2005 – Activity and results

Organisation chart - 2005

Shareholder’s structure (at 31.12.2005)

BP FRANCE2.6%

Employees22.4%

Own shares3.3%

Free float71.7%

2005 Sales(€m)

CONSTRUCTION 3,812 4,030 + 5.7 % o/w property development 420 485

ROAD CONSTRUCTION 2,145 2,357 + 9.9 % ELECTRICAL CONTRACTING 1,507 1,754 + 16.4 % METALLIC CONSTRUCTION 201 186 - 7.5 % CONCESSIONS 27 106 x 4

7,692 8,433 + 9.6 %

Of which - France 6,420 7,004 + 9.1 %- Europe 1,160 1,275 + 9.9 %- rest of the world 112 154 + 37.5 %

TOTAL

2004 2005 Change

2005 Sales(€m)

Construction42.8%

Property Devlpt5.0%

Electrical contracting

20.9%

Metallic Construction

2.1%

Road Construction

28.0%

Concessions1.2%

6,4026,941

6,9627,692

8,433

2001 2002 2003 2004 2005

2001 to 2003 : Fgaap

Eiffage in Europe(€m)

COUNTRIES ACTIVITIES

BELGIUM 430 Constr. - Prop. Dev. - Electr. - Concessions

SPAIN 285 Road - Electricity - Civil Engineering

GERMANY 175 Road - Civil Engineering - Electricity

POLAND 165 Construction

PORTUGAL 110 Civil Engineering - Road Construction

ITALY 50 Civil Engineering - Electricity

LUXEMBOURG 25 Construction

OTHERS 35 Ireland - U.K. - Norway

TOTAL SALES 1,275

SALES 2005

336

266235

203

419

3.2% 3.4%3.8%

4.4%5.0%

2001 2002 2003 2004 2005

229

195174176

302

2.8%3.0%

3.6%

2.5%2.7%

2001 2002 2003 2004 2005

Profit growth(€m)(% of sales)

Current Operating profit2001 to 2003 : Operating result – Fgaap

Net profit2001 to 2003 : Net result (Fgaap) before GW amortisation

*

* Excluding deferred tax credit : 27 €m

Current operating profit and margins(€m)

CONSTRUCTION + 169 + 4.4 % + 210 + 5.2 %

ROAD CONSTRUCTION + 84 + 3.9 % + 92 + 3.9 %

ELECTRICAL CONTRACTING + 73 + 4.8 % + 84 + 4.8 %

METALLIC CONSTRUCTION + 6 + 3.0 % + 10 + 5.4 %

CONCESSIONS + 4 n.s. + 29 + 27.4 %

HOLDING COMPANIES + 0 - - 6 -

Current operating profit + 336 + 4.4 % + 419 + 5.0 %

2004 2005% sales % sales

Consolidated profit & loss account(€m)

Sales 7,692 8,433

Current operating profit + 336 + 419 Other operating items - 45 - 22 Interest - 8 - 17 Other financial items - 8 + 5 Tax - 94 - 135 Equity accounted companies + 47 + 51 Minority interests + 1 + 1

Net profit - Group share + 229 + 302

2004 2005

Breakdown of net profit – Group share(€m)

CONSTRUCTION + 101 + 132 ROAD CONSTRUCTION + 49 + 64 ELECTRICAL CONTRACTING + 42 + 51 METALLIC CONSTRUCTION + 4 + 5 CONCESSIONS + 46 + 63 HOLDING COMPANIES - 14 - 14

+ 228 + 301 Minority interests + 1 + 1

+ 229 + 302

2004 2005

Net profit - Group share

Total net profit

Consolidated balance sheet(€m)

Intangible assets 583 700 Capital and reserves 887 1,100

Concessions 860 1,223 Net profit 229 302

Tangible assets 772 806 Shareholders' equity 1,116 1,402

Investments 171 94

Fixed assets 2,215 2,823 Provisions 529 542

Net cash - - Net debt 264 327

Other assets 3,712 4,138 Other liabilities 4,189 4,690 (including defered tax)

TOTAL 5,927 6,961 TOTAL 6,098 6,961

2004 2005 2004 2005 LIABILITIES ASSETS

Cash flow statement(€m)

Consolidated cash flow + 316 + 413 Provisions / Profit on disposals - 25 - 39 Change in WCR + 214 + 64 Capital expenditure - 454 - 617 Disposals + 67 + 84

Net cash flow + 118 - 95

Dividends - 62 - 15 Change in shareholders' equity - 15 - 9 Change in consolidation scope + 1 + 30 Change in net bank debt + 42 - 89 Change in finance leases debt + 18 + 26

Change in net debt + 60 - 63

Capital expenditure(€m)

Intangible 5 6

Tangible 119 133

Concessions 223 63

Acquisitions 107 172

APRR - 243

Total 454 617

2004 2005

2006

Organisation chart - 2006

Breakdown of results – 2006 organisation

BUILDING CONSTRUCTION + 165 + 5.3 % + 105

PUBLIC WORKS + 137 + 4.2 % + 91

ELECTRICAL CONTRACTING + 84 + 4.8 % + 51

METALLIC CONSTRUCTION + 10 + 5.4 % + 5

CONCESSIONS + 29 + 27.4 % + 63

HOLDING COMPANIES - 6 - - 14

TOTAL + 419 + 5.0 % + 301

ROC RN2004 % sales 2005

(€m)

Order book (at 01/01/2006)

(€m)

BUILDING CONSTRUCTION 3,290 3,740 + 13.7 %

PUBLIC WORKS 2,800 2,500 - 10.7 %

ELECTRICAL CONTRACTING 770 890 + 15.6 %

METALLIC CONSTRUCTION 190 320 + 68.4 %

7,050 7,450 + 5.7 %

At 01/01/2005 At 01/01/2006 Change

TOTAL

2006 sales(€m)

BUILDING CONSTRUCTION 3,129 3,270 + 4.5 % o/w property development 485 440

PUBLIC WORKS 3,258 3,370 + 3.4 % ELECTRICAL CONTRACTING 1,754 1,960 + 11.7 % METALLIC CONSTRUCTION 186 240 + 29.0 % CONCESSIONS 106 1,460 x 14

8,433 10,300 + 22.1 %

Of which - France 7,004 8,815 + 25.9 %- Europe 1,275 1,350 + 5.9 %- rest of the world 154 135 - 12.3 %

2006 forecast

TOTAL

2004 Change

Concessions - Organisation chart

Concessions - Fixed assets(€m)

APRR 304 12,460 Cofiroute 242 242 Millau viaduct 398 398 Norscut - - Prado Carénage 12 12 Eiffage Parking 232 11 Perpignan - Fig. 26 26 Others 9 9

Total 1,223 13,158

31 dec. 2005 pro forma

Millau viaduct

• 4.4 million passages in 2005, an average of 12,000 vehiclesa day

• 2005 sales: €25 million, i.e. 20% above the forecast

• EBITDA: €20.6 million, equivalent to 82% of sales

• Pre-tax profit: €7.8 million, profitable from the 1st year

• Price rise of 4.1% on 1 February 2006 as planned

APRR – The network

28% of the Frenchmotorway network ;

2 205 km ofroads in service;

25 000 vehicles/day/km(annual average).

Tolls97%

1,571

1,513

1,474

1,415

+ 4.2 %

+ 2.6 %

+ 3.8 %

2002 2003 2004 2005

APRR – 2005 Consolidated Sales(€m)

Total SalesTrends in traffic + 0.1 %o/w trucks + 0.4 %o/w p. cars - 0.8 %

Other revenues

3%

APRR – 2005 Consolidated results(€m)

EBITDA * + 888 + 924 + 941 + 974 % CA + 62.8 % + 62.7 % + 62.2 % + 62.0 %

Net result + 74 + 102 + 146 + 195

Cash Flow + 415 + 485 + 520 + 530

Net Debt 7,078 6,668 5,235 5,078 Net Debt / EBITDA 8.0 7.2 5.6 5.2

2002 2003 2004 2005

* 2005 EBITDA factors in €20 million in non-recurring costs, primarily related to privatisation

Pro forma 2005 balance sheet with APRR *

Intangible assets 670 Capital and reserves 1 380

Concessions 13 160

Tangible assets 810 Provisions 580

Investments 650

Fixed assets 15 290 Eiffage Net Debt 465

Net cash - Debt without recourse 11 735

Other assets 4 280 Other liabilities 5 160 (including defered tax)

TOTAL 19 570 TOTAL 17 940

pro forma 2005 LIABILITIES ASSETS

* Unaudited figures

(€m)

Stock market performance – between 01/01/04 and 27/02/06

276

141

80

100

120

140

160

180

200

220

240

260

280

300

01/01/2004 01/04/2004 01/07/2004 01/10/2004 01/01/2005 01/04/2005 01/07/2005 01/10/2005 01/01/2006

EiffageCAC 40

Base