in March 2020, SNCF SA has Last launched 16 bond issues representing a total of €6.8bn update

€ 10 yrs, €1,250M $ 3 yrs, $1,250M AA-/A-1+ 21 OCT 2020 Negative € 20 yrs, €1,000M CHF 10 yrs, CHF 250 M Aa3/P-1 € 30 yrs, €2,000M PP Various private placements Stable 20 OCT 2020 including one 100-year issue A+/F1+ 04 DEC 2020 Comfortable liquidity at year end (figures at 31/12/2020): Negative

Cash & cash At group level equivalents €6.3 BN 21/10/2020 23/10/2020 Bank credit line (RCF) €3.5 BN 100% available “The amount andmechanism “The affirmation of SNCF’s ratings of the support reinforce ourview of reflects our assessment that the an extremely high likelihood of reduction in revenues andEBITDA, extraordinary government support, stemming from reduced passenger Liquidity ratio: Sources / Uses and helps the group pursue the numbers due to the coronavirus, has 1.5X deleveraging targets set by the rail been to some extent offset by the reform implemented on Jan. 1, support package of EUR4.7 The group also has two short-term financing programmes 2020” billion from the French government” (€3 BN & €5 BN ,25% used).

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Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW

Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW RAIL IS COMPETITIVE FOR ITS CARBON FOOTPRINT—BUT THAT’S NOT ALL

OUTSTANDING CARBON FOOTPRINT … RAIL’S SHARE OF TOTAL PASSENGER Trains account for 10% of passenger transport but only 0.6% of 10% TRANSPORTATION the sector’s emissions, making rail a powerful asset for the ecologicaltransition RAIL’S SHARE OF THE 6X 23X 31X 0.6% SECTOR’S CO2 EMISSIONS MORE EFFICIENT MORE EFFICIENT MORE EFFICIENT THAN THAN PLANES THAN PRIVATE CARS RAIL’S SHARE OF THE … AND MANY OTHER ADVANTAGES: SECTOR’S PARTICLE 2.5% EMISSIONS 2.5%of the passenger transport sector’s particle emissions, particle matter which cause 48,000 premature deaths a year RAIL’S SHARE OF THE nitrogen only1.6%of sector emissions of nitrogen oxide, compared SECTOR’S NITROGEN oxide with 80% for cars 1.6% OXIDE EMISSIONS safety along with air travel,rail is the safest mode of transport— 27 times safer than cars.

noise 6millionpeopleare exposed to noise from rail networks, compared to 52millionforcars And the rail system has a very small footprint (87,000 ha for rail vs 1.2m ha for cars)

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Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW OUR KEY PROJECTS TO PROMOTE GREENER TRANSPORT SOLUTIONS

TER TGV (high-speed train)

HYRBRID TRAINS WITH BIOFUEL TGV M - Replace half of diesel engines with batteries Cutting-edge technology to serve passengers and - Aim: cut energy costs by 20% and maintenance costs by 30% advance the ecological transition - Project cost: €16.85 M per trainset 100% French, next generation high-speed train - Q4 2022: prototype enters commercial service M for: BATTERY-POWERED TRAIN - Modularity - Energy management - Replace all diesel engines with batteries - Predictive management - Aim: acquire 100% battery-powered, dual-mode capacity trainsets - Project cost: €7.7 M per trainset Aim: 20% more passengers per trainset, 30% reduction in - MID 2023: commercial service begins maintenance costs, 97% recyclable materials eliminating 32% of CO2 emissions HYDROGEN TER Project cost: €3 BN for 100 TGV M trainsets ordered - Replace all diesel engines with hydrogen fuel cells First trainsets are set to run for the 2024 Olympic games - Aim: acquire 100% battery-powered, dual-mode capacity trainsets - Project cost: €18.6 M per trainset - MID 2025: commercial service begins

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Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW SNCF GROUP AND GREEN FINANCE

High scores from non-financial rating agencies - VIGEO EIRIS rates SNCF 74/100 (# 1 out of 22) and ECOVADIS rates SNCF 79/100 TIMELINE (€ MILLION) 1 500 Leading green bond issuer 1 350 1 250 - Outstanding bonds total €7.2 BN, or 28% of financing raised by 1 000 SNCF Group from 2016-2020 900 - #3 in France and #5 in Europe and worldwide (excluding 850 sovereign, supra and bank bonds) - World’s first rail infrastructure manager to issue green bonds - World’s first 100-year green bonds in any currency or issuer class 100 50 Our sustainability-linked RCF - €3.5 BN revolving credit facility from 20 banks - 3 criteria: carbon footprint, renewable energies, responsible

procurement

2029 2031 2036 2120 2030 2034 2047 2119

The We’re expanding the scope of our green financial Green Bond products Principles

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Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW IMPACT OF GREEN BOND ISSUES FROM 2016 TO 2019

CARBON IMPACT 2016 2017 2018 2019 CARBON IMPACT Network upgrades € M 710 1 508 - 3 181

CARBON IMPACT TCO2e M 2.7 5.7 - 17.1 BILLION Invested in Green Bonds dedicated to Network expansion € M 1EUROS infrastructure upgrades. 176 226 - - CARBON IMPACT TCO2 M 0.2 0.2 - - e MILLION TOTAL IMPACT TCO2 M of CO 2emissionsavoided e 2.9 5.9 - 17.1 4.7 TONS over 40 years CO2

A total of 25.9 million tons of CO2 eq. saved thanks to SNCF Group Green Bonds (equal to the carbon footprint of 53,500 French people). 9,700 Equal to the carbon footprint of 9,700 PEOPLE people in France over 40 years.

OTHER IMPACTS 2016 2017 2018 2019

Rails recycled % and reused 96.5 100 - 100 Ballast reused % 30-50 30-50 - 30-50

Wood reused as T energy source 78,300 67,800 - 65,000

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Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW EXPANDING OUR GREEN BOND PROGRAMME

BROADER, DEEPER BASE GREEN BOND PROGRAMME: WHAT’S NEW IN 2021

VOYAGEURS RÉSEAU’S ASSET BASE DEEPENS – Addition of UIC-5 and UIC-6 – New envelope of €250 m-€350 m/year – Still applies exclusively to electrified network

VOYAGES TER + TRANSILIEN PROGRAMME EXPANDS TO VOYAGEURS ACTIVITIES – Covers all investment, procurement and upgrade costs ENVELOPE /YEAR for our zero-direct-emission TGV fleet – Average envelope of €350 m/year, including replacement of conventional TGV fleets with TGV M €1.5 BN €0.35 BN €0.15 BN and Euro-duplex trains + €0.3 BN

TOTAL ENVELOPE SNCF is the world’s first mobility group to develop a green bond programme for both infrastructure and rolling stock €2-2.5 BN

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Diffusable OUR SUSTAINABLE FINANCING STRATEGY FOR TOMORROW 2021 FINANCING STRATEGY

2021 financing needs: €4.4 BN of which >40% has already been raised

We expect to raise €2.0 BN with Green Bonds through public offerings and/or private placements

BN FINANCING Key components of our financing strategy: €4.4 NEEDED - Average maturity over 10 years BN - 80% public offerings and 20% private placements TO BE ISSUED - Public offerings in our primary currencies (€, $, £, CHF) €2.0 IAS GREEN BONDS - Private placements and tap issues in all currencies ($, YEN, CAD, AUD, NOK, SEK, etc.) and private placements in fixed-rate PUBLIC OFFERINGS bonds, FRNs, ZC bonds, CMSs, inflation-indexed bond, etc. 80%

ALREADY 40% FUNDED

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Diffusable THANK YOU

Diffusable