Fret SNCF's New Transport Policy - Single wagon transport & empty runs in France Fret SNCF's Future Transport Policy & Single Wagon Transport in France from 2011 on AG BeWag, January 24th, 2011 01.01.2019

Fret SNCF's New Transport Policy – Current Status Facts & Figures First appraisal of the situation in 2011 Conclusions AG BeWag, January 24th, 2011 01.01.2019

Fret SNCF's New Transport Policy – Current Status Facts & Figures First appraisal of the new situation in 2011 Conclusions AG BeWag, January 24th, 2011 01.01.2019

Facts & Figures > In France full train operations account for 2/3rd of the total traffic and 87 p.c. are competitive compared to the road > Single wagon operations account for 1/3rd of the total traffic and only 10 p.c. are competitive > The single wagon transport by SNCF - as it is currently organised - is said to be not sustainable AG BeWag, January 24th, 2011 01.01.2019

Solutions identified by SNCF to remedy the problem Facts & Figures Solutions identified by SNCF to remedy the problem > Intensify the full train activity at European scale > Promote and expand freight corridors > Promote the creation of local/regional RU's > Drop the classic single wagon offer and propose the so-called MLMC offer > Set up Dedicated Organisations where MLMC is not applicable AG BeWag, January 24th, 2011 01.01.2019

The MLMC & Dedicated Organisation concepts Facts & Figures The MLMC & Dedicated Organisation concepts A. MLMC > Some 20-25 routes going from one industrial region to another have been identified > Full trains made up for various customers and cargos are operated on these routes only > At both ends, single wagons are collected/delivered - either by road or by rail AG BeWag, January 24th, 2011 01.01.2019

Facts & Figures AG BeWag, January 24th, 2011 01.01.2019

Fret SNCF's New Transport Policy – Current Status Facts & Figures First appraisal of the new situation in 2011 Conclusions AG BeWag, January 24th, 2011 01.01.2019

First appraisal of the new situation in 2011 When in autumn last year Fret SNCF was becoming more precise about their intentions, the sector feared that: > wagons users who still had the choice would increasingly consider the road transport as the ultimate alternative > the French workshops, for which a Dedicated Organisation would have to be set up, couldn't meet SNCF's request to pay high charges for the final wagon delivery and perhaps some of them would disappear > the rental business with the gas & chemical industry – more on a single-wagon basis - would be heavily affected too AG BeWag, January 24th, 2011 01.01.2019

First appraisal of the new situation in 2011 Today, now most parts of the MLMC organisation have been implemented, the global service quality has expectedly deteriorated a lot. First consequences are: > A large number of wagon users who stick to rail transport feel forced to take their chance with private RU's (e.g. GEFCO) > In the LPG industry, 50+ wagons have been returned from users who decided to progressively move toward road haulage > The wagon collection & delivery service from/to workshops has never been so erratic and anarchic than it has become now AG BeWag, January 24th, 2011 01.01.2019

First appraisal of the new situation in 2011 The only positive aspects (but for how long?) > In the chemical sector, deteriorated service leads to a request for additional wagons > After long negotiations, SNCF dropped the intention of having the workshops contributing directly to the final delivery costs and passed the additional costs to the consignor as per wagon letter on a lump-sum basis AG BeWag, January 24th, 2011 01.01.2019

Fret SNCF's New Transport Policy – Current Status Facts & Figures First appraisal of the new situation in 2011 Conclusions AG BeWag, January 24th, 2011 01.01.2019

For now the critical question is: Conclusions > According to their own business plan Fret SNCF's activity in 2011 won't exceed 22 GTK (as against 36 GTK in 2008 and 47GTK in 2007) > This miserable performance is nothing else but the direct consequence of their decision to focus on what they think is the most profitable part of their business (full train transport) For now the critical question is: Are other RU's not going to engage in ‘cherry-picking’ like Fret SNCF and contribute to the final exodus from rail to road logistics ? AG BeWag, January 24th, 2011 01.01.2019

Thanks for your attention! VTG Company Presentation, 01.01.2019, ©2009 VTG Aktiengesellschaft 01.01.2019