OCCITANIE Investor Presentation September 2018 C2 - Internal Natixis 09/2018 Page 03 Important Notice Page 21 Financing Strategy and Debt Management Page 04 Région Occitanie Presentation Page 27 Green and Social Issuance Page 13 Summary Organisation and Competencies Page 46 Appendices Page 17 Financial Structure C2 - Internal Natixis 09/2018 IMPORTANT NOTICE • This Presentation has been prepared by Région Occitanie for information only and should not used for any other purpose; it does not constitute and should not be considered or interpreted as an offer to subscribe the notes or as a solicitation of the interest of investors to subscribe the notes as described in the Presentation (the “Notes”). [The offering and sale of the Notes in France will only be available to qualified investors (excluding individuals) within the meaning of and in compliance with article L. 411-2 of the French Code Monétaire et Financier. The Notes are not intended for public offering in France.] • The Recipient is acting on its own behalf. The Recipient has decided and will decide either alone or with the assistance of the Recipient's own advisers, whether to purchase the Notes, and has evaluated or will evaluate the appropriateness and suitability of an investment in the Notes. Region Occitanie advises the Recipients to consult any useful regulatory or contractual documents which the Recipients wish to consult. Investment in the Notes involves financial risk. The Recipient has sufficient knowledge and experience in financial and business matters to analyse and evaluate the merits, suitability and risks of investing in the Notes. The Recipient is capable of bearing the risks relating to its investment in the Notes. The Recipient has made all legal, tax, accounting, regulatory, financial and other assessments it deems relevant in connection with its purchase of the Notes and has conducted its own analysis of the financial situation, business and solvency of the Région Occitanie and of the Notes prior to making any investment in the Notes. It is each Recipient's responsibility to confirm that it is authorized to subscribe or invest in the Notes. • Information in this document are indicative and in draft form. They may evolve, be complemented or modified after the date of this document. • This Presentation may not be forwarded or distributed to any other person and may not be reproduced, in whole or in part, in any manner whatsoever without Region Occitanie's prior written consent. • The distribution, reproduction or partial reproduction of the Presentation may be restricted by law or regulation in certain countries, and accordingly, this Presentation should not be distributed or reproduced, even partially, in those countries. Région Occitanie does not represent or warrant that the Notes will be lawfully offered in compliance with any applicable registration or other requirements in any such jurisdiction or pursuant to an exemption available thereunder, and does not assume any responsibility for facilitating any offering in any such jurisdiction. • The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes may not be offered, sold or delivered, directly or indirectly, within the United States or directly or indirectly to U.S. Persons except in accordance with Regulation S under the Securities Act (“Regulation S”). • Région Occitanie shall not bear any responsibility in the case where a Recipient distributes or makes any use of this Presentation without its authorisation and without the relevant authorities' authorisation in the relevant jurisdictions. • The Recipient agrees and accepts that the Presentation is confidential and must not be disclosed to any third party (except for the Recipient's external advisors on the condition that such external advisors respect the obligation of confidentiality) and must not be reproduced, in a whole or in part, without prior written consent of Région Occitanie. 3 09/2018 RÉGION OCCITANIE PRESENTATION C2 - Internal Natixis CCITANIE 09/2018 O , THE SECOND BIGGEST FRENCH REGION Toulouse, the regional capital (4 th French city) 10 airports including Toulouse-Blagnac airport (9.2 millions of passengers in 2017) 2 900 km of railways 13 départements and 4,485 municipalities, 3 trading ports including 2 metropolis: Toulouse and (Sète, Port-La Nouvelle and Port-Vendres) Montpellier, 66 yachting marinas An area of 72,724 km², i.e. 11.3% of the size of metropolitan France, 220 km of coastline The Pyrenean mountains covers over approximately 15,000 km² of the region, 20 seaside resorts The Garonne flows across about 250 km of the region, Agricultural land covers 48% of the region 5 09/2018 RÉGION OCCITANIE , A CROSSING HUB OF EUROPE 6 th 09/2018 OCCITANIE : 5 MOST POPULATED REGION IN FRANCE th The 5 most populated region in Occitanie 5,8M France : 5.8 million of inhabitants in 2018 (according to the INSEE, vs. 66 million in France), for a population density of 79.6 Nouvelle-Aquitaine 5,9M inhabitants/km² (vs. 117.6 for France). Hauts-de-France 6,0M Strongest demographic growth for a metropolitan region (exc Corsica) ! On 7,9M average +0.9% since 2009 (twice the Auvergne-Rhône-Alpes national level). Number of inhabitants inmillions Île-de-France 12,1M 44% of the population is concentrated in 4 urban areas: Toulouse (23%), Montpellier 0 5 000 000 10 000 000 15 000 000 (10%), Perpignan (6%) and Nîmes (5%). Source : INSEE data Highest net migration inflow between 2009 and 2014: +51,400 people per year. By 2030, population growth is expected to be the highest in France: on average +50,000 persons/year, amongst which 20,000 employed . 7 AJOR ASSETS OF THE REGIONAL ECONOMY 09/2018 M GDP : €161 BILLION Agri-food, agriculture and Health and cutting edge Life Sciences winegrowing occupy half Industry of the territory More than 240,000 jobs 213,000 employees € 6.867 billion University Hospital Center : 37,500 industrial companies st 9% of the metropolis total 1 UHC of Toulouse 6th UHC of Montpellier 1st organic region 1st european region According to the « list of 50 best hospitals in France » (Le Point) in aeronautic and space 1st world vineyard Oncopole de Toulouse : unique site in in terms of surface 86,000 direct jobs Europe fully dedicated to fight against 3rd agri-food region cancer with 7,000 establishment Digital : a high connected region 1st French region About 52,500 workers in 8,400 companies for research 2 « French Tech Metropolis » labeling 4th French touristic (Toulouse and Montpellier) 6 billion euros region 1 digital companies cluster : merger in January 2017 of in R&D expenditures FrenchSouthDigital (Montpellier) and Digital Place (Toulouse) > to 3% of GDP 14 billion euros tourism revenues 30,000 researchers Coastal economy, « blue » growth 15 competitiveness clusters 30 million tourists 35 graduate schools and 5,319 million tonnes of freight universities 1st region for its campsites st capacity 1 Mediterranean fishing fleets 155,172 maritime passengers 230,000 students th 4 region in terms of jobs in Sètes, Port-La-Nouvelle et Port Vendres ports (2014) created by tourism: 108,000 8 million of tourists per year – 20 touristic resorts on the coast 66 yacht harbours, 30,000 rings – 1 Sea Parliament 8 09/2018 AN ATTRACTIVE REGION WITH A DYNAMIC ECONOMY € 161 billion of GDP in 2016 , the 4th regional GDP ; which Number of jobs between 2013 and 2018 represents 7.2% of the national GDP. in relation to the unemployment rate in France (base 100: T4 2010): Between 2014 and 2015, the growth rate of the region is twice higher than the national level (+0.5%) and 0.1% 108 higher between 2015 and 2016. 106. Growth of salaried jobs (> 2 million) higher than that of 106 5 metropolitan France since 2011 and fall in the unemployment rate (10.7% in the first quarter of 2018 (- 104 1.2 point in 2017) against 9.2% in La France). There is, 103. therefore, a catch-up phenomenon for several years. 5 102 Région Occitanie is also dynamic in terms of business creation: 55 000 companies were created in 2017 (+5% growth). 100 37,400 jobs were created over 5 years (between 2011 and 2016), third national score: attractive region for workers. 98 Business failure down 6% in 2017. T4 T1T2T3T4T1T2T3T4T1T2T3T4T1T2T3T4T1T2T3T4T1T2T3T4T1 T2 T3 T4 T1 2010 2011 2012 2013 2014 2015 2016 2017 2018 th 4 tourist region of France : tourism represents 10% of Occitanie France the region’s GDP (i.e. € 14 billion in revenue in 2017). The new dimension of the regional territory has favored the diversification of the economy . Thus, agriculture, agri- Source : INSEE data food and viticulture constitute the first economic sector, followed by the aeronautics and space sectors, health and informatics. The biggest contributor to regional wealth is the agri-food industry (20%), ahead of aeronautics (18%). 9 09/2018 AERONAUTIC AND SPACE : A MAJOR ASSET OF THE REGION First european region in the aeronautic and space sector ; Many major clients, suppliers and key players in research and education are present in the region: • Airbus global headquarters (R&D and assembly lines), ATR, Safran, Latécoère, Liebherr Aerospace, Ratier-Figeac, tier 1 and later subcontractors : production and engineering (Alten, Altran, Assystem…), 102,000 JOBS CREATED MORE THAN 1,100 • Airbus Defense & Space, Thales Alenia Space, OF WHOM 86,000 directly FIRMS IN THE REGION CNES, ONERA,… employed in aeronautic and space • Main French aeronautical schools (ENAC, ISAE Sup-Aéro,…) ; Dynamic job creation: +2.1% in 2017 ; st 1 EUROPEAN €10Bn OF 40% OF THE Major contributor to the R&D performance of the REGION ANNUAL REGION’S Région Occitanie. Region where the plane of the FOR CIVIL AVIATION REVENUES INDUSTRIAL furture is designed and built.