RATP second Green Bond

2019 May

RATP second Green Bond

C2 - Internal Natixis

Contents

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1. Company overview & link with the French State

2. RATP group core businesses: expert in urban mobility

3. Results & performance

4. Fundind strategy

5. An ambitious Corporate Social Responsability & strong achievements

6. A second benchmark Green Bond dedicated to the ecological and energy transition

7. Appendix

1. COMPANY OVERVIEW & LINK WITH THE FRENCH STATE


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RATP, a French public entity of an industrial and commercial character with autonomous management (EPIC* Status) created under Law dated 1948 Created to run, develop and maintain the public transportation system in the Greater Paris area (Region Ile-de-France) (infrastructure and rolling stock). Since 2010 authorized to operate beyond its original scope through subsidiaries

RATP Group is 100% owned by the French State

European regulation in 2007 asked for a gradual opening of the competition in the passenger transport sector. A French Law in 2009 stated that:

• RATP will remain the owner and sole manager of the existing rail network

• RATP will face operating opening to competition in 2025 for the bus network, 2030 for the tramway network and 2040 for the railway network

• Ile-de-France Mobilités (Greater Paris transport authority) becomes the legal owner of the rolling stock

* Etablissement Public Industriel et Commercial (“EPIC”)


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RATP group, a leading public transport operator in France & abroad 5th largest urban public transport operator in the world One of the most diversified multi-modal player

€ 200 million

net income in 2018

€ 5.6 billion consolidated revenues in

2018

16 million

passengers carried every day worldwide

61,000 employees

at 31 December 2018 (19% abroad)

€ 1.6 billion invested in 2018

in the Île-de-France Region

METRO RAIL TRAMWAY BUS CABLE CAR

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Credit Ratings in line with the French state

RATP is rated the highest possible ratings, in line with the French State, on the basis of:

• Strategic importance as the owner and the only infrastructure manager of urban transport in Paris (by law)

• Strong support and control from the French State – 100% State-ownership

• As an EPIC, no subject to private sector bankruptcy law

• Resilient budgetary performance and medium-term debt stabilisation

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A diversified Group organised around the EPIC RATP


€ 1.2 billion

Contribution to Group revenue

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RATP Dev, a success story 15 countries 4 continents

RATP Dev exported the Group’s expertise in operating and maintaining all modes of transport to new territories in France and abroad

RATP Dev is targeting markets that offer • profitability only

• size effect possible (UK, USA, Italy) and high added value (Saudi Arabia)

Thanks to RATP Dev, RATP is getting ready to the progressive opening to competition on its historical network in Region Ile-de-France

70% of turnover generated abroad in 2018

€ 2 billion

contracted for the Riyadh metro network

8,000 bus

operated worldwide

United Kingdom

RATP Dev’s biggest market


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Long-term trends favorable to the Group’s development

Urbanisation & emergence of megacities

• Urban share of the world population represented 50% in 2015 and should reach 70% in 2050

• In 2030 more than 100 cities with more than 5M inhabitants (15% world population)

Environmental awareness

• Cost of pollution 1.5% of French GDP

• Cost of congestion 2-4% of agglomeration's GDP - McKinsey 2017

200 km of new metro lines in the Greater Paris

• Grand Paris Express

• Call for tenders to operate new metro lines

• RATP exclusive maintainer of the infrastructure upon completion by law

2. RATP GROUP CORE BUSINESSES: EXPERT IN URBAN MOBILITY


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Operates metro lines all over the world

• 14 lines and 1 airport line in the Greater Paris area

• First foreign operator in Mumbai (India)

• Only private operator in Seoul (South Korea)

• Won the tender for the operation and maintenance of 2 new metro lines in Riyad (Saudi Arabia) and 1 new live in Doha (Qatar)


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World leader in automated metro

Unequalled advantages in transport systems, maintaining and engineering

Proven expertises:

• Installation of automated lines

• Management of automated lines extensions

• Automation of existing lines

Expertise deployed on 4 continents


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Operates Europe third largest network

In the Greater Paris area:

• 100 km of track (7 lines)

• Europe third largest network

• 276 millions passengers (+7.8%

Outside France

• Over 300 km of tracks

• Routes in China (Nanjing, Shenyang, Hong Kong)

• Routes in United States, Italy, Brasil, Morocco…

TRAMWAY


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Extremely diversified offer

• Extremely diversified offer: urban and intercity bus networks, school transports, sightseeing centre city

shuttle buses, on-demand transport…

• 8,000 buses around the world (excluding the Greater Paris area)

• 4,700 buses in the Greater Paris area, 50% electric – 30% biogas – 20% hybrid by 2025

• Over 1,000 buses in London

• Intercity routes in 18 states of America

• A sightseeing operator: Extrapolitan label

BUS


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Operates the world’s busiest urban line

In the Greater Paris area

• RER A: one of the world’s busiest lines (up to 1.2 million passengers per working day)

• RER B: almost 900,000 passengers per day

Outside France

• South Africa: Gautrain express, Africa’s fastest rail line

• Italy: 2 regional railway lines

RAIL

3. RESULTS & PERFORMANCE


4343 4413 4322 4372 4352

914 1143 1126 1114 1211

17% 21% 21% 20%

22%

0%

5%

10%

15%

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25%

0

1000

2000

3000

4000

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6000

2014 2015 2016 2017 2018

%

EU

R m

illi

on

EPIC RATP RATP subsidiaries Contribution of subsidiaries (%)

€ 5 486 € 5 257

€ 5 556 € 5 448 € 5 563*

* First application of IFRS 15 17

Consolidated revenue in constant progress

Our goal for 2020:

• € 7 billion of revenues

• 30% of which generated by subsidiaries

• RATP Group's revenues increased regularly between 2014 and 2018

• Contribution of subsidiaries increased from 17% in 2014 to 22% in 2018

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Financial results Highest level of profitability in Europe

839 786

954

786 817

846

519 516

629

382

448 476

293 298

437

171

339

200

0%

5%

10%

15%

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25%

0

200

400

600

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1 000

1 200

2013 2014 2015 2016 2017 2018

EBITDA Operating income Net Income attributable to Group EBITDA margin Operating income margin€m

• Recurring Group's Net Income €290 million in 2018 vs 266 million in 2017 (demonstrates the strengthening of RATP’s operating performance)

• Recurring EBIT rose by €28 million over 2017 to €476 million, a clear improvement by both RATP and RATP DEV

• Consolidated total equity in constant scope increased: equity doubled between 2007 and 2018 to reach €4.9 billion

• Gearing improved from 1.13 in 2017 to 1.07 in 2018 (in line with our ratio target of 1.1 set for 2020)

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Stable leverage

Group’s Net Debt over the years

• The EPIC’s net debt contracted by €45 million to €5.2 billion at the end of 2018 thanks to improved cash flow and the drive to improve Working Capital Requirement in operation and investment.

• Over the IDFM’s five-year term contract, debt will be stable despite significant investment program.

5 187 5 020 5 278

5 439 5 233 5 188

911 786 954 912 976 1 004

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

2013 2014 2015 2016 2017 2018

Net Debt Operating Cash Flow Net Debt/Operating Cash Flow (RHS) Leverage (RHS)€m

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Focus on the RATP-IDFM 2016-2020 contract 8.5 billion record investments plan

• Operates public transports in Greater Paris area

• Manages infrastructures

• Bears industrial risk

• Establishes regional public transport services

• Defines new transport offers

• Sets up tariffs

• Bears most of the traffic risk

• IDFM is the sole transport authority responsible for Region Ile-de-France (Greater Paris area) on all modes of ground transports

• The relationship between IDFM and operators is based on multi-year contracts since 2000


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Investments in the Greater Paris area €1,579 million invested in 2018

Two main objectives :

• Develop the transport offering by providing new services and increasing existing transport capacity

• Prepare for the future by maintaining RATP’s heritage and developing new services

1 513 1 580

1 832 1 784

1 560 1 579

2013 2014 2015 2016 2017 2018

4. FUNDING STRATEGY

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Caution and dynamic funding strategy RATP EPIC is a historical and regular borrower on Debt Capital Markets: expected annual issuance programme of EUR 500-600m targeting medium- to long-term tenors

EUR5.2bn Total Debt mainly through Bonds (90%)

(as of end of Dec 2018)

Strong Liquidity position EUR2.5bn Commercial paper program

No Foreign exchange risk: RATP systematically hedges foreign exchange risk on foreign currency’s issues using cross-currency swaps

Legal documentation

EUR6bn EMTN Programme (implemented in 1995)

Senior unsecured - RegS Dematerialised - Listing Paris – French Law

To complete existing EUR Curve

EUR500m+ Issue Size

Preference for medium to long tenors (7-15y)

Spread offered vs. French Government Curve (OAT)

Green Bond issuance in 2017

EUR30-50m equivalent min tickets can be considered

Any currency: JPY, AUD, USD, HKD, CHF…

Vanilla and lightly structured pay-offs

Tenors: 18mth-30y

Green Bond Private Placements possible

Public issuance Private placements

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Debt Profile and Secondary Curve RATP offers to investors: (i) a well developed EUR credit curve, (ii) room for new issues at medium to long tenors and (iii) a spread pick-up versus French Government Curve

A smooth maturity profile:

Progressive construction of a smooth curve

No redemption peak: average redemption of €500m per year

Demonstrated access to the bond market:

11 bonds outstanding

7 EUR benchmarks with €450-650m size

2 latest bond issues:

June 2018: €200m 30y (private placement) June 2017: €500m 10y (Green Bond)

0M€

100M€

200M€

300M€

400M€

500M€

600M€

700M€

2019 2021 2023 2025 2027 2029 2031 2048

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RATP investors’ profile RATP benefits from a strong demand from French Insurance and Asset managers. However, RATP is today eager to diversify its investor base

Source: RATP Finance Department – EUR2bn+ issued since 2008

France70%Germany

5%

Benelux6%

UK9%

Nordics2%

Switzerland3%

Asia1%

Others4%

Central Banks5%

Fund Managers43%

Insurance39%

Pension Funds8%

Private Banking2%

Others3%

Investors breakdown by Geographies Investor Breakdown by Types

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Eur500 million 10-year inaugural Green Bond The Group commits to be a major player in sustainable mobility and sustainable city infrastructure to reduce its environmental footprint

Source: RATP Finance Department – EUR2bn+ issued since 2008

The transaction attracted an impressive and granular

orderbook of over EUR1.6bn (exc. JLM)

With this Green Bond, RATP encountered the largest and most geographically diversified orderbook they ever had on a transaction

5. AN AMBITIOUS CORPORATE SOCIAL RESPONSABILITY & STRONG ACHIEVEMENTS


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A long story with CSR

June 2017 inaugural Green Bond


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An external recognition in 2018: ISO 26000 The RATP 1st multimodal transport operator in the world labeled "Engaged CSR confirmed level" by Afnor Certification

• This label, recognized internationally and valid for a period of 3 years, was awarded following an evaluation of the company's CSR strategy through various criteria such as environmental policy, territorial development, social dialogue or governance.

• It shows an excellent performance especially in terms of human resources, territorial anchoring and sustainable production methods.


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A CSR policy with 3 directions & 9 strategic priorities


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A CSR policy worked out in consultation with The stakeholders


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A CSR policy with ambitious targets Public transport is by definition environmentally-friendly. We intend to be a leading player in this field.

-20% & -50% Consumption

reduction targets

Energy & greenhouse emissions per passenger km

between 2015 & 2025

100% ISO 14001-certified industrial

sites in 2020 (RATP)

BUS2025

RATP: 4,700 buses

The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region in 2025

Responsible purchases

inclusion of eco-design

criteria in contracts

Develop circular economy models

The Two-Bank district

“Quartier des deux rives” in Paris


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Ambitious and innovative projects Two significant examples

• Paris Habitat and the RATP recover the heat of the metro to supply a social housing building

• Quartier des deux rives « the two-bank district » in Paris : the circular economy on a scale of a parisian district


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3 Projects financed by the RATP inaugural Green Bond in 2017

Renewal of rolling stock of the RER A, the busiest regional train in Europe

Automation of Paris Metro line 4

Purchase of 100% electric maintenance RER shunter

€250 million financed by the bond

100% refinancing


100% new financing


100% new financing

1 TWh energy savings*

50,400 tCO2e saved

*See impact report June 2018

https://www.ratp.fr/en/en/la-ratp-et-les-green-bonds

140 GWh energy savings*

6,700 tCO2e saved

32 GWh energy savings*

14,000 tCO2e saved

6. A 2ND BENCHMARK GREEN BOND DEDICATED TO THE ECOLOGICAL AND ENERGY TRANSITION


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Rationale for the second benchmark RATP Green Bond

• An new RATP Green Bond to promote energy sobriety and low-carbon mobility

• An opportunity to emphasize the Group’s strategy in terms of sustainability and climate change mitigation

• A strong commitment to achieve environmental and other sustainability objectives

Overview of RATP Green Bond Framework

Use of proceeds Management of proceeds

Reporting

Process for Project Evaluation and Selection

• Public transport infrastructures maintenance and renovation

• Viacducts • Tramway lines • Automatic signals • Mechanic ventilation

• Public transport station and spaces modernization

• Station upgrades and modernization program

• LED projects

• Proceeds to be credited to the general funding account and used to finance, new projects and/or refinance existing projects up to two years prior to the issue date (share of refinancing: 50% approx.)

• Unallocated proceeds to be temporarily invested in accordance with RATP’s established investment guidelines

• RATP’s Control and Investment department in charge of tracking the investments of the proceeds allocated to Eligible Green Projects

Key selection criteria: • projects should be financed in equity • projects should not likely be the subject of major controversy (this risk is determined after a

consultation of the legal department) • projects should meet the environmental and sustainability objectives stated above

A dedicated Green Bond Committee to select Eligible Green Projects Validation of the Eligible Projects list by RATP Executive Committee

• Other public transport low-carbon vehicles

• Bus2025 Project

• Public transport rolling stock renovation and renewal

• New & renovated rolling stock • Electric traction locomotives

External Review

Second Party Opinion by Vigeo Eiris

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Aligned with the Green Bond Principles

• Allocation report • At category level and Bond level • Provided on an annual basis, until the full allocation of the Green Bond proceeds • Published within the CSR annual report • Validated by external auditors

• Impact report

• Environmental impact metrics for carbon impact and energy efficiency, pollution reduction impact, waste and water management

• Other Sustainability impact metrics on network activity and usage, job creation and preservation


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3 major projects financed by the 2019 RATP green bond

BUS2025

The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region

Vaugirard Workshops

An industrial and urban project : an exemplary urban mix operation

New vehicules for Metro line 14

More ergonomic vehicles with more capacity for an extended line


(bus & depots)

€100 million financed

by the bond (workshops)


(vehicles)


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BUS2025 The ambitious RATP plan for a 100% ecologically friendly fleet in Paris Region

338 routes 12094 stops 1 billion passengers per year

179 million km/year

4700 buses

A 3 phases project

• 2015 : real life trials

• 2017 : first deployment with first huge bid to acquire electric buses

• 2019 : large scale deployment

The journey has already started with

• 950 hybrid buses

• 140 CNG buses

• 80 electric buses

An alignment for 100% electric buses to the EU taxonomy project


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A double challenge : Transformation of the depots & of the fleet

The depots must be transformed, and the minimization of the impact on the electric grid is taken into account

• Choice of recharging vehicles at night at depots to reduce the impact on the network and the need for fast charging: solicitation of the network, at most outside peak hours


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Impressive environmental impacts: less air pollution

Particles -80% Hydrocarbon -80%

NOx - 90% CO -45%

And less noise : positive driver & passenger feedback (real life trial results)

Social & societal impacts

Industrial challenge : Research & Innovation, support to the development of the vehicle manufacturer’s sector

A 50% reduction of greenhouse gas emissions

(-200,000 tCO2e over 10 years)

More information

https://www.ratp.fr/en/groupe-ratp/newsroom/sustainable-

mobility/bus-2025-ambitious-ratp-plan-100-ecologically-friendly


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Vaugirard workshops An industrial and urban project:

an exemplary urban mix operation

Birth of a new district with the creation of an urban road and:

• two maintenance workshops: rolling stock and equipments

• 400 housings (50% social housing)

• a day nursery for children, food shops

700 m2 dedicated to urban agriculture and the largest green roof in Paris with 15,000m2

February 2019: laying the first stone Delivery from 2022: social housing, private housing, equipment maintenance workshop Delivery 2023: private dwellings 2027: restructuring of the train maintenance workshop, other part of the housing units

More information (in french):

http://www.lesateliersvaugirard.fr/le-groupe-ratp-confie-la-

realisation-des-ensembles-immobiliers-prives-des-ateliers-

vaugirard-emerige


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Vaugirard workshops An industrial and urban project:

an exemplary urban mix operation

Positive impacts related to RATP proactive CSR policy

A division by 3 of energy consumption between the new RATP workshops and the old ones, ie avoided GHG emissions of around 580 tCO2e per year

• The entire project is part of an "Environmental approach to urban planning" (AEU2) implemented by the RATP group in partnership with the ADEME (French Agency for the Environment and Energy Management)

Housings are certified "habitat environment" and meet the requirements of eco-design, 50% social housing (dedicated to RATP staff )

• Thermic Regulation (RT 2012) : -30% targeted energy consumption for dwellings

Project that keeps the employment of blue-collar workers in dense areas and the urban mix

• And also 37,000 hours of integration into employment to help people who are unemployed, facing social and professional difficulties (long-term job seekers, young people without qualifications, social minima recipients…)


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News vehicules for metro line 14 More ergonomic vehicles with more capacity for an extended line

First large-capacity automatic metro line commissioned in the world in 1998

550000 passengers per day

Future backbone of the Grand Paris Express, on the occasion of the extension of line 14 to Mairie de St-Ouen in 2019, the rolling stock will be renewed on the entire line (First order 35 trains)


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News vehicules for metro line 14 More ergonomic vehicles with more capacity for an extended line

Energy savings

• Thanks to the new generation of energy recovery breaking system, and motors : 20% energy savings globally on the line (equivalent of the annual consumption of 1400 homes)

• Vehicles are internally Led lighted : 25% energy savings on lighting

Air quality : Thanks to the electrical breaking, particles emissions reduction

Social impacts & comfort

Each train will offer 48 seats for people with reduced mobility and 2 for wheelchairs, a totally accessible train (wide circulation areas, new ergonomic seats)

40% quieter: -2dB inside

Recyclability 95%


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Contacts

Maurice Jarlier Head of Treasury and Finance +33 1 58 78 23 01 [email protected]

Dominique Queguiner Assistant Head of Treasury and Finance +33 1 58 78 30 15 [email protected]

Sophie Mazoué Head of Sustainable Development + 33 1 58 76 87 65 [email protected]

Sophie Klein CSR & digital project manager + 33 6 32 31 73 24 [email protected]

www.ratp.fr

http://www.ratp.fr/

7. APPENDIX

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RATP – IDFM – SGP

Existing RATP’s network

(buses, trams, metro, RER)

- Owner, maintainer and sole manager of rail infrastructure without time limit by law (loi ORTF)

- Until RATP’s operating network is opened to

competition (loi ORTF):

RATP sole operator of existing lines

Economic property of rolling stock Rolling stock co-finance by RATP and IDFM

- In 2024 (bus)/2029 (trams)/2039 (metro/RER) :

Operating opened to competition

- Determines transport service provision and ticket prices

- Until RATP’s operating network is opened to competition (loi ORTF):

legal property of rolling stock

operating contributions made to cover RATP’s investments in rolling stock (amortisation and financial fees)

- In 2024 (bus)/2029 (trams)/2039 (metro/RER) :

IDFM full ownership of rolling stock IDFM reimburses RATP’s investments in rolling

stock at net book value net of subventions Manages competitive bidding

-

Grand Paris Express (GPE)

- Exclusive maintainer of the infrastructure upon completion by law (except for the stations)

- Operating opened to competition

- Owner of the rolling stock

- Reimburses SGP for GPE’s rolling stock

- Determines transport service provision and ticket prices

- Manages competitive bidding

- Owner of infrastructure - Finances the infrastructure

https://www.google.fr/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwjBnp-12-XhAhULyxoKHTIPD7IQjRx6BAgBEAU&url=https://fr.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_du_Grand_Paris&psig=AOvVaw1M2BTHmoG0pXVeuLtb51Sa&ust=1556091687795996

http://www.google.fr/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwiWlqr4gubhAhWnx4UKHdbfDvUQjRx6BAgBEAU&url=http://vertone.com/transport-a-la-demande-tad-reponse-besoins-de-mobilite-extra-urbains/&psig=AOvVaw18bhukEePk2ECf_oR18web&ust=1556102284589348


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Le Grand Paris Express

200 km of automated metro, 90% underground network

Biggest urban project in Europe with a total capital investment of 35 billion €

RATP exclusive maintainer of the infrastructure upon completion by law

Calls for tenders to operate the lines


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Disclaimer

This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed

on, in whole or in part, to any other person. This document does not constitute or form part of any solicitation, offer or invitation to purchase or

subscribe for any securities issued by RATP and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any

contract or commitment whatsoever. Accordingly, it is not directed to the specific investment objectives, financial situation or particular needs of

any recipient. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that

you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an

investment in RATP securities) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view

expressed in this document.

No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness,

accuracy, completeness or correctness of the information or opinions contained herein. None of RATP, or any of its affiliates, advisers or

representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its

contents or otherwise arising in connection with this document.

Certain statements in this document are forward-looking, including statements concerning RATP’s plans, objectives, goals, strategies, future

events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends RATP anticipates in the industries and the political and legal environment in which it operates

and other information that is not historical information. By their nature, forward-looking Statements involve inherent risks and uncertainties,

both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking Statements will not be achieved.

RATP does not make any representation, warranty or prediction that the results anticipated by such forward-looking Statements will be achieved,

and such forward-looking Statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or

standard scenario. Such forward-looking Statements speak only as of the date on which they are made. Any opinions expressed in this document

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a result of new information, future events or otherwise. Not for distribution into the United States.

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RATP second Green Bond

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