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SNCF RESEAU (EPA:RFAD) - PR SNCF Group - New Railway Pact & Group Financing 04.07.2019

Directive transparence : information réglementée Autres communiqués

07/06/2019 19:23

PRESS RELEASE

PRESS RELEASE - LA PLAINE SAINT DENIS, 7 JUNE 2019

FRANCE'S NEW RAILWAY PACT AND SNCF GROUP FINANCING

France's railway reform act of June 2018 calls for combining the three current
EPICs (French state-owned entities)-SNCF, SNCF Mobilités, and SNCF Réseau-and
their subsidiaries into a single, publicly owned rail transport and mobility
group.

New legal structure and impact on debt-SNCF Mobilités

On 1 January 2020, SNCF Mobilités EPIC will merge with and absorb what is now
SNCF EPIC and become SNCF SA, a holding company. At the same time, SNCF SA's
operational business will be transferred to SNCF Voyageurs SA, which will
combine passenger operations and rolling stock activities of the former SNCF
Mobilités EPIC. Thus, at 1 January 2020, SNCF Group will consist of a holding
company, SNCF SA, which will itself have several subsidiaries, including SNCF
Voyageurs SA and SNCF Réseau SA.

As a result, from 1 January 2020 the bond debt of the former SNCF Mobilités
EPIC will be held by SNCF SA.

New financing policy and impact on debt-SNCF Réseau

SNCF SA, the new group's parent company, will provide strategic and financial
leadership for the combined group under the independence requirements governing
infrastructure managers.

As part of the reform, SNCF Group will change its financing policy. Effective 1
January 2020, SNCF SA will act as the Group's sole issuer on financial markets,
entrusted with raising financing for the entire Group.

Exceptionally and for operational reasons linked to the deployment of a single
issuance system, for a transitional period that will not extent beyond 30 June
2020, SNCF Réseau SA will be able to continue to raise its own funding on the
capital markets.

Lastly, in accordance with the Group's commitments, SNCF Réseau's outstanding
debt at 30 June 2020 will remain on SNCF Réseau SA's balance sheet after this
date. There are no plans to transfer this outstanding debt to SNCF SA or any
other Group entity.

SNCF Réseau and SNCF Mobilités urge all interested parties, including their
bond investors, to monitor developments affecting SNCF Group.

About SNCF Group

SNCF is a global leader in passenger and freight transport services, with
revenue of EUR33.3 bn in 2018, of which one-third on international markets.
With 272,000 employees in 120 countries, SNCF draws on its foundations in
French rail and its extensive experience as an architect of transport services.
It aims to become the benchmark for mobility and logistics solutions in France
and worldwide. SNCF has six core businesses: SNCF Réseau (management and
operation of the French rail network); commuter transport (mass transit in the
Paris region through Transilien, TER regional rail, and Keolis in France and
worldwide); long-distance rail (TGV inOui, Ouigo, Intercités, Eurostar,
Thalys, and more, and ticket sales through Oui.sncf); SNCF Gares & Connexions
(station management and development), SNCF Logistics (freight transport and
logistics worldwide with GEODIS, Fret SNCF, Captrain and Ermewa) and SNCF
Immobilier (management and optimization of SNCF property and land assets).
sncf.com

About SNCF Réseau

Within SNCF Group, one of the world's leading mobility and logistics players,
SNCF Réseau manages, maintains, develops and sells access to the French rail
network. It guarantees the safety and performance of 30,000 km of track,
including 2,600 km dedicated to high-speed rail (one of the largest high-speed
rail networks in the world). SNCF Réseau guarantees access to the network and
to service infrastructures for its 42 customers in transparent,
non-discriminatory conditions. Twenty-seven railway operators use the network
and 15 other companies, called authorized users (combined transport operators,
ports, etc.), reserve track slots that they then assign to the railway operator
of their choice. SNCF Réseau is the second largest public investor in France,
with 58,000 employees and 2018 revenue of EUR6.3bn (including EUR3.4bn in track
access fees from SNCF Mobilités). sncf-reseau.com

About SNCF Mobilités

Within SNCF Group, one of the world's leading mobility and logistics players,
SNCF Mobilités is a transport operator with revenue of EUR31.7 bn in 2018, of
which one-third comes from international markets. The company has 204,000
employees, is present in 120 countries, and aims to become the world benchmark
for excellence in mobility and logistics services. SNCF Mobilités has four
business units: Mobility for commuter transport (Transilien mass transit in the
Paris region, TER regional rail, and Keolis in France and worldwide);
long-distance rail (TGV inOui, Ouigo, Intercités, Eurostar, Thalys and more,
and ticket sales through Oui.sncf); SNCF Gares & Connexions (station management
and development); and SNCF Logistics (freight transport and logistics
worldwide, notably with GEODIS, Fret SNCF, Catrain and Ermewa). sncf.com

FINANCIAL COMMUNICATIONS: Axel BAVIERE: +33 (0)6 34 21 25 97
SNCF RESEAU INVESTOR RELATIONS: sncf.reseau.investisseurs@reseau.sncf.fr

PRESS OFFICE: +33 (0)1 85 07 89 89

FRANCE'S NEW RAILWAY PACT & SNCF GROUP FINANCING