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REPORTING
2017
GREENBONDS
01/
PR
ESE
NTA
TIO
N
OF
SNC
F R
ÉSE
AU
P. 0
4_SN
CF
RÉ
SEA
U
AN
D T
HE
FR
EN
CH
RA
ILW
AY
NE
TWO
RK
P. 0
5_A
CR
ED
IT R
ISK
E
QU
IVA
LEN
T TO
TH
AT
O
F TH
E F
RE
NC
H S
TATE
02/
EC
OLO
GIC
AL
TR
AN
SITI
ON
AN
D R
AIL
WA
Y
INFR
AST
RU
CTU
RE
P. 0
8_TH
E “
CLI
MA
TE”
B
EN
EFI
TS O
F R
AIL
IN T
HE
FIG
HT
AG
AIN
ST C
LIM
ATE
CH
AN
GE
P. 1
0_TH
E S
NC
F R
ÉSE
AU
C
AR
BO
N A
PPR
OA
CH
P. 1
1_SN
CF
RÉ
SEA
U
EX
TRA
-FIN
AN
CIA
L R
ATI
NG
S
03/
SNC
F R
ÉSE
AU
’S
“GR
EE
N B
ON
DS
FUN
DIN
G”
P. 1
4_A
“C
LIM
ATE
B
ON
DS
INIT
IATI
VE
”
CE
RTI
FIE
D IS
SUE
P. 1
5_C
HA
RA
CTE
RIS
TIC
S
OF
THE
201
7 O
PER
ATI
ON
_T
YPO
LOG
Y
AN
D G
EO
GR
APH
ICA
L D
ISTR
IBU
TIO
N O
F IN
VE
STO
RS
04/
ALL
OC
ATI
ON
O
F B
OR
RO
WE
D F
UN
DS
P. 1
8_ST
RU
CTU
RE
O
F TH
E S
NC
F R
ÉSE
AU
G
RE
EN
BO
ND
S PR
OG
RA
MM
E
_P
RE
PAR
ATI
ON
O
F TH
E S
NC
F R
ÉSE
AU
G
RE
EN
BO
ND
S PR
OG
RA
MM
E
P. 1
9_E
LIG
IBLE
PR
OJE
CT
C
ATE
GO
RIE
S
P. 2
0_TA
BLE
O
F A
LLO
CA
TIO
NS
P. 2
2__D
ESC
RIP
TIO
N
OF
THE
FU
ND
M
AN
AG
EM
EN
T PO
LIC
Y
P. 2
4_A
UD
ITO
RS A
SSU
RAN
CE
RE
PORT
05/
RE
PO
RTI
NG
A
ND
ME
THO
DO
LOG
Y
OF
THE
GR
EE
N B
ON
DS
PR
OG
RA
MM
E IN
DIC
ATO
RS
P. 2
8_M
AP
OF
THE
GR
EE
N B
ON
D
2017
SIT
ES
P. 2
9_G
EN
ER
AL
IND
ICA
TOR
S TA
BLE
P. 3
0_D
ETA
ILE
D R
EPO
RT
PE
R C
ATE
GO
RY
P. 3
2_C
ATE
GO
RY 1
. IN
VE
STM
EN
TS
IN M
AIN
TEN
AN
CE
, MO
DE
RN
ISA
TIO
N
AN
D E
NE
RG
Y E
FFIC
IEN
CY
PRO
JEC
TS
CO
NC
ER
NIN
G T
HE
RA
IL S
YSTE
M
P. 3
3_C
ATE
GO
RY 2
. IN
VE
STM
EN
TS
RE
LATE
D T
O N
EW
RA
IL L
INE
S
AN
D R
AIL
LIN
E E
XTE
NSI
ON
S
06/
ON
E S
TEP
FU
RTH
ER
CO
NTE
NTS
Pho
to: ©
SN
CF
Rés
eau
/CA
PA P
ictu
res/
Jean
-Chr
isto
phe
Ver
haeg
en.
Des
ign
and
exe
cuti
on:
04
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
05
01 INTR
OD
UC
TIO
NTO
SN
CF
RÉSE
AU
SNC
F R
ÉSE
AU
A
ND
TH
E F
RE
NC
H
RA
ILW
AY
NE
TWO
RK
SNC
F R
ésea
u o
wns
and
man
ages
th
e Fr
ench
nat
iona
l rai
l net
wo
rk.
SNC
F R
ésea
u’s
mai
n re
spo
nsib
iliti
es:
– en
suri
ng f
air
acce
ss t
o t
he r
ail
netw
ork
fo
r 26
rai
l tra
nsp
ort
co
mp
anie
s
and
11
reg
iona
l tra
nsp
ort
aut
hori
ties
;–
org
anis
ing
and
dev
elo
pin
g r
ail t
raff
ic:
15,0
00 t
rain
s ci
rcul
ate
dai
ly, t
rans
po
rtin
g
mo
re t
han
5 m
illio
n p
asse
nger
s p
er d
ay;
– en
suri
ng t
he m
aint
enan
ce a
nd
enha
ncem
ent
of
the
netw
ork
,
A C
RE
DIT
RIS
K
EQ
UIV
ALE
NT
TO T
HA
T
OF
THE
FR
EN
CH
STA
TE
As
of
31 d
ecem
ber
201
7,
as a
100
% S
tate
-ow
ned
pub
lic
enti
ty, S
NC
F R
ésea
u b
enef
its
fro
m
the
stro
ng s
upp
ort
of
the
Fren
ch
Stat
e b
ased
on
its
leg
al s
tatu
s (E
PIC
).
As
an E
PIC
, SN
CF
Rés
eau:
– is
no
t su
bje
ct t
o p
riva
te-s
ecto
r
ban
krup
tcy
law
;–
may
onl
y b
e d
isso
lved
by
an
am
end
ing
law
tra
nsfe
rrin
g
its
rig
hts
and
ob
ligat
ions
to
ano
ther
pub
lic e
ntit
y.
SNC
F R
ésea
u:
– p
erfo
rms
a p
ublic
sec
tor
mis
sio
n
and
enj
oys
a n
atur
al m
ono
po
ly
po
siti
on
wit
h no
ris
k o
f d
ereg
ulat
ion;
– w
as in
clud
ed in
the
“G
ove
rnm
ent
Rel
ated
Ent
ity”
list
by
the
Eur
op
ean
com
mis
sio
n in
200
2 an
d is
elig
ible
to
the
EC
B P
ublic
Sec
tor
Pur
chas
ing
P
rog
ram
me.
SNC
F R
ésea
u d
ebt
is s
een
by
cred
it
rati
ng a
gen
cies
as
imp
licit
ly
gua
rant
eed
by
the
Fren
ch S
tate
.
TUR
NO
VE
R P
ER
BU
SIN
ESS
LI
NE
IN 2
017
TRA
FFIC
IN 2
017
SNC
F R
ésea
u is
one
of
the
lead
ing
in
vest
ors
in F
ranc
e w
ith
3.2
bill
ion
euro
s in
vest
ed in
201
7;–
ensu
ring
the
dev
elo
pm
ent
o
f th
e ne
two
rk.
Wit
h it
s 54
,000
em
plo
yees
, SN
CF
Rés
eau
has
gene
rate
d a
turn
over
of 6
.5 b
illio
n eu
ros
wit
h an
op
erat
ing
mar
gin
(EB
ITD
A -
ea
rnin
gs
bef
ore
inte
rest
, tax
, d
epre
ciat
ion
and
am
ort
isat
ion)
o
f 1.
9 b
illio
n eu
ros
and
a n
et r
esul
t
of
-0.2
bill
ion
euro
s in
201
7.
TER
38
%
Hig
h-sp
eed
tra
ins
35
%
Inte
rcity
tr
ains
11
%
6.5
BIL
LIO
N
EU
RO
STr
ansi
lien
13%
Frei
ght
2%
Reg
iona
l tr
ains
(T
ER a
nd
Tran
silie
n)
51%
Hig
h-sp
eed
tr
ains
27
%
Inte
rcity
tr
ains
7%
Frei
ght
14%
480
MIL
LIO
N
OF
TRA
INS-
KIL
OM
ETE
R
RA
TIN
G
AG
EN
CIE
SLO
NG
TE
RM
SHO
RT
TE
RM
Fitc
hA
A
F1+
Mo
od
y’s
Aa2
P-1
Stan
dar
d &
P
oo
r’s
AA
A
-1+
04
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
05
As
the
mo
st
eco
-frie
ndly
mo
de
o
f tra
nsp
ort
, rai
lway
tr
ansp
ort
has
a
criti
cal r
ole
to
pla
y
in t
he t
rans
itio
n
to a
low
car
bo
n ec
ono
my.
02 EC
OLO
GIC
AL
TR
AN
SITI
ON
AN
D R
AIL
IN
FRA
STRU
CTU
RE
06
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
07
This
can
be
exp
lain
ed b
y:–
the
low
am
oun
t o
f en
erg
y ne
eded
fo
r ra
il tr
acti
on
(whe
el-r
ail c
ont
act
vs
tyr
e-ro
ad);
– m
ass-
tran
spo
rt;
– th
e hi
gh
use
of
elec
tric
ity
(7
8% o
f tr
ains
use
ele
ctri
c tr
acti
on)
, o
nly
7% o
f w
hich
is g
ener
ated
b
y fo
ssil
fuel
s in
Fra
nce.
Thus
, any
mo
dal
shi
ft f
rom
air
an
d r
oad
to
rai
l is
gre
atly
ben
efic
ial
to t
he G
HG
em
issi
ons
bal
ance
GH
G E
MIS
SIO
NS
PE
R M
OD
E O
F TR
AN
SPO
RT
Gra
ms
equi
vale
nt C
O2 p
er p
asse
nger
-km
Pas
seng
ers
TGV,
LYR
IA, I
DTG
V, O
UIG
OTR
AN
SILI
ENIN
TERC
ITIE
SEU
ROST
AR,
TH
ALY
S, A
LLEO
, ELI
PSO
S, G
ALA
TER
LON
G D
ISTA
NC
E B
US
(OU
IBU
S)C
ARP
OO
LIN
GC
ARS
, LO
NG
DIS
TAN
CE
TRA
VEL
CA
RS, L
ON
G D
ISTA
NC
E/SU
BURB
AN
TRA
VEL
PLA
NE
(DO
MES
TIC
FLI
GH
TS)
REG
ION
AL
OR
DEP
ART
MEN
TAL
BU
SSI
NG
LE P
ASS
ENG
ER V
EHIC
LE
020
3 611
8 to
27
30
90
44
148
74
168
171
207
4060
8010
012
014
016
018
020
022
0
Gra
ms
equi
vale
nt C
O2 p
er t
onne
-km
Frei
ght
RAIL
MA
RITI
ME
CO
MB
INED
RIV
ERTR
UC
KA
IR
020
4060
8010
012
014
016
018
020
022
0
7
21
77
17
34
552
BR
EA
KD
OW
N P
ER
SO
UR
CE
OF
GH
G E
MIS
SIO
NS
(E
XC
LUD
ING
LU
LUC
F1 ) IN
FR
AN
CE
IN 2
014
ENER
GY
IND
UST
RY: 8
.6%
TRA
NSP
ORT
: 28.
5%
MA
NU
FAC
TURI
NG
AN
D
CO
NST
RUC
TIO
N IN
DU
STRY
: 13.
1%
TERT
IARY
/RES
IDEN
TIA
L: 1
5.8%
OTH
ERS:
3.8
%
Ag
ricul
ture
: 17
.25%
Ind
ustr
ial
pro
ced
ures
and
so
lven
ts: 8
.75%
Was
te m
ater
ial:
4.3%
Ener
gy
co
nsum
ptio
n:
69.7
%
Sour
ce: C
itep
a,
June
201
6
GH
G E
MIS
SIO
NS
PE
R M
OD
ES
OF
TRA
NSP
OR
T
IN F
RA
NC
E A
S A
% (
INC
LUD
ING
FO
D)
AIR
: 3.5
%
RIV
ER A
ND
MA
RITI
ME:
1%
RAIL
: 0.4
%O
THER
S: 0
.4%
Hea
vy
goo
ds
vehi
cles
: 21
.3%
Priv
ate
vehi
cles
: 53
.2%
Util
ity
vehi
cles
: 19
.1%
Two
whe
eler
s: 1
.2%
Off-
road
ve
hicl
es:
5.3%
Sour
ces:
- P
asse
nger
s: m
etho
dol
ogy
note
on
CO
2 inf
orm
atio
n
for t
rans
por
t ser
vice
s
(201
6, s
tatis
tics
obta
ined
fr
om S
NC
F, M
EDD
E, A
DEM
E).
- Fre
ight
: SN
CF
Car
go
(201
4),
SNC
F Lo
gis
tics
(201
1), A
DEM
E.
1. L
ULU
CF:
Lan
d u
se, L
and
Use
Cha
nge
and
For
estr
y.
THE
“C
LIM
ATE
”
BE
NE
FITS
OF
RA
IL
IN T
HE
FIG
HT
AG
AIN
ST
CLI
MA
TE C
HA
NG
E
In F
ranc
e, r
ail t
rans
po
rt, w
hich
acc
oun
ts f
or
10%
of
traf
fic
(fre
ight
and
p
asse
nger
s), e
mit
s le
ss t
han
1% o
f al
l GH
G e
mis
sio
ns f
rom
tra
nsp
ort
.
shee
t, g
iven
tha
t tr
ansp
ort
in
Fra
nce
acco
unts
fo
r cl
ose
to
30%
of
tota
l GH
G e
mis
sio
ns
of
Fran
ce (i
.e. 1
33 M
tCO
2eq
).
Mo
reo
ver,
the
adva
ntag
es o
f ra
il tr
ansp
ort
are
no
t lim
ited
to
low
leve
ls
of
CO
2 em
issi
ons
. The
re a
re o
ther
b
enef
its
such
as
low
er a
ir p
ollu
tio
n,
few
er a
ccid
ents
, op
tim
ised
use
o
f sp
ace,
less
no
ise
and
a lo
wer
ne
gat
ive
bio
div
ersi
ty im
pac
t.
08
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
09
Alt
houg
h ra
il tr
ansp
ort
is a
key
co
ntri
but
or
to F
ranc
e’s
low
car
bo
n tr
ansi
tio
n, S
NC
F R
ésea
u no
neth
eles
s st
rike
fo
r g
reat
er e
nerg
y ef
ficie
ncy
an
d r
educ
ing
it’s
ow
n G
HG
em
issi
ons
.
SNC
F R
ésea
u ha
s th
us m
ade
a
com
mit
men
t to
red
uce
its
ener
gy
cons
ump
tio
n an
d it
s G
HG
em
issi
ons
b
y 25
% b
etw
een
2015
and
202
5.
To a
chie
ve t
his,
act
ions
hav
e b
een
iden
tifie
d a
nd in
itia
ted
.–
For
all o
ur a
ctiv
itie
s:
tert
iary
, op
erat
iona
l act
ivit
ies,
pro
ject
s (r
elat
ed t
o t
he G
reen
Bo
nds
pro
gra
mm
e);
– Fo
r th
e p
rim
ary
sour
ces
of
G
HG
em
issi
ons
: ene
rgy
req
uire
d
for
cons
truc
tio
n, s
ervi
ce v
ehic
les,
tr
ain
eng
ines
, mat
eria
ls u
sed
, etc
.
Kno
win
g t
he c
arb
on
wei
ght
o
f SN
CF
Rés
eau
acti
viti
es is
the
sta
rtin
g
po
int
for
acti
ons
fo
r im
pro
vem
ent
an
d c
om
mit
men
t as
par
t o
f a
sust
aina
ble
d
evel
op
men
t ap
pro
ach.
It h
elp
s id
enti
fy
pri
ori
ties
fo
r o
pti
mis
atio
n an
d im
pro
ves
o
ur o
per
atio
nal m
etho
ds.
In o
rder
to
ind
ustr
ialis
e th
e ap
pro
ach,
SN
CF
Rés
eau
is c
urre
ntly
pre
par
ing
an
op
erat
iona
l to
ol t
o c
alcu
late
an
d r
epo
rt t
he G
HG
em
issi
ons
o
f th
e co
mp
any’
s m
ain
acti
vity
, i.e
. mai
nten
ance
and
mo
der
nisa
tio
n
of
the
nati
ona
l rai
l net
wo
rk.
In o
rder
to
cal
cula
te t
he c
arb
on
imp
act
of
all p
roje
cts
finan
ced
usi
ng G
reen
B
ond
s, S
NC
F R
ésea
u ex
trap
ola
tes
valu
es
per
mill
ion
euro
s in
vest
ed r
athe
r th
an
calc
ulat
ing
the
imp
act
of
each
ind
ivid
ual
pro
ject
.
Seve
ral e
xtra
pol
atio
n ra
tios
(per
mill
ion
euro
s in
vest
ed) a
re t
here
fore
est
ablis
hed
to
cal
cula
te b
oth
the
carb
on fo
otp
rint
and
avo
ided
car
bon
em
issi
ons
for
rene
wal
p
roje
cts,
as
wel
l as
for
new
line
an
d e
xten
sion
pro
ject
s.
Thes
e ra
tio
s ar
e su
bje
ct t
o r
evis
ion
ea
ch y
ear
bas
ed o
n st
udie
s co
nduc
ted
b
y SN
CF
Rés
eau.
Sinc
e 20
15, S
NC
F R
ésea
u ha
s p
rod
uced
a
first
Bila
n C
arb
one®
(Car
bo
n B
alan
ce
shee
t) f
or
trac
k re
new
al p
roje
cts
usin
g
a m
ob
ile w
ork
sho
p k
now
n as
a “
Suit
e R
apid
e” (9
0 km
bet
wee
n N
arb
onn
e an
d
Mo
ntp
ellie
r), i
den
tifie
d a
ctio
ns t
o r
educ
e G
HG
em
issi
ons
and
cre
ated
a t
oo
l to
ass
ess
the
emis
sio
ns o
f si
mila
r p
roje
cts.
In 2
017,
a s
econ
d c
arb
on a
udit
of t
rack
re
new
al p
roje
cts
usin
g a
hig
h in
tens
ity
trac
k re
new
al u
nit
was
con
duc
ted
bet
wee
n G
evre
y an
d S
enne
cey.
Thi
s re
sulte
d
in u
pd
atin
g o
f the
foot
prin
t ra
tios
used
fo
r tr
ack
rene
wal
pro
ject
s an
d fo
r EF
TI
rene
wal
pro
ject
s.
In 2
018,
SN
CF
Rés
eau
will
intr
oduc
e a
new
ca
rbon
acc
ount
ing
pro
ced
ure
spec
ifica
lly
for
switc
h re
new
al p
roje
cts.
Thi
s p
roce
dur
e w
ill r
efin
e th
e ca
rbon
imp
act
met
hod
olog
y in
ord
er t
o im
pro
ve t
he a
ccur
acy
of
the
carb
on fo
otp
rint
calc
ulat
ion,
as
it w
ill
dis
ting
uish
bet
wee
n a
swit
ch r
enew
al
oper
atio
n an
d a
tra
ck r
enew
al o
per
atio
n b
y ap
ply
ing
a r
atio
of t
CO
2/m
illio
n eu
ros
spec
ific
to s
witc
h re
new
al p
roje
cts.
Oth
er B
ilans
Car
bone
® (C
arb
on B
alan
ce
shee
ts) w
ill b
e p
rod
uced
for
othe
r ty
pes
of
pro
ject
s to
con
solid
ate
our
know
led
ge
as p
art
of a
con
tinuo
us im
pro
vem
ent
app
roac
h.
RA
TIN
G A
GE
NC
IES
RA
TIN
GP
OSI
TIO
N O
F SN
CF
RÉ
SEA
U
Vig
eo66
/100
2nd
from
a p
anel
of 3
8 Eu
rop
ean
com
pan
ies
in
the
log
istic
s/tr
ansp
ort
sect
or.
Oek
om
R
esea
rch
B-
1st e
x-ae
quo
from
a p
anel
of 4
5 G
loba
l com
pani
es
in th
e tra
nspo
rt in
frast
ruct
ure
man
agem
ent
sect
or.
Ref
lect
ing
thi
s p
olic
y an
d C
SR s
trat
egy,
SN
CF
Rés
eau
is m
oni
tore
d b
y tw
o e
xtra
-fin
anci
al r
atin
g a
gen
cies
, Vig
eo a
nd
Oek
om
Res
earc
h, w
hich
hav
e aw
ard
ed
it t
he r
atin
gs
giv
en in
the
tab
le b
elo
w.
SNC
F R
ÉSE
AU
E
XTR
A-F
INA
NC
IAL
RA
TIN
GS
The
rati
ng o
bta
ined
fro
m V
igeo
fo
r th
e en
viro
nmen
tal a
spec
t (7
3/10
0) is
ac
com
pan
ied
by
the
follo
win
g c
omm
ent:
”The
mai
n el
emen
ts a
ccou
ntin
g fo
r th
e sc
ore
incr
ease
rem
ain
the
mor
e ex
haus
tive
appr
oach
to
man
agem
ent
of c
limat
e ch
ange
issu
es t
hrou
gh m
ore
relia
nce
on re
new
able
ene
rgy
and
faci
litie
s an
d
fleet
opt
imiz
atio
n pr
ogra
ms
thro
ugho
ut
the
Com
pany
’s o
pera
tions
. In
addi
tion,
SN
CF
Rése
au a
ppea
rs t
o ha
ve d
evel
oped
com
preh
ensi
ve m
easu
res
to p
reve
ntin
g
loca
l po
lluti
on
such
as
low
nui
sanc
e eq
uip
men
t an
d p
rog
ram
s to
red
uce
lo
cal p
ollu
tio
n, a
nd t
o c
oo
per
ate
w
ith
stak
eho
lder
s in
volv
ed t
hro
ugh
re
gula
r di
alog
ue p
roce
sses
.”
The
late
st r
atin
gs
rep
ort
s fr
om
th
ese
two
ag
enci
es a
re a
vaila
ble
o
n th
e SN
CF
Rés
eau
web
site
.
THE
SN
CF
RÉ
SEA
U
CA
RB
ON
AP
PR
OA
CH
10
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
11
In J
uly
2017
, SN
CF
Rése
au
laun
ched
th
e lo
nges
t G
reen
Bon
d
ever
issu
ed
in e
uros
.
03 SNC
F R
ÉSE
AU
’S
“GR
EE
N
BO
ND
S FU
ND
ING
”
12
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
13
A “
CLI
MA
TE
BO
ND
S
INIT
IATI
VE
” C
ER
TIFI
ED
ISSU
EIn
201
7, S
NC
F R
ésea
u, t
he o
wne
r
and
op
erat
or
of
the
Fren
ch r
ailw
ay
netw
ork
, rat
ed A
a2 (M
oo
dy’
s),
AA
(S&
P),
AA
(Fit
ch),
laun
ched
tw
o p
ublic
ben
chm
ark
Gre
en B
ond
s
for
a to
tal i
ssua
nce
of
€175
0 m
illio
n:
- In
Mar
ch, €
1000
mill
ion
at 1
%,
mat
urin
g in
Mar
ch 2
034
(17
year
s)-
In J
uly,
€75
0 m
illio
n at
2.2
5%,
mat
urin
g in
Dec
emb
er 2
047
(30.
5 ye
ars)
In li
ne w
ith
its
com
mit
men
t to
bec
om
e a
lead
ing
issu
er in
the
Gre
en B
ond
m
arke
t, S
NC
F R
ésea
u is
sued
a t
ota
l o
f €2
.65b
n o
f G
reen
Bo
nds
in le
ss
than
a y
ear,
mak
ing
it o
ne o
f th
e w
orl
d’s
15
larg
est
Gre
en B
ond
s is
suer
s.
In o
rder
to
def
ine
the
mo
st s
trin
gen
t st
and
ard
s in
ter
ms
of
gre
en f
inan
cing
an
d t
o t
hus
bec
om
e a
glo
bal
po
int
o
f re
fere
nce
in t
he t
rans
po
rt s
ecto
r,
the
bo
nd is
sue
laun
ched
by
SNC
F R
ésea
u is
in li
ne w
ith
the
Gre
en B
ond
P
rinc
iple
s 20
16 (G
BP
) and
has
al
so b
een
awar
ded
Clim
ate
Bo
nds
Init
iati
ve (C
BI)
cert
ific
atio
n,
by
Oek
om
Res
earc
h.
1. E
xclu
ding
Chi
na o
nsho
re. 2
. Fin
ance
for T
omor
row
is a
n in
itiat
ive
led
by th
e pl
ayer
s of
the
Paris
Fin
anci
al C
entr
e
to p
rom
ote
sust
aina
ble
finan
ce in
Fra
nce
and
inte
rnat
iona
lly. I
t con
trib
utes
to re
orie
ntin
g fin
anci
al fl
ows
tow
ards
a
low
car
bon
and
incl
usiv
e ec
onom
y, in
line
with
the
Paris
Agr
eem
ent a
nd th
e Su
stai
nabl
e D
evel
opm
ent G
oals
(SD
G).
Last
ly, S
NC
F R
ésea
u, a
s a
mem
ber
of
the
GB
P a
nd t
he F
inan
ce f
or
Tom
orr
ow
2
init
iati
ve, f
ully
par
tici
pat
es in
the
d
iscu
ssio
ns a
nd m
arke
t d
evel
op
men
ts
of
Gre
en B
ond
s.
The
pro
ceed
s fr
om
thi
s g
reen
bo
nd h
ave
bee
n us
ed t
o f
inan
ce t
he r
eno
vati
on
o
f th
e st
ruct
ural
net
wo
rk a
nd d
evel
op
ne
w p
roje
cts.
No
elig
ible
pro
ject
s in
cat
ego
ry 3
(“
Oth
er in
vest
men
ts li
nked
to
the
glo
bal
cl
imat
e ch
ang
e ch
alle
nges
, the
pro
tect
ion
of
bio
div
ersi
ty a
nd n
atur
al r
eso
urce
s”)
wer
e id
enti
fied
in 2
016.
Ho
wev
er,
the
elig
ible
pro
ject
s fr
om
the
fir
st
two
cate
gor
ies
gen
eral
ly in
clud
e p
rovi
sion
s fo
r p
rote
ctio
n of
bio
div
ersi
ty a
nd n
atur
al
reso
urce
s. T
he im
pac
t in
dic
ator
s re
flect
ing
th
e p
olic
y of
pre
serv
ing
reso
urce
s ar
e g
iven
in
par
t 5
of t
his
rep
ort.
In 2
017,
ap
pro
xim
atel
y 35
% o
f an
nual
is
suan
ces
by
SNC
F R
ésea
u o
n th
e fin
anci
al m
arke
ts w
ere
in t
he f
orm
of
Gre
en B
ond
s. S
NC
F R
ésea
u G
reen
Bo
nd
issu
ance
s ar
e lik
ely
to b
e in
clud
ed in
th
e B
arcl
ays
MSC
I Gre
en B
ond
s In
dex
.
MA
IN C
HA
RA
CTE
RIS
TIC
S
OF
THE
GR
EE
N B
ON
DS
2017
OP
ER
ATI
ON
Sour
ce: S
NC
F Ré
seau
.
TYP
OLO
GY
AN
D G
EO
GR
AP
HIC
AL
DIS
TRIB
UTI
ON
OF
INV
EST
OR
S
Fran
ce 4
4%
Oth
ers
5%
Scan
din
avia
5%
Asi
a 11
%
Switz
erla
nd 4
%
Net
herla
nds
7%
Uni
ted
Kin
gd
om 6
%
Ger
man
y 17
%
Oth
ers
38%
SRI i
nves
tors
62
%
M
AR
CH
JULY
ISSU
ER
SNC
F Ré
seau
SNC
F Ré
seau
RA
TIN
GA
a2 (M
ood
y’s)
/ A
A (S
&P)
/ A
A (F
itch)
Aa2
(Moo
dy’
s) /
AA
(S&
P) /
AA
(Fitc
h)
OR
DE
R B
OO
KS
1.1
bill
ion
euro
sm
ore
than
€90
0 m
illio
n
FIN
AL
SIZ
E1
bill
ion
euro
s75
0 m
illio
n eu
ros
ISSU
E D
ATE
27 M
arch
201
711
Jul
y 20
17
SETT
LEM
EN
T D
ATE
30 M
arch
201
720
Jul
y 20
17
MA
TUR
ITY
DA
TE27
Mar
ch 2
034
20 D
ecem
ber
204
7
PR
ICE
/ R
EO
FFE
R Y
IELD
98.5
70%
/ 1
.104
%98
.570
% /
2.3
00%
CO
UP
ON
1% a
nnua
l2,
25%
ann
ual
SPR
EA
DO
ATs
+ 3
4 b
pO
ATs
+ 3
7 b
p
14
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
15
04 ALL
OC
ATI
ON
O
F N
ET
PRO
CE
ED
S
The
reso
urce
s fr
om
th
e is
suan
ce o
f Gre
enB
ond
s ar
e al
loca
ted
to
pro
ject
s fo
rth
e re
nova
tion
an
d m
od
erni
satio
n
on
the
core
ne
two
rk a
s w
ell
as t
he c
om
ple
tion
o
f new
line
s.
16
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
17
STR
UC
TUR
E
OF
THE
SN
CF
RÉ
SEA
U
GR
EE
N B
ON
DS
PR
OG
RA
MM
E
The
gre
en b
ond
s is
sued
by
SNC
F R
ésea
u ha
ve t
he s
ame
char
acte
rist
ics
as c
onv
enti
ona
l b
ond
s in
ter
ms
of
cred
it r
isk.
Nev
erth
eles
s, t
hey
have
so
me
ad
dit
iona
l cha
ract
eris
tics
in
ter
ms
of
rep
ort
ing
ob
ligat
ions
, m
oni
tori
ng t
he c
orr
ect
allo
cati
on
o
f fu
nds
to e
ligib
le p
roje
cts
and
as
sess
men
t o
f th
e en
viro
nmen
tal
imp
act
of
elig
ible
pro
ject
s.
PR
EPA
RA
TIO
N
OF
THE
SN
CF
RÉ
SEA
U
GR
EE
N B
ON
DS
P
RO
GR
AM
ME
CLI
MA
TE B
ON
DS
CE
RTI
FIE
D B
ON
D “
ISSU
E”
SNC
F R
ésea
u ha
s co
mp
lied
w
ith
the
pri
ncip
les
laid
out
b
y th
e C
limat
e B
ond
s In
itia
tive
(CB
I),
and
par
ticu
larl
y w
ith
Low
Car
bo
n Tr
ansp
ort
Elig
ibili
ty C
rite
ria
(V1.
0)1 .
D
raw
ing
on
bes
t m
arke
t p
ract
ices
, th
e fr
amew
ork
dev
elo
ped
by
SN
CF
Rés
eau
is a
lso
bas
ed o
n
the
4 p
illar
s st
ruct
ure
dev
elo
ped
in
201
6 b
y th
e IC
MA
2 G
reen
Bo
nd
Pri
ncip
les.
The
201
6 ve
rsio
n
of
the
Gre
en B
ond
s p
rog
ram
me
(G
reen
Bo
nd F
ram
ewo
rk) i
s av
aila
ble
o
n th
e SN
CF
Rés
eau
web
site
3 .
The
Seco
nd O
pin
ion,
issu
ed
by
Oek
om
Res
earc
h, c
onf
irm
s
the
com
plia
nce
of
the
SNC
F R
ésea
u
Gre
en B
ond
s fr
amew
ork
wit
h th
e IC
MA
Gre
en B
ond
Pri
ncip
les
(201
6).
The
2016
ver
sio
n o
f th
is S
eco
nd
Par
ty O
pin
ion
(SP
O) i
s av
aila
ble
o
n th
e SN
CF
Rés
eau
web
site
4 .
Last
ly, t
he S
NC
F R
ésea
u G
reen
Bo
nds
pro
gra
mm
e co
mp
lies
wit
h w
ith
Low
C
arb
on
Tran
spo
rt E
ligib
ility
Cri
teri
a (V
1.0)
. est
ablis
hed
by
the
CB
I.
Oek
om
Res
earc
h is
als
o r
esp
ons
ible
fo
r ve
rify
ing
the
co
mp
lianc
e o
f th
is
alig
nmen
t o
n b
ehal
f o
f th
e C
BI.
The
2017
ver
sio
n o
f th
is c
erti
ficat
ion
awar
ded
by
Oek
om
Res
earc
h
is a
vaila
ble
on
the
SNC
F R
ésea
u w
ebsi
te5 .
1. T
he a
nnex
e Lo
w C
arb
on
Tran
spo
rtat
ion
is a
vaila
ble
at w
ww
.clim
ateb
ond
s.ne
t2.
ICM
A: I
nter
natio
nal C
apita
l Mar
ket A
ssoc
iatio
n.3.
bit.
ly/G
Bon
d20
164.
bit.
ly/G
Bon
dSP
O5.
bit.
ly/G
Bon
dO
ekom
6. T
he In
tern
atio
nal U
nion
of R
ailw
ays
(UIC
) has
est
ablis
hed
a m
etho
d to
cla
ssify
line
s d
epen
din
g o
n
the
traf
fic lo
ads
sup
por
ted
by
the
infr
astr
uctu
re a
s w
ell a
s th
e ty
pe
of tr
affic
. Gro
up U
IC 1
cor
resp
ond
s
to li
nes
with
ver
y he
avy
load
s, a
nd a
t the
op
pos
ite e
nd o
f the
sca
le, g
roup
UIC
9 c
orre
spon
ds
to li
nes
w
ith v
ery
light
load
s. T
he m
ain
lines
of t
he F
renc
h ra
ilway
net
wor
k ar
e in
UIC
gro
ups
1 to
4. T
he m
ajor
line
s
with
lig
hter
load
s fa
ll un
der
UIC
gro
ups
5 an
d 6
. The
line
s w
ith lo
w lo
ads
in th
e U
IC g
roup
s 7
to 9
cor
resp
ond
to
the
reg
iona
l net
wor
k in
gen
eral
.7.
Mor
e d
etai
ls p
age
40/4
1.
Cat
ego
ry 1
INV
EST
ME
NTS
RE
LATE
D T
O
MA
INTE
NA
NC
E,
UP
GR
AD
E A
ND
EN
ER
GY
E
FFIC
IEN
CY
OF
THE
R
AIL
SY
STE
M
Proj
ects
to
reno
vate
tra
cks
an
d t
ract
ion
pow
er s
upp
ly
infr
astr
uctu
re, a
nd s
igna
lling
sy
stem
up
gra
des
. The
pro
ject
s el
igib
le fo
r th
is c
ateg
ory
nece
ssar
ily c
once
rn
inve
stm
ents
for
the
reno
vatio
n of
the
cor
e ne
twor
k,
cons
isti
ng o
f th
e m
ost
us
ed a
nd 1
00%
ele
ctri
fied
p
art
of
the
netw
ork
(li
nes
in U
IC g
roup
s 1
to 4
6 ).
Cat
ego
ry 2
INV
EST
ME
NTS
RE
LATE
D
TO N
EW
LIN
ES
A
ND
LIN
ES
EX
TEN
SIO
NS
Proj
ects
rela
ted
to
new
lin
es a
nd li
ne e
xten
sion
s,
imp
rovi
ng a
cces
s to
th
e ne
twor
k fo
r p
asse
nger
s
and
frei
ght
mob
ility
. Fo
r ex
amp
le L
GV
Est
, LG
V S
EA
, LG
V B
PL,
LG
V C
NM
hig
h-sp
eed
lines
etc
7 .
Cat
ego
ry 3
OTH
ER
INV
EST
ME
NTS
LIN
KE
D
TO G
LOB
AL
CLI
MA
TE C
HA
NG
E
CH
ALL
EN
GE
S, P
RO
TEC
TIO
N
OF
BIO
DIV
ER
SITY
AN
D N
ATU
RA
L R
ESO
UR
CE
S
Proj
ects
rela
ted
to
the
pro
tect
ion
of b
iod
iver
sity
an
d n
atur
al re
sour
ces
surr
ound
ing
SN
CF’
s ex
istin
g
netw
ork.
CA
TEG
OR
IES
OF
ELI
GIB
LE P
RO
JEC
TS
The
pro
ceed
s o
f th
e G
reen
Bo
nd
wer
e al
loca
ted
to
inve
stm
ents
co
rres
po
ndin
g t
o o
ne o
f th
e fo
llow
ing
th
ree
cate
go
ries
.
18
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
19
THE
ALL
OC
ATI
ON
IN D
ETA
IL
The
follo
win
g t
able
sho
ws
the
allo
cati
on
of
the
issu
ance
o
f G
reen
Bo
nds
for
2017
ac
cord
ing
to
the
thr
ee e
ligib
le
inve
stm
ent
cate
go
ries
.
Def
init
ions
– “T
heo
reti
cal a
lloca
tio
n”:
amo
unt
of
the
pro
ject
ed in
vest
men
ts
for
2017
bud
get
.
– “G
reen
Bo
nds
sco
pe”
: am
oun
ts o
f in
vest
men
ts a
ctua
lly
mad
e b
y SN
CF
Rés
eau
in e
ach
o
f th
e ca
teg
ori
es a
s o
n 31
/12/
2017
.
– “G
reen
Bo
nds
allo
cati
on”
: al
loca
tio
n p
er c
ateg
ori
es o
f th
e ne
t re
sour
ces
ob
tain
ed f
rom
the
issu
ance
o
f G
reen
Bo
nds
unti
l to
31
dec
201
7.
– “Y
et t
o b
e al
loca
ted
”: a
mo
unts
of
elig
ible
inve
stm
ents
in 2
017
not
allo
cate
d
to a
Gre
en B
ond
s is
suan
ce a
nd w
hich
m
ay c
ons
eque
ntly
be
reus
ed in
201
8.
In 2
017,
SN
CF
Rés
eau
revi
ewed
th
e ru
les
for
sele
ctin
g a
sset
s el
igib
le
to b
e fin
ance
d in
the
sec
ond
cat
ego
ry
of
the
Gre
en B
ond
s P
rog
ram
: “i
nves
tmen
ts r
elat
ed t
o n
ew li
nes
an
d li
ne e
xten
sio
ns”.
Fro
m 2
018,
SN
CF
Rés
eau
will
tak
e in
to
cons
ider
atio
n a
pro
ject
’s in
vest
men
ts
wit
hout
tak
ing
into
acc
oun
t an
y d
elay
s
in s
ettl
emen
t o
f it
s g
rant
s (a
cqui
red
g
rant
s vs
co
llect
ed g
rant
s) t
o f
acili
tate
tr
acki
ng o
f ne
t in
vest
men
ts o
ver
tim
e.
INV
EST
ME
NTS
IN
MIL
LIO
N E
UR
OS
2016
2017
Allo
cati
on
To
be
allo
cat-
ed
In-
vest
-m
ents
Gre
en
Bo
nds
Sco
pe
Gre
en
Bon
ds
Scop
e
(201
6 +
2017
)
Allo
cati
on
To
be
allo
cat-
ed
MA
INTE
NA
NC
E
AN
D U
PG
RA
DE
710
593
2 66
91,
366
1,95
91,
508
451
Trac
ks &
sw
itch
es59
049
41,
632
1,02
51,
519
1,17
034
9
Sig
nalli
ng10
083
321
197
280
215
64
Trac
tio
n p
ow
er
sup
ply
infr
astr
uctu
re20
1617
336
5240
12
Tunn
els,
bri
dg
es
and
Ear
thw
ork
s
nd0
195
108
108
8325
Oth
ers
00
349
00
00
NE
W L
INE
S A
ND
LI
NE
S E
XTE
NSI
ON
S17
60
225
225
225
225
0
LGV
Est
Pha
se 2
140
66
66
0
SEA
730
2323
2323
0
BP
L53
014
714
714
714
70
CN
M
360
5050
5050
0
OTH
ER
S P
RO
JEC
TS0
00
00
0
TOTA
L 88
659
32,
894
1,59
12,
184
1,73
445
1
Sour
ce: S
NC
F Ré
seau
.
TAB
LE O
F A
LLO
CA
TIO
NS
20
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
21
DE
SCR
IPTI
ON
O
F TH
E F
UN
D
MA
NA
GE
ME
NT
PO
LIC
Y
For
pro
ceed
s ye
t to
be
allo
cate
d
thes
e am
oun
ts c
oul
d b
e p
lace
d
on
SRI m
utua
l fun
ds,
ban
k d
epo
sit
or
cash
in b
ank
in o
rder
to
ens
ure
trac
eab
ility
of
the
fund
man
agem
ent
po
licy.
The
full
allo
cati
on
for
the
20
17 o
per
atio
n w
as c
arri
ed o
ut
on
24th
Jan
uary
201
8.
Sour
ce: S
NC
F Ré
seau
.
GR
EE
N B
ON
D 2
017
TE
MP
OR
AR
Y M
AN
AG
EM
EN
T O
F P
RO
CE
ED
S (I
N M
€) &
VA
LUE
DA
TE
Net
Pro
ceed
s 1-
Jan-
1730
-Mar
-17
3-Ju
l-17
20-J
ul-1
71-
Aug
-17
1-Se
p-1
731
-Oct
-17
1-D
ec-1
729
-Dec
-17
24-J
an-1
8
Issu
es 2
016
0.34
Issu
es 2
017
994
740
Mo
neta
ry f
und
s SR
I 6
92
92
-3
91
-391
Ban
k d
epo
sit
300
-3
00
300
-1
50
-150
Cas
h 0
.34
2
-2
3
48
-200
-1
48
Sub
-To
tal
0.3
4
994
-3
02
740
-2
00
-148
-1
50
-391
-1
50
-391
TO B
E A
LLO
CA
TED
0.3
4
994
692
1,4
32
1,2
32
1,0
84
934
5
43
393
2
22
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
23
AU
DIT
OR
S
ASS
UR
AN
CE
RE
PO
RT
SNC
F R
ésea
u ap
po
inte
d K
PM
G t
o g
ive
a in
dep
end
ent
assu
ranc
e o
n se
lect
ed
info
rmat
ion
dis
clo
sed
in t
he g
reen
bo
nd
rep
ort
.
Ext
ract
fro
m t
he c
onc
lusi
on
o
f th
e K
PM
G a
ssur
ance
rep
ort
“We
bel
ieve
tha
t th
e ev
iden
ce w
e ha
ve
obta
ined
is s
uffic
ient
and
ap
pro
pria
te
to p
rovi
de
a b
asis
for
our
conc
lusi
on.
Bas
ed o
n th
e p
roce
dur
es p
erfo
rmed
, no
thin
g h
as c
ome
to o
ur a
tten
tion
that
ca
uses
us
to b
elie
ve t
hat
the
Verif
ied
In
form
atio
n is
not
pre
sent
ed fa
irly
in
the
Ann
ual R
epor
t, in
all
mat
eria
l re
spec
ts, i
n ac
cord
ance
with
th
e G
uid
elin
es, i
nclu
din
g w
ith r
egar
d t
o:—
com
plia
nce
of t
he p
roje
cts
men
tione
d
in p
arag
rap
h “T
able
of A
lloca
tions
” on
pag
e 21
with
the
elig
ibili
ty c
riter
ia
def
ined
by
SNC
F R
ésea
u in
its
G
reen
Bon
d F
ram
ewor
k;
— a
lloca
tion
of p
roce
eds
from
the
Gre
en
Bon
d t
o th
e el
igib
le p
roje
cts
men
tione
d
in p
arag
rap
h “T
able
of A
lloca
tions
”
on p
age
21;
— t
he d
escr
iptio
n of
the
pro
ceed
s m
anag
emen
t p
olic
y m
entio
ned
in
par
agra
ph
“Des
crip
tion
of t
he fu
nd
man
agem
ent
pol
icy”
on
pag
es 2
2 an
d 2
3;—
the
“To
tal c
arb
on im
pac
t of
th
e ex
pen
ses
finan
ced
by
Gre
en B
ond
s”
ind
icat
or m
entio
ned
in p
arag
rap
h
“Glo
bal
ove
rvie
w”
on p
age
34.”
Th
e K
PM
G a
ssur
ance
rep
ort
mus
t b
e
read
in it
s en
tire
ty. I
t is
ava
ilab
le o
n
the
SNC
F R
ésea
u w
ebsi
te.
24
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
25
SNC
F R
ésea
u
has
dev
elo
ped
a
spec
ific
met
hod
fo
r m
easu
ring
th
e im
pac
t o
f its
ra
il ne
two
rk re
new
al
and
line
cre
atio
n p
olic
y, in
ter
ms
o
f gre
enho
use
g
as e
mis
sio
ns
and
pro
tect
ion
o
f res
our
ces.
05
RE
PO
RTI
NG
AN
D
ME
THO
DO
LOG
Y
OF
THE
G
RE
EN
BO
ND
S PR
OG
RA
MM
E
IND
ICA
TOR
S
26
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
27
2017
ALL
OC
ATI
ON
IND
ICA
TOR
TA
BLE
M
AP
O
F P
RO
JEC
TS
FIN
AN
CE
D
BY
TH
E
GR
EE
N B
ON
D
2017
ISSU
E
Hig
h-sp
eed
line
UIC
line
1 t
o 4
Elec
trifi
ed li
neO
ther
line
Proj
ects
rel
atin
g t
o:
Trac
ks, i
nclu
din
g “
Suite
Rap
ide”
Inst
alla
tion
of s
igna
lling
/cen
tral
ised
net
wor
k co
mm
and
Switc
hes
Eng
inee
ring
wor
ks a
nd e
arth
wor
ksC
aten
arie
sN
ew li
nes
and
the
ir ju
nctio
ns
CA
TEG
OR
IES
IND
ICA
TOR
SR
ESU
LTS
INV
ESTM
ENTS
IN
MA
INTE
NA
NC
E,
MO
DER
NIS
ATI
ON
AN
D
ENER
GY
EFFI
CIE
NC
Y
PRO
JEC
TS C
ON
CER
NIN
G
THE
RAIL
SYS
TEM
GR
EE
NH
OU
SE G
ASE
S (G
HG
) E
MIT
TED
A
ND
AV
OID
ED
EM
ISSI
ON
S–
Gre
enho
use
Gas
em
issi
ons
d
ue t
o th
e re
new
al p
roje
ct–
Gre
enho
use
Gas
em
issi
ons
avoi
ded
th
anks
to
the
rene
wal
pro
ject
657
ktC
O2e
q
6,32
9 kt
CO
2eq
PR
OTE
CTI
ON
OF
RE
SOU
RC
ES
– Sh
are
of re
-use
d a
nd re
cycl
ed r
ails
(ton
s)–
Shar
e of
re-u
sed
bal
last
(ton
s)–
Volu
me
of w
ood
en s
leep
ers
re
cycl
ed fo
r en
erg
y p
urp
oses
100%
30 t
o 50
%
67,7
53 t
ons
INV
ESTM
ENTS
REL
ATE
D
TO N
EW L
INES
A
ND
LIN
E EX
TEN
SIO
NS
GR
EE
NH
OU
SE G
AS
(GH
G)
EM
ISSI
ON
S –
Gre
enho
use
Gas
em
issi
ons
d
ue t
o th
e p
roje
ct–
Emis
sion
s av
oid
ed
80 k
tCO
2eq
277
ktC
O2e
q
PR
OTE
CTI
ON
OF
RE
SOU
RC
ES
– N
umb
er o
f hec
tare
s co
mp
ensa
ted
– N
umb
er o
f wild
life
cros
sing
s cr
eate
d6,
430
1,25
3
OTH
ER IN
VES
TMEN
TS L
INK
ED
TO T
HE
GLO
BA
L C
LIM
ATE
CH
AN
GE
CH
ALL
ENG
ES, T
HE
PRO
TEC
TIO
N
OF
BIO
DIV
ERSI
TY A
ND
NA
TURA
L RE
SOU
RCES
The
cate
gor
y is
to
be
exp
and
ed a
s it
gro
ups
seve
ral
pro
ject
s th
at a
re le
ss s
igni
fican
t in
ter
ms
of a
mou
nts,
b
ut im
por
tant
for
the
over
all c
orp
orat
e st
rate
gy.
28
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
29
DE
TAIL
ED
RE
PO
RT
PE
R C
ATE
GO
RY
1. C
arb
one
4 is
an
ind
epen
den
t con
sulti
ng fi
rm s
pec
ialis
ed in
low
car
bon
str
ateg
y an
d a
dap
tatio
n
to c
limat
e ch
ang
e.2.
Thi
s m
etho
dol
ogy
is a
vaila
ble
at s
ncf-
rese
au.fr
/fr/
finan
ce-d
urab
le3.
The
sco
pe
of th
is s
umm
ary
cove
rs a
ll d
irect
and
ind
irect
em
issi
ons
upst
ream
and
dow
nstr
eam
of t
he
wor
ks c
arrie
d o
ut, b
ut d
oes
not c
over
the
oper
atio
n an
d m
aint
enan
ce o
f the
infr
astr
uctu
re in
que
stio
n.
In o
rder
to
hig
hlig
ht t
he p
osi
tive
co
nseq
uenc
es o
f th
e p
roje
cts
finan
ced
b
y it
s is
suan
ce o
f G
reen
Bo
nds,
SN
CF
Rés
eau
wis
hed
to
qua
ntify
th
e im
pac
t o
f th
ese
pro
ject
s in
the
fig
ht
agai
nst
gre
enho
use
gas
em
issi
ons
. To
ach
ieve
thi
s, S
NC
F R
ésea
u,
in c
olla
bo
rati
on
wit
h C
arb
one
41 ,
ha
s d
raft
ed a
sp
ecif
ic m
etho
do
log
y2
that
est
ablis
hes
the
pri
ncip
les
an
d m
etho
d u
sed
to
cal
cula
te
the
carb
on
imp
act
of
thes
e p
roje
cts.
The
carb
on
imp
act
is o
bta
ined
by
co
mp
arin
g t
he c
arb
on
foo
tpri
nt
(em
issi
ons
res
ulti
ng f
rom
the
p
roje
ct) w
ith
the
emis
sio
ns a
void
ed
(dur
ing
the
pro
ject
op
erat
ion
pha
se):
– th
e ca
lcul
atio
n o
f th
e ca
rbo
n fo
otp
rint
co
nsis
ts o
f es
tab
lishi
ng a
sum
mar
y
of
Gre
enho
use
Gas
em
issi
ons
res
ulti
ng
fro
m a
line
ren
ewal
or
crea
tio
n p
roje
ct3 ,
ac
cord
ing
to
exi
stin
g c
arb
on
anal
ysis
m
etho
ds.
–
the
calc
ulat
ion
of
the
emis
sio
ns a
void
ed
by
a lin
e re
new
al o
r cr
eati
on
pro
ject
co
nsis
ts o
f co
mp
arin
g t
he e
mis
sio
ns f
rom
th
e tr
ansp
ort
sys
tem
in b
oth
sce
nari
os,
o
ne w
itho
ut t
he e
xecu
tio
n o
f th
e p
roje
ct,
and
the
oth
er w
ith
it.
As
def
ined
in t
he m
etho
do
log
y,
the
carb
on
imp
act
of
pro
ject
s fin
ance
d
by
Gre
en B
ond
s is
cal
cula
ted
b
y su
btr
acti
ng a
void
ed e
mis
sio
ns
fro
m e
mis
sio
ns g
ener
ated
by
pro
ject
s.
CA
RB
ON
IMPA
CT
OF
THE
PR
OJE
CTS
FI
NA
NC
ED
BY
TH
E G
RE
EN
BO
ND
IMPA
CT
O
F R
EN
EW
AL
PR
OJE
CTS
CA
RB
ON
FO
OTP
RIN
T
CA
RB
ON
FO
OTP
RIN
T
EM
ISSI
ON
S A
VO
IDE
D
EM
ISSI
ON
S A
VO
IDE
D
IMPA
CT
OF
THE
D
EV
ELO
PM
EN
TO
F N
EW
RA
IL L
INE
P
RO
JEC
TS
In o
rder
to
cal
cula
te t
he c
arb
on
imp
act
of
all p
roje
cts
finan
ced
usi
ng G
reen
B
ond
s, S
NC
F R
ésea
u ex
trap
ola
tes
valu
es
per
mill
ion
euro
s in
vest
ed r
athe
r th
an
calc
ulat
ing
the
imp
act
of
each
ind
ivid
ual
pro
ject
.
Seve
ral e
xtra
po
lati
on
rati
os
(per
mill
ion
euro
s in
vest
ed) a
re t
here
fore
est
ablis
hed
to
cal
cula
te b
oth
the
car
bo
n fo
otp
rint
an
d a
void
ed c
arb
on
emis
sio
ns f
or
rene
wal
pro
ject
s, a
s w
ell a
s fo
r ne
w li
ne
and
ext
ensi
on
pro
ject
s.
Thes
e ra
tio
s ar
e su
bje
ct t
o r
evis
ion
ea
ch y
ear
bas
ed o
n st
udie
s co
nduc
ted
b
y SN
CF
Rés
eau.
Sinc
e 20
15, S
NC
F R
ésea
u ha
s co
nduc
ted
an
init
ial c
arb
on
aud
it o
f tr
ack
rene
wal
p
roje
cts
usin
g a
mo
bile
wo
rksh
op
kno
wn
as a
“Su
ite
Rap
ide”
(90k
m b
etw
een
Nar
bo
nne
and
Mo
ntp
ellie
r). I
t ha
s al
so
iden
tifie
d n
eces
sary
mea
sure
s to
red
uce
GH
G e
mis
sio
ns a
nd c
reat
ed a
to
ol t
o
asse
ss t
he e
mis
sio
ns o
f si
mila
r p
roje
cts.
In 2
017,
the
tra
ck r
enew
al p
roje
cts
ra
tio
was
am
end
ed b
y ta
king
in
to c
ons
ider
atio
n th
e la
st t
rack
ren
ewal
p
roje
ct c
arri
ed o
ut b
etw
een
Gev
rey
an
d S
enne
cey.
Thi
s ra
tio
ro
se f
rom
36
1 tC
O2
/ m
illio
n eu
ros
to 4
56 t
CO
2 /
mill
ion
euro
s. T
he in
crea
se o
f 95
tC
O2 /
mill
ion
euro
s is
the
res
ult
of
a m
ore
ac
cura
te v
alua
tio
n fo
r ce
rtai
n p
hase
s o
f th
e tr
ack
rene
wal
pro
cess
, as
wel
l as
chan
ges
to
so
me
emis
sio
n fa
cto
rs,
mai
nly
conc
erni
ng t
he c
onc
rete
sle
eper
s.
Pre
stre
ssed
co
ncre
te s
leep
ers:
C
urre
ntly
the
re is
no
em
issi
on
fact
or
dat
a fo
r p
rest
ress
ed c
onc
rete
sle
eper
s.
For
Gev
rey-
Senn
ecey
’s c
arb
on
foo
tpri
nt,
SNC
F R
ésea
u ha
s us
ed a
vaila
ble
d
ata
for
rein
forc
ed c
onc
rete
.
For
Nar
bo
nne-
Mo
ntp
ellie
r’s c
arb
on
foo
tpri
nt, t
he e
mis
sio
n fa
cto
r us
ed
for
the
slee
per
s is
the
sum
of
emis
sio
ns
fro
m s
teel
(0.7
%) a
nd c
onc
rete
(99.
3%).
The
dec
isio
n to
ad
op
t th
e em
issi
on
fact
ors
fo
r re
info
rced
co
ncre
te in
crea
ses
the
valu
e to
80.
6 tC
O2/
mill
ion
euro
s
if w
e co
mp
are
bo
th c
arb
on
aud
its.
Rai
ls: G
ener
ally
, the
und
erly
ing
as
sum
pti
on
reg
ard
ing
the
pro
po
rtio
n o
f re
cycl
ed s
teel
was
20%
. The
sp
ecifi
c va
lue
for
Nar
bo
nne-
Mo
ntp
ellie
r’s c
arb
on
acco
unti
ng w
as 5
%, h
ow
ever
, alt
houg
h th
e 20
% f
igur
e ha
s b
een
reta
ined
fo
r th
e 20
16 G
reen
Bo
nds
Rep
ort
. Th
e ne
w c
alcu
lati
on,
bas
ed o
n th
e la
st
carb
on
aud
it, a
ssum
es 1
5% r
ecyc
led
st
eel i
n th
e ra
ils.
Cal
cula
tio
n o
f th
e ca
tena
ry r
atio
is
mai
nly
bas
ed o
n a
life
cycl
e an
alys
is.
In o
rder
to
tak
e in
to a
cco
unt
CO
2 em
issi
ons
rel
atin
g t
o t
he e
nerg
y us
ed f
or
inst
alla
tio
n, o
rgan
izat
ion
o
f th
e w
ork
site
as
wel
l as
the
tran
spo
rt
of
mat
eria
ls r
equi
red
fo
r th
e si
te,
the
EFT
I rat
io is
bas
ed o
n th
e ca
rbo
n ac
coun
ting
dat
a us
ed f
or
trac
k re
new
al
pro
ject
s.
In 2
018,
SN
CF
Rés
eau
will
est
ablis
h
a ne
w B
ilan
Car
bon
e® s
pec
ifica
lly
for
swit
ch r
enew
al p
roje
cts.
SN
CF
curr
entl
y al
loca
tes
the
sam
e ca
rbo
n w
eig
htin
g t
o t
his
typ
e o
f o
per
atio
n
as it
do
es t
o a
tra
ck r
enew
al o
per
atio
n.
This
Bila
n C
arb
one®
will
dis
ting
uish
b
etw
een
a sw
itch
ren
ewal
op
erat
ion
an
d a
tra
ck r
enew
al o
per
atio
n
by
app
lyin
g a
rat
io o
f tC
O2 /
mill
ion
eu
ros
spec
ific
to s
wit
ch r
enew
al
pro
ject
s.
30
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
31
CA
TEG
OR
Y 1
IN
VE
STM
EN
TS
IN M
AIN
TEN
AN
CE
, M
OD
ER
NIS
ATI
ON
A
ND
EN
ER
GY
E
FF
ICIE
NC
Y P
RO
JEC
TS
OF
THE
RA
IL S
YST
EM
CA
RB
ON
IMPA
CT
OF
THE
RE
NE
WA
L E
XP
EN
SES
FIN
AN
CE
D
BY
GR
EE
N B
ON
DS
CA
RB
ON
IMPA
CT
OF
DE
VE
LOP
ME
NTS
AN
D N
EW
LIN
ES
PR
OJE
CTS
EX
PE
NSE
S FI
NA
NC
ED
BY
TH
E G
RE
EN
BO
ND
S
Trac
ksSw
itch
esTr
actio
n p
ower
su
pp
ly
infr
a-st
ruct
ure
Sig
nalli
ngTu
nnel
s,
brid
ges
an
d
Eart
h-w
orks
TOTA
L
EXPE
NSE
S FI
NA
NC
ED
BY
GRE
EN B
ON
DS
2017
(€M
)98
018
940
215
831,
508
CA
RB
ON
FO
OTP
RIN
T (I
N T
HO
USA
ND
TO
NS
OF
CO
2EQ
)
... A
LLO
CA
TED
TO
EX
PEN
SES
FIN
AN
CED
B
Y TH
E G
REEN
BO
ND
S44
786
482
3865
7
AV
OID
ED
EM
ISSI
ON
S (I
N T
HO
USA
ND
TO
NS
OF
CO
2EQ
)
... A
LLO
CA
TED
TO
EX
PEN
SES
FIN
AN
CED
B
Y TH
E G
REEN
BO
ND
S4,
219
814
183
753
359
6,32
8
CA
RB
ON
IMP
AC
T (F
OO
TPR
INT
- AV
OID
ED
EM
ISSI
ON
S) (
IN T
HO
USA
ND
TO
NS
OF
CO
2EQ
)
... A
LLO
CA
TED
TO
EX
PEN
SES
FIN
AN
CED
B
Y TH
E G
REEN
BO
ND
S–
3,77
2–
728
– 17
9–
671
– 33
2–
5,67
1
AV
ERA
GE
CA
RBO
N
NEU
TRA
LITY
TIM
E
OF
REPA
IR P
ROJE
CTS
4 Y
EA
RS
CA
TEG
OR
Y 2
IN
VE
STM
EN
TS R
ELA
TED
TO
NE
W L
INE
S
AN
D L
INE
EX
TEN
SIO
NS
Est
2B
PL
SEA
CN
MTO
TAL
EXPE
NSE
S FI
NA
NC
ED
BY
GRE
EN B
ON
DS
2017
(€
M)
614
723
5022
5
CA
RB
ON
FO
OTP
RIN
T (I
N T
HO
USA
ND
TO
NS
OF
CO
2EQ
)
... A
LLO
CA
TED
TO
EX
PEN
SES
FIN
AN
CED
B
Y TH
E G
REEN
BO
ND
S3
585
1480
AV
OID
ED
EM
ISSI
ON
S (I
N T
HO
USA
ND
TO
NS
OF
CO
2EQ
)
... A
LLO
CA
TED
TO
EX
PEN
SES
FIN
AN
CED
B
Y TH
E G
REEN
BO
ND
S2
9930
145
277
CA
RB
ON
IMP
AC
T (F
OO
TPR
INT
– A
VO
IDE
D E
MIS
SIO
NS.
IN T
HO
USA
ND
TO
NS
OF
CO
2EQ
)
... A
LLO
CA
TED
TO
EX
PEN
SES
FIN
AN
CED
B
Y TH
E G
REEN
BO
ND
S0.
7–
41–
25–
131
– 19
7
AV
ERA
GE
CA
RBO
N
NEU
TRA
LITY
TIM
E
OF
NEW
LIN
E PR
OJE
CTS
7.4
YE
AR
S
Det
ails
of
calc
ulat
ions
, ass
ump
tio
ns, e
stim
atio
ns a
nd e
xtra
po
lati
ons
, as
wel
l as
sour
ce d
ata
wit
h th
eir
year
s, a
re a
vaila
ble
in t
he S
NC
F M
etho
do
log
ical
G
uid
e “E
valu
atin
g t
he c
arb
on im
pac
t of
a G
reen
Bon
ds
pro
gra
mm
e d
edic
ated
to
inve
stor
s in
rai
lway
infr
astr
uctu
re”
avai
lab
le a
t w
ww
.snc
f-re
seau
.fr
32
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
33
GLO
BA
L O
VE
RV
IEW
The
tota
l car
bo
n im
pac
t al
loca
ted
to
ex
pen
ses
finan
ced
by
the
Gre
en B
ond
s 20
16 is
ob
tain
ed b
y ad
din
g:
- th
e ca
rbo
n im
pac
t al
loca
ted
to
ex
pen
ses
finan
ced
by
Gre
en B
ond
s
for
the
rene
wal
pro
ject
s (c
ateg
ory
1);
- th
e ca
rbo
n im
pac
t al
loca
ted
to
exp
ense
s fin
ance
d b
y G
reen
Bo
nds
for
new
rai
l lin
e p
roje
cts
(cat
ego
ry 2
);
Ther
efo
re, i
n to
tal,
the
exp
ense
s
finan
ced
by
the
Gre
en B
ond
s 20
17
red
uce
the
GH
G e
mis
sio
ns
of
the
tran
spo
rt s
yste
m b
y 5.
9 m
illio
n to
ns e
qui
vale
nt C
O2.
The
carb
on
imp
act
of
the
SNC
F R
ésea
u G
reen
Bo
nds
2017
is e
qui
vale
nt t
o
the
carb
on
foo
tpri
nt o
f ap
pro
xim
atel
y 12
,000
Fre
nch
citi
zens
ove
r fo
rty
year
s.
TOTA
L C
AR
BO
N IM
PAC
T O
F TH
E E
XP
EN
SES
FIN
AN
CE
D
BY
GR
EE
N B
ON
DS
AS
ON
31
DE
CE
MB
ER
201
7
REN
EWA
L PR
OJE
CTS
- 5,
671,
700
T C
O2 E
Q
NEW
RA
IL L
INE
PRO
JEC
TS-
196 ,
900
T C
O2 E
Q
TOTA
L- 5
,868
,600
tC
O2e
q
ON
E S
TEP
FU
RTH
ER
All
of
the
do
cum
ents
rel
ated
to
thi
s G
reen
Bo
nds
pro
gra
mm
e
(Gre
en B
ond
s Fr
amew
ork
, Se
cond
Par
ty O
pin
ion,
Clim
ate
Bo
nds
Init
iati
ve c
erti
ficat
ion,
pre
sent
atio
n
of
Gre
en B
ond
inve
sto
rs, e
tc.)
are
avai
lab
le o
n th
e SN
CF
Rés
eau
web
site
, in
the
sec
tio
n “S
RI/
Gre
en B
ond
s”:
sn
cf-r
esea
u.fr
/fr/
fina
nce-
dur
able
All
the
info
rmat
ion
conc
erni
ng
the
SNC
F R
ésea
u C
SR p
olic
y
is a
vaila
ble
on
the
ded
icat
ed p
ages
o
f th
e SN
CF
Rés
eau
web
site
: sn
cf-r
esea
u.fr
/fr/
a-p
rop
os/
dev
elo
pp
emen
t-d
urab
le
The
SNC
F R
ésea
u re
spo
nsib
le a
ctiv
ity
rep
ort
(201
7) is
ava
ilab
le a
t
flip
bo
ok.
sncf
-res
eau.
fr/r
ar-2
017
The
SNC
F R
ésea
u G
reen
Bo
nds
pro
gra
mm
e m
etho
do
log
y
is a
vaila
ble
her
e:
sncf
-res
eau.
fr/f
r/re
sso
urce
s/p
ublic
atio
ns-f
inan
cier
es/m
etho
do
log
ie-
carb
one
-snc
f-re
seau
All
the
CSR
rep
ort
s, in
dic
ato
rs,
and
met
hod
olo
gie
s ca
n b
e
acce
ssed
on
the
ded
icat
ed p
age
“Rep
ort
s an
d in
dic
ato
rs”:
sn
cf-r
esea
u.fr
/fr/
rap
po
rts-
et-in
dic
ateu
rs
34
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
35
DISCLA
IMER
Th
is d
ocu
men
t is
bei
ng f
urni
shed
to
yo
u so
lely
fo
r yo
ur in
form
atio
n o
n a
conf
iden
tial
bas
is a
nd
may
no
t b
e re
pro
duc
ed, r
edis
trib
uted
or
pas
sed
on,
in w
hole
or
in p
art,
to
any
oth
er p
erso
n.
This
do
cum
ent
do
es n
ot
cons
titu
te o
r fo
rm p
art
of
any
solic
itat
ion,
off
er o
r in
vita
tio
n to
pur
chas
e o
r su
bsc
rib
e fo
r an
y se
curi
ties
issu
ed b
y SN
CF
Rés
eau
and
nei
ther
it n
or
any
par
t o
f it
sha
ll fo
rm t
he b
asis
of,
or
be
relie
d
upo
n in
co
nnec
tio
n w
ith,
any
co
ntra
ct o
r co
mm
itm
ent
wha
tso
ever
. Acc
ord
ing
ly, i
t is
no
t d
irect
ed t
o t
he s
pec
ific
inve
stm
ent
ob
ject
ives
, fin
anci
al s
itua
tio
n o
r p
arti
cula
r ne
eds
of
any
reci
pie
nt.
You
sho
uld
co
nsul
t w
ith
your
o
wn
leg
al, r
egul
ato
ry, t
ax, b
usin
ess,
inve
stm
ent,
fin
anci
al a
nd a
cco
unti
ng a
dvi
sers
to
the
ext
ent
that
yo
u d
eem
it
nec
essa
ry, a
nd m
ake
your
ow
n in
vest
men
t, h
edg
ing
and
tra
din
g d
ecis
ions
(inc
lud
ing
dec
isio
ns r
egar
din
g t
he
suit
abili
ty o
f an
inve
stm
ent
in S
NC
F R
ésea
u se
curi
ties
) b
ased
up
on
your
ow
n ju
dg
men
t an
d a
dvi
ce f
rom
suc
h ad
vise
rs a
s yo
u d
eem
nec
essa
ry a
nd n
ot
upo
n an
y vi
ew e
xpre
ssed
in t
his
do
cum
ent.
No
rep
rese
ntat
ion
or
war
rant
y, e
xpre
ss o
r im
plie
d,
is m
ade
as t
o,
and
no
rel
ianc
e m
ay b
e p
lace
d f
or
any
pur
po
ses
wha
tso
ever
on,
the
fai
rnes
s, a
ccur
acy,
co
mp
lete
ness
or
corr
ectn
ess
of
the
info
rmat
ion
or
op
inio
ns
cont
aine
d h
erei
n. N
one
of
SNC
F R
ésea
u, o
r an
y o
f it
s af
filia
tes,
ad
vise
rs o
r re
pre
sent
ativ
es s
hall
have
any
lia
bili
ty w
hats
oev
er (
in n
eglig
ence
or
oth
erw
ise)
fo
r an
y lo
ss h
ow
soev
er a
risi
ng f
rom
any
use
of
this
do
cum
ent
or
its
co
nten
ts o
r o
ther
wis
e ar
isin
g in
co
nnec
tio
n w
ith
this
do
cum
ent.
Cer
tain
Sta
tem
ents
in t
his
doc
umen
t ar
e fo
rwar
d-lo
okin
g,
incl
udin
g S
tate
men
ts c
once
rnin
g S
NC
F R
ésea
u’s
pla
ns,
obje
ctiv
es, g
oals
, str
ateg
ies,
fut
ure
even
ts, f
utur
e re
venu
es o
r p
erfo
rman
ce, c
apita
l exp
end
iture
s, f
inan
cing
nee
ds,
p
lans
or
inte
ntio
ns re
latin
g t
o ac
qui
sitio
ns, c
omp
etiti
ve s
tren
gth
s an
d w
eakn
esse
s, b
usin
ess
stra
teg
y an
d t
he t
rend
s SN
CF
Rés
eau
antic
ipat
es in
the
ind
ustr
ies
and
the
pol
itica
l and
leg
al e
nviro
nmen
t in
whi
ch it
op
erat
es a
nd o
ther
in
form
atio
n th
at i
s no
t hi
stor
ical
inf
orm
atio
n. B
y th
eir
natu
re,
forw
ard
-look
ing
Sta
tem
ents
inv
olve
inh
eren
t ris
ks
and
unc
erta
intie
s, b
oth
gen
eral
and
sp
ecifi
c, a
nd r
isks
exi
st t
hat
the
pre
dic
tions
, fo
reca
sts,
pro
ject
ions
and
oth
er
forw
ard
-look
ing
Sta
tem
ents
will
not
be
achi
eved
. SN
CF
Rés
eau
doe
s no
t m
ake
any
rep
rese
ntat
ion,
war
rant
y or
p
red
ictio
n th
at t
he r
esul
ts a
ntic
ipat
ed b
y su
ch f
orw
ard
-look
ing
Sta
tem
ents
will
be
achi
eved
, an
d s
uch
forw
ard
- lo
okin
g S
tate
men
ts r
epre
sent
, in
each
cas
e, o
nly
one
of m
any
pos
sib
le s
cena
rios
and
sho
uld
not
be
view
ed a
s th
e m
ost
likel
y or
sta
ndar
d s
cena
rio.
Such
for
war
d-lo
okin
g S
tate
men
ts s
pea
k on
ly a
s of
the
dat
e on
whi
ch t
hey
are
mad
e. A
ny o
pin
ions
exp
ress
ed in
thi
s d
ocum
ent
are
sub
ject
to
chan
ge
with
out
notic
e an
d S
NC
F R
ésea
u d
oes
not
und
erta
ke a
ny o
blig
atio
n to
up
dat
e or
revi
se a
ny fo
rwar
d-lo
okin
g S
tate
men
t, w
heth
er a
s a
resu
lt of
new
info
rmat
ion,
fu
ture
eve
nts
or o
ther
wis
e. N
ot fo
r d
istr
ibut
ion
into
the
Uni
ted
Sta
tes.
In t
he U
nite
d K
ing
dom
, th
is d
ocum
ent
is b
eing
dis
trib
uted
onl
y to
, an
d i
s d
irect
ed a
t (a
) p
erso
ns w
ho h
ave
pro
fess
iona
l exp
erie
nce
in m
atte
rs r
elat
ing
to
inve
stm
ents
falli
ng w
ithin
art
icle
19(
5) o
f the
Fin
anci
al S
ervi
ces
And
M
arke
ts A
ct 2
000
“FSM
A”
(Fin
anci
al P
rom
otio
n) O
rder
200
5 (t
he “
Ord
er”)
or
(b)
hig
h ne
t w
ort
h en
titie
s fa
lling
w
ithin
art
icle
49
of
the
Ord
er,
and
oth
er p
erso
ns t
o w
hom
it
may
be
law
fully
be
com
mun
icat
ed o
r(c)
qua
lifie
d
inve
stor
s as
def
ined
in s
86(7
) of
the
FSM
A (
all s
uch
per
sons
tog
ethe
r b
eing
ref
erre
d t
o as
“R
elev
ant
Pers
ons”
). A
ny p
erso
n w
ho is
not
a R
elev
ant
Pers
on s
houl
d n
ot a
ct o
r re
ly o
n th
is d
ocum
ent
or a
ny o
f its
con
tent
s.
In F
ranc
e, t
his
doc
umen
t w
ill b
e no
t d
istr
ibut
ed o
r ca
used
to
be
dis
trib
uted
and
will
not
be
dis
trib
uted
or
caus
ed
to b
e d
istr
ibut
ed t
o th
e p
ublic
in F
ranc
e, a
nd a
ny d
istr
ibut
ion
of t
his
doc
umen
t ha
ve b
een
and
will
be
mad
e in
Fr
ance
onl
y to
(a)
pro
vid
ers
of i
nves
tmen
t se
rvic
es r
elat
ing
to
por
tfol
io m
anag
emen
t fo
r th
e ac
coun
t of
thi
rd
par
ties,
and
/or
(b)
qua
lifie
d i
nves
tors
(in
vest
isse
urs
qua
lifié
s),
othe
r th
an i
ndiv
idua
ls,
all
as d
efin
ed i
n, a
nd i
n ac
cord
ance
with
, Art
icle
s L.
411-
1, L
.411
-2, a
nd D
.411
-1 t
o D
.411
-3 o
f the
Fre
nch
Cod
e m
onét
aire
et
finan
cier
.
This
doc
umen
t is
an
adve
rtis
emen
t an
d n
ot a
pro
spec
tus
for
the
pur
pos
es o
f ap
plic
able
mea
sure
s im
ple
men
ting
D
irect
ive
2003
/71/
EC (
“Pro
spec
tus
Dire
ctiv
e”).
Nei
ther
thi
s d
ocum
ent
nor
any
cop
y th
ereo
f m
ay b
e ta
ken
or
tran
smitt
ed o
r d
istr
ibut
ed, d
irect
ly o
r in
dire
ctly
, int
o th
e U
nite
d S
tate
s or
to
a U
.S. P
erso
n [a
s d
efin
ed in
Rul
e 90
2 of
R
egul
atio
n S
und
er th
e Se
curit
ies
Act
of 1
933,
as
amen
ded
(the
“Se
curit
ies
Act
”)].
The
dis
trib
utio
n of
this
doc
umen
t in
oth
er ju
risd
ictio
ns m
ay b
e re
stric
ted
by
law
and
per
sons
into
to
who
se p
osse
ssio
n th
is d
ocum
ent
com
es s
houl
d
info
rm t
hem
selv
es a
bou
t, a
nd o
bse
rve
any
such
res
tric
tion.
Any
fai
lure
to
com
ply
with
the
se r
estr
ictio
ns m
ay
cons
titut
e a
viol
atio
n of
the
law
s of
any
suc
h ot
her
juris
dic
tion.
Thi
s d
ocum
ent
doe
s no
t co
nstit
ute
or fo
rm a
par
t of
an
y of
fer
or s
olic
itatio
n to
pur
chas
e or
sub
scrib
e fo
r se
curit
ies
in t
he U
nite
d S
tate
s. S
ecur
ities
may
not
be
offe
red
or
sol
d in
the
Uni
ted
Sta
tes
abse
nt r
egis
trat
ion
or a
n ex
emp
tion
from
reg
istr
atio
n un
der
the
Sec
uriti
es A
ct. N
eith
er
this
doc
umen
t no
r an
y co
py
ther
eof m
ay b
e re
tain
ed b
y yo
u or
rep
rod
uced
, red
istr
ibut
ed o
r p
asse
d o
n, in
who
le o
r in
par
t, t
o an
y ot
her
per
son.
By
atte
ndin
g t
he p
rese
ntat
ion
you
agre
e to
be
bo
und
by
the
fore
go
ing
res
tric
tio
ns.
36
SNC
F R
ÉSE
AU
G
RE
EN
BO
ND
S R
EP
OR
T 20
17
37
SNCF-RESEAU.FR
