1 bouygues group presentation · 5 businesses with different cycles focusing on two sectors:...

Bouygues Group presentationBouygues Group presentation1

S t b 2013S t b 2013

Bouygues Group presentationBouygues Group presentationSeptember 2013September 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 lookingThis 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;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.

September 2013

2

THE BOUYGUES GROUP Slide 4

THE BUSINESSES Slide 13

H1 2013 FIGURES Slide 33

GROUP OUTLOOK Slid 74 GROUP OUTLOOK Slide 74

APPENDIX Slide 78 APPENDIX Slide 783

A diversified industrial group

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

2012 contribution by business area

25.72.6

5.2

Sales1 at €33.5bn

949

258

122 Current operating profit1 at €1,286m

161-89(2)

Free cash flow1 at €724m2

949 812

Construction businesses Bouygues TelecomTF1

Key figures in 2012 €633m net profit ~ 134,000 employees M k t it li ti €7b Market capitalization: ~ €7bn

1Including 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 structureShareholder structure at 31 December 2012

Voting rights CapitalForeign

SCDM20.5%

23 7%

37.8%

shareholdersSCDM

Foreign shareholders 29.2%27.5%

Employees

Other French

23.7%

18.0%

Employees

Other Frenchshareholders

28.7%14.6%

shareholders

At 31 December 2012: 324,232,374 shares and 445,673,682 voting rights. SCDM i t ll d b M ti d Oli i B

Shareholders’ structure allowing long-term focus

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 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 $(add o s a d e e a ) o 030 53 o $ 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+ 5 %

+ 4 %€33.5bnSales

€876m

€344m+ 6 %

€1,286m

€633m

Operating profit

Net profit1 €344m

€0.36X 4.4

€633m

€1.60

Net profit1

DPS

(1) Attributable to the Group 9

A healthy financial profile

Low gearing at 41%Evenly spread repayment schedule

Debt under control

Ability to control capex

No significant off-balance sheet commitment

High level of liquidity

6%

Capex-to-sales ratio1Available Cash = €9.7bn

S t i bl h fl

0%

2%

4%

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

Sustainable cash-flowgeneration

Average Free cash flow since 2005 at €1bnCash remittance to the holding

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

Dividend per share

1 2

1.5 1.6 1.6 1.6 1.6 1.61

0 50.75

0.901.2

0.360.5

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%

1Dividend yield based on closing price 11

Construction businesses

13

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

CONSTRUCTION BUSINESSES: profile

Africa Americas

12%

A world leader: n 4 top international contractor according to ENR ranking 2012 key figures

Sales: €25.8bnSales by region

France 58%Europe

( l di

Asia and Middle East

8%

Africa 5%10.6

2.413.0

Buildings & civil works Real estate Roads (excluding France)

17%

Buildings & civil works Real estate Roads

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

364179

406 327107

378

Building & civil works Real estate Roads Building & civil works Real estate Roads

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

B ildi & i il k

CONSTRUCTION BUSINESSES: profile

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

contracting and maintenance

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 growthg

A strong and diversified international presence

The focus on long-term sustainability d th bilit t d t

The Baluarte bridge, Mexico

and the ability to adapt

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

Sports Hub, Singapore, 2010-2014

Comprehensive solutions including design, construction, maintenance and financing

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

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

Currently developing new offerings for green neighbourhood relying on the 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

ThailandThailand's tallest tower and an all-

time record height for Bouygues Construction

CanadaExpertise in sustainable

construction: all buildings (including two stadiums and

CanadaExpertise in sustainable

construction: all buildings (including two stadiums and

Hotel, ParisA showcase of the company's

know-how in the renovation of l h t l

Hotel, ParisA showcase of the company's

know-how in the renovation of l h t l

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

B I bili

Malmaison, France

The second positive-energy building developed by

B I bili Co st uct o(314 metres,77 storeys)

Co st uct o(314 metres,77 storeys)

two stadiums and one velodrome)

have Leed® Silver certification

two stadiums and one velodrome)

have Leed® Silver certification

luxury hotelsluxury hotels ce t a o doce t a o do Bouygues Immobilier Leased toUnilever

Bouygues Immobilier Leased toUnilever

Photo credit: Augusto Da Silva 18

CONSTRUCTION BUSINESSES: development of specialty activities Strategy 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):0 3

0.60.70.6

0.91.1Share of more

than 1 yearShare of less than 1 year

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

0.3

End-2010 End-2011 End-2012 19

A strong international presenceMain international contracts won since the start of 20121

C dSwitzerland

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

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)

CubaHong KongBridge linking Hong Kong

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)

CubaLuxury hotel complex(€60m)

AlgeriaExtension of an Algiers

ThailandM h N kh t

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

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

AustraliaRail tunnel and track

MahaNakhon towerThree residential tower blocks (€100m)

Countries where Bouygues Construction and Colas generated sales in 2012

20

Ivory CoastRoad concessioncontract in Abidjan (€230m)

GabonUpgrading of RN1 road(€40m)

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

(€100m)

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

A safe and extensive order book providing good visibility

CONSTRUCTION BUSINESSES: focus on long-term sustainabilityOrder book at the construction businesses

B I bili 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 3 0 1 2,9576,141 6,472 6,704

ColasBouygues Construction 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 14,154 15,283 17,147

2,280 3,051 2,957 3%

+12%

Cost structure mostly variable (attached to projects) Geographical flexibility of teams Management’s proven responsiveness 8.5 2005 2012x2.1

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

Bouygues Construction order book

g p p Focus on controlling operating and financial risks in order

to ensure long-term performance Commercial selectivity (preference is given to margin)

4.0

1.3 0 7

6.0

2.7

x4.6x3.9

Commercial selectivity (preference is given to margin) Strict control procedures and cautious guidelines

1.3 0.7

for execution in Y+1

for execution from Y+2 to Y+5

for execution beyond Y+5 21

CONSTRUCTION BUSINESSES: robust financial profileA solid profitability

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%

p yOperating profit (€m) and margin

384 379535

783966 1,158 1,236

1,079832

1,020 949

2.7%2.8%

0,0%

1,0%

2,0%

3,0% A recurring FCF generation (€m)

161368 420

617497 450

695 784*

488605

8122002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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 2,794 2,587

3,5473,175

3,404 3,281

*Excluding Axione disposal at Bouygues Construction for €163m

1,185

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

22

A strong media group

TF1: profile 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)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

2012 sales breakdownTF1 Group Oth ti iti

€136m net profit2

Around 4,000 employees Leader in audience share

68% 32%TF1 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

Journalist Harry Roselmack

A unique position in Europe Channels and brands available on every media and every screens A true multimedia advertising agency (TV, radio, web, press)

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

TF1: targets Strengthen core free-to-air business g

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 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 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

3rd telecom operator in FranceBOUYGUES TELECOM: profile

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 A network of 650 stores

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

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)customer support) Sharp fall in the market prices Strong growth in SIM-only plans

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

1SIM-only/web-only offers 28

A t bil t k

BOUYGUES TELECOM: technology and innovation 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 on 1 October 2013 : 63 % of the population having access to 4G Network sharing agreement expected with SFR pave the way to optimising the quality of the mobile

newtork

Access to spectrum secured to innovate on mobile services in the futurep A capacity of 76 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 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) 29

BOUYGUES TELECOM: opportunities

Satisfy the increasing demand for data traffic (volume and speed) Create value with the arrival of 4G

627

Fixed broadband sales from network (m€)1

+51%

Expand market share in the fixed broadband market Launch of the new Bbox Sensation set top box in September 2012

243

414

627

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

243

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.

2010 2011 2012

1Sales from network excluding ideo discount 2Estimate by Arcep and Bouygues Telecom 30

Highlights

Good commercial performance in the construction businesses

R ili f TF1 d B T l i h ll i i t Resilience of TF1 and Bouygues Telecom in a very challenging environment

The adaptation plans produced the expected resultsp p p p Margin consolidation at Bouygues Immobilier Tight control of expenditure at TF1 Continued transformation of Bouygues Telecom Continued transformation of Bouygues Telecom

Group profitability improved in Q2 2013

32

Group key figures (1/2)

First half

€ million 2012 2013 Change

Sales 15,505 15,207 -2%1

Current operating profit 476 356 -€120mp g p

Net profit attributable to the Group 278 188 -€90m(1) Down 2% like-for-like and at constant exchange rates

The decline in sales is mainly related to Bouygues Telecom The Group's first-half results are still impacted by the decrease in profitability in Q1 2013 The Group s first-half results are still impacted by the decrease in profitability in Q1 2013

33

Group key figures (2/2)

€ illi Q1 2013 Change vs. Q2 2013 Change vs. H1 2013 Change vs.

Current operating profit/(loss)

€ million Q1 2013 Change vs. 2012 Q2 2013 Change vs.

2012 H1 2013 Change vs.2012

Construction businesses (79) -€7m 289 +€5m 210 -€2m

TF1 (16) -€72m 87 +€9m 71 -€63m

Bouygues Telecom 28 -€79m 63 +€22m 91 -€57m

G t t l (76) €158 432 +€38 356 €120Group total (76) -€158m 432 +€38m 356 -€120m

Improved profitability in Q2 2013

34

p p y Q

Group financial position

End-June

€ million 2012 2013 Changeg

Shareholders’ equityNet debt

9,3726,215

9,6175,758

+€245m-€457m

Net gearing,66%

,60% -6 pts

Asset disposals1 at the end of 2012 enabled to cut net debt by €426m

Tight control of net debt at end-June 2013, despite the decline in results in H1 2013

35

g , p

(1) Disposal of 20% stake in Eurosport and the theme channels at TF1 as well as divestment of tower business and 3 data centres at Bouygues Telecom

Group free cash flow First half First half


Cash flow 1 274 1 007 €267mCash flow 1,274 1,007 -€267m- Cost of net debt (142) (157) -€15m

- Income tax expense (130) (102) +€28mIncome tax expense (130) (102) €28m

- Net capital expenditure (592)2 (596)3 -€4m

Free cash flow1 410(2) 152(3) -€258m

The decline in cash flow mainly reflects the lower results and the postponement of Alstom's dividend4 from June in 2012 to July in 2013

(1) Before change in WCR (2) Excluding 4G frequencies for €704m (3) Excluding capitalised interest related to 4G frequencies for €21m (4) Alstom's general meeting having approved the dividend on 2 July in 2013 and on 26 June in 2012

Tight management of capital expenditure

36

Construction businesses

37

Business activity at Bouygues Construction

A good level of order intake: €5.1bn in H1 2013 Order intake grew 6% stripping out the 3 major contracts1 worth more than

€600m booked in H1 2012

For execution in Y For execution in Y+1For execution from Y+2 to Y+5

Order book (€m)

Significant visibility on future business activity A strong order book representing €16.9bn at end-June 2013 The sales secured at 30 June 2013 cover 96% of the target

2,643 2,702 2,729

17,650 17,147 16,877

Long-term order book (beyond Y+5)

% g

The order book has yet to factor in the €1.15-bn Tuen Mun - Chek Lap Kok tunnel project in Hong Kong 6,052

8 486

6,105

4,0935,959

2,938

4,862 5,1058,486

End-June 2012 End-Dec 2012 End-June 2013

38(1) Paris law courts complex (€823m), Nîmes - Montpellier high-speed railway bypass (€683m), Hong Kong - Zhuhai - Macao bridge (€607m)

Tuen Mun - Chek Lap Kok tunnel entrance

Business activity at Bouygues Immobilier

Residential property reservations grew 3% year-on-year The market is still expected to decline in 2013

Commercial property reservations held up well in a sluggish market

Reservations (€m)1

Commercial propertyResidential propertyCommercial property reservations held up well in a sluggish market

H1 2012 included the Rehagreen® rehabilitation project in Gentilly worth €188m

The order book stood at €2.8bn at end-June 2013 offering good visibility and representing 14 months of sales

317 203

1,045955

-9%

-36%

and representing 14 months of sales

728 752 +3%

Photo àH1 2012 H1 2013

Photo à changer Cap Azur eco-neighbourhood,

Roquebrune-Cap-Martin

39(1) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled

(notarised deeds of sale)

Business activity at Colas

7 856 7 570Mainland France

International and French overseas territories

Order book (€m)

3,5943,835 3,629

7,2287,856 7,570 -4%

-5%

3,634 4,021 3,941 -2%A63 motorway,

France

The order book remained at a high level

End-June 2011

End-June 2012

End-June 2013

The order book remained at a high level The order book at end-June 2013 has yet to include the high-speed rail line in Morocco for €124m

40

Good commercial performance of the construction businesses

The economic environment, particularly in Europe, remains challengingBouygues ConstructionBouygues Immobilier

Order books (€m)

However, the resilience of the order books in the construction

businesses results from7 856

Bouygues ImmobilierColas

€28.6bn €27.3bn€26.8bn

A strong and selective international presence

Recognised know-how in complex projects

3,060 2,957 2,815

7,856 6,704 7,570

g p p j17,650 17,147 16,877

41

End-June 2012

End-Dec 2012

End-June2013

A strong and selective international presence

Strong international presence Representing 46% of the Bouygues Construction and Colas order books, of which close

to 40% in emerging countries to 40% in emerging countries

Targeted expansion in areas less affected by the crisis Switzerland North America Qatar Central Asia and South-East Asia Switzerland, North America, Qatar, Central Asia and South-East Asia

(notably Hong Kong and Singapore)

No operations or cessation of operations in areas hit heavily by the crisisp p y y The PIIGS1 countries represented less than 1% of 2012 sales As of 2010, adaptation of Colas in Central Europe to cope with the sharp deterioration of the

k tmarket

42(1) Portugal, Italy, Ireland, Greece and Spain

Recognised know-how in complex projects

Luxury hotels Eco-neighbourhoods and "green" buildings

Property complexesHigh-rise

Photo credit: Augusto Da Silva

complexesHigh-rise tower blocks

PPPs1 and complex projects

Rail

43(1) PPP: Public Private Partnership

Tunnels and bridges

Tuen Mun - Chek Lap Kok tunnel in Hong Kong

Illustration of Bouygues’ know-how in tunnels A 4.2-km sub-sea twin-tube 2-lane tunnel

TuenMunNorthern landfall

Each tube will have a diameter of 14 m Carried out at 50 m below sea level Pressure of more than 5 bar International

AirportLantauIsland

Southernlandfall

Contract worth €1.15bn The largest design-build contract to be awarded in Hong Kong

Tuen Mun - Chek Lap Kok tunnel, Hong Kong

The project was not included in the order book at end-June 2013

Ongoing or recently completed flagship projects Miami port tunnel (US), New Tyne Crossing in Newcastle (UK), Gautrain tunnel

(South Africa), Chong Ming tunnel (China), A41 tunnel (France) 44

Renovation of Hôtel de Crillon in Paris

Illustration of Bouygues' know-how in the construction and renovation of luxury hotels First major renovation since the hotel opened in 1909 Complete refurbishment of the 14 000 m² building Complete refurbishment of the 14,000-m building Creation of new facilities (restaurants, spa, pool)

Contract worth more than €100m Contract worth more than €100m The project was not included in the order book at end-June 2013

Ongoing or recently completed flagship projects Ongoing or recently completed flagship projects In France: the Ritz, Prince de Galles, Shangri-La and the Royal Monceau hotels Abroad: a number of luxury hotel complexes in the Caribbean, Morocco, Singapore, Dubai

and Hong Kongand Hong Kong

45

Construction of Brickell CityCentre in Miami Illustration of Bouygues' know how in property complexes Illustration of Bouygues know-how in property complexes

A 445,000-m² property complex with a shopping centre, hotel, office buildings and residential blocks in the heart of the Miami business district

LEED® G ld tifi ti ht t f it t i bl t ti i iti ti LEED® Gold certification sought as part of its sustainable construction initiative

Project Customer: property developer Swire Propertiesp p y p p Developed as part of a consortium with John Moriarty & Associates Contract worth about €400m, of which around 50% for Bouygues The project was not included in the order book at end-June 2013 The project was not included in the order book at end June 2013

Ongoing or recently completed flagship projects In France: Fort d’Issy eco-neighbourhood, property development around

St d Vél d (M ill )

Brickell CityCentre, Miami

Stade Vélodrome (Marseille) Abroad: Qatar Petroleum District (Qatar), property complexes in Monthey, Thun

and Zurich (Switzerland) 46

Financial results of the construction businesses (1/2)

First half


Sales 11 550 11 740 2%Sales 11,550 11,740 +2%

Current operating profit/(loss)o/w Bouygues Construction

212163

210202

-€2m+€39myg

o/w Bouygues Immobiliero/w Colas

83(34)

84(76)

+€1m-€42m

Net profit attributable to the Group 140 145 +€5mp p

Free cash flow 224 242 +€18m

R b t fi i l f i h ll i i i t

47

Robust financial performance in a challenging economic environment

Financial results of the construction businesses (2/2)

Operating profit at Bouygues Construction reflects the good execution of ongoingprojectsprojects

Operating profit at Bouygues Immobilier remains stable. In line with expectations, thedecline in the operating margin is limited thanks to the adaptation measures takenin 2012

The decrease in operating profit at Colas is mainly due to very unfavourable weatherconditions in the first half, particularly in mainland France and North America

48

Key figures at Bouygues ConstructionOrder intake1 Order book (€m)International

ANNEX

Order intake excluding major

3 225 2,3902,559

4,439

6,105 6,1346,893

5,052€m

France

-27%

2 366

4,780 5,052 +6%

g jcontracts2 >€600m booked in H1 2012

17,650 17,147 16,877

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

2,580 2,880 3,744 4,3342,686

1,8593,225

2,366

2,828 2,686

1,952 2,366 +21%

-5% 6,052 6,105

4,0935,959 2,938

2,643 2,702 2,729,

H1 2009 H1 2010 H1 2011 H1 2012 H1 2013(1) Definition: contracts are booked as order intakes at the date they take effect(2) Paris law courts complex, Nîmes - Montpellier high-speed railway bypass, Hong Kong - Zhuhai – Macao bridge

A i

H1 2012 H1 2013 4,862 5,1058,486

End-June 2012 End-Dec 2012 End-June 2013

€ million H1 2012 H1 2013 Change 2013 target

France

Asia and Middle East

16%

Africa 5%

Americas5%At end-June 2013


Sales 5,028 5,232 +4%2 10,750o/w France 2,721 2,901 +7%o/w international 2,307 2,331 +1%

Current operating profit 163 202 +€39m

49

France 55%Europe

(excl. France)

19%(2) Up 3% like-for-like and at constant exchange rates

Current operating profitCurrent operating margin

1633.2%

2023.9%

€39m+0.7 pts

Net profit attributable to the Group 107 131 +€24m

Order book

Key figures at Bouygues ImmobilierReservations1

ANNEX

522 600 646 618

3,060 2,957 2,890 2,815

99

68 324

317 203943

1,243 1,314

1,045 955

Order bookReservationsCommercial propertyResidential property

€m

-9%

2,538 2,357 2,244 2,197

End June End Dec End March End June

8441,175 990

728 752

203

End-June 2012

End-Dec 2012

End-March 2013

End-June 2013H1 2009 H1 2010 H1 2011 H1 2012 H1 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)

€ million H1 2012 H1 2013 Change 2013 targetg gSales 1,066 1,143 +7%2 2,500

o/w residential 972 973 =o/w commercial 94 170 +81%

Current operating profit 83 84 +€1m

50

p g pCurrent operating margin 7.8% 7.3% -0.5 pts

Net profit attributable to the Group 51 45 -€6m(2) Up 7% like-for-like and at constant exchange rates

Key figures at ColasANNEX

Mainland FranceInternational and French overseas territories

7 531 7,856 7,570 -4%

Order book (€m)

3,676 3,537 3,835 3,6293,298 3,237

7,254 7,531 ,7,006 6,704

-5%

€ million H1 2012

H1 2013 Change 2013

targetSales 5,594 5,560 -1%1 13,200o/w France 3,367 3,399 +1%o/w international 2 227 2 161 3%

3,578 3,994 4,021 3,941 3,708 3,467-2%

o/w international 2,227 2,161 -3%Current operating profit/(loss) (34) (76) -€42m

Net profit/(loss) att. to the Group (19) (32) -€13m

,

End-March 2012

End-March 2013

End-June 2012

End-June 2013

End-Sept 2012

End-Sept 2013

End-Dec 2012

End-Dec 2013

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

51

H1 2013 overview at TF1

Leadership in freeview TV strengthened in H1 2013 TF1 is the only major broadcaster to post audience growth HD1 is the leader of the six new HD DTT channels

A competitive and economic environment that continued to be challenging with strong pressure on prices

In the second quarter TF1 showed its ability to adapt In the second quarter TF1 showed its ability to adapt

“The Voice” the TV show

€ million Q1 2013 Change vs. 2012 Q2 2013 Change

vs. 2012Sales 566 10% 642 4% “The Voice”, the TV showSales 566 -10% 642 -4%Current operating profit/(loss)Current operating margin

(16) -€72m 8713.5%

+€9m+1.9 pts

Phase II of the optimisation plan is being stepped up

53

Phase II of the TF1 optimisation plan

Phase II of the optimisation plan is being stepped up

54

p p g pp p €9m of savings generated in Q2 2013 €31m of savings generated to date, out of the €85m targeted for end-2014

Key figures at TF1Group audience share1

29 0

ANNEX

28 4 The TF1 TV channel's audience share increased 0.2 points versus H1 2012

TF1 is the only major broadcaster to see growth during the first half, in an even wider offering of 25 TV channels

At end June 2013 HD1 is the leader of the six new HD channels launched at

3.6 3.52.1 2.1 0.5

HD1NT1

29.028.4

At end-June 2013, HD1 is the leader of the six new HD channels launched at the end of 2012 22.7 22.9 TMC

TF1

(1) Individuals aged 4 and over – Source: Médiamétrie


Sales 1 301 1 208 7%3 2 500

H1 2012 H1 2013

Saleso/w group advertising

1,301897

1,208820

-7%3

-9%2,500

Current operating profitCurrent operating margin

13410 3%

715 9%

-€63m-4 4 ptsCurrent operating margin 10.3% 5.9% -4.4 pts

Net profit attributable to the Group 94 42 -€52m(3) Down 7% like-for-like and at constant exchange rates 55

Structural change in the French mobile market

Two major changes in the French mobile market in the last 18 months The fierce competition wanted by the public authorities has resulted in a very swift p y p y

contraction in market value The business model is being transformed due to strong growth in SIM-only plans

This transformation of business models is resulting in new financial balances The growth in SIM-only offers leads to a fall in sales from network

d i h d t land in handset sales... ....but which can have a limited impact on EBITDA if matched with a reduction

in marketing costs

57

Bouygues Telecom's strategy

Bouygues Telecom’s far-reaching transformation implemented at the start of 2012 has been stepped up in 2013

Overhaul of the business model to cope with upheavals in the market The change in the way plans are marketed and the fall in operating costs are generating

hi h h d ihigher than expected savings The negotiations with SFR pave the way to sharing costs and optimising the quality of the

mobile network

Repositioning of the offering in order to boost differentiation and return to growth The launch of 4G on 1 October is a very good opportunity to retake the leadership in terms

of innovation in the mobile sectorof innovation in the mobile sector

58

Transforming the way plans are marketed

Bouygues Telecom reacted quickly to the market upheaval It expanded B&YOU, withdrew swiftly from highly competitive distribution channels and divested

Extenso Telecom in 2012M bil l MTR ff t

1

These measures are now having their desired effects Stabilisation of mobile sales net of mobile marketing

Mobile sales exc. MTR effect

Mobile sales exc. MTR effect -mobile marketing costs

costs in the year to date

C ti d t f ti i 2013 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Continued transformation in 2013 New ways of financing handset purchases with the Sensation plans launched in August 2013 A refocusing of the distribution network on Bouygues Telecom stores and the internet

( 5 di t ib ti h l t th t t f 2012)

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

(vs. 5 distribution channels at the start of 2012)

59(1) MTR = Mobile Termination Rates

The results of the transformation plan launched in 2012 have exceeded expectations

Cost reductions The results of the transformation plan launched in 2012 have exceeded expectations

€339m of savings on mobile costs since end-2011 The fall in costs accelerated in H1 2013: €188m in H1 2013 vs. H1 2012, compared with

€94m in H1 2012 vs H1 2011€94m in H1 2012 vs. H1 2011

Mobile marketing costs

Mobile operating costs

Change in mobile costs: H1 2013 vs. H1 2011 Cost savings in the mobile activity since end-2011

€m 339marketing costs

-150

operating costs

-132

€m

104151

238

339

€282m of savings in the mobile activity in H1 2013 vs. H1 2011

NB: mobile savings reported in H1 2012 vs. H1 2011: €67m onk ti t d €27 ti t

22

94 104

End-March 2012

End-June2012

End-Sept 2012

End-Dec 2012

End-March 2013

End-June 2013

The revised target for the transformation plan of €400m in the mobile activity will be exceeded 60

marketing costs and €27m on operating costs 2012 2012 2012 2012 2013 2013

Network sharing agreement expected with SFR

Exclusive negotiations with SFR since 22 July to define an agreement to sharepart of the mobile networks

Aims To offer customers the best geographical coverage and best quality of service To optimise investments and operating costs To optimise investments and operating costs

The main points of the sharing agreement should be as follows Densely populated areas and blind spots are to be excluded Sharing of passive infrastructure (sites, antennas, etc.) and RAN1 sharing Each operator is to retain its own innovation capacity and complete commercial independence

The aim of both parties is to seal this strategic partnership before the end of the year

61(1) RAN: Radio Access Network

Overview of H1 2013 at Bouygues Telecom

Stabilisation of mobile subscriber base thanks to B&YOU Net growth in plan subscribers of 184,000 in Q2 2013 188,000 new B&YOU customers in Q2 2013

'000 End-Dec 2012

End-March 2013

End-June 2013

Mobile subscribers 11,251 11,271 11,286o/w B&YOU subscribers 1 078 1 413 1 601

Weak fixed broadband commercial performance Net growth of 55,000 customers in the first half Fiercer competition and decision by Bouygues Telecom to focus on cost optimisation

o/w B&YOU subscribers 1,078 1,413 1,601Fixed subscribers 1,846 1,891 1,901

p y yg p

EBITDA reflects the fall in costs, especially in Q2 2013 Th d i l i h th The decrease in sales is sharper than

expected related to the growing share of SIM-only sales and moderate commercial performances

€ million Q1 2013

Change vs. Q1 2012

Q2 2013

Change vs. Q2 2012

Sales from network 1,063 -13% 1,050 -10%EBITDA 212 -€84m 257 -€6m

EBITDA reflects marketing cost gainsand the effectiveness of the savings plan

62

EBITDAEBITDA/sales from network

21219.9%

-€84m-4.4 pts

25724.5%

-€6m+1.9 pts

Mobile business performance at Bouygues Telecom Growth in plan subscribers 285

Net plan subscriber adds1

ANNEX

Growth in plan subscribers Net plan subscriber adds of 184,000 in Q2

Stabilisation of total mobile subscriber base at 55

188285

190 184

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

'000

11.3 million customers - 210Q Q Q Q Q Q

1,0781,413

1,601B&YOU subscriber base

Good growth at B&YOU'000

253452 625

End-March 2012

End-June 2012

End-Sept 2012

End-Dec 2012

End-March 2013

End-June 2013

Good growth at B&YOU More than half of the subscriber base is

on the €19.99 plan2012 2012 2012 2012 2013 2013

11%27%

40%58% 66% 72%

% repricing2 within the retail plan subscriber base

Continued repricing2 within the retail plan subscriber base: 72% at end-June 2013

(1) Plan subscribers: total customer 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 63

11%

End-March 2012

End-June 2012

End-Sept 2012

End-Dec 2012

End-March 2013

End-June 2013

base: 72% at end June 2013

Fixed broadband business performance at Bouygues TelecomANNEX

Net growth of the fixed broadband business2

Total fixed broadband subscriber base of 1.9 million at end-June 2013 Net subscriber adds of 55,000 in H1 2013

Net growth of the fixed broadband business359(3)'000

,

Strong growth posted by very-high-speed1

Subscriber base of 320 000 customers

8845 70

10

88

Q1 12 Q1 13 Q2 12 Q2 13 Q3 12 Q4 12 Subscriber base of 320,000 customers Very-high-speed accounts for around

¼ of gross additions€m

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

Sales from the fixed broadband network4

Sales: up 48% in H1 2013 vs. H1 2012132

197

139

203169 187

(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 excluding the ideo discount 64Q1 12 Q1 13 Q2 12 Q2 13 Q3 12 Q4 12

+49% +46%

Key figures at Bouygues Telecom ANNEX

€ million H1 2012 H1 2013 Change 2013 target€ million H1 2012 H1 2013 Change 2013 target

Sales 2,676 2,287 -15%1 4,600Sales from network 2,386 2,113 -11%

EBITDA 559 469 -€90mEBITDA/sales from network 23.4% 22.2% -1.2 pts

Current operating profit 148 91 -€57mOperating profit 148 91 -€57m

(1) Down 14% like-for-like and at constant exchange rates

Impact of mobile termination rates on sales from network

Net profit attributable to the Group 92 55 -€37m

Impact of mobile termination rates on sales from networkQ1 2012 Q2 2012 Q3 2012 Q4 2012 2012 Q1 2013 Q2 2013

Sales from network (€m) 1,220 1,166 1,132 1,113 4,631 1,063 1,050Change in sales from network vs Y-1 3% 11% 10% 11% 9% 13% 10%

65

Change in sales from network vs. Y-1 -3% -11% -10% -11% -9% -13% -10%Change in sales from network excl. MTR2 effect vs. Y-1 +6% -2% -4% -5% -1% -7% -4%

(2) Mobile Termination Rates

4G for all will become a reality (1/3)

Bouygues Telecom believes in the potential of 4G... Mobile internet consumption is surging due to the ramp-up of mobile usages 4G is essential to satisfy the appetites of users 4G is essential to satisfy the appetites of users

…and so do its customers

“With 4G you can surf faster than at home with broadband" "Once you've experienced this speed, it’s difficult to go back" "It's immediate, there's no more lag… e-mails are sent instantly. Downloading apps is three What they say times quicker!" "There's no comparison. For me, it's like having your home internet whilst on the move.

I detest waiting and wasting my time. Switching to 4G is like when you exchanged your old dial-up modem for broadband.”

What they say

66

p

4G for all will become a reality (2/3)

Bouygues Telecom is liberating data usage for all!

A battle Bouygues Telecom has been waging for more than 2 years…A battle Bouygues Telecom has been waging for more than 2 years… Preparation of the network to host 4G services A different strategic choice from its rivals: use of 1800 MHz frequencies to launch 4G more quickly

…in order to bring the best 4G network to the greatest number of people 63% of the population, equating to 40 million people in France

will be covered by Bouygues Telecom's nationwide 4G network Number of 4G antenna agreements1will be covered by Bouygues Telecom s nationwide 4G network when it opens on 1 October

5,206

Number of 4G antenna agreements

67(1) Number of antennas that have obtained approval from ANFR at 1 September 2013 in the 800 MHz, 1800 MHz and 2600 MHz frequency bands

2,548 1,766

Bouygues Telecom's new plans give 4G access to all

4G for all will become a reality (3/3) Bouygues Telecom s new plans give 4G access to all

Transparency in the financing of handsets, since the subsidised model has now reached its limits

Freedom to choose how to pay for handsets Freedom to choose how to pay for handsets In cash, 3 interest free payments or long-term instalments

A large choice of 4G handsets Twelve 4G-ready handsets are already available Twelve 4G ready handsets are already available Own-branded 4G handsets are available at competitive prices

New Sensation plans with data packages allowing subscribers toget the most out of 4G

68A range of 4G-ready handsets is already available

SamsungGalaxy S4

HTCOne

NokiaLumia 925

LGOptimus F5

2013 outlook at Bouygues Telecom

Bouygues Telecom has revised its 2013 sales target to €4,600m from the previously announced €4,850m to factor in

The very fast structural changes in the mobile market (SIM-only sales) resulting in a fall in sales from network and in handset sales

Moderate commercial performances in the first half Moderate commercial performances in the first half

Bouygues Telecom confirms its objective of stabilising EBITDA at €900m and improving the "EBITDA minus Capex" item for FY 2013a d p o g t e us Cape te o 0 3

The more effective savings plan is cushioning the impact of the fall in sales from network

A mobile operator must have technology, a network and frequencies. p gy, qBouygues Telecom has all three assets

69

Condensed consolidated income statement (1/2)

First half


Sales 15,505 15,207 -2%

Operating profit 476 356 -25%

Cost of net debto/w financial incomeo/w financial expenses

(142)28

(170)

(157)24

(181)

+11%-14%+6% o/w financial expenses (170) (181) +6%

Other financial income and expenses 8 (7) nm

70

Condensed consolidated income statement (2/2)

First half


Income tax expense (130) (102) -22%

Share of profits and losses from associates 131 134 +2%

Net profit 343 224 -35%

Net profit/(loss) attributable to non-controlling (65) (36) -45%interests1 (65) (36) 45%

Net profit attributable to the Group 278 188 -32%

71(1) Formerly “Minority interests”

2013 outlook (1/2) Construction businesses Construction businesses

The order books of the construction businesses secure their sales targets for FY 2013

TF1 TF1 In a challenging advertising market, TF1 showed its ability to cut costs whilst maintaining

audience share

Bouygues Telecom The 2013 sales target has been revised down by €250m to €4.6bn Thanks to its transformation plan, Bouygues Telecom can confirm its target for FY 2013 p , yg g

of stabilising its EBITDA at €900m and improving the "EBITDA minus Capex" item The priorities of the second half will be to

Continue the transformation of Bouygues Telecom

73

yg Successfully launch 4G services

2013 outlook (2/2)

The Group's consolidated sales could range between €33.2bn (-1% vs 2012) and €33 4bn (flat vs 2012) following the revision to (-1% vs. 2012) and €33.4bn (flat vs. 2012), following the revision to Bouygues Telecom's sales target and depending on the final sales figure of the construction businesses

In keeping with Q2 2013, profitability should improve in the second half of 2013, meaning that 2012 should mark the low point in the Bouygues group's 2013, meaning that 2012 should mark the low point in the Bouygues group s profitability

74

Revision of 2013 sales targets2013 targets

ANNEX

2013 targets

€ million 2012 In Feb In May In August 2013/2012 change

Bouygues Construction 10 640 10 700 10 750 10 750 +1%Bouygues Construction 10,640 10,700 10,750 10,750 +1%Bouygues Immobilier 2,396 2,500 2,500 2,500 +4%Colas 13,036 13,200 13,200 13,200 +1%TF1 2,621 2,540 2,500 2,500 -5%Bouygues Telecom 5,226 4,850 4,850 4,600 -12%Holding company and other 123 120 120 120 nmg p yIntra-Group elimination (495) (460) (470) (470) nm

TOTAL 33,547 33,450 33,450 33,200 -1%

75

The Group's consolidated sales could vary between €33.2 billion (-1% vs. 2012) and €33.4 billion(flat vs. 2012) depending on the final sales figure of the construction businesses

Condensed consolidated income statement (1/2)ANNEX


Sales 32,706 33,547 +3%

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 incomeo/w financial expenses

82(359)

62(352)

-24%-2%

Other financial income and expenses (13) 11 nmp (13) 11(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

77

Condensed consolidated income statement (2/2)ANNEX


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

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

Net profit 1,237 728 -41%

Net profit/(loss) attributable to non-controlling interests2 (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(2) Formerly “Minority interests

78

Sales by business area€ million 2011 2012 Change

ANNEX


Bouygues Construction 9,802 10,640 +9%Bouygues Immobilier 2,465 2,396 -3%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 nmIntra-Group elimination (454) (495) nmTOTAL

/ F32,70622 601

33,54722 308

+3%1%o/w France

o/w international22,60110,105

22,30811,239

-1%+11%

(1) Total of the sales contributions (after eliminations within the construction activities) 79

Contribution of business areas to Group EBITDAANNEX


Bouygues Construction 549 614 +€65m

Bouygues Immobilier 181 186 +€5m

Colas 934 832 -€102m

TF1 357 318 -€39m

Bouygues Telecom 1,272 908 -€364m

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

80

Contribution of business areas to Group current operating profitANNEX


Bouygues Construction 353 364 +€11mBouygues Construction 353 364 €11mBouygues Immobilier 201 179 -€22mColas 466 406 -€60mColas 466 406 €60mTF1 283 258 -€25mBouygues Telecom 561 122 €439mBouygues Telecom 561 122 -€439mHolding company and other (45) (43) +€2m

TOTAL 1 819 1 286 €533TOTAL 1,819 1,286 -€533m

81

Contribution of business areas to Group net profit Attributable to the Group

ANNEX



Attributable to the Group

Bouygues Immobilier 120 107 -€13mColas 324 291 -€33mTF1 80 59 -€21mBouygues Telecom 331 (14) -€345mAlstom 190 240 +€50mHolding 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 82

Condensed consolidated balance sheetANNEX

€ million End-Dec2011

End-Dec2012 Change

Non-current assetsCurrent assetsTOTAL ASSETS

19,44215,48034 922

20,17016,58436 754

+€728m+€1,104m+€1 832mTOTAL ASSETS 34,922 36,754 +€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

N t d bt 3 862 4 172 €310Net debt 3,862 4,172 +€310m

83

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

ANNEX

Net cash at 31/12/2011 (€m)

Net cash at 31/12/2012

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

buyback of

-123

122

-608 599 -726 426

Acquisitions/ disposals1

4G frequencies800 MHz2 Exceptional

disposals3

Bouygues shares Dividends

paid 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 84

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

Net cash flow1

+2,157€mNet capital

expenditure-1,433(2)

Breakdown of operation

Change in the operating WCR3 & other

+599(2)

WCR & other-125

(2)

+599( )

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

(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) 85

Contribution of business areas to Group net cash flowANNEX



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 -€363mNet cash flow = cash flow - cost of net debt - income tax expense

86

Contribution of business areas to Group net capital expenditureANNEX

€ million 2011 2012 ChangeBouygues Construction 268 159 -€109mBouygues Immobilier 12 13 +€1mBouygues Immobilier 12 13 +€1mColas 414 345 -€69mTF1 108 45 -€63m

(1) (2)Bouygues Telecom 859(1) 869(2) +€10mHolding company and other (3) 2(3) +€5mTotal excluding exceptional items 1,658(1) 1,433(2) -€225mExceptional items 228 519 +€291mTOTAL 1,886 1,952 +€66m

(1) Excluding 4G frequencies in the 2 600 MHz band for €228m(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 87

Contribution of business areas to Group free cash flow€ million 2011 2012 Change

ANNEX



Bouygues Immobilier 134 107 -€27mBouygues 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 WCRFree 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 €30m 88

Net cash by business areaANNEX

€ million End-Dec 2011

End-Dec 2012 Change

Bouygues Construction 2,869 3,093 +€224mBouygues Immobilier 507 358 -€149mColas 28 (170) -€198mTF1 (40) 237 +€277mBouygues Telecom (581) (650) -€69mHolding company and other (6,645) (7,040) -€395mTOTAL (3,862) (4,172) -€310m

89

FinancingANNEX

10,000Debt repayment schedule at end December 2012

€m Available cash: €9.7 billion

6 000

7,000

8,000

9,000 Debt repayment schedule at end-December 2012

UndrawnMLT

credit facilities

3,000

4,000

5,000

6,000 facilities€5.4bn

Cash€4 3bn

0

1,000

2,000€4.3bn

90

Group organisation chartANNEX

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

96.6 % 100 % 100 %

CONSTRUCTION

(1994)

29.4% stakePOWER - TRANSPORT

(2006)

43.7 %

TELECOMS

90.5 %

MEDIA

(1994) (1987)

Figures as of 31 December 2012 91

A diversified portfolio

E t i b i d d diti

ANNEX

Entering new businesses under good conditions Growing market Regulatory or technological changes

Acquisition of Colas / Screg in 1985

Acquisition of TF1 in 1987 Regulatory or technological changes Favorable financial conditions Ability to bring managerial skills

Acquisition of TF1 in 1987

Launch of Bouygues Telecom in 1994

Investment in Alstom in 2006y g g

Disposing of businesses under the following circumstances Lack of understanding and control of the market and its opportunities Lack of understanding and control of the market and its opportunities Structural reduction of free cash-flow generation Better opportunities for use of proceeds

Maison Bouygues in 1990

Bouygues Offshore in 2002e e oppo u es o use o p oceeds Excessive Capex requirement

Saur in 2005

TPS in 200692

6%

CONSTRUCTION BUSINESSES: 2012 sales breakdownANNEX

52%

22%

16%4% 6%

FranceEurope (excl. France)Asia and Middle eastAmericasAfrica

43%

43%

14% Building and Civil Works France

Building and Civil Works InternationalElectrical Contracting Africa

6%11%

94%

France

Europe89%

ResidentialCommercial

18%

15%

Specialty activites

Building materials

20%

15%56%

9% North America

Europe (excl. France)

France67% Roadworks

%Others

93

20 years of know-how in concession and PPP/PFI contracts A28 motorway concession Stade Vélodrome PPP in Marseille

H it l PPP (B i J ill C t )

ANNEX

y A41 motorway concession Stade de France concession Reims tramway concession Cofiroute Libourne street lighting PPP

United Kingdom

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.)

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

GermanyRostock tunnel concession

Hungary M5 motorway concession

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

C ti

South Korea Machang Bay Bridge

concession

Canada Hospital PPP in British Columbia Royal Canadian Mounted Police

headquarters PPP L t d i t

Singapore Sports Hub PPP

M5 motorway concession M6-M60 motorway PPP

Croatia Istria motorway

concession phases 1 and 2

Jamaica

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

South Africa Gautrain rail link concession

Motorway concession:highway 2000, 1A

Equestrian Club PPP

Cyprus Lanarka and Pafos

airport concession Bouygues Construction Colas

Australia Sydney metro

94

Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base

ANNEX

Plan Prepaid Total subscriber baseQ1 2013 Q2 2013 Q1 2013 Q2 2013 Q1 2013 Q2 2013

Subscribers SIM cards (‘000) 9,618 9,802 1,653 1,484 11,271 11,286SIM cards (% mix) 85 3% 86.9% 14 7% 13.1%SIM cards (% mix) 85.3% 86.9% 14.7% 13.1%Fixed broadband subscriber base1 (‘000) 1,891 1,901

Unit data – mobile subscribersARPU (€/year/subscriber)2 418 398 117 112 364 349D t (MB/ th/ b ib )3 219 248Data usage (MB/month/subscriber)3 219 248Text usage (Texts/month/subscriber)4 403 402 124 118 353 353Voice usage (mins/month/subscriber)4 451 469 140 147 395 414

Unit data – fixed subscribers2

Marketing costs5 Q2 2012 Q2 2013

Marketing costs (€m) 164 123

(1) Includes broadband and very-high-speed broadband 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

ARPU (€/year/subscriber)2 391 395

Marketing costs (€m) 164 123

Marketing costs/sales from network 14.1% 11.7%(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 95

Mobile termination ratesANNEX

€ cents/minute for voice€ /

Voice termination rates Text termination rates

At 1 July At 1 Jan At 1 July At 1 Jan At 1 July At 1 July At 1 July € cents/text At 1 July 2011

At 1 Jan 2012

At 1 July 2012

At 1 Jan 2013

At 1 July 2013

At 1 July 2011

At 1 July 2012

Rates to 2 00 1 50 1 00 0 80 0 80 1 50 1 00Bouygues Telecom 2.00 1.50 1.00 0.80 0.80 1.50 1.00% change -41% -25% -33% -20% - -31% -33%

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

Rates to Free Mobile 1.60(1) 1.10 0.80 Arcep's cost model

Bouygues Telecom differential - - - - - - -Free Mobile differential 0 60 0 30Free Mobile differential 0.60 0.30 -

(1) Effective from 1 August 201296

CalendarANNEX

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

All times are Central European Times

97

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

98

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 RelationsTel : +33 1 44 20 12 04Tel : +33 1 44 20 12 04

e-mail : [email protected]

C t i f ti b

98

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

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