SNCF Group reports revenue of 25.1 billion for the nine months to 30 September 2012, up 3.2% compared with the first nine months of 2011.

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1 PRESS RELEASE PRESS RELEASE PARIS, 26 OCTOBER 2012 SNCF GROUP FINANCIAL INFORMATION REVENUE FOR THE FIRST NINE MONTHS OF 2012 SNCF Group reports revenue of 25.1 billion for the nine months to 30 September 2012, up 3.2% compared with the first nine months of Over the first nine months, growth was driven by SNCF Infra (infrastructure & engineering business, +6.4%) and the buoyancy of passenger transport t divisions (SNCF Proximités +3.7% and SNCF Voyages +2.6%) which more than offset a 1.4% decline at SNCF Geodis (freight & logistics) as the crisis gathered strength. Third-quarter growth came in at 3.5%, stronger than in the first half even if French domestic freight transport and logistics are down and SNCF Voyages shows signs of slowing. REVENUE FOR THE FIRST NINE MONTHS OF 2012 (in millions of euros) 9 mos mos 2011 Change SNCF INFRA (Infrastructure & engineering) SNCF PROXIMITES (Local & regional transport services) SNCF VOYAGES (Long-distance passenger services and distribution) SNCF GEODIS (Freight & logistics) GARES & CONNEXIONS (Station management & development) Change at constant scope of consolidation and exchange rates % +6.4% % +3.7% (1) % +2.6% % -1.4% % +1.5% (2) TOTAL SNCF GROUP* % +3.2% * Including shared functions and holdings, and after elimination of inter-divisional sales. (1) Change excludes the impact of accounting methods for Transilien rolling stock (Greater Paris/Ile de France area train services) under a new agreement with the Transport Organizing Authority; (2) Change excluding the impact since January 1, 2012 of subcontracting by the Gares & Connexion division to Transilien (SNCF Proximités) of station operation and day-to-day maintenance of stations in Greater Paris. PAGE 1/5

2 SNCF GROUP REVENUE At the end of September 2012, consolidated revenue enue totalled 25,084 million, up 3.7% from the same period of Compared with the first nine months of 2011, figures at 30 September 2012 show: a 32 million rise due primarily to acquisitions by SNCF Geodis and SNCF Proximités that offset the adverse impact of consolidation under the equity method of Systra and Inexia from 1 July 2011 exchange-rate variations contributing a 204 million rise (depreciation of the euro, in particular against sterling and the US dollar) accounting methods used for Transilien rolling stock (passenger transport in the Greater Paris region) under the new agreement signed by SNCF with the Transport Organizing Authority, the Greater Paris transport union, in May 2012 that cut revenues by 115 million but did not affect results. Excluding these items, revenue at constant scope of consolidation and exchange rates rose 3.2%, due largely to contributions from SNCF Infra (+6.4%) and the passenger transport divisions (SNCF Proximités +3.7% and SNCF Voyages +2.6%). at SNCF Geodis was down -1.4%. In the third quarter alone, revenue at constant scope of consolidation and exchange rates rose +3.5%, due primarily to SNCF Proximités (+3.3%) and SNCF Infra (+3.2%). Growth was held back by a marked slowdown at SNCF Voyages (+0.5% over the three-month period) and by SNCF Geodis whose organic growth (+1.6%) stems primarily from favourable price trends in Freight Forwarding business (air and maritime transport commissions). PERFORMANCE BY DIVISION ION SNCF INFRA (INFRASTRUCTURE & ENGINEERING) Continued projects and extensive engineering works to upgrade the rail network. The pace of work picked up, in particular renovation of local railway lines in the Greater Paris region. came to 3,960 million, up 2.9% compared with the first nine months of 2011, but up 6.4% at constant scope of consolidation and exchange rates, i.e., offsetting the adverse accounting impact of the creation of a new engineering group combining Systra and Inexia (consolidated in SNCF accounts under the equity method from 1 July 2011). Key growth drivers were the stepped-up pace of renovation work on the rail network and very substantial adjustments between SNCF and Réseau Ferré de France (owner of the French railway network) for work done in previous years. PAGE 2/5

3 SNCF PROXIMITES (LOCAL & REGIONAL TRANSPORT SERVICES) Key developments in Q concern Keolis for the most part Netherlands: acquisition of a controlling stake in Syntus BV, a public transport specialist operating trains and buses in the eastern part of the country (450 vehicles and 1,150 employees). United Kingdom: uncertainty over the outcome of the current renewal of franchises (Great Western, Essex Thameside and Thameslink) following the Ministry of Transport's cancellation of a tender for the new West Coast Main Line (WCML) franchise. 1 came to 9,511 million, up 4.0% from the first nine months of At constant scope of consolidation and exchange rates and excluding both the impact of acquisitions at Keolis and the impact of a change in accounting methods for Transilien (Greater Paris train services) rolling stock under a new agreement with the Transport Organizing Authority (- 115 million), growth stood at 3.7%. Keolis reported revenue up 7.8%, with one-third of the rise due to buoyant international markets, in particular the United Kingdom and Sweden, and two-thirds from operations in France, in particular new contracts starting up in 2012 in Orleans, Aix-en-Provence and Amiens. TER regional express train operations reported sales up 4.4%, thanks to a robust 5.7% rise in traffic. Transilien, which handles passenger rail transport in the Greater Paris region, saw revenue ease 2.7% (excluding the impact of accounting methods for the new local Transport Organizing Authority agreement) due to the deployment of the new model agreement with the Gares & Connexions division that took effect on 1 January 2012 and provides for the subcontracting of station operation and day-today maintenance of stations in the Greater Paris region to Transilien. This was partially offset by a rise in compensation negotiated with local Transport Organizing Authority. Transilien's traffic was up 2.5%. from Intercités business under the contract with the French state as Transport Organizing Authority was down 2.2% due to several factors: a decline in income from ticket sales linked to the reservation of track usage slots on the rail network with owner Réseau Ferré de France, with delays in allocation ruling out optimum marketing; and the launch of the high-speed TGV Rhine-Rhone. Intercités traffic was down 10.0% at the end of September 2012, with 9.4% attributable to the service offering and 0.6% to traffic. Third quarter 2012 business trends at SNCF Proximités were in line with those observed in the first half of the year. At 30 September 2012, 47% of Keolis K business was generated outside France. 1 Note concerning accounting method used for Transilien rolling stock under the new agreement with STIF: Figures at 30 September 2012 reflect changes in the accounting method used for rolling stock under the new agreement between the local Transport Organizing Authority (STIF : Syndicat des Transports d Ile-de-France) and Transilien that was signed in This reclassified fixed assets represented by rail equipment as financial debt on the balance sheet of Transilien. As a result, STIF's repayment is no longer in revenue but in reimbursement of financial assets. The impact on Transilien revenue at 30 September was million. PAGE 3/5

4 SNCF VOYAGES (LONG-DISTANCE PASSENGER SERVICES AND DISTRIBUTION) TION) Launch of new SNCF railcard offer to better meet the needs of non-business passengers Launch of idbus, a new premium coach service for long-distance journeys, with departures from Paris and Lille for Brussels, Amsterdam and London came to 5,623 million at 30 September 2012, a rise of 3.2% compared with the first nine months of At constant scope of consolidation and exchange rates, the rise was 2.6%, driven mainly by ticket sales Business from domestic high-speed rail services including TGV and idtgv was up 1.8% of ticket sales at the end of September. Growth in European business (ticket sales up 5.6%) was due primarily to Lyria, offering high-speed service to Switzerland, and Alleo with its high-speed trains to Germany. Other contributing factors were the launch of high-speed TGV Rhine-Rhone service and growth for Thalys, linking Paris with Belgium and the Netherlands. Third-quarter revenue was up 0.5%, a marked slowdown compared with the first half of 2012 that was due in particular to a slowdown in business travel. At 30 September 2012, over 18% of SNCF Voyages business was generated outside France. SNCF GEODIS (FREIGHT ( & LOGISTICS) Economic environment deteriorates further Industrial output in the eurozone was down 2.9% in August compared with -2.1% at the end of June New-car registrations in the eurozone were down 13.4% in Q3 compared with -9.3% in the first half of Freight volumes carried in maritime containers were down 4.6% in July/August compared with a 3.1% rise in the first half of the year. came to 7,105 million, up 1.1% compared with the first nine months of 2011, but down 1.4% at constant scope of consolidation and exchange rates. Against a backdrop of recession in Europe, with the exception of Geodis and multimodal transport where revenue is stable, other division businesses saw sales decline: STVA was down 6.5% (compared with a 10.5% decline in new-car registrations in the Eurozone over the first nine months of the year), while Fret SNCF was down 8.1%, other rail freight carriers (TFM) were down 5.6% and entities in the Asset Management unit were down 1.5%. PAGE 4/5

5 Third-quarter revenue was up 1.6% at constant scope of consolidation and exchange rates, buoyed by the division's international operations: - organic growth in business outside Europe came to 10%, compared with stagnant revenue (-0.4%) at constant scope of consolidation and exchange rates in Europe, with a 2.4% decline in France taking a toll. - In the past three months, French business has accounted for only 51% of division revenue compared with 54% at the end of June This organic growth is linked primarily to the rise in prices in Freight Forwarding business (air and maritime transport commissions). GARES & CONNEXIONS (STATION MANAGEMENT & DEVELOPMENT) came to 714 million, a 1.5% rise over the first nine months of 2011, excluding the impact since 1 January 2012 of subcontracting by the Gares & Connexions division of station operation and day-to-day maintenance in Greater Paris to Transilien. Nearly 60% of revenue comes from station access fees paid by carriers. These fees are charged for essential services that must legally be made available on a transparent, non-discriminatory basis to all rail operators (regulated activities). KEY FINANCIAL AL DATES 2012 annual revenue: 24 January annual results: 14 February 2013 Consolidated financial statements for the first half of 2012 are available on the SNCF Group website under "Finance": About SNCF Group SNCF is a world leader in mobility and logistics with a presence in 120 countries and a total workforce of over 245,000 generating revenue of 32.6 billion in A public sector group dedicated to public service, SNCF builds on its foundations in rail to offer an extended range of services for smooth door-to-door mobility in the interest of transport and logistics operators, passengers and the regional and local governments that are its organizing authorities. Targeting cross-border and international markets, the Group is made up of five divisions: SNCF Infra, managing, operating, maintaining and developing rail and related infrastructure; SNCF Proximités, operating local, urban and regional passenger services; SNCF Voyages, operating long-distance passenger services and distribution; SNCF Geodis, providing freight and logistic services; and Gares & Connexions, charged with train-station management and development. PAGE 5/5