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1Bouygues Group presentation – May 2014

M 2014M 2014

Bouygues Group presentationBouygues Group presentation1

May 2014May 2014

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-lookingstatements 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: financialprojections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations withrespect 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 ssenior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautionedthat forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict andgenerally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, orimplied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are notguarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others setout in the Group’s Registration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), couldcause actual results to differ materially from projections: unfavourable developments affecting the French and internationaltelecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safetyregulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets;

May 2014

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 fromcurrent or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revisethe projections, forecasts and other forward-looking statements contained in this presentation.

2


THE BOUYGUES GROUP Slide 4

THE BUSINESSES Slide 13

Q1 2014 RESULTS Slide 33

GROUP OUTLOOK Slid 63 GROUP OUTLOOK Slide 63

APPENDIX Slide 65

3

Profile

A diversified industrial group

5 businesses with different cycles focusing on three sectors: construction, telecoms and media

2013 contribution1 by business area

26.12.4

4.6

Sales2 at €33.1bn

1,005

223 125

Current operating profit2 at €1,319 m

819

149 24(3)Free cash flow2 at €818m3

Construction businesses Bouygues TelecomTF1

Key figures1 in 2013 €647m4 net profit 128,067 employees

4

(1) 2013 figures restated for IFRS 11 (2) Including Holding contribution: €9m for sales; -€34m for current operating profit; and -€174m for the free cash flow (3) Free cash flow is calculated before changes in WCR. It excludes capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at holding company level) (4) Before the write-down of Alstom for €1,404m


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 2013

A stable share ownership structure

Voting rights CapitalForeign

SCDM

Employees

Other French

20.8%

24.8%

17.8%

36.6%

shareholdersSCDM

Employees

Other Frenchshareholders

Foreign shareholders 28.4%

30.2%13.8%

27.6%

Shareholders’ structure allowing long-term focus 6

shareholders

At 31 December 2013: 319,264,996 shares and 459,117,988 voting rights. SCDM is a company controlled by Martin and Olivier Bouygues


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

7Pragmatic – Cautious – Opportunistic – Entrepreneurial

Long-term growth opportunities

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

aging infrastructures…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

Alternative transport infrastructures (railways, canals…)

Strengthening existing customer base and increasing addressable market in Telecom / Media Fixed broadband market, mobile data, B2B market …

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

QP District, Qatar


A solid operational track record

2001 2013(1)

+ 4 %

CAGR

€20.5bn

€876m

€344m

+ 4 %

+ 3 %

+ 5 %

€33.1bn

€1,319m

€647m3

Sales

Operating profit

Net profit2

9

€344m

(1) 2013 figures restated for IFRS 11 (2) Attributable to the Group (3) Before the write-down of Alstom for €1,404m

€0.36X 4.4

€647m3

€1.60

Net profit2

DPS

A healthy financial profile

Low gearing at 51%1

Evenly spread repayment schedule

All figures are at end December 2013

Debt under control

6%

Ability to control capex

Capex-to-sales ratio2Available Cash = €8.7bn

No significant off-balance sheet commitment

High level of liquidity

S t i bl h fl

0%

2%

4%

10

Free cash flow2 = €0.8bnAverage Free cash flow since 2005 at €1bn

Cash remittance to the holding

Sustainable cash-flowgeneration

(1) Including impact of the write-down of Alstom(2) Capex and Free cash flow exclude capitalised interest related to 4G frequencies for €33m at Group level


0.90

1.21.5 1.6 1.6 1.6 1.6 1.6

1

Dividend per share

0.36

0.50.75

0.90

1Dividend yield based on closing price

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

11

5.8%



Q1 2014 FIGURES Slide 33


APPENDIX Slide 65

12


Construction businesses

13

A world leader: n°7 “top international contractor” according to ENR ranking1

2013 key figures

Asia & Middl E t

Africa6%

CONSTRUCTION BUSINESSES: profile

Sales2: €26.1bn3Sales4 by region

France59%Europe

(excl. France)

16%

Americas11%

Middle East8%

6%

11.12.5

12.8

Buildings & civil works Real estate Roads

Free cash flow2: €819mOperating profit2 : €1,005m

437178

390

Building & civil works Real estate Roads

331110

378

Building & civil works Real estate Roads

(1) Companies are ranked according to construction revenue generated outside home country (2) 2013 figures restated for IFRS 11 (3) Total of the sales contributions (after eliminations within the construction businesses) (4) As published in 2013 (not restated for IFRS 11)

Free cash flow2: €819mOperating profit : €1,005m

14


Building & civil works

Bouygues Construction is a world leading full service contractor in building & civil works, electricalcontracting and maintenance

CONSTRUCTION BUSINESSES: profile

A recognized expertise at every stage of a project from design to construction, operation,maintenance, and including financing arrangement

Real estate

Bouygues Immobilier is the leading property developer in France

A pure player in real estate development with more than 50 years of experience, acting both inid ti l d i l t d d i tl i Fresidential and commercial segments and predominantly in France

Roads

Colas is a world leader in road construction and maintenance

Key competitive advantage thanks to vertical integration with a widespread industrial footprint(aggregates, emulsions, asphalt mix, bitumen...)

15

CONSTRUCTION BUSINESSES: strengths & opportunities

The ability to provide innovative, high value-added solutions tailored to customers' requirements

The development of specialty activities, which are sources of growth

A strong and diversified international presence

The focus on long-term sustainability and the ability to adapt

The Baluarte bridge, Mexico

16


CONSTRUCTION BUSINESSES: high value-added solutions

High-level technical know-how

A solid track record valued by customers all around the world

Ability to develop high value-added end-to-end offersy p g

20 years of expertise in full service offering contracts

More than 120 projects (PPP/PFIs1/concessions) over the period

Comprehensive solutions including design, construction, maintenance and financing

Competitive advantage in sustainable construction French Ministry of Defense, Balard, 2012-2014

Sports Hub, Singapore, 2010-2014

Increasing market demand, supported by regulation, for energy-efficient buildings

Currently developing new offerings for green neighbourhood relying on the entire Bouygues Group’s expertise

1PPP: Public-Private Partnerships, PFI: Private Finance Initiative

Green office®, Meudon

17


L2 bypass PPP in New Coastal Road on R i I l d F

Some examples in transport: major road construction projects

Marseille, France Reunion Island, France

The largest infrastructure project awarded in France in 2013

30-year PPP

Construction of the longest off-shore viaduct in France (5.4 km)

Contract worth €218m for Bouygues C t ti

18

30 yea

Works valued at €340m for Bouygues Construction and Colas

Completion: 2017

Construction Construction of four sections of an elevated

dual three-lane road

Contract worth €318m for Colas

Completion: 2018


Some examples in transport: airports


Iqaluit International Airport, Canada

Financing design and

Lyon-Saint Exupéry Airport, France

Design and construction of a

Zagreb Airport, Croatia

Financing, design and

19

Financing, design and construction of a new terminal

Works valued at €160m for Bouygues Construction and Colas

Handover scheduled for end-2017

gnew terminal

Works valued at €142m Handover of the first phase

in 2016 Passenger capacity: close

to 10 million

g, gconstruction of a new terminal

Works valued at €243m Handover scheduled for

end-2016 Passenger capacity: 5 million

CONSTRUCTION BUSINESSES: development of specialty activities Strategy

Expand the offering available to customers

Develop synergies with existing business areas

Penetrate new growth potential markets

For example: urban transport, a growing market

Increasingly strong demand in large and mid-sized towns and cities

Recognised know-how

30 projects completed in France since 1985

International know-how: Cairo metro (Egypt), Rabat-Salé and Casablanca (Morocco) Geneva (Switzerland) Los Teques (Venezuela) Kuala Lumpur

Rabat-Salé tramway, Morocco

Order book at Colas Rail

Share of more than 1 year

€bn+14% YoY(Morocco), Geneva (Switzerland), Los Teques (Venezuela), Kuala Lumpur

(Malaysia), etc.

2013 sales at Colas Rail up +19% (€767m):

Strong growth in the order book, which enjoys increasing maturity with several commercial successes : high-speed rail line in Morocco for €124m, RFR rapid transit rail network in Tunis for €86m, Santiago metro in Chile for €67m 0.3 0.3 0.4 0.5

0.30.6

0.70.8

0.6

0.91.1

1.3

End-2010 End-2011 End-2012 End-2013

yShare of less than 1 year

20

YoY


CONSTRUCTION BUSINESSES: main international contracts won in 2013

Canada

Iqaluit Airport (€160m)Road maintenance (€35m)

SwitzerlandErlenmatt eco-neighbourhood in Basel (€130m)Im Lenz eco-neighbourhood in Lenzburg (€110m)

UKUniversity campus in Hertfordshire (€140m)Property complex in Lewisham (€70m)

Group share – rounded up/down

50% of the order books at Bouygues Construction and Colas is to be executed in international markets

Road maintenance (€35m)

USPrivate property development (€200m)1

Airport runway (€20m) Cuba Luxury hotel complex (€60m)

Morocco Luxury residence (€40m)Tangier-Kenitra high-speed Thailand

Ph t lt i l l t (€40 )

Hong KongSubsea road tunnel (€1.15bn)Macao Luxury hotel complex (€360m)1

Road maintenance in London (€205m)

CroatiaZagreb Airport (€240m)

HungaryM85 motorway (€90m)

Slovakia R2 motorway (€80m)

Operations in 80 countries

Countries where Bouygues Construction and Colas generated sales in 2013

21

Trinidad and Tobago National oncology centre (€40m)

rail line (€125m) TunisiaTunis rapid rail network (€85m)

ChadRoad (€40m) Turkmenistan

Theatre and concert centre (€340m)International university (€90m)

SingaporeBangkok condominium tower (€100m)Bishan condominium tower (€100m)

Photovoltaic solar power plants (€40m)MyanmarResidential complex (€70m)

(1) Partial order intake in 2013

ChileSantiago metro in Chile (€70m)

CONSTRUCTION BUSINESSES: focus on long-term sustainability

Order books (€m)

A safe and extensive order book providing good visibility on future activity

A record order book of €27.5bn at end-December 2013, up 3% year-on-year and up 22% since end-2010

An increase in the depth of the order book, giving time to adaptOrder books (€m)

2,2803,051

2,957 2,6106,1416,472

6,704 7,08822,57524,806

26,808 27,530

Bouygues Construction Bouygues Immobilier Colas

+3%

-12%

+6%

+22%

2013 orders at Bouygues Construction and Colas to be executed beyondone year (Y+1) are up 7% y-o-y and represent 44% of the total

A strong ability to adapt

Cost structure mostly variable (attached to projects)

Geographical flexibility of teams

Management’s proven responsiveness

22

14,154 15,283 17,147 17,832

,

End-2010 End-2011 End-2012 End-2013

+4%

Focus on controlling operating and financial risks in orderto ensure long-term performance

Commercial selectivity (preference is given to margin)

Strict control procedures and cautious guidelines


1 2362 7%3,7%

4,7%5,1% 5,3% 5,0%

4,6%

3,6%4,2% 3,7% 3,9%

4,0%

5,0%

6,0%

CONSTRUCTION BUSINESSES: robust financial profileA solid profitability1

Operating profit (€m) and margin

161

368 420

617497 450

695784*

488605

812819

384 379

535783

966 1,1581,236

1,079832

1,020949 1,005

2,7%2,8%

0,0%

1,0%

2,0%

3,0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

A recurring FCF generation1 (€m)

2 794

3,547

3,1753,404

3,281 3,308

A high net cash position1 (€m)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1,185

1,689

2,2592,440

2,4952,794

2,587

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

*Excluding Axione disposal at Bouygues Construction for €163m

23(1) 2013 figures restated for IFRS 11

24


A strong media group The leading TV channel in France, TF1

Strong position on free-to-air market with 4 channels

12 other pay-TV channels including Eurosport (n°1 sport TV channel in Europe)

TF1: profile

Diversification activities: audiovisual rights and production, licensing…

2013 key figures €2.5bn revenue

€137m net profit1

Around 3,800 employees

Leader in audience share A core channel offering a unique exposure for advertisers generating a premium to the leader

68% 32%

2013 sales breakdownTF1 Group advertising

Other activities

Journalist Harry Roselmack A core channel offering a unique exposure for advertisers generating a premium to the leader

A leadership in combined audience share (28.9%2 for TF1, TMC, NT1 and HD1 at end-December 2013)representing an unrivalled television offer

A unique position in Europe

Channels and brands available on every media and every screens

A true multimedia advertising agency (TV, radio, web, press)

Journalist Harry Roselmack

1 Attributable to the group 2 Individuals > 4y - 2013 - Médiamétrie / Médiamat25

TF1: targets Strengthen core free-to-air business

Maintain the group’s leading market position

Develop close relationship with TV viewers thanks to strong positions in new media

K i i h h ffi i f d i d i i i Keep innovating to enhance the efficiency of ad campaigns and increase monetization

Continue the development of TF1’s pay services and products

Eurosport: a strong asset

Partnership signed with Discovery Communication

Foster the counter-cyclical advantage of diversification

Develop different sales modes (B2B, B2C,…)

Improve profitability

Phase 2 of the cost-optimization plan launched in 2012: increase productivity and flexibility

Review the Group’s processes and organizations

Pursue the rationalization of diversification businesses 26


27

Major actor of the French telecom market for more than 17 years Mobile commercial launch in 1996, fixed broadband commercial launch in 2008

11.1 million mobile customers at end-December 2013 for a 15% market share

2.0 million fixed broadband customers at end-December 2013 for an 8% market share

BOUYGUES TELECOM: profile

A network of more than 600 stores

Tradition of innovation to deliver value for money to customers First call plans in the French market

First unlimited bundles (Neo)

First quadruple play offer (ideo)

First “SIM-only/Web-only” offer for less than €25 (B&YOU)

2013 key figures

€4.7bn revenue

€13m net result2

9,100 employees 281SIM-only/web-only 2Attributable to the group


BOUYGUES TELECOM: facing a challenging mobile market

A challenging mobile market since 2012

Strong growth in SIM-only plans transforming the business model

Sh f ll i i i Sharp fall in pricing

Operators’ profitability squeezed significantly due to more and more customers switching to the new price plans combined with falls in market share

Bouygues Telecom reacted quickly beginning of 2012 with two strategic priorities

Transform the business modelTransform the business model

Reposition the offering in order to boost differentiation and return to growth

29

A strong mobile network 15,000 sites deployed covering 99% of the French population in 2G and 96% in 3G

4G network open commercially on 1 October 2013: 69%1 of the population having access to 4G

BOUYGUES TELECOM: technology and innovation

Network sharing agreement signed with SFR to significantly improve geographical coverage and network quality as well as generate cost savings

Access to spectrum secured to support mobile data services in the future

A capacity of 74 MHz of spectrum (28% of the total available) on 800, 900, 1,800, 2,100 and 2,600 MHz bands

Fixed network Fixed network

78% of the population covered in unbundled zones – 50% of the population covered by Bouygues Telecom’s own network with a target to add 1 million households by end 2014

More than 7 million households eligible for very-high-speed thanks to Numericable wholesale agreement

1 million Fibre home passed (FTTH) – Target of 1.4 million by end 201430(1) Data collected on 13th March 2014


Develop data use by capitalising on 4G 4G allows intensive data use making new uses possible

Expand market share in the fixed broadband market

BOUYGUES TELECOM: opportunities

Average GB consumption per month by Bouygues Telecom customers in 3G vs 4G

Expand market share in the fixed broadband market Launch of a new B&YOU double-play offering “la Box internet” in

November 2013 for €15.99/month

Launch of a triple-play Internet - TV - Telephony home gatewayin February 2014 for only €19.99 a month

Good positioning on the very high speed broadband market 18% market share (363 000 very high speed customers at end-December 2013)

820Fixed broadband sales from

network (m€)1

+31%

18% market share (363,000 very high speed customers at end-December 2013)

Seize opportunities in B2B markets : take advantage of the €13bn2

corporate market opening up to competition Major existing corporate clients include BNP Paribas, Lafarge, Foncia etc. 243

414

627

2010 2011 2012 20131Sales from network excluding ideo discount 2Estimate by Arcep and Bouygues Telecom

31





APPENDIX Slide 65

32


Reminder: changes in accounting methods for 2014

As announced on 26 February 2014

2013 reported figures have been restated for IFRS 11

At the Bouygues level, Eurosport International sales and EBIT will remain included in the TF1 results until the effective sale of the additional 31% to

33

included in the TF1 results until the effective sale of the additional 31% to Discovery Communications. After the sale, TF1’s remaining interest will be accounted for using the equity method

HIGHLIGHTS AND KEY FIGURES

BUSINESS AREAS

FINANCIAL STATEMENTS

34


Highlights of Q1 2014

In keeping with 2013, the Group further demonstrated its competitiveness and the benefits to customers of its innovation capabilitiesthe benefits to customers of its innovation capabilities Good commercial activity in the construction businesses

Continued traction of 4G, adopted by 13% of Bouygues Telecom’s customers

Successful launch of the new fixed offering: 100,000 new fixed customers in Q1 2014, number 1 in terms of net growth1 in Q1 2014

Like every year, first quarter results are not representative of full-year performance

35(1) Company estimate

Group key figures

€mQ1 2013 restated

Q1 2014 Change

Sales 6,645 6,841 +3%1

(1) Up 4% like-for-like and at constant exchange rates (2) Including non-current income of €196m related to Bouygues Telecom

(3) Including a net capital gain of €240m on the sale of Colas’ stake in Cofiroute

Current operating profit/(loss) (77) (96) -€19m

Operating profit/(loss) (77) 100(2) +€177m

Net profit/(loss) attributable to the Group (42) 285(3) +€327m

As every year, Q1 results are not indicative of the Group’s full-year performance

Operating profit factors in non-current income of €196m related to Bouygues Telecom

Net income attributable to the Group includes a net capital gain of €240m on the sale of Cofiroute

Excluding non-current items, Q1 2014 net loss would be €56m, close to the Q1 2013 level36


Group financial position

€ millionEnd-Dec.

2013 restated End-March

2014Change

End-March 2013 restated

The change in net debt between end-December 2013 and end-March 2014 includes

Shareholders' equity

Net debt

Net gearing

8,669

4,435

51%

8,941

4,725

53%

+€272m

+€290m

+2 pts

9,912

5,014

51%

The traditional seasonal impact coming from Colas

€780m from the sale by Colas of its stake in Cofiroute

A working capital increase which is not representative of the year

37

Change in net cash position (1/2)

Restated net cash at 31/12/2013 €m

Net cash at 31/03/2014

-24-1,061 780

15(3)

Acquisitions/Disposals1

(4,435)

Operation Sale of Cofiroutestake2

(4,725)

Other

Q1 2013 restated (4,176) -40 -713 -85(4) (5,014)

(1) Including scope effects (2) Sale of Colas’ 16.67% stake in Cofiroute(3) Impact of reclassification of Eurosport International to held-for-sale operations (+€12m) and exercise of stock options (+€3m)(4) Issue and buyback of shares (-€74m) and capitalised interest related to 4G frequencies (-€11m)

38


Change in net cash position (2/2)

Net cash flow1

+304€

Net capital expenditure

-279Change in the operating

WCR2 & other

Breakdown of operation

€m

-1,061

-1,086

Q1 2013 restated +186 -294(3) -605 -713(3)

(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets (3) Excluding capitalised interest related to 4G frequencies for €11m

39


BUSINESS AREAS


40


Construction businesses

41

Good commercial performance by the construction businesses

Q1 2014 confirms 2013 commercial trends Bouygues ConstructionBouygues ImmobilierColas

Order books (€m)

+4% Continued growth of the order books in the construction

businesses: €28.8bn, up 4% vs end-March 2013

Strong international presence: 50% of the Bouygues Construction and Colas order books vs 45% at end-March 2013

17 331 18 243

3,005 2,890 2,485

7,254 7,531 8,064

€27.0bn€28.8bn€27.8bn

+4%

42

16,727 17,331 18,243

End March 2012

End March 2013

End March 2014


Business activity at Bouygues Construction

Strong level of order intake Q1 2014 order intake: €3bn, up 7% vs Q1 2013 thanks to the international business

Record order book of €18.2bn at end-March 2014, up 5% vs end-March 2013 Strong visibility with €10.9bn of sales secured beyond 2014

Order intake (€m)1

France

International

+7%2,595 2,742 2,644

For execution in Y For execution in Y+1For execution from Y+2 to Y+5Long-term order book (beyond Y+5)

Order book

+5% YoY

€17.3bn €17.8bn €18.2bn

€m

2,800 2,813

3,689

2,7872,984

43(1) Definition: contracts are booked as order intakes at the date they take effect

-11%

+34%

7,102 7,317

5,052

8,887

5,063

2,5826,203

3,219,

End-March 2013 End-Dec 2013 End-March 2014

1,270 1,219 1,238 1,112 1,487

1,530 1,5942,451

1,6751,497

Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014

2 595 2 742 2,644

For execution in Y For execution in Y+1For execution from Y+2 to Y+5Long-term order book (beyond Y+5)

Key figures at Bouygues Construction Order intake (€m)1 Order book

France

+5% YoY

ANNEX

€17.3bn2,451

1 497

2,800 2,813

3,689

2,7872,984

+7% €m

€17.8bn-11%

€18.2bn

7,102 7,317

5,052

8,887

5,063

2,5826,203

3,2192,595 2,742 ,

End-March 2013 End-Dec 2013 End-March 2014

(1) Definition: contracts are booked as order intakes at the date they take effect

France

International

€ millionQ1 2013 restated

Q1 2014 Change

1,270 1,219 1,238 1,112 1,487

1,530 1,594 1,6751,497

Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014

+34%

44

France52%Europe

(excl. France)

19%

Asia & Middle East

19%

Africa6%

Americas 4%Sales 2,449 2,596 +6%3

o/w France 1,318 1,365 +4%o/w international 1,131 1,231 +9%

Current operating profitCurrent operating margin

863.5%

913.5%

+€5m=

Net profit att. to the Group 60 65 +€5m(3) Up 7% like-for-like and at constant exchange rates

At end-March 2014


Business activity at Bouygues Immobilier

Residential reservations up 6% to €324m in a market that remains very difficult 70 unsold completed homes at end-March 2014, equivalent to two

Reservations (€m)1

Commercial property

Residential property p , qdays of marketing

In a sluggish commercial market, Bouygues Immobilier expects to sign a number of large projects in 2014 As usual, quarterly year-on-year comparison is not meaningful as

reservation level depends on the timing of the signature of contracts 293 306 324

116 13140

409437

364

Residential property

-17%

-69%

+6%

45

Q1 2012 Q1 2013 Q1 2014

(1) Definition: residential property reservations are reported netof cancellations. Commercial property reservations are firmorders which cannot be cancelled (notarised deeds of sale)

Hikari eco-neighbourhoodproject in Lyon, France

646 427 366

2,8902,610 2,485

Order book

Key figures at Bouygues ImmobilierReservations1

Commercial propertyResidential property

€m

ANNEX

754131 40

72

7

26

437364

518345

780

2,244 2,183 2,119

End-March 2013

End-December 2013

End-March 2014

(1) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)


Q1 2014 Change

306 324446

338

131 40 7

Q1 13 Q1 14 Q2 13 Q3 13 Q4 13

46

Sales 526 536 +2%2

o/w residential 444 440 -1%o/w commercial 82 96 +17%

Current operating profitCurrent operating margin

39

7.4%

31

5.8%-€8m

-1.6 pts

Net profit att. to the Group 20 20 =

(2) Stable like-for-like and at constant exchange rates


Business activity at Colas

Order book (€m)

International and French overseas territories

Mainland France

Order book at a high level of €8.1bn, up 7% year-on-year As expected, French order book is down due to impact of local

elections

3 5374,449

3,9943,615

7,5318,064 +7%

+26%

-9%

Order book for international and French overseas territoriesis strong and includes the new coastal road on Reunion Island

Increase in the order book’s length The activity to be executed beyond 2014 is up 35% (+€781m) Order book to be executed in 2014 is down 5% at end-March 2014

47

3,537

End-March2013

End-March 2014

New Coastal Road on Reunion Island, France

All rights reserved –Lavigne Chéron Architectes

Key figures at Colas

International and French overseas territoriesMainland France

+7% € millionQ1 2013 restated

Q1 2014 Change

Order book (€m)

ANNEX

3 5374,449

3 629 3 571 3,811

3,9943,615

3,941 3,523 3,277

7,5318,064

7,5707,094 7,088

+26%

-9%

restatedg

Saleso/w Franceo/w international

2,0591,362

697

2,1651,389

776

+5%1

+2%+11%

Current operating profit/(loss)

(206) (215) -€9m

Net profit/(loss) attr. to the Group

(131) 245(2) +€376m

48

3,537 3,629 3,571 3,811

End-March2013

End-March2014

End-June 2013

End-June 2014

End-Sept 2013

End-Sept 2014

End-Dec 2013

End-Dec 2014

the Group

(1) Up 6% like-for-like and at constant exchange rates(2) Including a net capital gain of €385m on the sale of the Cofiroute stake


Financial results of the construction businesses

€m Q1 2013 restated Q1 2014 Change

Sales 4,942 5,208 +5%1

Current operating profit/(loss)86

(81) (93) -€12m

Like every year, the first quarter operating results are not indicative of full year performance due

(1) Up 6% like-for-like and at constant exchange rates

o/w Bouygues Construction o/w Bouygues Immobiliero/w Colas

( )8639

(206)

9131

(215)

+€5m-€8m-€9m

Net profit/(loss) attributable to the Group (46) 321 +€367m

y y q p g y pto Colas’ seasonality

Additionally, net profit attributable to the Group includes a net capital gain of €372m related to the sale of the Cofiroute stake. Excluding this non-current item, the construction businesses would have posted a Q1 2014 net loss of €43m, €3m less than in Q1 2013

As expected, 2014 financial performance should remain robust49

50



Q1 2014(1) Change

Sales 563 556 1%2

Q1 2014 overview at TF1

Saleso/w TF1 group advertising

563368

556369

-1%2

=

Current operating profit/(loss) (16) 23 +€39m

Net profit/(loss) att. to the Group (6) 15 +€21m(1) At the Bouygues level, Eurosport International sales and EBIT will remain included in the TF1 results until the effective

sale of the additional 31% to Discovery Communications (2) Down 1% like-for-like and at constant exchange rates “The Voice”, the TV show

Stable group advertising revenue in a difficult economic and competitive environment

Q1 2014 operating profit up €39m vs Q1 2013 due to timing differences in programming costs as well as continued benefits from the optimisation plan

51

52


2014 strategic priorities

Develop data use by capitalising on 4G and attract customers to value-added plans

Launch breakthroughs in the fixed segment to accelerate growth and to expand Internet at-home accessibility to as many people as possible

Continue to transform the company

53

Continue to transform the company €599m of cost savings achieved on the mobile activity between

2011 and 2013

New target of €300m of annual savings on the total cost baseby 2016

Bouygues Telecom fixed offer advert

Develop data use thanks to 4G

Continued 4G traction in the customer base 13%1 of the subscriber base uses 4G

Average data consumption: 2 GB per month for 4G users1,400

4G users1 (‘000)

g p p

Progress in attracting customers to value-added plan2

More than 70% of retail plan subscribers on a value-added plan at end-March 2014: +10 pts vs end-March 2013

Close to 60% of the B&YOU subscriber base is on €19.99 or €24.99 plans at end-March 2014

1,000

End-Dec 2013 End-March 2014

54

In keeping with 2013, the increase in value-added plans is hidden by the loss of prepaid and basic plan customers Net adds of 30,000 plan subscribers and net loss of 109,000 prepaid customers in Q1 2014

(1) Customers with a 4G plan and a 4G-compatible handset (2) Above or equal to 500 MB/month


Successful launch of the new fixed offering Bouygues Telecom number 1 in terms of net growth1 in Q1 2014

with 100,000 new fixed customers45 10

4072

100

Net adds in the fixed broadband business2 (‘000)

Breakthroughs in the fixed segment

Continued growth of very-high-speed customers3

378,000 customers at end-March 2014

18% of the fixed customer base at end-March 2014

Bouygues Telecom will continue to expand Internet at-home accessibility to as many people as possible

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

312320

334

363378

Very-high-speed customer base3 (‘000)

55

Thanks to new initiatives during the year...

...and to constant progress in its fixed network

78% of the population covered in unbundled zones – 50% of the population covered by Bouygues Telecom’s own network with a target to add 1 million households by end 2014

1 million Fibre home passed (FTTH) – Target of 1.4 million by end 2014(1) Company estimate (2) Includes broadband and very-high-speed subscriptions (3) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s

End-March2013

End-June2013

End-Sept2013

End-Dec2013

End-March2014

Q1 2014 financial performance at Bouygues Telecom€ million Q1 2013 restated Q1 2014 Change

Sales 1,148 1,085 -5%1

Sales from network 1,063 966 -9%

EBITDAEBITDA/sales from network

21219 9%

16316 9%

-€49m3 0 pts

In keeping with 2013, sales and EBITDA reflect the commercial performance, the continued repricing

(1) Down 5% like-for-like and at constant exchange rates (2) Including non-current income of €200m, in particular related to litigation settlements

EBITDA/sales from network 19.9% 16.9% -3.0 pts

Current operating profit/(loss) 28 (19) -€47m

Operating profit 28 181(2) +€153m

Net profit attributable to the Group 16 110 +€94m

In keeping with 2013, sales and EBITDA reflect the commercial performance, the continued repricingwithin the subscriber base and the increasing share of SIM-only sales

Repricing of the subscriber base since April 2013(3): 71% at end-March 2014

EBITDA includes €18m for the 1,800 MHz refarming fee

Operating profit includes non-current income and charges resulting in a positive amount of €200m, in particular related to litigation settlements

56(3) The number of retail customers subscribing to a plan whose price has been revised since April 2013 as a percentage of the total retail plan subscriber base


Mobile and fixed business performance at Bouygues Telecom

‘000End-March

2013End-June

2013End-Sept

2013End-Dec

2013End-March

2014Mobile subscriber base 11,271 11,286 11,094 11,143 11,064

o/w plan subscribers1 9,618 9,802 9,760 9,910 9,940

ANNEX

1,6341,750

1,876

B&YOU mobile subscriber base4 (‘000)

o/w prepaid customers 1,653 1,484 1,334 1,233 1,124Fixed subscriber base 1,891 1,901 1,941 2,013 2,113

o/w very-high-speed sub.2 312 320 334 363 378

Sales from the fixed broadband network3 (€m)

197219 203 207 213+11%

1,334

1,509

End-March2013

End-June2013

End-Sept2013

End-Dec2013

End-March2014

57

(1) Plan subscribers: total customer base excluding prepaid customers according to the Arcep definition(2) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s (3) Sales from network excluding the ideo discount(4) Excluding B&YOU prepaid customers, accounted for under the Simyo brand from Q3 2013

Q1 13 Q1 14 Q2 13 Q3 13 Q4 13

Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base

Q4 2013 Q1 2014 Q4 2013 Q1 2014 Q4 2013 Q1 2014Subscribers SIM cards (‘000) 9,910 9,940 1,233 1,124 11,143 11,064SIM cards (% mix) 88.9% 89.8% 11.1% 10.2%

Annex

Fixed broadband subscriber base1 (‘000) 2,013 2,113

Unit data – mobile subscribers

ARPU (€/year/subscriber)2 370 359 109 109 334 327Data usage (MB/month/subscriber)3 328 393Text usage (texts/month/subscriber)4 392 384 114 114 352 348Voice usage (min/month/subscriber)4 490 496 160 166 442 452

Unit data – fixed subscribersARPU (€/year/subscriber)2 399 402

Marketing costs5 Q1 2013 Q1 2014

Marketing costs (€m) 149 100

Marketing costs/sales from network 14.0% 10.4%

(1) Includes broadband and very-high-speed broadband subscriptions according to the Arcep definition

(2) Rolling 12-month period, stripping out the ideo discount, and excluding machine-to-machine SIM cards for mobile ARPU

(3) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards

(4) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards and excluding internet SIM cards

(5) Mobile and fixed subscriber acquisition and retention costs

ARPU (€/year/subscriber) 399 402

58



BUSINESS AREAS


59

Condensed consolidated income statement (1/2)


Q1 2014 Change

Sales 6,645 6,841 +3%, ,

Current operating income (77) (96) -€19m

Other operating income and expenses 0 196(1) +€196m

Operating income (77) 100 +€177m

Cost of net debt (79) (81) -€2m

60

o/w financial income

o/w financial expenses

( )10

(89)

( )10

(91)

=

-€2m

Other financial income and expenses (9) (3) +€6m

(1) Non-current income related to Bouygues Telecom




Q1 2014 Change

Income tax expense 53 (5) -€58m

Associates and joint ventureso/w share of profits

o/w net capital gain on Cofiroute disposal

6565

-

30249

253(1)

+€237m-€16m

+€253m

Net profit/(loss) from continuing operations (47) 313 +€360m

61

Net (profit)/loss attributable to non-controlling interests2 5 (28) -€33m

Net profit/(loss) attributable to the Group (42) 285 +€327m(1) Net capital gain at 100% (2) Formerly called “minority interests”





APPENDIX Slide 65

62


Outlook

2014 Group total sales should be close to the 2013 level

Operating performances should remain robust for the construction businesses

TF1 operating results will be marked by two exceptional events in 2014: the Football World Cup and the probable divestment of Eurosport International

Bouygues Telecom confirms its target to generate a slightly positive “EBITDA1

minus Capex” item in 2014 and continues to implement its three strategic priorities

Develop data use by capitalising on 4Ge e op data use by cap ta s g o G

Launch breakthroughs in the fixed segment to accelerate growth

Transform the company with a new target of €300m of annual savings on the total cost base by 2016

63(1) EBITDA = current operating profit + net depreciation and amortisation expense + net provisions and impairment losses - reversals of unutilised provisions and impairment losses





APPENDIX Slide 65

64



€m 2012 2013 Change

Sales 33,547 33,345 -1%

Annex – as published

Current operating profit 1,286 1,344 +5%

Other operating income and expenses (166)1 (91)2 nm

Operating profit 1,120 1,253 +12%

Cost of net debt/ fi i l i

(290)62

(309)55

+7%11%

65

o/w financial income

o/w financial expenses

62

(352)

55

(364)

-11%

+3%

Other financial income and expenses 11 (26) nm

(1) Including €200m of non-current charges at Bouygues Telecom and TF1 and €34m of capital gains on asset disposals at Bouygues Telecom

(2) Including €80m at Bouygues Telecom and €11m at Colas


€m 2012 2013 Change

Income tax expense (330) (367) +11%


Associates 217(1) 205(2) -6%

Net profit from continuing operations 728 756 +4%

Net profit attributable to non-controlling interests3 (95) (109) +15%

Net profit attributable to the Group before the write-down of Alstom

633 647 +2%

66

before the write-down of Alstom

Write-down of Alstom - (1,404) nm

Net profit/(loss) attributable to the Group 633 (757) nm

(1) Including non-current charges of €53m related to the dilution loss further to the capital increase at Alstom

(2) Before the write-down of Alstom for €1,404m (3) Formerly called "minority interests"


Sales by business area

€m 2012 2013 Change

Bouygues Construction 10,640 11,111 +4%

Bouygues Immobilier 2,396 2,510 +5%


yg , ,

Colas 13,036 13,049 =

Sub-total of construction businesses1 25,753 26,275 +2%

TF1 2,621 2,470 -6%

Bouygues Telecom 5,226 4,664 -11%

Holding company and other 123 119 nm

67

Holding company and other 123 119 nm

Intra-Group elimination (495) (578) nm

TOTALo/w France

o/w international

33,54722,30811,239

33,34522,11811,227

-1%-1%

=(1) Total of the sales contributions (after eliminations within the construction businesses)

Contribution of business areas to Group EBITDA

€m 2012 2013 Change

Bouygues Construction 614 668 +€54m


Bouygues Immobilier 186 191 +€5m

Colas 832 823 -€9m

TF1 318 300 -€18m

Bouygues Telecom 908 880 -€28m

68

Holding company and other (36) (27) +€9m

TOTAL 2,822 2,835 +€13m

EBITDA = current operating profit + net depreciation and amortisation expense + net provisions and impairment losses - reversals ofunutilised provisions and impairment losses


Contribution of business areas to Group current operating profit

€m 2012 2013 Change



Bouygues Immobilier 179 178 -€1m

Colas 406 417 +€11m

Sub-total of construction businesses 949 1,030 +€81m

TF1 258 223 -€35m

Bouygues Telecom 122 125 +€3m

Holding company and other (43) (34) +€9m

TOTAL 1,286 1,344 +€58m69

Contribution of business areas to Group net profit/(loss)€m 2012 2013 Change



291 301

Attributable to the Group


Colas 291 301 +€10m

Sub-total of construction businesses 665 679 +€14m

TF1 59 60 +€1m

Bouygues Telecom (14) 11 +€25m

Alstom 240 168 -€72m

H ldi d th (317)1 (271)2 +€46m Holding company and other (317)1 (271)2 +€46m

Net profit attributable to the Group before the write-down of Alstom

633 647 +€14m

Write-down of Alstom - (1,404) nm

Net profit/(loss) attributable to the Group 633 (757) nm70(1) Including non-current charges of €53m related to the dilution loss further to the capital increase at Alstom (2) Before the write-down of Alstom


Condensed consolidated balance sheet

€mEnd-Dec

2012End-Dec

2013Change

Non-current assets 20,170 17,684 -€2,486m(1)


Current assetsHeld-for-sale assets and operationsTOTAL ASSETS

,16,584

-36,754

,15,4691,151

34,304

,-€1,115m

+€1,151m-€2,450m

Shareholders' equityNon-current liabilitiesCurrent liabilities

10,0789,845

16 831

8,6848,959

16 495

-€1,394m-€886m-€336m

(1)

(2)

71

Current liabilitiesLiabilities related to held-for-sale operationsTOTAL LIABILITIES

16,831-

36,754

16,495166

34,304

-€336m +€166m

-€2,450m

Net debt 4,172 4,427 +€255m

(1) Including impact of the write-down of Alstom (2) Relating to Eurosport International and Cofiroute (3) Relating to Eurosport International

(3)

Change in net cash position in 2013 (1/2)

Net cash at 31/12/2012 €m

Net cash at 31/12/2013


-103 -591

-71

+610 -33(2) -67

Acquisitions/disposals1

(4,172) (4,427)(3 872)

4G frequenciesDividends paid

Issue & buyback of Bouygues

shares

Operation

Exceptional disposals3

Reclassification of Eurosport International4

(4,360)

(1) Including scope effects (2) Capitalised interest related to 4G frequencies(3) Disposal in 2012 of 20% stake in Eurosport and the theme channels at TF1 as well as divestment of tower business and data centres at Bouygues Telecom (4) Reclassification of Eurosport International to held-for-sale operations 72

2012 (3,862) -123 -608 +122 +599 -726 +426 (4,172) (4,172)


Net cash flow1

+2,066

Change in net cash position in 2013 (2/2)

€m

Net capital expenditure

-1,245(2)

Breakdown of operation


+610(2)

Change in operating WCR3 and other

-211

(2)

73

(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (3) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets (4) Excluding exceptional items related to Bouygues Telecom: 4G frequencies in the 800 MHz band (acquisition cost and capitalised interest for €726m) and asset

disposals for €207m

2012 +2,157 -1,433(4) -125 +599(4)

Contribution of business areas to Group net cash flow

€m 2012 2013 Change



Bouygues Immobilier 120 120 =

Colas 723 678 -€45m

TF1 206 188 -€18m

Bouygues Telecom 780 763 -€17m

74

Holding company and other (158) (171) -€13m

TOTAL 2,157 2,066 -€91m

Net cash flow = cash flow - cost of net debt - income tax expense


Contribution of business areas to Group net capital expenditure

€m 2012 2013 Change

Bouygues Construction 159 159 =



Bouygues Immobilier 13 10 €3m

Colas 345 296 -€49m

TF1 45 39 -€6m

Bouygues Telecom 869(1) 739(2) -€130m

Holding company and other 2(1) 2(2) =

Total excluding exceptional items 1,433(1) 1,245(2) -€188m

75

Exceptional items 519 33 -€486m

TOTAL 1,952 1,278 -€674m

(1) Excluding exceptional items related to Bouygues Telecom: acquisition cost and capitalised interest related to 4G frequencies for €726m at Group level (o/w €696m at Bouygues Telecom level and €30m at Holding company level) and asset disposals for €207m

(2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at Holding company level)

Contribution of business areas to Group free cash flow

€m 2012 2013 Change


Bouygues Immobilier 107 110 +€3m


ouygues ob e 0 0 €3

Colas 378 382 +€4m

Sub-total of construction businesses 812 821 +€9m

TF1 161 149 -€12m

Bouygues Telecom (89)1 24(2) +€113m

76

Holding company and other (160)1 (173)2 -€13m

TOTAL 724(1) 821(2) +€97m

Free cash flow = cash flow - cost of net debt - income tax expense - net capital expenditure. It is calculated before changes in WCR

(1) Excluding exceptional items related to Bouygues Telecom: acquisition cost and capitalised interest related to 4G frequencies for €726m at Group level (o/w €696m at Bouygues Telecom level and €30m at Holding company level) and asset disposals for €207m

(2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at holding company level)


Net cash by business area

€mEnd-Dec

2012End-Dec

2013Change

Bouygues Construction 3,093 3,006 -€87m


yg 3,093 3,006 €8


Colas (170) 39 +€209m

TF1 237 188(1) -€49m

Bouygues Telecom (650) (783) -€133m

77

Bouygues Telecom (650) (783) -€133m

Holding company and other (7,040) (7,148) -€108m

TOTAL (4,172) (4,427) -€255m(1) After reclassification of net cash for €67m at Eurosport International to held-for-sale operations

9,000

10,000

Financing

Available cash: €8.7bn€m


3,000

4,000

5,000

6,000

7,000

8,000

Debt maturity schedule at end-December 2013Undrawn

MLTfacilities€5.5bn

0

1,000

2,000

,

Cash€3.2bn

78


Impact of IFRS 11 on the Group's 2013 financial statements

€m2013

reported

Restatement2013

restatedBouygues Construction

Colas TF1

Sales 33 345 (10) (204) (10) 33 121

Annex

Sales 33,345 (10) (204) (10) 33,121

Current operating profit 1,344 2 (27) - 1,319

Operating profit 1,253 2 (27) - 1,228

Cost of net debt

Other financial income and expenses

Income tax expense

(309)

(26)

(367)

-

-

-

5

-

7

-

-

-

(304)

(26)

(360)

79

p

Associates1

( )

205 (2) 14 -

( )

217

Net profit from continuing operations1 756 - (1) - 755

Net profit attributable to non-controlling interests (109) - 1 - (108)

Net profit attributable to the Group before the write-down of Alstom1 647 - - - 647

(1) Before the write-down of Alstom for €1,404m

Impacts of the exceptional items on the net result attr. to the Group


Q1 2014 Change

Net result attributable to the Group (42) 285 +€327m

Non-current income of €196m related to Bouygues Telecom net of taxes - (109) -€109m

Annex

Non current income of €196m related to Bouygues Telecom, net of taxes (109) €109m

Net capital gain on the sale of Colas’ stake in Cofiroute

Cofiroute’s contribution to Q1 2013 net result

-

-

(240)

8

-€240m

+€8m

Net result attributable to the Group excluding exceptional items (42) (56) -€14m


Q1 2014 Change

80

Net result attributable to the Group of the construction businesses (46) 321 +€367m

Net capital gain on the sale of Colas’ stake in Cofiroute

Cofiroute’s contribution to Q1 2013 net result

-

-

(372)

8

-€372m

+€8m

Net result attributable to the Group of the construction businesses excluding exceptional items (46) (43) +€3m


P&L impacts of the sale of the Cofiroute stake

€ million – Q1 2014Colas

P&L Colas

contribution1Group P&L

Annex

P&L

Net capital gain 385 385 385

- Goodwill at the Holding company level 0 0 -132

Net capital gain post goodwill 385

0

385 253

-13- Net capital gain att. to non-controlling interests2 (3.4%) -13

81

Net capital gain attributable to the Group 385 372 240(1) Colas’ contribution to Bouygues’ net profit

(2) Calculated on net capital gain (at 100%) before goodwill

Group organisation chart

Roadworks Building / Civil Engineering Property(1986) (1952) (1956)

Annex

96.6 % 100 % 100 %

CONSTRUCTION

(1994)

29.3% stakePOWER - TRANSPORT

(2006)

Figures as of 31 December 2013

43.5 %

TELECOMS

90.5 %

MEDIA

(1994) (1987)

82


A diversified portfolio

Entering new businesses under good conditions

Growing market

Regulatory or technological changes

Acquisition of Colas / Screg in 1985

Acquisition of TF1 in 1987

Annex

Regulatory or technological changes

Favorable financial conditions

Ability to bring managerial skills

Disposing of businesses under the following circumstances

Lack of understanding and control of the market and its opportunities

Acquisition of TF1 in 1987

Launch of Bouygues Telecom in 1994

Investment in Alstom in 2006

Lack of understanding and control of the market and its opportunities

Structural reduction of free cash-flow generation

Better opportunities for use of proceeds

Excessive Capex requirement

Maison Bouygues in 1990

Bouygues Offshore in 2002

Saur in 2005

TPS in 200683

53%

20%

16%

7% 4%FranceEurope (excl. France)Asia and Middle eastAmericasAfrica

44%

42%

14% Building and Civil Works France

Building and Civil Works International

Electrical Contracting

CONSTRUCTION BUSINESSES: 2013 sales breakdownAnnex – as published

Africa

96%

4%

France

Europe85%

15%

Residential

Commercial

19%

15%

66%

Specialty activites

Building materials

Roadworks

19%

15%57%

9% North America

Europe (excl. France)

France

Others

84


20 years of know-how in concession and PPP/PFI contracts A28 motorway concession A41 motorway concession Stade de France concession Reims tramway concession Cofiroute Libourne street lighting PPP

United Kingdom

Sport facilities PPPs (Stade Vélodrome in Marseille, Velodrom in Saint-Quentin en Yvelines) Hospital PPPs (Bourgoin-Jailleu, Caen etc.) Prison PPPs (Réau, Annœullin, Nantes, etc.) PPPs in the education sector (Paris 4, Versailles Saint-Quentin universities, 5 secondary schools in Loiret) Territorial planning PPPs (Paris and Valenciennes street lighting, broadband network in Vaucluse, etc.) French Ministry of Defence, Paris Paris Law courts complex Nîmes and Montpellier railway bypass

Annex

United Kingdom 18 health, education, social housing and street lighting PFI contracts

(incl. Home Office, Broomfield hospital, social housing in Brent, Hertfordshire campus etc.)

New Tyne Tunnel concession Portsmouth road maintenance PFI MAC-type road and railway maintenance contracts

Croatia

South Korea Machang Bay Bridge

concession

Canada Hospital PPP in British Columbia Royal Canadian Mounted Police headquarters PPP Iqaluit International Airport PPP

Singapore Sports Hub PPP

Germany Rostock tunnel concession Hungary

M5 motorway concession M6-M60 motorway PPP

Nîmes and Montpellier railway bypass Municipal authority complex in Bordeaux L2 bypass in Marseille

Istria motorway concession

phases 1 and 2 Zagreb Airport concession

South Africa Gautrain rail link concession

Jamaica Motorway concession:

highway 2000, 1A

concession Pusan port concession

Hong Kong AsiaWorld-Expo concession

and Marriott hotel

United States Miami port tunnel PPP

Long-term road maintenance contracts

Saudi Arabia Equestrian Club PPP

Cyprus Lanarka and Pafos

airport concession

Bouygues Construction Colas

Australia Sydney metro

85

Ivory Coast Highway concession

28 August 2014 First-half 2014 sales and earnings 7.30am

CalendarAnnex

g g

28 August 2014 First-half 2014 results presentation 11.00am

14 November 2014 Nine-month 2014 sales and earnings 7.30am

86


87

87BUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTURE

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