1 Bouygues Group presentation Sep tem ber 2014 1 BUILDING THE FUTURE IS OUR GREATEST ADVENTURE This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements 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: financial projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’s senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others set out in the Group’s Registration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), could cause actual results to differ materially from projections: unfavourable developments affecting the French and international telecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safety 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 from current or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revise the projections, forecasts and other forward-looking statements contained in this presentation. September 2014 2 Bouygues Group presentation – September 2014 1 THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 H1 2014 RESULTS Slide 33 GROUP OUTLOOK Slide 81 CONCLUSION Slide 84 APPENDIX Slide 86 3 Profile A diversified industrial group 5 businesses with different cycles focusing on three sectors: construction, telecoms and media 2013 contribution1 by business area Sales2 at €33.1bn Current operating profit2 at €1,319 m Free cash flow2 at €818m3 24(3) 4.6 223 125 149 2.4 26.1 1,005 819 Construction businesses TF1 Bouygues Telecom Key figures1 in 2013 €647m4 net profit 128,067 employees (1) 2013 figures restated for IFRS 11 (2) Including Holding contribution: €9m for sales; -€34m for current operating profit; and -€174m for the free cash flow (3) Free cash flow is calculated before changes in WCR. It excludes capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at holding company level) (4) Before the write-down of Alstom for €1,404m 4 Bouygues Group presentation – September 2014 2 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 deliveringggg revenue and earnings growth A sound financial profile 5 A stable share ownership structure Shareholder structure at 30 June 2014 Capital Voting rights Foreign shareholders Foreign SCDM SCDM 20.9% shareholders 27.8% 38.2% 29.3% 24.1% 12.9% 30.0% 16.8% Employees Other French shareholders Other French Employees shareholders At 31 June 2014: 335,727,874 shares and 484,648,071 voting rights. SCDM is a company controlled by Martin and Olivier Bouygues Shareholders’ structure allowing long-term focus 6 Bouygues Group presentation – September 2014 3 A strong and distinctive corporate culture Construction is a “good management school” Projjgect management skills and knowhow in compppjlex projects 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 aging infrastructures… Estimated total cumulative world infrastructure requirements (additions and renewal) to 2030*: 53 trillion $ New opportunities arising from environmental concerns Sustainable construction: from the building to the neighborhood Alternative transport infrastructures (railways, canals…) Strengthening existing customer base and increasing addressable market in Telecom / Media Fixed broadband market, mobile data, B2B market … QP District, Qatar *Source OECD - rail, road, telecoms, electricity transmission & distribution, water 8 Bouygues Group presentation – September 2014 4 A solid operational track record 2001 CAGR 2013(1) +4%+ 4 % Sales €20.5bn €33.1bn + 3 % Operating profit €876m €1,319m + 5 % Net profit2 €344m €647m3 X 4.4 DPS €0.36 €1.60 9 (1) 2013 figures restated for IFRS 11 (2) Attributable to the Group (3) Before the write-down of Alstom for €1,404m A healthy financial profile All figures are at end December 2013 Debt under control Low gearing at 51%1 Evenly spread repayment schedule No significant off-balance sheet commitment High level of liquidity Ability to control capex Available Cash = €8.7bn Capex-to-sales ratio2 6% StiblSustainable cash-flow 4% generation 2% Free cash flow2 = €0.8bn 0% Average Free cash flow since 2005 at €1bn Cash remittance to the holding (1) Including impact of the write-down of Alstom 10 (2) Capex and Free cash flow exclude capitalised interest related to 4G frequencies for €33m at Group level Bouygues Group presentation – September 2014 5 Dividend per share 1 1.5 1.6 1.6 1.6 1.6 1.6 1.2 0.90 0.75 0.5 0.36 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Dividend yield1: 2.7%2.2% 2.2% 2.5% 2.6% 5.3% 4.4% 5.0% 6.6% 7.1% 5.8% 1Dividend yield based on closing price 11 THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 H1 2014 RESULTS Slide 33 GROUP OUTLOOK Slide 81 CONCLUSION Slide 84 APPENDIX Slide 86 12 Bouygues Group presentation – September 2014 6 Construction businesses 13 CONSTRUCTION BUSINESSES: profile A world leader: n°7 “top international contractor” according to ENR ranking1 2013 key figures Sales4 by region Sales2: €26.1bn3 Asia & Africa Middle East 6% 8% 11.1 Americas 12.8 11% 2.5 France Europe 59% (excl. Buildings & civil works Real estate Roads France) 16% 2 Operating profit : €1,005m Free cash flow2: €819m 390 437 378 331 178 110 Building & civil works Real estate Roads Building & civil works Real estate Roads (1) Companies are ranked according to construction revenue generated outside home country (2) 2013 figures restated for IFRS 11 (3) Total of the sales contributions (after eliminations within the 14 construction businesses) (4) As published in 2013 (not restated for IFRS 11) Bouygues Group presentation – September 2014 7 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 the leading property developer in France A pure player in real estate development with more than 50 years of experience, acting both in residen tia l and commercilial segments and predidominan tly 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 Baluarte bridge, Mexico The focus on long-term sustainability and the ability to adapt 16 Bouygues Group presentation – September 2014 8 CONSTRUCTION BUSINESSES: high value-added solutions High-level technical know-how A solid track record valued by customers all around the world Abilityyp to develop high value-added end-to-end offers 20 years of expertise in full service offering contracts Sports Hub, Singapore, 2010-2014 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 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 Green office®, Meudon 17 1PPP: Public-Private Partnerships, PFI: Private Finance Initiative CONSTRUCTION BUSINESSES: