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SNCF RESEAU (EPA:RFAD) - SNCF Réseau - Press release issue 1.4 Bn

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26/05/2016 16:24

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PRESS  RELEASE

PARIS, 26 MAY 2016

    SNCF RESEAU ANNOUNCES A SUCCESSFUL 1.4 BILLION EURO DENOMINATED PUBLIC
                       BENCHMARK BOND ISSUE.

SNCF RESEAU, the French rail infrastructure manager, announced on Friday 20 of
May 2016 a Dual Tranche public benchmark bond issuance composed of two
tranches. One having a five years maturity (new benchmark - is May 2021) and
the other a long nine years maturity (tap of 2.625% - 12/29/2025 maturity)
respectively for 1 billion euro and 400 million euro. This issuance met a high
demand and resulted in more than 1.7 billion euros of cumulated orders, with a
particular interest from international investors.

This success supports the new funding strategy of the company:

- An extensive offer in terms of format: this is the first Dual Tranche
  issuance for SNCF RESEAU,

- A greater liquidity and an increased visibility by reducing privately placed
  taps and by increasing the frequency of public benchmarks issues on all
  maturities (this operation followed a 20 years benchmark issuance on March
  2016 and a tap on the 100 years tranche),

- A diversified base of investors through an institutional communication
  enhancement in Asia, Europe, the Middle East and North America.

As part of its 2016 funding program (4.7 billion euros), SNCF RESEAU:

- Strives to diversify in 2016, its offer to investors in terms of format and
  foreign currency benchmarks issuances,

- Intends to adapt promptly to the investors needs evolution

SNCF RESEAU mandated Barclays, BNP-Paribas, CA-CIB, Deutsche Bank, Goldman
Sachs International, JP Morgan and Natixis as joint bookrunners of this
transaction.

Not for distribution, directly or indirectly in the United States or to US
persons

SNCF RESEAU CONTACTS

Marina Marguier - Press Contact,
+33 (0)1 85 57 96 88, Marina.marguier@reseau.sncf.fr

Guillaume Hintzy - Vice Président Financing and Treasury,
+33 (0)1 45 19 28 50, guillaume.hintzy@reseau.sncf.fr

Nicolas Marchessaux - Financial Market Operations & Investors Relations,
+33 (0)1 45 19 28 54,
nicolas.marchessaux@reseau.sncf.fr

sncf.reseau.investisseurs@reseau.sncf.fr

                              ***

These materials are not for distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any State of the
United States and the District of Columbia). These materials do not constitute
or form a part of any offer or solicitation to purchase or subscribe for
securities in the United States. The Notes referred to herein have not been and
will not be registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold in the United
States or to US persons unless the Notes are registered under the Securities
Act or pursuant to an exemption from the registration requirements of the
Securities Act.

There will be no public offer of securities in the United States.