Prospectus dated 24 September 2018 REGION OCCITANIE Prospectus for the admission to trading on Euronext Paris of an issue of green and social notes in a nominal amount of € 200,000,000 bearing interest at the rate of 1.370% per annum due 26 September 2033 issued on 26 September 2018 Issue Price: 99,798% This document is a prospectus (the Prospectus) within the meaning of article 5.3 of directive 2003/71/EC of the European Parliament and Council dated 4 November 2003, as amended (the Prospectus Directive). The notes issued hereunder by Région Occitanie (the Issuer or the Région) represent an issue of securities in an aggregate nominal amount of €200,000,000 bearing interest at the rate of 1.370% per annum maturing on 26 September 2033 (the Notes). The Notes were issued on 26 September 2018 (the Issue Date). The Notes shall bear interest from the Issue Date (included) at a rate of 1.370% per annum, payable annually in arrears on 26 September in each year and for the first time on 26 September 2019 for the period commencing on the Issue Date (included) up until 26 September 2019 (excluded). Unless previously redeemed or purchased and cancelled, in accordance with the terms and conditions of the Notes, the Notes will be redeemed at par on 26 September 2033. The Notes may, and in certain circumstances shall, be redeemed before this date, in whole only but not in part, at par, together with, if applicable, accrued interest, in the event of any change in applicable tax laws or regulations as described in Condition 6 "Taxation" of the terms and conditions of the Notes or if any of the events described in Condition 8 "Events of Default" of the terms and conditions of the Notes occurs. The Notes will be issued in dematerialised bearer form in the denomination of €100,000 each. Title to the Notes will be evidenced by book entry in accordance with articles L.211-3 et seq. of the French Code monétaire et financier. No physical document of title in respect of the Notes (including representative certificates as defined in article R. 211-7 of the French Code monétaire et financier) shall be delivered. The Notes have, upon issue, been inscribed in book entry form as from their Issue Date in the books of Euroclear France which has credited the accounts of the Account Holders. Account Holder means any intermediary authorised to hold, directly or indirectly, securities accounts on behalf of its clients with Euroclear France, Euroclear Bank S.A./N.V. (Euroclear) or any other clearing system. Application has been made for the Notes to be listed and admitted to trading on Euronext Paris. Euronext Paris is a regulated market within the meaning of Directive 2014/65/EU dated 15 May 2014, as amended. The Issuer’s long-term debt has been assigned an “AA stable” rating by Fitch Ratings (Fitch). The Notes have been assigned an AA rating by Fitch. Fitch is a rating agency established in the European Union and registered in accordance with Regulation EC/1060/2009 of the European Parliament and Council dated 16 September 2009 on credit rating agencies, as amended, and appears in the list of credit rating agencies published on the website of the European Securities and Markets Authority (https://www.esma.europa.eu/supervision/credit-rating-agencies/risk). A rating is not a recommendation to buy, sell or hold Notes and may be subject to suspension, modification or withdrawal at any time. See the "Risk Factors" section for a description of the factors that should be considered by prospective investors prior to any investment in the Notes. This Prospectus is available on the websites of the (i) Autorité des marchés financiers (www.amf-france.org) and (ii) the Issuer (www.laregion.fr/Emission- obligataire-verte-et-sociale). MANAGERS CRÉDIT AGRICOLE CIB NATIXIS 1 This Prospectus contains all necessary information for prospective investors to make an informed assessment of the Issuer’s activities and financial position, as well as the rights attached to the Notes, notably the information required by schedules XIII and XVI of Regulation 809/2004/EC, as amended. The Issuer accepts responsibility accordingly. Crédit Agricole Corporate and Investment Bank and Natixis (the Managers) have not verified the information contained in this Prospectus. The Managers do not make any representation, express or implied, or accept any responsibility, with respect to the accuracy or completeness of any of the information contained in this Prospectus. This Prospectus does not constitute an offer of, or an invitation by (or on behalf of), the Issuer or any of the Managers to subscribe for or purchase any of the Notes. No person is or has been authorised by the Issuer or the Managers to provide any information or make any representation relating to the issue or sale of the Notes other than those contained in this Prospectus and, if any such information or representation was provided or made, it should not be viewed as having been authorized by the Issuer or the Managers. The delivery of this Prospectus or any sale of Notes shall under no circumstances imply (i) that there has been no change in the Issuer’s situation since the date of this Prospectus or (ii) that the information contained therein is correct as at any time subsequent to the date on which it was provided. This Prospectus and any information document relating to the Issuer or the Notes are not intended to constitute elements enabling an assessment of the Issuer’s financial position or any evaluation of the Notes and should not be considered as a recommendation to purchase the Notes by the Issuer or any of the Managers addressed to the recipients of this Prospectus. Each prospective investor in the Notes should determine for itself the relevance of the information contained in this Prospectus and base its decision to purchase Notes upon such investigations as it deems necessary. The Managers give no undertaking to review the financial or general condition of the Issuer during the life of the Notes, nor to advise any investor or prospective investor of any information coming to its attention with respect thereto. Investors should in particular conduct their own analysis and assessment of all the implications of an investment in the Notes and of the risks relating to the Issuer, its activities, its financial position and the Notes in issue, and should consult their own financial or legal advisers concerning the risks associated with an investment in the Notes and the suitability of such an investment in light of their particular personal circumstances. Prospective investors should read carefully the section entitled "Risk Factors" set out in this Prospectus before deciding to invest in the Notes. The distribution of this Prospectus and the offering or sale of the Notes in certain jurisdictions may be restricted by law or regulation. In particular, no action has been taken by the Issuer or the Managers which is intended to permit a public offering of the Notes or distribution of this Prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Notes may not be offered or sold, directly or indirectly, and neither this Prospectus nor any other offering material may be distributed or published in any jurisdiction, except in compliance with all applicable laws and regulations. The Issuer and the Managers invite persons to whom this Prospectus is delivered to make themselves aware of and to observe any such restrictions. A description of certain such restrictions on the offering and sale of Notes and distribution of this Prospectus is set forth under the heading "Subscription and Sale" below. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 as amended (the Securities Act). Subject to certain exceptions, the Notes may not be offered or sold, directly or indirectly, within the territory of the United States of America or to, or on behalf of, or for the benefit of, U.S. persons ("U.S. Persons" as defined in Regulation S of the Securities Act). MiFID II Product Governance / Target Market: eligible counterparties and professional clients – Solely for the purposes of the product approval process of each manufacturer, as defined in Directive 2014/65/EU of the European Parliament and Council dated 15 May 2014 (as amended, MiFID II), the target market assessment in respect of the Notes, taking into consideration the five categories referred to in paragraph 18 of the guidelines published by the European Financial Markets Authority on 5 February 2018, has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties or professional clients are appropriate. Any person who subsequently offers, sells or recommends the Notes (a distributor) should take into consideration the manufacturers’ target market 2 assessment. However, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (and either adopting or refining the manufacturers’ target market assessment) and determining the appropriate distribution channels. In this Prospectus, references to €, EURO, EUR or to euro are to the lawful currency of the member states of the European Union that adopted the single currency in accordance with the Treaty establishing the European Community (signed in Rome on 25 March 1957), as amended by the Treaty on the European Union (signed in Maastricht on 7 February 1992) and by the Treaty of Amsterdam (signed in Amsterdam on 2 October 1997).