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  • Bouygues — Investors presentation – May 2013 1

    M 2013M 2013

    Bouygues Group presentationBouygues Group presentation 1

    May 2013May 2013

    1BUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTURE

    This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Forward-looking statements are statements that are not historical facts, and include, without limitation: financial projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’srespect to future operations, products and services; and statements regarding future performance of the Group. Although the Group s senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others set out in the Group’s Registration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), could cause actual results to differ materially from projections: unfavourable developments affecting the French and international telecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets;

    May 2013

    regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; the impact of current or future public regulations; exchange rate risks and other risks related to international activities; risks arising from current or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revise the projections, forecasts and other forward-looking statements contained in this presentation.

    2

  • Bouygues — Investors presentation – May 2013 2

     THE BOUYGUES GROUP Slide 4

     THE BUSINESSES Slide 13

     Q1 2013 FIGURES Slide 32

     GROUP OUTLOOK Slid 64 GROUP OUTLOOK Slide 64

     APPENDIX Slide 70 3

     A diversified industrial group  5 businesses with different cycles focusing on two sectors: construction and telecoms/media

    Profile

    2012 breakdown by business area

    25.8 2.5

    5.2

    Sales1 at €33.5bn

    949

    258

    122 Current operating profit1 at €1,286m

    812

    161 -892

    Free cash flow1 at €724m2

    Construction businesses Bouygues TelecomTF1

     Key figures in 2012  €633m net profit  ~ 134,000 employees  Market capitalization: ~ €7bn

    1Excluding Holding contribution: €11m for sales; -€43m for current operating profit; and -€160m for the free cash flow 2Free cash flow is calculated before changes in WCR. It excludes exceptional items related to Bouygues Telecom: 4G frequencies in the 800 MHz band (acquisition cost and capitalised interest for €726m at Bouygues group level and for €696m at Bouygues Telecom level) and asset disposals for €207m

    4

  • Bouygues — Investors presentation – May 2013 3

    Key strengths

     A family company with a stable share ownership structure allowing long-term focus

     A strong and distinctive corporate culture

     A positioning on markets underpinned by solid demand

     A solid operational track record of delivering revenue and earnings growthp g g g

     A sound financial profile

    5

    Shareholder structure at 31 December 2012

    A stable share ownership structure

     Voting rights Capital Foreign

    SCDM

    Employees

    Other French

    20.5%

    23.7%

    18.0%

    37.8%

    shareholders SCDM

    Employees

    Other French shareholders

    Foreign shareholders 29.2%

    28.7% 14.6%

    27.5%

    Shareholders’ structure allowing long-term focus

    shareholders

    At 31 December 2012: 324,232,374 shares and 445,673,682 voting rights. SCDM is a company controlled by Martin and Olivier Bouygues

    6

  • Bouygues — Investors presentation – May 2013 4

    A strong and distinctive corporate culture

     Construction is a “good management school”

     Project management skills and knowhow in complex projects j g p p j

    Masan Bay bridge, South Korea Stade de France Bouygues Telecom 3G network

     Managers have experienced previous crises

     Strong mobility within the Group and of top managers

    Pragmatic – Cautious – Opportunistic – Entrepreneurial 7

    Long-term growth opportunities

     Growing long-term infrastructure needs in both developed and emerging countries  Drivers: demographic growth urbanization saturated and  Drivers: demographic growth, urbanization, saturated and

    aging infrastructures…  Estimated total cumulative world infrastructure requirements

    (additions and renewal) to 2030*: 53 trillion $  New opportunities arising from environmental concerns

     Sustainable construction: from the building to the neighborhood  Alt ti t t i f t t ( il l )

    QP District, Qatar

     Alternative transport infrastructures (railways, canals…)  Strengthening existing customer base and increasing addressable

    market in Telecom / Media  Fixed broadband market, mobile data, B2B market …

    *Source OECD - rail, road, telecoms, electricity transmission & distribution, water

    A Bbox Sensation advertisement

    8

  • Bouygues — Investors presentation – May 2013 5

    A solid operational track record

    2001 2012

    + 5 %

    CAGR

    €20.5bn

    €876m

    €344m

    + 5 %

    + 4 %

    + 6 %

    €33.5bn

    €1,286m

    €633m

    Sales

    Operating profit

    Net profit1 €344m

    (1) Attributable to the Group

    €0.36 X 4.4

    €633m

    €1.60

    Net profit1

    DPS

    9

    A healthy financial profile

    Low gearing at 41% Evenly spread repayment schedule

    Debt under control

    6%

    Ability to control capex

    Capex-to-sales ratio1 Available Cash = €9.7bn

    No significant off-balance sheet commitment

    High level of liquidity

    S t i bl h fl

    0%

    2%

    4%

    Free cash flow1 = €0.7bn Average Free cash flow since 2005 at €1bn

    Cash remittance to the holding

    Sustainable cash-flow generation

    All figures are at end December 2012 1 Capex and Free cash flow exclude the impact of mobile frequencies purchases and exceptional asset disposals at Bouygues Telecom 10

  • Bouygues — Investors presentation – May 2013 6

    1 2

    1.5 1.6 1.6 1.6 1.6 1.6 1

    Dividend per share

    0.36 0.5

    0.75 0.90

    1.2

    1Dividend yield based on closing price

    2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    4.4% 5.0%5.3%2.6%Dividend yield1: 6.6%2.5%2.2%2.2%2.7%2.1% 7.1%

    11

     THE BOUYGUES GROUP Slide 4

     THE BUSINESSES Slide 13

     Q1 2013 FIGURES Slide 32

     GROUP OUTLOOK Slid 64 GROUP OUTLOOK Slide 64

     APPENDIX Slide 70 12

  • Bouygues — Investors presentation – May 2013 7

    Construction businesses

    13

    Africa Americas

    12%

     A world leader: n°4 “top international contractor” according to ENR ranking1  2012 key figures

    CONSTRUCTION BUSINESSES: profile

    Sales: €25.8bn Sales by region

    France 58%Europe

    (excluding France)

    17%

    Asia and Middle East

    8%

    Africa 5%10.6

    2.4 13.0

    Buildings & civil works Real estate Roads

    Free cash flow: €812mOperating profit : €949m

    364 179

    406

    Building & civil works Real estate Roads

    327 107

    378

    Building & civil works Real estate Roads

    1 Companies are ranked according to construction revenue generated outside home country. 14

  • Bouygues — Investors presentation – May 2013 8

     Building & civil works  Bouygues Construction is a world leading full service contractor in building & civil works, electrical

    contracting and maintenance

    CONSTRUCTION BUSINESSES: profile

     A recognized expertise at every stage of a project from design to construction, operation, maintenanc

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