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2019 ANNUAL REPORT Shareholders’ Meeting of April 22, 2020 Contents

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2019 ANNUAL REPORT Shareholders’ Meeting of April 22, 2020 Contents 2019 ANNUAL REPORT Shareholders’ Meeting of April 22, 2020 Contents Management report 6 1. Non-financial performance statement 2019 6 2. The year 2019 66 3. Business activities 67 4. Innovation, development and research 73 5. Risks and Disputes 76 6. Internal control of accounting and financial information 80 7. Duty of vigilance 83 8. Acquisitions and disposals of equity interests 84 9. Branches 85 10. Intercompany loans 85 11. Strategy 85 12. Strengths 86 13. Significant events since the fiscal year-end 86 14. Outlook 86 15. Earnings and appropriation of earnings 87 16. Information on payment periods 88 17. Financial injunctions or penalties for anti-competitive practices 88 18. Share capital 89 Event that occurred since the financial statements were closed - Covid-19 pandemic 92 Results of the Company for the last five fiscal years 93 Consolidated financial statements 95 Statutory Auditors’ report on the consolidated financial statements 147 Colas Financial Statements 151 Statutory Auditors’ report on the parent company financial statements 165 Statutory Auditors’ special report on regulated agreements 170 Statutory Auditors’ special report on the reduction of capital 172 Independent Verifier’s report on the non-financial performance statement 173 2 COLAS 2019 / Special Report on share subscription and/or purchase options granted to all or some salaried employees of the Company (article L.225-184 of the French Commercial Code) 177 1. Share subscription and/or purchase options granted by the company (Article L.225-177 of the French Commercial Code) 178 2. Share subscription and/or purchase options granted by affiliated companies (Article L.225-180 of the French Commercial Code) 178 Special report on bonus awards of existing or new shares to all or some salaried employees of the Company (Article L. 225-197-4 of the French Commercial Code) 181 1. Bonus shares awarded by the Company (Article L.225-197-1 of the French Commercial Code) 182 2. Bonus shares awarded by affiliated companies (Article L.225-197-2 of the French Commercial Code) 182 Report on corporate governance (article L.225-37 of the French Commercial Code) 183 1. Directors 184 2. Compensation of Executive company officers and Directors 203 3. Agreements entered into between executives or shareholders of Colas and its direct or indirect subsidiaries 221 4. Summary table of delegations of powers concerning capital increases 222 5. Information that may have an impact in the event of a public offer 223 Resolutions 225 1. Agenda 226 2. Report on the resolutions to be submitted to the Shareholders’ Meeting 227 3. Proposed resolutions 230 Certification of the Annual Financial Report 235 / COLAS 2019 3 CHIEF EXECUTIVE OFFICER as of December 31, 2019 Frédéric Gardès BOARD OF DIRECTORS as of December 31, 2019 DIRECTORS Olivier Roussat Chairman of the Board of Directors Olivier Bouygues Société Bouygues Martine Gavelle (2) Director Permanent Director representative: Colette Lewiner (2) Philippe Marien(1) Arnauld Van Eeckhout (3) Director Director Catherine Ronge (2) Director (1) As of February 18, 2020, the permanent representative of the Bouygues Group is Pascal Grangé. (2) Independent director. (3) Arnauld Van Eeckhout, previously Non-voting Director of Colas SA, was co-opted on October 1, 2019 as Director, subject to approval by the Annual General Shareholders’ Meeting on April 22, 2020. STATUTORY AUDITORS Mazars PricewaterhouseCoopers Audit Thierry Colin Statutory Auditor Statutory Auditor Substitute for Mazars 4 COLAS 2019 / MANAGEMENT REPORT This management report was approved by the Board of Directors in its February 18, 2020 meeting. Additional information about Covid-19 is presented on page 92. Chapters 5.1 (Risk factors), 13 (Significant events since the fiscal year-end) and 14 (Outlook) are to be read taking this additional information into account. MANAGEMENT REPORT / COLAS 2019 5 Management Report 1. NON-FINANCIAL PERFORMANCE STATEMENT 2019 1.1. BUSINESS MODEL In a world undergoing profound demographic and geographical changes, mobility needs are constantly increasing, as new constraints and demands begin to take shape. Drawing on the strengths of a business model that has stood the test of time over its 90 years in the construction and maintenance of transportation infrastructure, today Colas is transforming itself to deliver tomorrow’s mobility infrastructure and solutions while identifying and addressing key CSR(1) issues through all its activities. To ensure that infrastructure can continue be used over the long term, its maintenance requirements are taken into account at the design stage. In the case of transportation infrastructure (streets, roads, railways, airports, etc.), maintenance and transformation of existing structures account for around 90% of the market and translate into a large number of small projects (averaging €172k each). Every year, to complete these thousands of projects, Colas relies on its extensive network of local business units. It is also essential to have access to a sizable inventory of equipment of all kinds, both stationary and mobile, distributed across all the Colas’ geographies. To ensure that the best and most productive use is made of these costly assets, Colas strives to secure a sufficient volume of business in each region, within a medium-to long-term perspective. Colas’ operations require considerable human resources, including a high proportion of workers, who make up about 60% of all staff. Colas is committed to offering its employees in all regions satisfactory working conditions that are sufficiently attractive to potential future recruits. Employee engagement can only be secured by affirming and putting into practice the core values of ethics, safety and respect for human rights. On the basis of these observations, Colas has developed a business model founded on the following principles: — conducting its business activities by means of long-term, local operations on a human scale all over the world; — taking a decentralized approach that lets its business units adapt to local conditions (technical, human resources, weather- related, etc.); — allowing its business units and their clients to benefit from the pooled expertise of a major group. To enhance this business model, Colas has developed complementary areas of expertise and business activities: — new, large-scale construction projects require planning and decision-making expertise in areas such as engineering, financing, management, and project performance, supplementing the skills and know-how traditionally associated with the Group’s business activities. These new areas of expertise are brought together within the Colas Projects entity, which serves as a support function for the entire network of long-established Colas business units. In connection with major projects, Colas Projects teams also explore the potential for technical and organizational improvements, which thus take their place among the network’s competencies; — to offer clients and users the best possible mobility conditions, it is essential that Colas understands and manages the value chain upstream of its construction activities: by doing so, Colas has, over the years, developed strong positions in the production of aggregates and the processing and distribution of bitumen-based products. Thanks to its unique expertise in these two activities, Colas lays claim to a long history of innovation. Furthermore, the integration of aggregate and bitumen production activities with construction and maintenance activities means that Colas is better positioned to manage their impacts (by way of carbon footprint analyses, for example); — lastly, to optimize and consolidate its presence in certain regions, particularly islands and other remote areas, Colas offers services that supplement its core activities, including civil engineering, water and energy distribution, environmental engineering, building operations, etc. While building and maintaining transportation infrastructure satisfies an essential human need, it must not be done without taking the attendant environmental issues into consideration: the impact of thermal engines, consumption of natural resources (aggregates, hydrocarbons, etc.), ecosystem fragmentation, disappearance of undeveloped land, etc. Fully aware of the challenges involved, which are tied in a more general sense to the energy transition away from fossil fuels and environmental sustainability, Colas is taking action to adapt its activities. To this end, Colas is drawing on its business model to adapt to local conditions as well as on its ability as a global group to capitalize on positive feedback and come up with breakthrough innovations. (1) Corporate Social Responsibility. 6 COLAS 2019 / MANAGEMENT REPORT Mobility issues are emerging as one of the most complex challenges facing human society today(2), whether they relate to interactions between modes of transportation, the many purposes for which infrastructure is used, or the rapidly evolving behaviors or expectations of users. The result is that the industries in which Colas operates are being called to account. Without favoring one mode of transportation over another, Colas aims to serve all of them, depending on the choices made by decision-makers in the public sector, and to promote the most efficient and sustainable solutions. Colas is thus moving forward with its transformation, through which it aims to gradually become a single-source provider of responsible and integrated mobility solutions, particularly with respect
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