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Bouygues — Investors presentation – May 2013 1

M 2013M 2013

Bouygues Group presentationBouygues Group presentation1

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-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 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 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 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

25.82.5

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


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%

shareholdersSCDM

Employees

Other Frenchshareholders

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


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


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

€0.36X 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 ratio1Available 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 = €0.7bnAverage Free cash flow since 2005 at €1bn

Cash remittance to the holding

Sustainable cash-flowgeneration

All figures are at end December 20121 Capex and Free cash flow exclude the impact of mobile frequencies purchases and exceptional asset disposals at Bouygues Telecom 10


1 2

1.5 1.6 1.6 1.6 1.6 1.61

Dividend per share

0.360.5

0.750.90

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





APPENDIX Slide 70

12


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: €25.8bnSales by region

France 58%Europe

(excluding France)

17%

Asia and Middle East

8%

Africa 5%10.6

2.413.0

Buildings & civil works Real estate Roads

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

364

179406

Building & civil works Real estate Roads

327107

378

Building & civil works Real estate Roads

1 Companies are ranked according to construction revenue generated outside home country. 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 a property development leader 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

CONSTRUCTION BUSINESSES: high value-added solutions

Some examples

Rail tunnel, Australia

Rail tunnel, Australia

MahaNakhon tower,

Thailand

MahaNakhon tower,

Thailand

Sporting facilities, Canada

Sporting facilities, Canada

Renovation of The Ritz Hotel Paris

Renovation of The Ritz Hotel Paris

Upgrading of roads,

London

Upgrading of roads,

London

Green Office®

Rueil-Green Office®

Rueil-A restricted

worksite environment where trains continue to

run on existing tracks

A restricted worksite

environment where trains continue to

run on existing tracks

ThailandThailand's tallest tower and an all-

time record height for Bouygues Construction(314 metres,77 storeys)

ThailandThailand's tallest tower and an all-

time record height for Bouygues Construction(314 metres,77 storeys)

CanadaExpertise in sustainable

construction: all buildings (including two stadiums and one velodrome)

have Leed® Silver certification

CanadaExpertise in sustainable

construction: all buildings (including two stadiums and one velodrome)

have Leed® Silver certification

Hotel, ParisA showcase of the company's

know-how in the renovation of luxury hotels

Hotel, ParisA showcase of the company's

know-how in the renovation of luxury hotels

London8-year contract

for the upgrading and maintenance

of roads in central London

London8-year contract

for the upgrading and maintenance

of roads in central London

Malmaison, France

The second positive-energy building developed by

Bouygues Immobilier

Leased toUnilever

Malmaison, France

The second positive-energy building developed by

Bouygues Immobilier

Leased toUnilever

Photo credit: Augusto Da Silva 18


CONSTRUCTION BUSINESSES: development of specialty activities

Strategy Expand the offering available to customers

Develop synergies with existing business areas

Penetrate new growth potential markets 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

Rabat-Salé tramway, Morocco

Order book at Colas Rail

1 1Share of more

€bn

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

2012 sales at Colas Rail up +10% (€644m):

Strong growth in the order book, which enjoys increasing maturity with several commercial successes (Nîmes-Montpellier high-speed railway bypass PPP, extension of the Algiers metro, Tunis RFR rapid rail network)

0.3 0.3 0.4

0.30.6

0.70.6

0.9

1.1

End-2010 End-2011 End-2012

Share of more than 1 year

Share of less than 1 year

19

A strong international presence

C dSwitzerland

UKProperty complex in London (€70m)Three tower blocks in Southampton (€60m)

Main international contracts won since the start of 20121

46% of the order book at Bouygues Construction and Colas to be executed in international markets, o/w nearly 40% in emerging markets

CanadaSporting facilities (€110m)Highway 85 in Quebec (€40m)

CubaLuxury hotel complex(€60m)

AlgeriaExtension of an Algiers

ThailandM h N kh t

Hong KongBridge linking Hong Kong, Zhuhai and Macao (€610m)Office block (€210m)

Residential and commercial complexes in Zurich, Thun and Gland (€280m)Swiss post office building in Bern (€110m)

Three tower blocks in Southampton (€60m)Residential complex in Chelmsford (€60m) Road upgrading in London (€205m)

Countries where Bouygues Construction and Colas generated sales in 2012

20

Extension of an Algiers metro line (€45m)TunisiaTunis rapid rail network (€85m)

Ivory CoastRoad concessioncontract in Abidjan (€230m)

GabonUpgrading of RN1 road(€40m)

TurkmenistanTheatre and concert centre (€340m)Renovation of Rukhiet Palace (€50m)

AustraliaRail tunnel and track (€100m)

MahaNakhon towerThree residential tower blocks (€100m)

(1) Amounts attributable to the Group – rounded up/down


A safe and extensive order book providing good visibilityon future activity A record order book of €26.8bn at end-December 2012,

up 8% versus end December 2011

CONSTRUCTION BUSINESSES: focus on long-term sustainability

3 0 12,9576,141

6,4726,704

ColasBouygues Construction

Order book at the construction businesses Bouygues Immobilier

€26.8bn€24.8bn€22.6bn

+8%

-3%

+4%

up 8% versus end-December 2011

An increase in the depth of the order book, giving time to adapt

A strong ability to adapt Cost structure mostly variable (attached to projects)

Geographical flexibility of teams

Management’s proven responsiveness 8.5 2005 2012x2.1

14,154 15,283 17,147

2,280 3,0512,957

End-Dec. 2010 End Dec. 2011 End Dec. 2012

Bouygues Construction order book

3%

+12%

g p p

Focus on controlling operating and financial risks in order to ensure long-term performance Commercial selectivity (preference is given to margin)

Strict control procedures and cautious guidelines

4.0

1.3 0.7

6.0

2.7

for execution in Y+1

for execution from Y+2 to Y+5

for execution beyond Y+5

x4.6x3.9

21

1 2362 7%3.7%

4.7%5.1% 5.3% 5.0%

4.6%

3.6%4.2%

3.7%4,0%

5,0%

6,0%

CONSTRUCTION BUSINESSES: robust financial profileA solid profitability

Operating profit (€m) and margin

161

368 420

617497 450

695784*

488605

812

384 379

535783

966 1,1581,236

1,079832

1,020949

2.7%2.8%

0,0%

1,0%

2,0%

3,0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

A recurring FCF generation (€m)

3 547 3 404 3,281

A high net cash position (€m)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1,185

1,689

2,2592,4402,495

2,7942,587

3,5473,175

3,404 3,281

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

*Excluding Axione disposal at Bouygues Construction for €163m

22


23

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

Strong position on free-to-air market with 4 channels1

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

TF1: profile

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

Diversification activities: audiovisual rights and production, licensing…

2012 key figures €2.6bn revenue

€136m net profit2

Around 4,000 employees

Leader in audience share

68% 32%

2012 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 (28.4%3 for TF1, TMC and NT1 at end-December 2012)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

2 Attributable to the group 3 Individuals > 4y - 2011 - Médiamétrie / Médiamat1 HD1 launched in Q4 201224


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 25

26


3rd telecom operator in France Mobile commercial launch in 1996, Fixed broadband commercial launch in 2008

11.3 million mobile customers at end-December 2012 for a 15% market share

1.8 million fixed broadband customers at end-December 2012 for almost 8% market share

BOUYGUES TELECOM: profile

A network of 650 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)

Fi “S W 1” ff f l h €2 (B&YOU) First “SoWo1” offer for less than €25 (B&YOU)

2012 key figures €5.2bn revenue

-€16m net result2

9,700 employees1SIM-only/web-only 2Attributable to the group

27

A strong mobile network 15,000 sites deployed covering 99% of the French population in 2G / 96% in 3G+ / 60% in H+

4G network open comercially in 10 towns pending the national launch

BOUYGUES TELECOM: technology and innovation

40% of the population having access to 4G on 1 October 2013

Access to spectrum secured to innovate on mobile services in the future

A capacity of 76 MHz of spectrum (27% of the total available) on 800, 900, 1,800, 2,100 and 2,600 MHz bands

Fixed network

78% of the population covered in unbundled zones

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

Bbox Sensation

The most advanced set top box on the market, compatible with all technologies (ADSL, cable, fibre)28


BOUYGUES TELECOM: facing a challenging mobile market

A stage-by-stage transformation of the consumer mobile market in 2011/2012

Increasing cost of handsets, changes in usages (data, etc.)

Launch of Free Mobile in early 2012

New market segmentation: “SoWo1” vs. “Offers with services" (tailored offers with a handset and customer support)

Sharp fall in the market prices

Bouygues Telecom’s objective: transform the company while recovering leadership on innovation

1SIM-only/web-only offers 29

Expand market share in the fixed broadband market Market growing both in volume and value

Good positioning on the very high speed broadband market414

627

BOUYGUES TELECOM: opportunitiesFixed broadband sales from

network (m€)1

+51%

Good positioning on the very high speed broadband market 18% market share (289,000 very high speed customers at end-December 2012)

Launch of the new Bbox Sensation set top box in September 2012

Distribution partnership signed with Darty in July 2012

Satisfy the increasing demand for data traffic (volume and speed) C t l ith th i l f 4G

243

2010 2011 2012

Create value with the arrival of 4G

Seize opportunities in B2B markets : take advantage of the €15bn2 corporate market opening up to competition Major existing corporate clients include BNP Paribas, Lafarge, Foncia etc.

1Sales from network excluding ideo discount 2Estimate by Arcep and Bouygues Telecom30






APPENDIX Slide 70

31

Highlights of Q1 2013

The Bouygues group delivered a good commercial performance in Q1 2013 in a challenging economic and competitive environmentchallenging economic and competitive environment...

...and stepped up its adaptation plans

Like every year, Q1 operating results are not indicative of the Group’s yearly fperformance

32


Highlights of Q1 2013: commercial performance (1/3)

Good start of the year for the construction Bouygues Immobilier

Order book at the construction businesses

Bouygues Construction€m

businesses Order book at end-March 2013: €27.8bn, up 3%

Strong international presence: 45% of Bouygues Construction and Colas order book, o/w 40% in emerging markets

14,668 16,727 17,331

2,2693,005 2,890

6,9947,254 7,531 +4%

-4%

+4%

+3%

€23.9bn€27.0bn €27.8bn

Colas

33

14,668

End-March 2011

End-March 2012

End-March 2013


Improved audience ratings1 at TF1

28.4

23.5 3.5 2.2 0.4

France Television

TF1 Group

TF1 TMC NT1 HD1

18 3

25.6 3.8 3.0 0.6

Individuals aged ≥ 4

Var. vs. Q1 2012

Women aged < 50(2)

+1.1 pts

-1 5 pts

29.6 33.0

Var. vs. Q1 2012

+0.7 pts

-2 4 pts

In %

14.3

28.4

M6 Group

Group

21.0

18.3

34(1) Source Médiamétrie(2) “Women aged under 50 purchasing decision-makers”

1.5 pts

-0.3 pts

2.4 pts

-0.7 pts



Good commercial resilience for Bouygues TelecomQ1 2013 net adds yg Stable mobile customer base and growing plan customer

base despite Bouygues Telecom’s higher prices versus Orange and SFR during the entire quarter

Continued momentum at B&YOU

Solid fixed net adds

QMobile subscribers

+20kPlan subscribers

+190kB&YOU subscribers

+335k

Fixed subscribers

35

+45k

Highlights of Q1 2013: stepping up adaptation plans

Colas The new organization for the roads activity in France is being implemented according to plan

TF1 TF1 Phase II of the optimisation plan aimed at generating recurring savings of €85m in 2014 is being

accelerated

Additional cost cutting measures for 2013 are being prepared in response to the advertising market deterioration

Bouygues Telecom The measures taken in 2012 will secure €400m of cost savings in the Mobile activity in 2013

instead of the €300m planned initially

The additional actions decided at the beginning of 2013 in order to continue transformingBouygues Telecom are in progress

Focus on breakthrough in two domains: the technical assets and the marketing of plans with services36


€ million Q1 2012 Q1 2013 Change

Sales 6,985 6,698 -4%1

Group key figures

Current operating income 82 (76) -€158m

Net income attributable to the Group 35 (42) -€77m

(1) Down 5% like-for-like and at constant exchange rates

Like every year, Q1 operating results are not indicative of the Group’s yearly performance

Both TF1 and Bouygues Telecom results reflect a tough environment and a difficult base of comparison

37

Group financial position

€ millionEnd-March

2012

End-March

2013Change

End-Dec. 2012

Change

Ti ht t l f t d bt d M h 2012

Shareholders' equity

Net debt

Net gearing

9,689

5,324

55%

9,927

5,007

50%

+€238m

-€317m

-5 pts

10,078

4,172

41%

-€151m

+€835m

+9 pts

Tight control of net debt versus end-March 2012

As usual, Q1 net debt is impacted by Colas’ seasonality

38


(3 862) (4 172)(3 872)

Net cash at31/03/2013

Net cash at 31/12/2012

€m

Change in net cash position (1/2)

( )

(4,172) (4 172) (4 212) (4 286)(5 007) (5,007)

Issue & buyback of shares Operation

Acquisitions/Disposals1

-40 -74 -721-40

Q1 2012 (3,862) -7 -772 -683(2) (5,324)

(1) Including scope effects and the impacts on shareholders’ equity(2) 4G frequencies (800 MHz band)

39

Change in net cash position (2/2)

Net cash flow1

+185

€

Net capital expenditure

-297(2)

Change in the operating 3

Breakdown of operation

‐303€m

-721

WCR3 & other-609

Q1 2012 +323 -239(4) -856 -772

(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Excluding capitalised interest related to 4G frequencies for €11m that are recorded in “others” (3) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets (4) Excluding investment on 4G frequencies (€683m on the 800 MHz band) 40


Contribution of business areas to Group net capital expenditure


Bouygues Construction 35 24 -€11m

Bouygues Immobilier 2 2 =

Colas 53 56 +€3m

TF1 5 6 +€1m

Bouygues Telecom 145(1) 209(2) +€64m

Holding company and other (1) 0(2) +€1m

Total excluding frequencies 239 297(2) +€58m

4G f i 683 11 €672

41

4G frequencies 683 11 -€672m

TOTAL 922 308 -€614m

Bouygues Telecom shifted its investments forward into the first quarter

(1) Excluding 4G frequencies in the 800 MHz band for €683m(2) Excluding capitalised interest related to 4G frequencies for €11m at Bouygues group level (for €4m at Bouygues Telecom level and €7m at the holding company level)

Construction businesses

42


BOUYGUES CONSTRUCTION: Q1 2013 overview

Good level of order intake Similar level of order intake as previous years excluding

the Paris Law Courts contract signed for €823m in Q1 20128232,800 2,813

3,689(2)

2,787

Order intake (€m)1

International

France

Strong order book providing visibility Order book at end-March 2013 up 4% at €17.3bn The sales secured for FY 2013 cover 89% of the sales

target

Strong presence in international markets

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

1,530 1,594 1,628 1,675

Q1 2010 Q1 2011 Q1 2012 Q1 2013

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

(2) Q1 2012 order intake includes Paris Law Courts contract for €823m

Strong presence in international markets 43% of the order book outside of France Seizing opportunities in emerging countries

Photovoltaic power plants in Thailand First contract in Myanmar

43Star City, Yangon, Myanmar

2 736 2,702 2,595

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

BOUYGUES CONSTRUCTION: key figures

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

Order intake (€m)1 Order book at end-March 2013International

France+4% YoY

ANNEX

€17.1bn€16.7bn €17.3bn8232,800 2,813

3,689(2)

2,787

-24% €m

6,686 7,102

4,890

8,486

5,052

2,4155,959

2,5822,736 ,

End-March 2012 End-Dec 2012 End-March 2013

effect

(2) Q1 2012 order intake includesParis Law Courts contract for €823m

A i

€ million Q1 2012 Q1 2013 Change 2013 target

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

1,530 1,594 1,628 1,675

Q1 2010 Q1 2011 Q1 2012 Q1 2013

44

France57%

Europe (excl.

France) 18%

Asia & Middle East

16%

Africa5%

Americas 4%Sales 2,380 2,451 +3%3 10,750

o/w France 1,296 1,318 +2%o/w international 1,084 1,133 +5%

Current operating profitCurrent operating margin

793.3%

853.5%

+€6m+0.2 pts

Net profit att. to the Group 52 60 +€8m

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


BOUYGUES IMMOBILIER: Q1 2013 overview

Q1 2013 commercial activity once again highlights Bouygues Immobilier's expertise in green property developments Rehabilitation contract for a 41,420 m2 building for AG2R La Mondiale

Reservations (€m)1

Commercial property

Residential property Rehabilitation contract for a 41,420 m building for AG2R La Mondiale

Residential reservations are up 4% but do not change the full year expectations of a 2013 market at best stable in volume

At €2.9bn, the order book secures 14 months of sales 293 306

116 131

409 437

Titre de l'axe

Residential property

+7%

+13%

+4%

45

Q1 12 Q1 13

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

Rehagreen, Issy-les-Moulineaux, France

2 616 2 357

389 600 646

3,005 2,957 2,890

Order book

BOUYGUES IMMOBILIER: key figuresReservations1

Commercial propertyResidential property

€m

-4% YoY

ANNEX

116 131

201

41

223

409 437

636

353

870

tre de l'axe

+7%

2,616 2,357 2,244

End-March 2012

End-December 2012

End-March 2013

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


S l 472 526 11%2 2 500

293 306435

312

647116 131 41

Q1 12 Q1 13 Q2 12 Q3 12 Q4 12

Tit

46

Sales 472 526 +11%2 2,500o/w residential 434 444 +2%o/w commercial 38 82 x2

Current operating profitCurrent operating margin

35

7.4%

39

7.4%

+€4m=

Net profit attr. to the Group 22 20 -€2m

(2) Up 11% like-for-like and at constant exchange rates


COLAS: Q1 2013 overview

Order book (€m)

Mainland France

International and French overseas territories

Solid order book at €7.5bn, up 4%, with a good dynamic in French order intakes

Q1 2013 does not change the 2013 expected outlook

3,578 3,994

3,676 3,537

7,254 7,531+4%

-4%

+12%

Q1 2013 does not change the 2013 expected outlook The French market is expected to be close to the 2012 level and

activity should be stable abroad

Continued dynamic in the rail activity RFR high speed railway network in Tunis (€86m) First high speed train line in Morocco (€124m, not yet included in the

order book)

47

End-March2012

End-March2013

Rail track renewalWest Coast, United Kingdom

COLAS: key figures

Mainland FranceInternational and French overseas territories

7 5317,856+4% € million Q1 2012 Q1 2013 Change

2013

Order book (€m)

ANNEX

3,578 3,994 4,021 3,708 3,467

3,6763,537 3,835

3,298 3,237

7,254 7,5317,006

6,704

-4%

+12%

€ million Q1 2012 Q1 2013 Changetarget

Saleso/w Franceo/w international

2,2091,440

769

2,1091,372

737

-5%1

-5%-4%

13,200

Current operating income

(186) (203) -€17m

Net income attr. to the Group

(127) (131) -€4m

48

,

End-March2012

End-March2013

End-June 2012

End-June 2013

End-Sept 2012

End-Sept 2013

End-Dec 2012

End-Dec 2013



CONSTRUCTION BUSINESSES: Q1 2013 operating results

Current operating income (€ million) Q1 2012 Q1 2013 Change

Construction businesses (72) (79) -€7m

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

Q1 2013 operating results

Sales contribution€5bn (=)

Current operating income-€79m (-€7m)

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

7935

(186)

8539

(203)

+€6m+€4m

-€17m

Poor weather conditions in March 2013 explain the declining results at Colas compared to Q1 2012

Construction businesses outlook for 2013 is confirmed

49

Net income contribution-€46m (+€3m)

50


TF1: Q1 2013 overview

Q1 sales reflect the tough economic and competitive environment Group advertising revenues down 12% vs. Q1 2012

Q1 2013 key figures Operating income impacted by

The decrease in advertising revenues A tough basis of comparison: Q1 2012 operating profit

included €27m of tax reimbursement

Phase II of the optimisation plan is being implemented and accelerated

Q1 2013 key figuresTF1 group audience share1

29.6%

Sales€566m (-10%)

Current operating income-€16m (-€72m)

Net income att to the Group and accelerated €15m recurring savings have already been secured in

2012 and €7m in Q1 2013 out of the €85m target by 2014

Additional cost cutting measures for 2013 are being prepared in response to the advertising market deterioration

51

Net income att. to the Group -€6m (-€41m) “The Voice”, the TV show

(1) Individuals aged 4 and over – Source Médiamétrie

A 1.1 pts increase in audience share for the TF1 group in Q1 2013

A 0 6 t i i di h f th TF1 h l

TF1: key figures

3.5 3.52.1 2.2

0.4

HD1

NT1

TF1 group audience share1

28.5%29.6%

ANNEX

A 0.6 pts increase in audience share for the TF1 channel


Sales 629 566 -10%2 2,500

22.9 23.5

Q1 2012 Q1 2013

TMC

TF1

(1) Individuals aged 4 and over – Source Médiamétrie

Saleso/w TF1 group advertising

629419

566369

10%-12%

2,500

Current operating income 56 (16) -€72m

Operating income 56 (16) -€72m

Net income att. to the Group 35 (6) -€41m

(2) Down 10% like-for-like and at constant exchange rates 52


53

BOUYGUES TELECOM: market overview in Q1 2013

Two major developments in the mobile market at the beginning of 2013 Sharp price cuts in plans with services have been carried out by competitors

The "SoWo1" segment continues to show substantial growth and is now split into three sub-segments (€0 to €5; around €10; around €20)

Fixed broadband market Volumes expected to be down in Q1 2013p Q

Tougher competition regarding premium box Orange has launched LiveBox Play in February

54(1) "SoWo": SimOnly/WebOnly


BOUYGUES TELECOM: marketing initiatives

• €3.99/month for intensive users of SMS/MMS with 2 hours of calls• B&YOU is now present in the 3 sub-segments of the SoWo market

L

Introduction of a new B&YOU planIn a challenging environment, Bouygues Telecom keeps on adapting its offerings

• Lower rates for households • Limited edition plans to experience 4G

Launch of new Sensation plans

• Opening in 10 towns (Lyon Toulouse Strasbourg ) pending the national launch

Commercial opening of the 4G network

55(1) Awarded Best TV Experience Enhancement at the TV Connect Industry Awards on 20 March 2013

• Opening in 10 towns (Lyon, Toulouse, Strasbourg…) pending the national launch• 40% of the population having access to 4G on 1 October 2013 through premium plans

• Bbox Tab1, Bbox experience on your tablet• Bbox Entreprises designed for small businesses

Innovations of Bbox Sensation

BOUYGUES TELECOM: Q1 2013 overview

Good commercial resilience in an extremely challenging environment Growth in contract net adds thanks to good B&YOU dynamic

Net plan subscriber adds of 190,000

Q1 2013 key figuresMobile subscriber base

11,271,000 Net plan subscriber adds of 190,000 B&YOU: 13% of the total mobile subscriber base at end-Q1 2013

Continued momentum in the fixed activity 68,000 new Bbox customers in Q1 2013, excluding Darty Telecom

Repricing1 within the retail plan subscriber base: 66% at end-Q1 2013

Results in line with expectations and therefore full year outlook remains

11,271,000B&YOU subscriber base

1,413,000Fixed subscriber base

1,891,000

Sales€1.1bn (-16%)

EBITDA€212m ( €84m)

“Sensation” offers advert

Results in line with expectations and therefore full year outlook remains unchanged Tough basis of comparison since Q1 2012 had not yet been impacted by

the market disruption Sales were up 6% excluding MTR cuts in Q1 12 and EBITDA was only down €25m vs. Q1 11

Sales from network are down 13% and down 7% excluding MTR cuts

56

€212m (-€84m)Current operating profit

€28m (-€79m)Net profit att. to the Group

€16m (-€49m)

(1) The number of retail customers subscribing to a plan whose price has been revised since January 2012 as a percentage of the total retail plan subscriber base


BOUYGUES TELECOM: mobile business performance

Growth in plan subscribers Net plan subscriber adds of 190,000 in Q1 2013

ANNEX

190

55

188

285

Q1 12 Q1 13 Q2 12 Q3 12 Q4 12

Trend in plan subscriber base1‘000

'000

59253

452625

1,078

1,413

Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13

B&YOU subscriber base Good momentum at B&YOU

13% of mobile subscribers at end-Q1 2013 At end-March 2013, 60% of B&YOU

customers are on the €19.99 plan

-210

(1) Plan subscribers: total subscriber base excluding prepaid customers according to the Arcep definition(2) The number of retail customers subscribing to a plan whose price has been revised since January 2012 as a percentage of the total retail plan subscriber base 57

11%27%

40%

58% 66%

End-March 12 End-June 12 End-Sept. 12 End-Dec. 12 End-March 13

% repricing2 within the retail plan subscriber base

Steady upward trend of repricing2 within the retail plan subscriber base: 66% at end-Q1 2013

BOUYGUES TELECOM: fixed broadband business performance

Continued momentum at the fixed activity Net Bbox subscriber adds of 68,000 in Q1 2013

excluding Darty Telecom Total fixed broadband subscriber base of 1.9 million

Net growth of fixed broadband business2

359(3)‘000

ANNEX

Total fixed broadband subscriber base of 1.9 million at end-Q1 2013

Strong growth posted by very-high-speed1

Subscriber base of 312,000 customers

Very-high-speed1 Bbox customers represent 25% of gross sales on average in Q1 2013

Sales from the fixed broadband network4

197 187€m

8845

70 88

Q1 12 Q1 13 Q2 12 Q3 12 Q4 12

Sales: +49% in Q1 2013 vs. Q1 2012

(1) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s (2) Includes broadband and very-high-speed subscriptions (3) 77,000 customers excluding integration of Darty Telecom (4) Sales from the network excl. the ideo discount 58

132 139169

187

Q1 12 Q1 13 Q2 12 Q3 12 Q4 12

+49%


BOUYGUES TELECOM: key figures


Sales 1,366 1,148 -16%(1) 4,850Sales from network 1,220 1,063 -13%

EBITDA 296 212 -€84m

ANNEX


EBITDAEBITDA/sales from network

29624.3%

21219.9%

€84m-4.4 pts

Current operating profit 107 28 -€79m

Operating profit 107 28 -€79m

Net profit attributable to the Group 65 16 -€49m

Impact of mobile termination rates on sales from network

“Sensation” offers advert

59

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013

Sales from network (€ million) 1,220 1,166 1,132 1,113 1,063

YoY change in sales from network -3% -11% -10% -11% -13%

YoY change in sales from network excl. MTR2 +6% -2% -4% -5% -7%

(2) Mobile Termination Rates

BOUYGUES TELECOM: results of the 2012 transformation plan Cumulative €238m of cost savings generated in the mobile activity through Q1 13

The measures taken in 2012 will secure €400m of savings in the mobile business in 2013 instead of the €300m initially planned

Between Q1 11 and Q1 13, costs in the mobile activity are €109m lower thanks to the transformation plan Of hi h €87 t i t d i Q1 13

238

2013/2011 change€m

Fixed broadband

costs

Mobile operating

costs

Mobile marketing

costs

Cumulative costs savings in the mobile activity since end December 2011

€m

Of which €87m cost savings were generated in Q1 13

Fixed broadband costs are down 16% in Q1 2013 vs. Q4 2012

22

94 104151

End-March 12 End-June 12 End-Sept 12 End-Dec 12 End-March 13

60

- 68

- 41

+ 35

€109m of cost savings in the mobile activity between Q1 11

and Q1 13


Condensed consolidated income statement (1/2)


Sales 6,985 6,698 -4%

Current operating income 82 (76) nm

Other operating income and expenses 0 0 nm

Operating income 82 (76) nm

Cost of net debt (79) (79) =

15%

61

o/w financial income

o/w financial expenses

13

(92)

11

(90)

-15%

-2%

Other financial income and expenses (1) (8) nm



Income tax expense (5) 52 nmIncome tax expense (5) 52 nm

Share of profits and losses from associates 62 64 +3%

Net income 59 (47) nm

Net income attr. to non-controlling interests1 (24) 5 nm

Net income attributable to the Group 35 (42) nm

62

Net income attributable to the Group 35 (42) nm(1) Formerly called “minority interests”






APPENDIX Slide 70

63

Outlook for the construction businesses (1/2)

The world economic environment remains challenging

However some bright spots in France for 2013 However, some bright spots in France for 2013 The creation of a public bank to finance local authorities

The municipal elections (to be held in 2014)

The government's strong backing for new home construction

Furthermore, the construction businesses enjoy a number of major strengths, j y j g Good visibility on future activity thanks to the order book

Diversity of business activities and expertise

A strong international presence

They are highly adaptable64


Outlook for the construction businesses (2/2)

Bouygues Construction The sales secured for FY 2013 cover 89% of the sales target

45% of the order book is on international markets, particularly in areas less affected by the crisis such as Hong Kong, Qatar, Canada, etc.

Profitability will continue to be favoured over volumes

Bouygues Immobilier The order book represents 14 months of sales

The residential property market is expected to be stable at best in 2013.“Green commercial property" development opportunities will continue to materialise

Colas The year started under good conditions thanks to the order book

The French market is expected to be close to the 2012 level and activity should be stable abroad

Colas will benefit from action plans aimed at improving its competitiveness

65

Outlook

Outlook for TF1 Advertising spend is expected to fall in a challenging economic environment

Phase II of the optimisation plan is to be stepped up

Outlook for Bouygues Telecom The measures taken in 2012 will secure €400m of savings in the mobile business in

2013 instead of the €300m initially planned

The additional actions decided at the beginning of 2013 in order to continue transforming Bouygues Telecom’s business model are in progress Focus on breakthrough in two domains: the technical assets and the marketing of plans

with services

2013 guidance confirmed: stabilization of EBITDA and improvement of EBITDA minus Capex from 2013

66


2013 outlook2013 sales target

€ million 2012In

FebruaryIn

MayChange

2013/2012

Bouygues Construction 10 640 10 700 10 750 +1%Bouygues Construction 10,640 10,700 10,750 +1%

Bouygues Immobilier 2,396 2,500 2,500 +4%

Colas 13,036 13,200 13,200 +1%

TF1 2,621 2,540 2,500 -5%

Bouygues Telecom 5,226 4,850 4,850 -7%

Holding company and other 123 120 120 nmHolding company and other 123 120 120 nm

Intra-Group elimination (495) (460) (470) nm

TOTALo/w Franceo/w international

33,54722,30811,239

33,45022,25011,200

33,45022,25011,200

===

67

Conclusion

Bouygues has once again proven in 2012 that it is highly adaptable in a challenging economic and competitive environment

The Group will continue to draw on its fundamentals

A high level of commercial flexibility

The ability of its business areas to generate cash flow on a regular basis

A robust financial structure

The Group’s priority is to continue and accelerate the action plans in all its The Group’s priority is to continue and accelerate the action plans in all its business areas Under those conditions 2012 should mark the low point in Bouygues group’s

profitability

68






APPENDIX Slide 70

69


€ million 2011 2012 Change

Sales 32,706 33,547 +3%

ANNEX

Current operating profit 1,819 1,286 -29%

Other operating income and expenses 38(1) (166)2 nm

Operating profit 1,857 1,120 -40%

Cost of net debt (277) (290)

62+5%

o/w financial income

o/w financial expenses

82

(359)

62

(352)

-24%

-2%

Other financial income and expenses (13) 11 nm

(1) €38m of non-current income related to an asset disposal at Bouygues Telecom (2) Including €200m of non-current charges at Bouygues Telecom and TF1 and €34m of capital gains on asset disposals at Bouygues Telecom

70


Contribution of business areas to Group net cash flow


Bouygues Construction 425 486 +€61m

ANNEX

Bouygues Immobilier 146 120 -€26m

Colas 728 723 -€5m

TF1 258 206 -€52m

Bouygues Telecom 1,067 780 -€287m

Holding company and other (104) (158) -€54m

TOTAL 2,520 2,157 -€363m

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

71



Income tax expense (528) (330) -38%

ANNEX

Income tax expense (528) (330) -38%

Share of profits and losses from associates 198 217(1) +10%

Net profit 1,237 728 -41%

Minority interests (167) (95) -43%

Net profit attributable to the Group 1 070 633 41%Net profit attributable to the Group 1,070 633 -41%(1) Including non-current charges of €53 million related to the dilution loss further to the capital increase at Alstom

72


Sales by business area


Bouygues Construction 9,802 10,640 +9%

Bouygues Immobilier 2,465 2,396 -3%

ANNEX

yg , ,

Colas 12,412 13,036 +5%

Sub-total of the sales generated by the construction businesses1 24,375 25,753 +6%

TF1 2,620 2,621 =

Bouygues Telecom 5,741 5,226 -9%

Holding company and other 120 123 nmHolding company and other 120 123 nm

Intra-Group elimination (454) (495) nm

TOTALo/w Franceo/w international

32,70622,60110,105

33,54722,30811,239

+3%-1%

+11%

(1) Total of the sales contributions (after eliminations within the construction activities) 73

Contribution of business areas to Group EBITDA



ANNEX

Bouygues Immobilier 181 186 +€5m

Colas 934 832 -€102m

TF1 357 318 -€39m


Holding company and other (51) (36) +€15m

TOTAL 3,242 2,822 -€420m

EBITDA = current operating profit + net depreciation and amortisation expense + charges to net provisions and impairment losses -reversals of unutilised provisions

74


Contribution of business areas to Group current operating profit



ANNEX

Bouygues Construction 353 364 €11m


Colas 466 406 -€60m

TF1 283 258 -€25m

Bouygues Telecom 561 122 €439mBouygues Telecom 561 122 -€439m

Holding company and other (45) (43) +€2m

TOTAL 1,819 1,286 -€533m

75

Contribution of business areas to Group net profit



Attributable to the Group

ANNEX


Colas 324 291 -€33m

TF1 80 59 -€21m

Bouygues Telecom 331 (14) -€345m

Alstom 190 240 +€50m

Holding company and other (201) (317)1 -€116m

TOTAL 1,070 633 -€437m(1) Including non-current charges of €53 million related to the dilution loss further to the capital increase at Alstom 76


Condensed consolidated balance sheet

€ millionEnd-Dec

2011End-Dec

2012Change

ANNEX

Non-current assetsCurrent assetsTOTAL ASSETS

19,44215,48034,922

20,17016,58436,754

+€728m+€1,104m+€1,832m

Shareholders’ equityNon-current liabilities

9,6788,875

10,0789,845

+€400m+€970m

Current liabilitiesTOTAL LIABILITIES

16,36934,922

16,83136,754

+€462m +€1,832m

Net debt 3,862 4,172 +€310m

77

Change in net cash position in 2012 (1/2)

Net cash at 31/12/2011 (€m)

Net cash at 31/12/2012

ANNEX

-123

122

-608 599 -726 426

(3,862) (4,172)(3,872)

Acquisitions/ disposals1

4G frequencies800 MHz2 Exceptional

disposals3

Issue & buyback of Bouygues

shares Dividendspaid Operation

426

2011 (2,473) -122 -1,345 -694 1,000 (3,634) -228 0 (3,862)

(1) Including scope effects and the impacts on shareholders’ equity(2) Including capitalised interest(3) Disposal of 20% stake in Eurosport and in the theme channels at TF1 as well as divestment of the tower business and three data centres at Bouygues Telecom 78


Net cash flow1

+2,157

Change in net cash position in 2012 (2/2)

€m

Net capital expenditure

-1,433(2)

Breakdown of operation

ANNEX

+599(2)

Change in the operating WCR3 & other

-125

(2)

+599( )

(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) 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 (3) Operating WCR: WCR relating to operating activities + WCRrelating to net liabilities related to property, plant & equipment and intangible assets (4) Excluding investment on 4G frequencies (€228m on the 2,600 MHz band)

2011 +2,520 -1,658(4) +138 +1,000

79

Contribution of business areas to Group net cash flow



ANNEX


Colas 728 723 -€5m

TF1 258 206 -€52m


Holding company and other (104) (158) -€54m

TOTAL 2,520 2,157 -€363m

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

80


Contribution of business areas to Group net capital expenditure


Bouygues Construction 268 159 -€109m


ANNEX


Colas 414 345 -€69m

TF1 108 45 -€63m

Bouygues Telecom 859(1) 869(2) +€10m

Holding company and other (3) 2(3) +€5m

Total excluding exceptional items 1,658(1) 1,433(2) -€225m

Exceptional items 228 519 +€291m

TOTAL 1,886 1,952 +€66m

(1) Excluding 4G frequencies in the 2,600 MHz band for €228m(2) Excluding 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 (3) Excluding the capitalised interest on the 4G frequencies for €30m 81

Contribution of business areas to Group free cash flow




ANNEX

Bouygues Immobilier 134 107 €27m

Colas 314 378 +€64m

Sub-total of the free cash flow of the construction activities 605 812 +€207m

TF1 150 161 +€11m

Bouygues Telecom 208(1) (89)2 -€297m

Holding company and other (101) (160)3 -€59m

TOTAL 862(1) 724(2) -€138mFree cash flow = cash flow - cost of net debt - income tax expense - net capital expenditure. It is calculated before changes in WCR

(1) Excluding 4G frequencies in the 2,600 MHz band for €228m

(2) Excluding 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

(3) Excluding the capitalised interest on the 4G frequencies for €30m82


Net cash by business area

€ millionEnd-Dec

2011End-Dec

2012Change

ANNEX

Bouygues Construction 2,869 3,093 +€224m


Colas 28 (170) -€198m

TF1 (40) 237 +€277m

Bouygues Telecom (581) (650) -€69m

Holding company and other (6,645) (7,040) -€395m

TOTAL (3,862) (4,172) -€310m

83

Financing

10,000

Debt repayment schedule at end December 2012

€m Available cash: €9.7 billion

ANNEX

3,000

4,000

5,000

6,000

7,000

8,000

9,000Debt repayment schedule at end-December 2012

UndrawnMLT

credit facilities€5.4bn

Cash€4 3bn

0

1,000

2,000€4.3bn

84


Group organisation chart

Roadworks Building / Civil Engineering Property(1984) (1952) (1956)

ANNEX

96.6 % 100 % 100 %

CONSTRUCTION

(1994)

29.4% stakePOWER - TRANSPORT

(2006)

Figures as of 31 December 2012

43.7 %

TELECOMS

90.5 %

MEDIA

(1994) (1987)

85

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 200686


52%

22%

16%

4%6%

FranceEurope (excl. France)Asia and Middle eastAmericasAfrica

43%

43%

14% Building and Civil Works France

Building and Civil Works International

Electrical Contracting

CONSTRUCTION BUSINESSES: 2012 sales breakdownANNEX

Africa

94%

6%

France

Europe

89%

11%

Residential

Commercial

18%

15%

67%

Specialty activites

Building materials

Roadworks

20%

15%56%

9% North America

Europe (excl. France)

France

Others

87

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

Stade Vélodrome PPP in Marseille Hospital PPPs (Bourgoin-Jailleu, Caen etc.) Prison PPPs (Réau, Annœullin, Nantes, etc.) PPPs in the education sector (Paris 4, Versailles Saint-

Quentin universities) Urban development PPPs (Boulogne and Sèvres street

lighting, broadband network in Finistère, etc.)

ANNEX

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

(incl. Home Office, Broomfield hospital, social housing in Brent, etc.) New Tyne Tunnel concession Portsmouth road maintenance PFI MAC-type road and railway maintenance contracts

C ti

South Korea Machang Bay Bridge

concession

Canada Hospital PPP in British Columbia Royal Canadian Mounted Police

headquarters PPP L d i

Singapore Sports Hub PPP

GermanyRostock tunnel concession

Hungary M5 motorway concession M6-M60 motorway PPP

g g, , ) French Ministry of Defence, Paris Paris Law courts complex

Croatia Istria motorway

concession phases 1 and 2

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

88


BOUYGUES TELECOM: key indicatorsPlan Prepaid Total subscriber base

Q4 2012 Q1 2013 Q4 2012 Q1 2013 Q4 2012 Q1 2013Subscribers SIM cards (‘000) 9,428 9,618 1,823 1,653 11,251 11,271SIM cards (% mix) 83 8% 85 3% 16 2% 14 7%

ANNEX

SIM cards (% mix) 83.8% 85.3% 16.2% 14.7%Fixed broadband subscriber base1 (‘000) 1,846 1,891

Unit data – mobile subscribersARPU (€/year/subscriber)2 443 418 123 117 382 364Data usage (MB/month/subscriber)3 193 219SMS usage (SMS/month/subscriber)4 397 403 130 124 346 353Voice usage (min/month/subscriber)4 436 451 133 140 378 395

Unit data – fixed subscribers2

Marketing costs5Q1 2012 Q1 2013

Marketing costs (€ million) 191 149

Marketing costs/sales from network 15.6% 14.0%

(1) Includes broadband and very-high-speed subscriptions according to the Arcep definition and Darty Telecom customers since Q3 2012

(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 loyalty costs

ARPU (€/year/subscriber)2 389 391

89

BOUYGUES TELECOM: mobile termination rates

€ cents/minute for voice€ cents/unit for SMS

Voice termination rates SMS termination rates

At 1 July

At 1July

At 1 January

At 1July

At 1 January

At 1 July

At 1 Feb

At 1 July

At 1 July

ANNEX

€ cents/unit for SMS July 2010

July 2011

January 2012

July 2012

January 2013

July 2013

Feb 2010

July 2011

July 2012

Rates to Bouygues Telecom

3.40 2.00 1.50 1.00 0.80 0.80 2.17 1.50 1.00

% change -43% -41% -25% -33% -20% - -38% -31% -33%

Rates to Orange and SFR 3.00 2.00 1.50 1.00 0.80 0.80 2.00 1.50 1.00

R t t F M bil 1 60(1) 1 10 0 80 Arcep’s cost model for Rates to Free Mobile 1.60(1) 1.10 0.80 Arcep s cost model for new entrants

Bouygues Telecom differential 0.40 - - - - - 0.17 - -Free Mobile differential 0.60 0.30 -

(1) Effective from 1 August 2012

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28 A t 2013 Fi t h lf 2013 l d i 7

CalendarANNEX

28 August 2013 First-half 2013 sales and earnings 7am

28 August 2013 First-half 2013 results presentation 11am

13 November 2013 Nine-month 2013 sales and earnings 5.45pm

All times are Central European Times

91

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

Valérie AGATHON, Director Investor Relations

Tel : +33 1 44 20 12 04

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Tel : +33 1 44 20 12 04

e-mail : [email protected]

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Corporate information : www.bouygues.comBOUYGUES – 32 avenue Hoche75378 Paris Cedex 08 - FRANCE

bouygues group presentation · bouygues — investors presentation – may 2013 2 the bouygues...

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