This Following English Translation of the Draft Offer Document Is For

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This Following English Translation of the Draft Offer Document Is For This is a free English translation of the offer document. The Company and its directors assume no liability for the translation, which is for convenience only and has no legal value. You are informed that only the French version of the document has been approved by the French securities regulator, Autorité des Marchés Financiers (AMF). 1 SHARE REPURCHASE TENDER OFFER BY FOR 41,666,666 BOUYGUES SHARES WITH A VIEW TO REDUCING THE SHARE CAPITAL Presented by BNP Paribas Crédit Agricole HSBC France Corporate and Investment Bank Rothschild & Cie Banque Société Générale OFFER PRICE: 30 EUROS PER SHARE OFFER PERIOD: 22 CALENDAR DAYS OFFER DOCUMENT DRAFTED BY BOUYGUES IMPORTANT NOTICE Pursuant to the provisions of Articles 231-32 of the AMF General Regulation and R. 225-153 and R. 225-154 of the French Commercial Code, the Offer will run following i) publication by Bouygues of a press release indicating that the Extraordinary General Meeting of 10 October 2011 duly adopted the resolution on reducing the share capital through a share repurchase and ii) publication by Bouygues of a purchase notice in a journal of legal notices and in the French legal gazette, BALO. In accordance with Article L.621-8 of the Monetary and Financial Code and Article 231-23 of its own General Regulation, Autorité des Marchés Financiers (AMF), pursuant to its statement of compliance issued on 4 October 2011 concerning the public offer, has approved this offer document under No. 11-447 dated 4 October 2011. This offer document was prepared by Bouygues, and its signatories are responsible for the content. In accordance with Article L.621-8-1 I of the Monetary and Financial Code, approval is granted once the AMF has made sure that “the document is complete and understandable, and that the information contained in it is consistent”. It does not imply approval of the merits of the transaction, nor authentication of the accounting and financial information presented. The offer document is available on the websites of the AMF (www.amf-france.org) and of Bouygues (www.bouygues.com), and may be obtained free of charge from: - Bouygues: 32, Avenue Hoche, 75008 Paris, France 2 - BNP Paribas: 4, rue d’Antin, 75002 Paris, France - Crédit Agricole Corporate and Investment Bank: 9 quai du Président Paul Doumer, 92920 Paris La Défense, France - HSBC France: 103, Avenue des Champs Elysées, 75008 Paris, France - Rothschild & Cie Banque: 23 Bis, Avenue de Messine, 75008 Paris, France - Société Générale: CORI/M&A/FRA, 75886 Paris Cedex 18, France Information about Bouygues, including its legal, financial, accounting and other characteristics, shall be made available to the public pursuant to the provisions of Article 231-28 of the AMF General Regulation, no later than the day before the offer opens, according to the same procedures. 3 TABLE OF CONTENTS 1- ABOUT THE OFFER .................................................................................................................................. 5 1.1 GENERAL CONDITIONS OF THE OFFER ................................................................................................................ 5 1.2 RATIONALE OF THE OFFER AND INTENTIONS OF THE COMPANY ............................................................................... 5 1.2.1 Rationale of the Offer ..................................................................................................................... 5 1.2.2 Share capital and voting rights of Bouygues before the transaction ........................................... 6 1.2.3 Intentions of the Company over the next 12 months .................................................................... 6 1.3 CHARACTERISTICS OF THE OFFER ....................................................................................................................... 7 1.3.1 Conditions of the Offer ................................................................................................................... 7 1.3.2 Terms of the Offer ........................................................................................................................... 7 1.3.3 Shares targeted by the Offer .......................................................................................................... 7 1.3.4 Financial instruments giving access to the Company's share capital ........................................... 8 1.3.5 Reduction mechanisms ................................................................................................................... 8 1.3.6 Offer procedures ............................................................................................................................. 8 1.3.7 Indicative Timetable of the Offer ................................................................................................. 10 1.3.8 Undertakings of Bouygues’ main shareholders ........................................................................... 11 1.3.9 Restrictions concerning the Offer outside France ........................................................................ 11 1.4 TAX TREATMENT OF THE OFFER ...................................................................................................................... 12 1.4.1 Natural persons resident in France managing their own assets and not trading on the stock market on a regular basis ........................................................................................................................... 12 1.4.2 Legal entities with their registered offices in France and which are subject to corporation tax 14 1.4.3 Non-residents ................................................................................................................................ 15 1.5 FINANCING TERMS AND COSTS RELATED TO THE OFFER ........................................................................................ 15 1.6 EFFECT OF THE OFFER ON BOUYGUES' SHAREHOLDING STRUCTURE, FINANCIAL STATEMENTS AND MARKET CAPITALISATION 16 1.6.1 Effect on share capital and voting rights ..................................................................................... 15 1.6.2 Effect on Bouygues' financial statements .................................................................................... 16 1.6.3 Effect on market capitalisation .................................................................................................... 17 1.7 AGREEMENTS LIKELY TO HAVE A SIGNIFICANT EFFECT ON THE APPRAISAL OF THE OFFER OR ITS COMPLETION .................. 17 2 ELEMENTS USED TO APPRAISE THE OFFER PRICE .................................................................................. 17 2.1 VALUATION METHODS .................................................................................................................................. 18 2.1.1 Discarded valuation criteria ......................................................................................................... 18 2.1.2 Selected valuation criteria ............................................................................................................ 19 2.2 SUMMARY OF ELEMENTS USED TO APPRAISE THE OFFER PRICE .............................................................................. 26 3 REPORT FROM THE INDEPENDENT APPRAISER...................................................................................... 27 4 REASONED OPINION OF THE BOARD OF DIRECTORS OF BOUYGUES ..................................................... 50 5 INFORMATION ON THE COMPANY ........................................................................................................ 51 6 THOSE RESPONSIBLE FOR THE OFFER DOCUMENT ................................................................................ 51 4 1- ABOUT THE OFFER 1.1 General conditions of the offer After approving the principle on 30 August 2011, the Board of Directors of Bouygues, a limited company incorporated under French law with capital of €356,307,709, with registered offices at 32, Avenue Hoche – 75008 Paris and recorded under number 572 015 246 in the Paris Trade & Companies Register (hereinafter “Bouygues” or the “Company”), decided at its meeting of 20 September 2011 to implement a buyback of Bouygues shares from the shareholders of the Company under a share repurchase tender offer (hereinafter the “Offer”), with a view to cancelling the shares, pursuant to Articles L.225-204 and L.225-207 of the Commercial Code. The Company's shares are admitted to trading on Euronext Paris (Compartment A) under ISIN code FR0000120503. This Offer is implemented pursuant to the provisions of Title III of Book II and more specifically Article 233-1(5) et seq of the AMF General Regulation, subject to approval by the Extraordinary General Meeting of Bouygues shareholders to be held on 10 October 2011 of the resolutions relating to the capital reduction of a maximum nominal amount of €41,666,666 through a public share repurchase tender offer concerning a maximum of 41,666,666 shares, each having a par value of €1. Set at €30 per Bouygues share, the Offer would cover, as indicated above, a maximum of 41,666,666 shares, or 11.7% of the capital and at least 8.7% of the voting rights based on a total number of 356,313,006 shares and 479,807,380 voting rights of the Company1. Pursuant to the provisions of Article 231-13 of the AMF General Regulation, of the presenting banks acting on behalf of Bouygues mentioned above, only BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC France and Société Générale guarantee the content and the irrevocable
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