Group

CONSOLIDATED STATEMENTS OF INCOME
as of 31 December 2009

STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED STATEMENTS OF CASH FLOW

The year 2010 was marked by the following main events:

For transport

In France

- Earnings were stable despite the economic climate (fierce competition for government contracts and reduction in transport services to automobile factories);

- UA high number of contracts and public service concessions were renewed to provide transport services to persons with reduced mobility: despite increased competition, Flexcité maintained the Val-de-Marne region contract, won the Val-d’Oise sector and lost the Yvelines;

- Unsuccessful bids for the urban networks in Antibes and Arras, as well as the Autolib project for the City of Paris; the Jacquemard contracts were renewed;

- For all companies affiliated with Optile, new type II contracts were signed with the Île-de-France Transport Authority. Most of these contracts come into effect on January 1, 2011 and expire on December 31, 2016;

- The acquisition of the Cars Dunois Voyages group enabled RATP Développement to strengthen its position in the Centre region of France, alongside Jacquemard, prior to receiving assets following RATP’s divestment of Transdev; the companies entering the Group in 2011 operate urban services in Châteaudun and Orléans, intercity and school services in the Eure-et-Loir department, and tourist services;

- Operational launch of the new subsidiary Ixxi, providing mobility services.

Internationally

The Group demonstrated its technical expertise in 2010 with the successful deployment of three new transport services:

- On February 14, the Florence tramway, with 14 stations, extending over 7.4 kilometres (4.59 miles). RATP will operate the tramway for 30 years;

- Launch at the end of May of line 4 of the Sao Paulo (Brazil) network, the first automatic metro line in South America; the section covers two stations with connections to other lines;

- Launch of the Gautrain in Johannesburg, South Africa on June 5, the fastest and most modern train on the African continent. The section opened for the Football World Cup, connects the airport to the business centre in Johannesburg. RATP will operate the line for 15 years.

In Asia, in partnership with Veolia Transport:

- The finalization of agreements concluded in 2009 with the acquisition of a 50% stake in Veolia in India (development company and contract to operate line 1 in Mumbai);

- Preparations for the contract awarded to operate bus services in Macau from August 2011.

Strategic partnership agreements were signed with the Saudi Arabian bus line operator Saptco for railway projects in the Gulf region.

The Group experienced external setbacks on new infrastructure projects: the railway in Trinidad and tramway in Mexico were abandoned after local elections; the Al Safouh tramway in Dubai was delayed for economic reasons and there were renewed delays on Algiers metro work.

 For engineering:

- For Xelis: new contracts were secured with RFF (extension of line E of the RER to Nanterre, track work in Rueil-Malmaison, etc.) and tramway project contracts outside the Île-de-France region (Toulouse, Saint-Genis-Pouilly) and preliminary work on the Greater Paris project;

- Overall, the Systra group performed well. However, growth in business was slower than the previous year and due solely to Systra SA. The company still has contracts in the Middle East as well as the Crossrail contract to build the first “RER” line in London, which is now in its implementation phase. The Systra subsidiaries continued to be adversely affected by the downturn in their historical markets;

- The agreement between RATP and SNCF to strengthen Systra’s position as world leader in public transport engineering through the contribution of SNCF’s Inexia subsidiaries and Xelis, without changing RATP and SNCF’s equal stake in Systra. This operation had no effect on the financial statements as at December 31, 2010, as the agreement enters into effect in 2011.

As regards enhancing transport environments:

Real property, marketing and telecoms business: concerted efforts were made to enhance network attractiveness by replacing the signs deployed by Promo Métro and linking up signing to data centres by Telcité. The property management company SEDP extended its asset management across the RATP group.