INVESTOR MEETING FRIDAY, 27 NOVEMBER 2020 SNCF GROUP STRATEGY: A CORE COMPONENT OF ’S GREEN RECOVERY PLAN JEAN-PIERRE FARANDOU Chairman and CEO, SNCF Group

2 SNCF GROUP PRESENTATION IN AN UNPRECEDENTED CRISIS, RESILIENT SNCF OPERATIONS CONTINUED TO SERVE OUR NATION WIDE COMMUNITY

3 SNCF GROUP PRESENTATION AN UNPRECEDENTED CRISIS… PASSENGER BUSINESS BOUNCES BACK IMMEDIATELY TGV , Intercités and TER AFTER FIRST LOCKDOWN (PAX million) (Revenue in € billion)

10.9 10.5 11.6 11.7 10.7 10.92 0.677 0.782 0.793 1.528 0.767

0.58 1.3 4.8 8.8 8.9 7.41 0.383 0.562 0.559 1.393 0.721 SNCF VOYAGEURS On TGV – Hit a low during first lockdown, with ridership down 90% in April/May 2020 – Rebounded in summer as 80% of passengers returned, though revenue was still down 40% APRIL MAY JUNE JULY AUG SEPT APRIL MAY JUNE JULY/AUG SEPT TER and Transilien – Mass transit business showed more resilience, (Revenue in € billion) with revenue down only 10%-20% in H1 0.523 0.554 0.552 1.008 0.549

KEOLIS 0.426 0.475 0.376 1.002 0.540 – Revenue largely steady in H1 (-12%) – Strong summer performance, with revenue unchanged 2019 from 2019 2020

APRIL MAY JUNE JULY/AUG SEPT

4 SNCF GROUP PRESENTATION AN UNPRECEDENTED CRISIS… INFRASTRUCTURE AND LOGISTICS OPERATIONS STAY STRONG GEODIS SNCF Fret (TFMM) (Revenue in € billion) (Revenue in € billion)

0.671 0.695 0.656 1.320 0.680 0.141 0.156 0.132 0.274 0.142

0.593 0.719 0.738 1.336 0.717 0.099 0.112 0.122 0.237 0.129 LOGISTICS GEODIS Excellent resilience, with revenue steady in H1 (+0.3%) and up slightly over the summer (+1% in July/August) FRET Down 20% in H1 and during the summer months APRIL MAY JUNE JUILY/AUG SEPT APRIL MAY JUNE JULY/AUG SEPT Resilience in mid-November, with business keeping pace with the economy, especially in the construction industry SNCF Réseau - SNCF G&C (Revenue in € billion)

SNCF RESEAU – SNCF G&C 0.240 0.697 0.671 1.360 0.679

Operations hit by falling track access fees payments 0.159 0.459 0.631 1.310 0.682 from transport providers, but re-stabilized by early summer

2019 2020

APRIL MAY JUNE JULY/AUG SEPT

5 SNCF GROUP PRESENTATION AN UNPRECEDENTED CRISIS… SERVING OUR NATIONWIDE COMMUNITY – AS ALWAYS

We used as hospital , GEODIS operated charters to meet transporting critically ill patients to urgent transport needs as normal less crowded hospitals and carrying air freight capacity was scaled back. healthcare workers to areas hit hardest by the virus. GEODIS also played a critical role in supplying protective gear, airlifting masks from China to France.

Transilien, TER and KEOLIS cut service to a minimum, carrying only passengers with a legitimate need for transport, especially between home and work. Freight trains carried food, fuel, chlorine and other products needed to keep strategic factories running.

SNCF Réseau carried out priority maintenance and urgent works projects.

6 SNCF GROUP PRESENTATION SNCF PLAYS A STRATEGIC ROLE IN FRANCE’S GREEN RECOVERY PLAN

“For the ecological transition to succeed, it is vital for both passenger and freight mobilities to be as low-carbon and eco-friendly as possible.”

French Prime Minister Jean Castex

7 SNCF GROUP PRESENTATION POWERING FRANCE’S GREEN RECOVERY SNCF PLAYS A STRATEGIC ROLE IN FRANCE’S GREEN RECOVERY PLAN

France Relance, the French government’s recovery plan, contains €4.7BN for the rail industry, including €4.05BN earmarked directly for SNCF

MAKE REBOOT FIGHT PUT FINANCES BACK THE RAIL REGIONAL ON A SOUND AND 1 A PRIORITY 2 FREIGHT 3 INEQUALITY 4 SUSTAINABLE FOOTING

Upgrade the network’s busiest Reduce the transport Upgrade small local lines Get debt under control segments industry’s emissions without slowing the pace Give France’s least populated of development Improve service quality Boost employment, regions more appeal on network segments where especially by renewed Aim for a sound financial regional trains account for investment in network structure and strong, 80% of traffic segments used for freight sustainable solvency

Boost employment in the construction industry (+38,000 jobs/year)

8 SNCF GROUP PRESENTATION SNCF 2030 OUR STRATEGY Aim: Become a world-class champion of sustainable mobility for passengers and freight, with rail as our core business and France as our touchstone country

9 SNCF GROUP PRESENTATION GROUP STRATEGY FOR THE NEXT 10 YEARS SNCF 2030: CHAMPIONING SUSTAINABLE MOBILITY FOR PASSENGERS AND FREIGHT Establish a strong position across all business lines

LERAIL FERROVIAIRE AND MASS TRANSITET LE MASS LERAIL FERROVIAIRE AND MASS TRANSITET LE MASS LALOGISTICS LOGISTIQUE AND ET LE TRANSPORT TRANSITIN FRANCE EN FRANCE TRANSITAROUND ENTHE FRANCE WORLD DEFREIGHT MARCHANDISES TRANSPORT Network upgrades: vital to successful SNCF Voyageurs transport providers GEODIS operation of the rail system in Europe: , , and more Resilient player that rounds out other SNCF business lines SNCF Voyageurs transport providers: KEOLIS: a global leader in mass transit Voyages, TER, Transilien Proved its strategic value during the worst SYSTRA, AREP and more of the Covid-19 crisis KEOLIS: a powerful presence on French markets already open to competition FRET (public service contracts) Rail freight, grounded in a stable, profitable business model SNCF Gares & Connexions Industrial operations: and other services

10 SNCF GROUP PRESENTATION GROUP STRATEGY FOR THE NEXT 10 YEARS SNCF 2030 – DIVERSIFYING TO PROMOTE RESILIENCE

MANAGEMENT OF INFRASTRUCTURE AND ASSETS OPERATIONS

B2C €8.8BN Passengers VOYAGE + SUBSIDIARIES

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

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

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

11 SNCF GROUP PRESENTATION GROUP STRATEGY FOR THE NEXT 10 YEARS SNCF 2030 – DIVERSIFYING TO PROMOTE RESILIENCE

UNITED KINGDOM 1% 37% NORTHERN EUROPE Worldwide N°1 57% 1% 61% CENTRAL/EASTERN EUROPE In driverless metros 5% €3,112M 99.7% and in light rail/trams 38% 0,3% NORTH AMERICA 18% €1,011M €237M 1% N°8 Worldwide 70% 1% CENTRAL ASIA In logistics 24% 28% 58% 95% €2,565M NORTH AFRICA 5% €2,996M MIDDLE EAST €404M WESTERN EUROPE 27% 73% 40% SOUTH ASIA 120 CENTRAL AMERICA €35M 60% 13% Countries 75% 99.7% 0.3% €82M 12% SOUTHEAST ASIA €88M 237M € 95% 5% 60,000 SUB-SAHARAN AFRICA 7% €176M employees outside France SOUTH AMERICA 93% 40M € AUSTRALIA / OCEANIA 97% 3% 33% 33% of revenue generated €174M 66% 1% on global markets BUSINESSES IN 2018 €904M • Freight/goods logistics • Mass transit • Long-distance passenger transport • Engineering consultancy (incl. Systra, consolidated on the equity method) Revenue recorded by SNCF Group companies (controlling interest or not)

12 SNCF GROUP PRESENTATION GROUP STRATEGY FOR THE NEXT 10 YEARS SNCF 2030: IMPROVING OPERATIONS WITH FIRST, H:00 & PRISME

BETTER PASSENGER INFORMATION WITH FIRST Generate 5 million different updates for 5 million 3 PRIORITIES different customers every day – Transform information management – Deliver information more effectively Invest €150M over 3 years to personalize passenger information – Produce information more effectively

ON-TIME DEPARTURES WITH H:00 Aim for 90% of trains to depart on time – to the second 4 PILLARS Meet this goal by simplifying processes and getting – Plan departures to the second, not to the minute everyone engaged in improving performance – Use simulations to measure and anticipate plan design – Re-examine guidelines, especially for radio alerts – more staff in the field

ZERO ACCIDENTS WITH PRISME 6 LEVERS – Develop PROACTIVE habits Use the PRISME programme to reduce safety – Set up RISK management systems incidents by 50% over 4 years – Rethink INTERFACES and manage them effectively – SIMPLIFY operating procedures and documentation – Support MANAGEMENT – Use innovative tools and EQUIPMENT and engage employees

13 SNCF GROUP PRESENTATION GROUP STRATEGY FOR THE NEXT 10 YEARS MAKING SNCF 2030 A SUCCESS: BUILDING ON 4 POWERFUL ASSETS

REGIONAL DIGITAL TECH / PEOPLE DEVELOPMENT ENVIRONMENT INNOVATION

Make major transformations, Strengthen SNCF’s position Put the ecological transition Make these assets central to requiring dialogue with and extra as a vital player in every aspect at the heart of our sustainability the services we offer our customers support for employees of regional development strategy and to our operational processes economic, environmental, in short, put them at the heart social, cultural and more of our business and the critical skills we need for the future

Do the critical work of attracting and retaining current and future employees by boosting training budgets and more, with a special focus on strategic new skills for the rail industry

14 SNCF GROUP PRESENTATION IMPACT OF THE PANDEMIC AND FINANCIAL ROADMAP LAURENT TREVISANI Chief Strategy and Finance Officer

15 SNCF GROUP PRESENTATION TO MEET THIS GLOBAL CRISIS, WE TOOK IMMEDIATE ACTION

16 SNCF GROUP PRESENTATION TO MEET THIS GLOBAL CRISIS, WE TOOK IMMEDIATE ACTION KEY FIGURES AT JUNE 30 AND IMPACT OF COVID-19 H1 2020: JUNE 2020 IMPACT OF COVID

– Down -21% from H1 2019 On revenue REVENUE 14.1BN € – Impact of January strikes: -€275M -€3.9BN

– 1% of revenue (vs 16.2% in H1 2019) On EBITDA EBITDA 69M € – Impact of January strikes: -€240M -€3.2BN

ACTION PLAN: IMPACT ON FREE +€1,1BN – Expanded €1.8BN action plan adopted for 2020 CASH FLOW

FREE CASH FLOW -€2,5BN – Versus +€20M at June 30, 2019

GROSS PROFIT -€2,8BN – Linked directly to fall in EBITDA

– €25BN transferred to French State NET INDEBTEDNESS €38.3BN – Impact of negative free cash flow: €- 2.5BN

17 SNCF GROUP PRESENTATION TO MEET THIS GLOBAL CRISIS, WE TOOK IMMEDIATE ACTION CRISIS MITIGATION PLAN ROLLED OUT IN APRIL IN RESPONSE TO FRANCE’S FIRST LOCKDOWN

FREE CASH FLOW

2020 TARGET

+€1.8BN – €147M reduction in payroll costs (includes short-time working) – € 207M reduction in purchasing and expenses via: - postponement/adjustment of costs on some projects AT JUNE 30, 2020 - reduction in G&A (consulting, seminars, etc.) COSTS +€350M – Postponement of costs: 2020 CVAE, social charges +€1.1BN CASH POSITION – Activation of cash flow levers including securitization M of receivables +€600 – Optimizing working capital requirement

INVESTMENT – Adjustments to investments and postponement +€130M of non-essential projects

18 SNCF GROUP PRESENTATION FRENCH STATE’S STIMULUS PLAN RAIL PACKAGE

19 SNCF GROUP PRESENTATION FRENCH STATE’S STIMULUS PLAN RAIL PACKAGE A HISTORIC SUPPORT PACKAGE FOR THE FRENCH RAIL INDUSTRY

BREAKDOWN OF RAIL PACKAGE RAIL INDUSTRY RECOVERY PLAN – GOALS

Budget credits Capital increase

– € 250M to upgrade the rail network – Of which €3.8BN to secure €4.7BN planned investment programmes – €300M for small regional lines Budget earmarks at SNCF Réseau Capital increase 2021-2028 –  100M to reintroduce service on € – €250% to make 14 small lines two overnight train lines €0.6BN €4.05BN a priority within the core network

Exceptional dividend HIGH MARKS FROM RATING AGENCIES

10/21/2020 10/23/2020 Fonds de concours “The amount and mechanism “The affirmation of SNCF’s ratings of the support reinforce our view reflects our assessment that the of an extremely high likelihood reduction in revenues and EBITDA, of extraordinary government stemming from reduced passenger support, and helps the group numbers due to the coronavirus, pursue the deleveraging targets has been to some extent offset by set by the rail reform implemented the support package of EUR 4.7 on Jan. 1, 2020” billion from the French government” Transport Organizing Authorities

20 SNCF GROUP PRESENTATION NEW STRATEGY, SAME FINANCIAL GOALS

21 SNCF GROUP PRESENTATION NEW STRATEGY, SAME FINANCIAL GOALS STRONG POSITIONS IN FRANCE: FOCUS ON MARKET LIBERALIZATION

TIMELIME FOR GRADUAL COVID’S IMPACT UNOPENING CALENDRIER OF MARKETS IMPACTON LIBERALIZATION DU COVID PROGRESSIFOverview of official D’OUVERTURE calendar SUR L’OUVERTURE À LA CONCURRENCE

DECEMBER 2019 HIGH-SPEED OPERATORS – PROCESS SLOWS The French State and regional governments may issue – Arrival of competitors (, Flixtrain, Renfe) calls for tender as existing public transport contracts delayed by 6-12 months with TER and Intercités expire – Trenitalia’s --Milan service delayed – 2020: Brittany signs new 10-year agreement with SNCF by several months – 2020: SUD Provence-Alpes-Côte d’Azur region issues – Renfe set to begin operating Lyon- line call for tender. Grand-Est, Hauts-de-France, after December 2021 Pays de la Loire & Paris region plan to follow suit INTERCITÉS DECEMBER 2020 – For the - & Nantes-Lyon routes, Open access begins for high-speed and conventional tender process withdrawn for new entrants transport providers not subject to regional public transport contracts DECEMBER 2023 The French State and regional governments must issue calls for tender as existing public transport contracts with TER and Intercités expire

DECEMBER 2039 Special conditions for Transilien (Paris Region commuter rail): service will open up to competition on a line-by-line basis between 2023 and 2039

22 SNCF GROUP PRESENTATION NEW STRATEGY, SAME FINANCIAL GOALS SELECTIVE GROWTH OUTSIDE RAIL AND OUTSIDE FRANCE

GUIDING PRINCIPLE: GUIDING PRINCIPLE: GUIDING PRINCIPLE: GUIDING PRINCIPLE: RISK DIVERSIFICATION PRAGMATIC GROWTH PROFITABILITY ACROSSALL SELF-FINANCING FOR 1 2 IN EUROPE 3 BUSINESS LINES 4 NON-CORE INVESTMENTS

– SNCF is already diversified – Growing our international – This is consistent with SNCF’s – SNCF Group cannot take on – We must continue to diversify: markets is not an end in itself. corporate mission and essential debt to fund growth in areas logistics and other non-core It’s a decision to be made line to its success outside our core rail business business lines act as financial by line, contract by contract, – This principle calls for – We will self-finance on an shock absorbers, cushioning as opportunities present continuous improvement in acceptable timeline, e.g., by the impact of economic cycles themselves our operational and financial developing partnerships with – We may opt to do business in performance and continued third parties that could provide high-growth markets and pull across-the-board productivity funding out of markets with low margins efforts or 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

23 SNCF GROUP PRESENTATION NEW STRATEGY, SAME FINANCIAL GOALS MAKING PROFITABLE PERFORMANCE A CORE PRIORITY FOR SNCF: HOW WE PLAN TO CUT COSTS BY 2028

GROUP COMMITMENTS EXCLUDING COVID-19 MITIGATION MEASURES (OPEX & CAPEX) SNCF’s financial roadmap calls for productivity gains of€ 4.2BN between 2020 and 2028. This target for 2020-2028 is €0.8BN higher than in 2018 – despite additional operating costs arising directly from Covid-19 (disinfecting trainsets, etc.).

2017 2018 2019 2020 2028

TARGET €651M €580M €534M €504M €4.2BN

ACTUAL €830M €530M €557M Total for 2020-2028

2017-2019 TARGET ACTUAL FIGURE IN 2017-2019 €1.765M €1.916M

24 SNCF GROUP PRESENTATION NEW STRATEGY, SAME FINANCIAL GOALS STRATEGIES FOR ADDITIONAL SAVING AS THE COVID CRISIS CONTINUES

HOW WE’RE ADAPTING CUTTING COSTS AND OPTIMIZING CASH

Supporting Green Speed, a tie-up between Selling real estate assets Eurostar & Thalys Trimming non-strategic properties from the Group’s Customers benefit from an expanded network balance sheet with more agility Extracting value from real-estate assets Expanding our low-cost offer Applying strategies to monetize certain Group assets Expanding OUIGO makes the Group more competitive and more resilient to market liberalization Optimizing working capital requirements Optimizing the Voyages SNCF fleet Cutting operating costs Increasing the productivity of each trainset allows us to shrink our fleet Reviewing support functions and outside procurement in particular Digitizing ticket sales, maintenance, and operations Adjusting non-essential investments This is paired with a plan to streamline outside expenses Careful management

25 SNCF GROUP PRESENTATION NEW STRATEGY, SAME FINANCIAL GOALS FINANCIAL COMMITMENTS RENEWED

Limit structural subordination Ensure prudent cover for all financial risk of debt held by SNCF SA (forex, interest rates, inflation, etc.)

1 2 3 4 5

Defend SNCF Group rating by ensuring Keep liquidity high enough Have financing capacityat optimum that ratios are in keeping with SA status (cash position + RCF) to ensure – market conditions and lowest cost – CFL > 0 from 2022 at all times – a ratio over 1.2x – FFO / net debt ≥ 10.0% from 2022 (sources/uses) – Net debt / EBITDA ≤ 6.0x from 2023

26 SNCF GROUP PRESENTATION

SOCIAL IMPACT AND SUSTAINABLE MOBILITIES AT SNCF GROUP MIKAËL LEMARCHAND Director of Social Engagement and the Ecological Transitio Heads SNCF’s corporate strategy project

27 SNCF GROUP PRESENTATION SOCIAL IMPACT AND SUSTAINABLE MOBILITIES AT SNCF GROUP IMPROVING OUR GROUP’S SOCIAL IMPACT IS THE CORE OF OUR BUSINESS MODEL

INTEGRATED SNCF GROUP POSITIVE IMPACT ON TRENDS FAVOURABLE OUR CORPORATE PROJECT TO SNCF’S BUSINESS MODEL STRATEGY’S DRIVERS

Identity: align our business model Stricter legislation and regulations more closely with our mission FRET-TFMM More demanding public opinion Competition: boost our competitive edge (in calls for tender, freight contracts, Rising expectations among improved passenger experience/satisfaction) our clients (local authorities, passengers, shippers, etc.) Growth: win market share GARES & CONNEXIONS More detailed specifications Planet: improve the environmental for suppliers and partners footprint of each transport mode Employees and labour markets People: boost employee engagement and our attractiveness as an employer Regional development: strengthen VOYAGEURS our regional presence to promote concrete, sustainable improvements in the communities we serve

28 SNCF GROUP PRESENTATION SOCIAL IMPACT AND SUSTAINABLE MOBILITIES AT SNCF GROUP RAIL IS COMPETITIVE FOR ITS CARBON FOOTPRINT BUT THAT’S NOT ALL

RAIL’S SHARE OUTSTANDING CARBON FOOTPRINT… OF TOTAL PASSENGER 10% TRANSPORT Trains account for 10% of passenger transport but only 0.6% of the sector’s emissions, making rail a powerful asset for the ecological transition RAIL’S SHARE OF THE SECTOR’S CO2 6X 23X 31X 0.6% EMISSIONS MORE EFFICIENT MORE EFFICIENT MORE EFFICIENT THAN BUSES THAN PLANES THAN PRIVATE CARS RAIL’S SHARE OF THE SECTOR’S PARTICULATE MATTER … AND MANY OTHER ADVANTAGES: 2.5% EMISSIONS Particulate 2.5% of the passenger transport sector’s matter particulate emissions, which cause 48,000 RAIL’S SHARE premature deaths a year OF THE SECTOR’S NITROGEN OXIDE Nitrogen Only 1.6% of sector emissions of nitrogen oxide, EMISSIONS oxide 1.6% compared with 80% for cars

Safety Along with air travel, rail is the safest mode of transport 27 times safer than cars.

Noise 6 million people are exposed to noise from rail networks, compared to 52 million for cars

And the rail system has a very small footprint (87,000 ha for rail vs 1.2M ha for cars)

29 SNCF GROUP PRESENTATION SOCIAL IMPACT AND SUSTAINABLE MOBILITIES AT SNCF GROUP INTEGRATION AND DIVERSIFICATION position us to meet our ambitious OUR ROLE IN FRANCE’S NATIONAL carbon reduction goals LOW-CARBON STRATEGY

DEVELOP NEW We are fully committed to France’s National Low-Carbon CORPORATE STRATEGY Strategy and its targets: reduce emissions to 30% of 2015 2020 levels by 2030 and achieve carbon neutrality by 2050.

WITH OUR KNOWLEDGE OF THE RAIL SYSTEM AND ITS OPERATING ASSETS, WE CAN (i) steer research programmes on hybrid trains, frugal electrification and more REDUCE EMISSIONS TO 30% (ii) support the design process for new infrastructures, 2030 BELOW 2015 LEVELS stations and maintenance centres (iii) optimize the rail system’s energy intensity immediately, using green driving and parking practices

And with our strong presence in France’s regions, we can share SNCF’s expertise with local officials, support communities as they make the ecological transition and develop low-carbon strategies.

This includes choosing new TER regional rolling stock and using ACHIEVE CARBON our real estate portfolio to develop renewable energies. 2050 NEUTRALITY GROUP-WIDE

30 SNCF GROUP PRESENTATION SOCIAL IMPACT AND SUSTAINABLE MOBILITIES AT SNCF GROUP WHY RAIL IS THE IDEAL MOBILITY SOLUTION FOR SHORT AND MEDIUM DISTANCE JOURNEYS

SUR SHORTLA COURTE DISTANCE DISTANCE MEDIUM/LONG DISTANCE

Comparison of common travel modes Comparison of common travel modes

70.00 AVG CAR 221.45 75.7 PLANE – Regional link 241.5

35.26 AVG BUS 111.8 54 AVG CAR 170.6 35.43 AVG MOTORCYCLE 110.68 46.5 PLANE – Short haul 145.5 15.73 COACH 50.31 18.06 TER 25.11 45.3 PLANE – Shuttle 144.6 10.83 TRANSILIEN 5.5 43.6 AVG MOTORCYCLE 136.2 6.62 RER 3.35 18.3 COACH 58.5 6.36 MÉTRO 3.26 5.16 TRAM 2.66 6.8 MAINLINE TRAINS 11.8 0 BY FOOT 0 2.7 TGV HIGH-SPEED RAIL 3.2 0 BICYCLE 0 ENERGY FOOTPRINT CO2 FOOTPRINT ENERGY FOOTPRINT CO2 FOOTPRINT

koe (kg oil equivalent) KCO2 (kg of CO2 equivalent) kep (kg equivalent oil) KCO2 (kg of CO2 equivalent)

ADEME Eco-comparateur

31 SNCF GROUP PRESENTATION

COMING SOON: TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL CAROLE DESNOST Director Innovation SNCF

32 SNCF GROUP PRESENTATION COMING SOON – TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL REVOLUTIONARY NEW PROPULSION TECHNOLOGIES

TER + B100 FUEL HYBRID TER BATTERY-POWERED TER HYDROGEN TER 2021 - 1st train Q4 2022 - 1st train MID 2023 - 1st train in operation MID 2025 - 1st train in operation in operation in operation

2021 2022 2023 2024 2025 2026

HYBRID TER BATTERY-POWERED TER HYDROGEN TRAIN 1st test 1st test 1st test

33 SNCF GROUP PRESENTATION COMING SOON — TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL HYBRID TRAINS WITH BIOFUEL

REPLACE HALF OF OUR DIESEL ENGINES WITH BATTERIES AIM: CUT ENERGY COSTS BY 20% AND MAINTENANCE COSTS BY 30%

TAKEAWAYS NEXT STEPS This solution makes existing rolling stock greener 2021: Convert the first trainset to hybrid operation without additional infrastructure and carry out dynamic testing on a closed circuit and – Modelling confirms our energy savings targets on the rail network on flat routes with frequent stops – Benefits increase when we use B100 biofuel – A lithium-ion battery storage prototype is now being tested – Energy is produced locally, in France, and does not compete with food resources

34 SNCF GROUP PRESENTATION COMING SOON — TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL BATTERY-POWERED TRAIN (HIGH-CAPACITY BEMU)

REPLACE ALL DIESEL ENGINES WITH BATTERIES AIM: ACQUIRE 100% BATTERY-POWERED, DUAL-MODE HIGH-CAPACITY TRAINSETS (AGCs)

TAKEAWAYS NEXT STEPS – B atteries are added to replace diesel engines – 2020: Signature of 5 agreements with French regions – U pgrade of the traction and train control software – 2020: Signature of contract with Bombardier and the driver interface – 2021: Design battery train and carry out proof – Range is 100 km in 100% battery mode of concept testing – S elf-powered trains allow frugal electrification, – 2022: Convert trainsets and conduct tests cutting infrastructure costs significantly

100 KMS RANGE 0 EMISSIONS

35 SNCF GROUP PRESENTATION COMING SOON —TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL FRUGAL ELECTRIFICATION

CUT INFRASTRUCTURE COSTS BY OVER 50% Cost of engineering works (in € thousands) CUT TOTAL LIFE-CYCLE COSTS BY OVER 20%

Cost of infrastructure project Departure €30M vs €150M (Aix-Marseille) station

2,500 – 2,000 – 2. Last Mile Arrival 1,500 – station Neutral zone 1,000 – 500 – 1. Interoperable 3. Smart Elec. electrification 0 –

Normal electrification Tunnel Tunnel Tunnel Viaduc Pont-rail Tranchée Pont-route Pont-route Pont-route Pont-route 6. Maintenance 4. Service tracks & repairs

5. Substitution SAVE ON INFRASTRUCTURE INVESTMENTS from 3kV to 1.5kV – Electrify easy-to-access areas – Run dual mode trains or hybrids with batteries

36 SNCF GROUP PRESENTATION COMING SOON – TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL HYDROGEN TER

REPLACE ALL DIESEL ENGINES WITH FUEL CELLS AIM: PRODUCE LONG-RANGE RÉGIOLIS H2 TRAINSETS

1500 VDC 25 kVAC TAKEAWAYS Makes existing rolling stock greener without H2 additional infrastructure

– D eploy Dual-Mode Régiolis Z / H2 – 25 kV Energy management dual-current / 1,500 V – 4 carriages – Removable of diesel engine and diesel tanks – Incorporate a fuel cell system and roof-mounted H2 tanks (160 kg)

NEXT STEPS 400 - 600 – Preliminary technical studies are now complete H2 KMS RANGE – In December 2020, French regions sign agreements to order 14 trainsets from – Testing is set for 2023, with commercial operation planned for 2025

37 SNCF GROUP PRESENTATION COMING SOON – TECHNICAL SOLUTIONS FOR GREENER RAIL TRAVEL A WIDE CHOICE OF SOLUTIONS FOR GREENER RAIL

Working with French regions to roll out the right carbon-reduction solutions for their needs

HYBRID TER + B100 BATTERY-POWERED TRAIN HYDROGEN TER

€ millions € millions € millions 5.37 3.0 86 0.25 1.2 52

3.0 5.37 5.37 52

3.0 5.37 5.37 52

€3.8M €3.8M €6M €5.5M €9.3 M €8M

PROJECT COST (1 TRAINSET) PROJECT COST (5 TRAINSETS) FOR PROJECT COST (14 TRAINSETS) FOR HYBRID TER = €16.85M BATTERY-POWERED TRAIN = €38.4M FOR HYDROGEN TER = €260.3M Q4 2022: PROTOTYPE ENTERS MID 2023: COMMERCIAL MID 2025: COMMERCIAL COMMERCIAL SERVICE SERVICE BEGINS SERVICE BEGINS

38 SNCF GROUP PRESENTATION

TGV M: CUTTING-EDGE TECHNOLOGY TO SERVE PASSENGERS AND ADVANCE THE ECOLOGICAL TRANSITION PIERRE MATUCHET Director, TGV Operations, Services and Information Systems

39 SNCF GROUP PRESENTATION SUSTAINABLE MOBILITIES OF TOMORROW INNOVATIVE PARTNERSHIP WITH ALSTOM BREAKS NEW GROUND

100% French design SNCF and Alstom have worked together since September 2016 18 months of work and research, over 1,000 innovations and 50 draft patents 2,000 people helped design the TGV M, with 10 of Alstom’s 12 French sites contributing Scale-up and approvals are now underway First trainsets are set to run for the 2024 Olympic Games

40 SNCF GROUP PRESENTATION SUSTAINABLE MOBILITIES OF TOMORROW TGV M: MAJOR INNOVATIONS

MORE PASSENGERS 100% French, next-generation high-speed train OR 740 PASSENGERS 20% PER TRAINSET M for: - Modularity

- Energy Management REDUCTION - Predictive Maintenance IN MAINTENANCE 30% COSTS Advantages: the TGV M is roomier, more modern, more eco-friendly, cheaper to maintain and more.

RECYCLABLE MATERIALS ELIMINATE 32% 97% OF C02 EMISSIONS

41 SNCF GROUP PRESENTATION SUSTAINABLE MOBILITIES OF TOMORROW HISTORIC ORDER 100 TGV M TRAINSETS ORDERED Largest single order for TGV trainsets ever placed

The TGV M delivers many new benefits, costs less and sharpens our competitive edge €25M SNCF’s €3BN investment was fully self-financed UNIT COST BEFORE

Designed with and for customers OPTIONS

€3BN FINANCED BY SNCF

42 SNCF GROUP PRESENTATION OUR STRATEGY FOR LIQUIDITY AND SUSTAINABLE FINANCING GUILLAUME HINTZY Director, Finance and Treasury Division, SNCF Group

43 SNCF GROUP PRESENTATION SNCF GROUP AND GREEN FINANCING

44 SNCF GROUP PRESENTATION SNCF GROUP AND GREEN FINANCING Environmental Finance Green Bond Awards2018 SNCF Reseau SNCF GROUP AND GREEN FINANCING Winner Impact report of the year

High marks from non-financial ratings agencies – VIGEO EIRIS rates SNCF 72/100 (#1 out of 22) TIMELINE (€ MILLION) and ECOVADIS rates SNCF 79/100 1,500 Leading green bond issuer 1,350 1,250 – Outstanding bonds total €7.0BN, or 29% of financing 1,000 raised by SNCF Group in 2016-2019 900 850 – #3 in France and #5 in Europe and worldwide (excluding 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 – € 3.5BN stand-by line of credit from 20 banks in Europe, the US and Asia – 3 criteria: carbon footprint, renewable energies, responsible procurement 2029 2030 2031 2034 2036 2047 2119 2120

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

45 SNCF GROUP PRESENTATION SNCF GROUP AND GREEN FINANCING IMPACT OF GREEN BOND ISSUES FROM 2016 TO 2019

CARBON IMPACT 2016 2017 2018 2019 CARBON IMPACT (€BN) Network upgrades €M 710 1,508 - 3,181 BILLION CARBONE IMPACT TCO eq M 2.7 5.7 - 17.11 Invested in Green Bonds dedicated 2 1 EUROS to infrastructure upgrades Network expansion M€ 176 226 - - BILLIONS CARBONE IMPACT TCO2eq M 0.2 0.2 - - of CO2 emissions avoided 4.7 TONS over 40 years CO2 TOTAL IMPACT TCO2eq M 2.9 5.9 - 17.1

Result: a total 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 PEPOLE 9,700 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 energy source T 78,300 67,800 - 65,000

46 SNCF GROUP PRESENTATION SNCF GROUP AND GREEN FINANCING EXPANDING OUR GREEN BOND PROGRAMME

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

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

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

€1.5BN €0.35BN €0.15BN SNCF is be the world’s first mobility group to develop + €0.3BN a green bond programme for both infrastructure and rolling stock

TOTAL ENVELOPE

€2-2.5BN

47 SNCF GROUP PRESENTATION 2020 OVERVIEW AND 2021 FINANCING STRATEGY

48 SNCF GROUP PRESENTATION 2020 OVERVIEW AND 2021 FINANCING STRATEGY KEY FIGURES FOR 2020 AND GROUP LIQUIDITY

Since introducing its EMTN programme in March 2020, SNCF SA has launched 5 bond issues representing a total of €6.3BN € 10 years, €1,250M $ 3 years, $1,250M € 20 years, €1,000M CHF 10 years, CHF250M

€ 30 years, €2,000M PP Various private placements TIMELINE (€BN) including one 100-year issue 1,500 1,250 2,000 USD Comfortable liquidity at year end (figures at 19/11/2020): CHF EUR Green Cash and At group 1,000 EUR equivalents €5.5BN level Bank credit 100% line (RCF) €3.5BN available 50 50 Liquidity ratio: 1.5X Sources / Uses 250 The group also has two short-term financing programmes €3BN et €5BN, 25% used). 2029 2023 2024 2025 2026 2027 2028 2030 2031 2040 2051 2120

49 SNCF GROUP PRESENTATION 2020 OVERVIEW AND 2021 FINANCING STRATEGY 2021 FINANCING STRATEGY

2021 financing needs: €4.0BN -€€5.0BN We expect to raise €2.0BN with green bonds, through public offerings and/or private placements

Key components of our financing strategy: – Average maturity over 10 years – 80% public offerings and 20% private placements BN – Public offerings in our primary currencies (€, $, £, CHF) FINANCING NEEDED – Private placements and tap issues in all currencies €4.0 5.0 ($, YEN, CAD, AUD, NOK, SEK, etc.) and private placements in fixed-rate bonds, FRNs, ZC bonds, CMSs, BN inflation-indexed bond, etc. IN DEBT ISSUED AS €2.0 GREEN BONDS

PUBLIC 80% OFFERINGS

50 SNCF GROUP PRESENTATION THANK YOU