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Bouygues Group Presentation

1

November 2012Building the future is our greatest adventure

This 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”statements may be identified by the use of words such as will , expects , anticipates , future , intends , plans , believes , estimatesand 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 with respectto future operations, products and services; and statements regarding future performance of the Group. Although the Group’s seniormanagement believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned thatg p gforward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generallybeyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or implied orprojected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not guarantees offuture performance and undue reliance should not be placed on such statements. The following factors, among others set out in the Group’sR i t ti D t (D t d Réfé ) d th ti h d d Ri k f t (F t d i ) ld t l lt tRegistration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), could cause actual results todiffer 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 withwhich Group companies are required to comply; the competitive situation on each of our markets; the impact of current or future publicregulations; exchange rate risks and other risks related to international activities; risks arising from current or future litigation Except to theregulations; exchange rate risks and other risks related to international activities; risks arising from current or future litigation. Except to theextent required by applicable law, the Bouygues group makes no undertaking to update or revise the projections, forecasts and otherforward-looking statements contained in this presentation.

November 2012

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THE BOUYGUES GROUP Slide 4

THE BUSINESSES Slide 13

9-MONTH 2012 FIGURES Slide 30

GROUP OUTLOOK Slid 59 GROUP OUTLOOK Slide 59

APPENDIX Slide 67 APPENDIX Slide 673

A diversified industrial group

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

2011 breakdown by business area

75%8% 17%

Sales

55%15%

30%

Current operating profit1

63%15%

22%

Free cash flow2

75% 15% 63%15%

Construction businesses Bouygues TelecomTF1

Key figures in 2011 €32.7bn revenue €1.1bn net profit 131 000 l ~ 131,000 employees Market capitalization: ~ €6bn

1Excluding Holding contribution (-€45m in 2011) 2Free cash flow is calculated before changes in WCR. It is excluding 4G frequencies for Bouygues Telecom and excluding Holding contribution (-€101m in 2011)

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 2011A stable share ownership structure

Shareholder structure at 31 December 2011 Voting rights Capital

Foreign

SCDM21.1%

23 3%

36.1%

shareholdersSCDM

Foreign shareholders

29.6%25.8%

Employees

Other French

23.3%

19.5%

Employees

Other Frenchshareholders

28.1%16.5%

shareholders

At 31 December 2011: 314,869,079 shares and 439,994,172 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 8

A Bbox Sensation advertisement

A solid operational track record

2001 20111

+ 5 %

CAGR

€20.5bn+ 5 %

+ 8 %€32.7bnSales

€876m

€344m+ 12 %

€1,857m

€1 070m

Operating profit

Net profit2 €344m

€0.36X 4.4

€1,070m

€1.60

Net profit2

DPS

(1) Cumulative inflation 2001-2011 : 22% - source: INSEE ; (2) Attributable to the Group

A solid track record of delivering revenue and earnings growth9

A healthy financial profile

Low gearing at 40%E l d t h d l

Debt under control

Ability to control

Evenly spread repayment scheduleNo significant off-balance sheet commitment

High level of ycapex

Capex-to-sales ratio*Available Cash = €8.4bn

gliquidity

6%

Sustainable cash-flowgeneration 0%

2%

4%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Free cash flow = €0.9bn*Cash remittance to the holding

All figures are at end December 2011

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

*Excluding mobile frequencies 10

Dividend per share

1 21.5 1.6 1.6 1.6 1.6

1

0.750.90

1.2

0.360.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 20114.4% 5.0%5.3%2.6%Dividend yield1: 6.6%2.5%2.2%2.2%2.7%2.1%

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 A world leader: n 4 top international contractor according to ENR ranking 2011 key figures

Asia & America Sales: €24.4bn Sales by region

France 60%Europe

Africa5%

Middle East7%

America 11%

9.6

2.5

12.3

(excl. France)

17%Buildings & civil works Real estate Roads

Free cash flow: €605mOperating profit : €1,020m

353201

466 157134314

14

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

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

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 the leading property developer 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

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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

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CONSTRUCTION BUSINESSES: development of specialty activities

Strategy Expand the offering available to customers Develop synergies with existing business areas Penetrate new growth potential markets

For example: urban transport, a growing market 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: construction of the Cairo metro (Egypt), Rabat-Salé(Morocco), Geneva (Switzerland), Casablanca (Morocco). Contracts recently won for Los Teques (Venezuela) and Kuala Lumpur (Malaysia)

Rabat-Salé tramway, Morocco

for Los Teques (Venezuela) and Kuala Lumpur (Malaysia).

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Main ongoing international contracts1CONSTRUCTION BUSINESSES: strong international dimension

Czech RepublicPoland

CanadaHong KongOffice tower (€207m)C i T i l B ildi

SwitzerlandResidential and commercial property complexes (€190m)

Czech RepublicShopping centre(€73m)

UKSchool renovations (€70m)Rail network maintenance(€152m)

PolandTPSA head office(€140m)

Croatia Zagreb Airport (€324m)

Royal Canadian Mounted Police Headquarters (€450m)Motorway contracts(€89m)

Cruise Terminal Building(€490m)Tunnel rail (€360m)Bridge Hong Kong/Macao (€607m)

Intermodal rail logistics platform (€51m)Fort McMurray airport (€41m)

SingaporeSports Hub (€770m)Residential property

ThailandResidential towers (€100m)

USA

MalaysiaKuala Lumpur light metro (€96m)

Gabon

yprojects (€160m)

VenezuelaLine 2 of Los Teques metro(€96 ) Turkmenistan

USAMiami tunnel (€440m)

1Amounts attributable to the Group

GabonElectrification contract (€50m)

(€96m)

MauritiusAirport extension(€48m)

TurkmenistanMinistry of Finance (€104m)Hotel (€194m)

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QatarQP district project (€600m)

Morocco Tangers Med 2 harbour (€335m)

Equatorial GuineaBata motorway (€250m)

CONSTRUCTION BUSINESSES: focus on long-term sustainability A safe and extensive order book providing good visibility on future activity

A record order book of €28.6bn at end-June 2012, up 13% versus end-June 2011 7.8 2005 2011x1.9

Bouygues Construction order book

p An increase in the depth of the order book,

giving time to adapt A strong ability to adapt

4.0

1.3 0.7

7.8

5.1

2.4

x3.9x3.4

A strong ability to adapt Cost structure mostly variable (attached to projects) Geographical flexibility of teams

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

for execution beyond Y+5

Management’s proven responsiveness Focus on controlling operating and financial risks in order to ensure

long-term performance Commercial selectivity (preference is given to margin) Strict control procedures and cautious guidelines

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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%

4.0%

5.0%

6.0%

p yOperating profit (€m) and margin

617784*

384 379535

783966 1,158 1,236

1,079832

1,0202.7% 2.8%

0.0%

1.0%

2.0%

3.0% A recurring FCF generation (€m)

161

368420

617

497

450

695

488

6052002 2003 2004 2005 2006 2007 2008 2009 2010 2011

3 547 3 404

A high net cash position (€m)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1 185

1,689

2,259 2,440 2,495 2,794 2,587

3,5473,175

3,404

*Excluding Axione disposal at Bouygues Construction for €163m

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1,185

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

A strong media groupTF1: 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…

2011 key figures €2.6bn revenue

2011 sales breakdownTF1 Group Oth ti iti

€183m net profit2

Over 4,000 employees Leader in audience share

70% 30%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 (29.1%3 for TF1, TMC and NT1 at end-June 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)

232 Attributable to the group 3 Individuals > 4y - 2011 - Médiamétrie / Médiamat1 HD1 to be launched in Q4 2012

TF1: targets St th f t i b i Strengthen core free-to-air business

Maintain the group’s leading market position Develop close relationship with TV viewers thanks to strong positions in new mediap p g p 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 Foster the counter-cyclical advantage of diversification Develop different sales modes (B2B, B2C,…)Develop different sales modes (B2B, B2C,…)

Improve profitability 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

24

BOUYGUES TELECOM: profile 3rd telecom operator in France

BOUYGUES TELECOM: profile 3rd telecom operator in France

Mobile commercial launch in 1996, Fixed broadband commercial launch in 2008 11 million mobile customers at end-September 2012 for a 15% market share 1 8 illi fi d b db d t t d S t b 2012 f ti t d 7% k t h 1.8 million fixed broadband customers at end-September 2012 for an estimated 7% 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 unlimited bundles (Neo) First quadruple play offer (ideo)q p p y ( ) First unlimited voice and SMS offer for less than €25 (B&YOU)

2011 key figures €5 7b €5.7bn revenue €370m net profit 9,800 employees 26

BOUYGUES TELECOM: profile A strong mobile networkBOUYGUES TELECOM: technology and innovation

15,000 sites deployed covering 99% of the French population in 2G and 95% in 3G+ Rolling out 4G technology since March 2012

Commercial network to be launched beginning 2013 Commercial network to be launched beginning 2013

All major French urban centres to be covered in 2013

Access to spectrum secured to innovate on mobile services in the future A capacity of 76 MHz of spectrum (27% of the total available) on 800, 900, 1,800, 2,100 and 2,600

MHz bands

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)

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BOUYGUES TELECOM: facing a challenging mobile market

A stage-by-stage transformation of the consumer mobile market in 2011/2012 Changes in regulatory framework: cut in voice and SMS call termination rates, impact of pro-

consumer regulation consumer regulation Increasing cost of handsets, changes in usages (data, etc.) Launch of Free Mobile in early 2012 A new market segmentation: “SIM-only/web-only offers” vs. “Offers with services" (tailored offers

with a handset and customer support)

Bouygues Telecom’s objective: adapt the business model while recovering leadership on innovation A plan is in progress since February 2012 to transform and adjust the organisation, offers and

cost structure of the mobile activity whilst maintaining the brand’s values The focus has been placed on simplification (offering, distribution, processes...)

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BOUYGUES TELECOM: opportunitiesE d k t h i th fi d b db d k t Fixed broadband sales from

Expand market share in the fixed broadband market Market growing both in volume and value Growth potential on the very high speed broadband market

network (m€)1

414+70%

131,000 very high speed customers at end-June 2012 Launch of the new Bbox Sensation set top box in spring 2012 Distribution partnership signed with Darty in July 2012

243

Satisfy the increasing demand for data traffic (volume and speed) Launch of the 4G commercial network beginning 2013

Seize opportunities in B2B markets

2010 2011

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. Leverage on Bouygues Telecom’s unique positioning on community targeted MVNOs Leverage on Bouygues Telecom s unique positioning on community targeted MVNOs

2 million active customers3 at end-June 2012

291Sales from network excluding ideo discount – 2Estimate by Arcep and Bouygues Telecom3Estimate of the active MVNO customer base: customers who have carried out an outgoing operation during the last month

Group sales

€ million 9M 2011 9M 2012 Change

Sales 23 719 24 597 +4%1Saleso/w construction businesses2

o/w TF1

23,71917,6141,839

24,59718,8271,853

+4%1

+7%+1%

o/w Bouygues Telecom 4,285 3,951 -8%

1Up 1% like-for-like and at constant exchange rates2Bouygues Construction + Bouygues Immobilier + Colas (sales contributions)Bouygues Construction + Bouygues Immobilier + Colas (sales contributions)

The construction businesses offset the anticipated decline in sales at Bouygues Telecom

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Group results (1/2)€ million 9M 2011 9M 2012 Change€ million 9M 2011 9M 2012 Change

Current operating profito/w construction businesses

1,338667

954619

-€384m-€48m

o/w TF1o/w Bouygues Telecom

195512

154206

-€41m-€306m

Current operating margin 5 6% 3 9% 1 7 ptsCurrent operating margino/w construction businesseso/w TF1o/w Bouygues Telecom

5.6%3.8%

10.6%11 9%

3.9%3.3%8.3%5 2%

-1.7 pts-0.5 pts-2.3 pts6 7 ptso/w Bouygues Telecom 11.9% 5.2% -6.7 pts

Operating profit 1,376 859 -€517m

The Group’s current operating profit mainly reflects the decrease in profitability at Bouygues Telecom Operating profit includes €95m of non-recurring costs related to TF1 and Bouygues Telecom adaptation plans

32

Group results (2/2)

9M 2011 9M 2012 Change

Net profit attributable to the Group (€ million) 794 564 -29%

Earnings per share (€) 2.23 1.79 -20%

Alstom’s contribution amounts to €181m in the 9 months of 2012 vs. €134min the 9 months of 2011

33

Alstom: H1 2012/13 results

A sound level of orders in a challenging economic environment Orders up 19% at €12.1bn in H1 2012/13 B k t bill b 1 f th f th ti t Book-to-bill above 1 for the fourth consecutive semester Backlog up 10% at €52bn representing 31 months of sales

Alstom delivered according to plan Sales at €9.7bn, up 4% vs. H1 2011/12 Operating margin at 7.2%, up 0.5 pts vs. H1 2011/12 Positive free cash flow at €101m Positive free cash flow at €101m

Outlook confirmed Sales: up 5% per year for the current fiscal year and the next two years Operating margin: around 8% in March 2015 Positive free cash flow in each of the next three fiscal years

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Group free cash flow


Free cash flow1 886 7132 -€173mo/w construction businesseso/w TF1o/w Bouygues Telecom

462155325

571109842

+€109m-€46m-€241myg 325 84 -€241m

1Before change in WCR2Excluding investment in 4G frequencies (800 MHz band) in the 9-months 2012 (acquisition costs and capitalised interest)

The improvement in the construction businesses’ free cash flow partially offsets the significant decrease of Bouygues Telecom’s free cash flowsignificant decrease of Bouygues Telecom s free cash flow

35

Group financial position

€ millionEnd-Sept.

2011End-Sept.

2012Change

Shareholders’ equityNet debtNet gearing

10,5963,80836%

9,6245,83261%

-€972m+€2,024m

+25 pts

Decrease in shareholder’s equity related to the cancellation of shares in Q4 2011 (share repurchase tender offer)

Net gearing 36% 61% +25 pts

repurchase tender offer) Tight control of net debt confirmed at the end of September 2012

Cash generated by operations allowed net debt to improve by €169m versus end-September 2011 before f t i i th h h t d ff (€1 25b ) d th h f 4G f i (€943 )factoring in the share repurchase tender offer (€1.25bn) and the purchase of 4G frequencies (€943m)

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BOUYGUES CONSTRUCTION: commercial activityOrder intake1 Order book at end-September 2012

€ illi

France55%

Order intake1 p€ million

FranceInternational For execution in Y

1 662 2,402 2,654

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

14,29315,262 17,051

For execution in Y+1+8%

+12% YoY8,706 8,3138,980

Africa4%

Americas4%

55%

6 541 7 063

4,247 3,8674,753

1,662

2,799

4,930 3,286 3,2846,477

Europe(excluding France)

19%

Asia and Middle East

18%2,264 2,452 2,581

6,120 6,541 7,063

End-Sept 2010 End-Sept 2011 End-Sept 2012

3,678 3,776 5,027 5,696

9M 2009 9M 2010 9M 2011 9M 201219%

Strong order book at €17bn Increasing visibility on future business activity

1Definition: contracts are booked as order intakes at the date they take effect End-Sept. 2010 End-Sept. 2011 End-Sept. 2012

Increasing visibility on future business activity €7bn to be executed in 2013 Order book to be executed in two years and beyond up 18% vs. end-September 2011

37

BOUYGUES CONSTRUCTION: key figures

€ million 9M 2011 9M 2012 Change 2012 target

Saleso/w France

7,0863,867

7,7484,097

+9%1

+6%10,400

o/w Franceo/w international

3,8673,219

4,0973,651

6%+13%

Current operating profitCurrent operating margin

2663.8%

2603.4%

-€6m-0 4 ptsCurrent operating margin 3.8% 3.4% -0.4 pts

Net profit attributable to the Group 159 174 +€15m1Up 4% like-for-like and at constant exchange rates Qatar Petroleum

Solid sales growth leading to an increase of 2012 sales target to €10.4bn Robust current operating margin

p % g Qatar Petroleum District, Doha

Robust current operating margin

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Order book

BOUYGUES IMMOBILIER: business activityReservations1 Order bookReservations1

Commercial propertyResidential property

170313

498109

72 338

358

-25%

+9% YoY

1,394 1,369

1,730 1,868

2,6303,051 2,879

1,398

€ million

2,460 2,738 2,381952

1,2601,658 1,530

1,040

442 358

1Definition: Residential property reservations are always reported net of cancellationsCommercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)

End-Sept. 2011 End-Dec 2011 End-Sept. 20129M 2008 2 9M 2009 2 9M 2010 3 9M 2011 4 9M 2012

The decline in residential property reservations accelerated in the third quarter in a difficult economic and tax environment

Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)

The order book is up 9% vs. end September 2011 thanks to the increasing commercial property backlog The order book offers visibility and represents 14 months of sales

39

BOUYGUES IMMOBILIER: key figures


Saleso/w Residential

1,5481 358

1,6311 472

+5%1

+8%2,450

o/w Residentialo/w Commercial

1,358190

1,472159

+8%-16%


1278 2%

1237.5%

-€4m-0 7 ptsCurrent operating margin 8.2% 7.5% 0.7 pts

Net profit attributable to the Group 78 75 -€3m1Up 5% like-for-like and at constant exchange rates Fort d’Issy,

In line with H1 trends, the residential property sales growth continues while new commercial property reservations do not yet contribute much to sales

p g y,Issy-les-Moulineaux

Current operating margin reflects the early adjustment to the current residential market decrease

40

BOUYGUES IMMOBILIER: adjusting to residential market decrease

In light of the decrease in residential property reservations, Bouygues Immobilier is quickly adapting to the new environment while sales are still growing

Some measures have therefore been implemented in Q3 2012 with the objective to keep a very low residential inventory Example: promotional offers are made on programs under construction

9-month 2012 current operating margin would have been at 8% excluding those promotions

Only 16 unsold finished apartments in France at the end of September 2012

Additional adjustment measures will be implemented during Q4 2012 Additional adjustment measures will be implemented during Q4 2012

41

COLAS: order bookI i l d F h i i

7,2546 994

Mainland FranceInternational and French overseas territories

7,227 +5%7,856

3,353 3,676 3,5943,835

3,310 3,2983,183

6,9946,669 6,472€ million

=

7,006

3 641 3 578 3 634 4,021 3 359 3,708 3 289+10%3,641 3,578 3,634 3,359 3,708 3,289

End-March

End-March

End-June

End-June

End-Sept

End-Sept

End-Dec

End-Dec

+10%

2011 2012 2011 2012 2011 2012 2011 2012

42

COLAS: key figures


Saleso/w France

9,1685,4062

9,6705,455

+5%1

+1%12,900

o/w Franceo/w international

,3,7622

,4,215

%+12%


2743.0%

2362.4%

-€38m-0 6 ptsp g g 0.6 pts

Net profit attributable to the Group 209 178 -€31m1Up 3% like-for-like and at constant exchange rates Th A63 t

9-month sales benefitted from solid activity in Q3 and reflect continued inflation in road

p % g The A63 motorway,Southern France

2Export sales of refined oil products were reclassified according to their location

production costs and oil products prices (bitumen, base oil, fuel oil) Impact of higher sales prices on revenue growth is estimated at about 3 percentage points

43

COLAS: operating margin evolution

As planned, continued improvement in Central Europe On track to achieve breakeven target in 2012 On track to achieve breakeven target in 2012

9-month current operating margin decrease is equally explained by The road activity in France

Delays in contract executions (due to poor weather in H1 2012) still affected the profitability Decrease in volumes weighed on ability to cover the fixed costs of the industrial activities Decrease in volumes weighed on ability to cover the fixed costs of the industrial activities

The sale of refined products Strong increase in reduced-crude-oil (bitumen refinery’s raw material) prices could not be

f ll d t d t h i th b d t (b il d f l il) fully passed on to end customers purchasing the by-products (base oil and fuel oil)

44

COLAS: project to implement a new organization in France The project

Implementation of a new organization for the road business in mainland France Current situation: 16 regional subsidiaries operating under three brand namesg p g New organization: 7 regional subsidiaries all operating under the single brand name of Colas

The objective The objective Simplify the organization and improve efficiency while preserving the flexibility of a decentralized

business network C ti t ti i t d d t t h i k t i k i ith i ti h d Continue to anticipate and adapt to changing markets in keeping with organization changes made over

the last few years

Timing The new organization would be operational as of beginning of 2013

45

TF1: key figures€ C€ million 9M 2011 9M 2012 Change 2012 target

Saleso/w Group advertising

1,8391,267

1,8531,248

+1%1

-1%2,620


19510.6%

1548.3%

-€41m-2.3 pts

Operating profit 195 1292 -€66mp g pNet profit attributable to the Group 125 87 -€38m1Stable like-for-like and at constant exchange rates – 2Including €25m of optimization plan costs The Voice, the TV show

The decrease in advertising revenue is offset by the growth in diversification activities but weighs on current operating margin

Q3 2012 operating profit includes €25m of costs associated with the optimization plan

46

TF1: further adapting to the economic environment

TF1 is introducing phase II of its optimization plan As in phase I, TF1 will continue to

Increase the level of flexibility of its business model

Reduce costs

Th ill f 3 i The measures will focus on 3 main areas The TF1 channel programming costs

The organization’s productivity The organization s productivity

The general and administrative costs

Target: €85m of recurring cost savings by the end of 2014g g g y

47

BOUYGUES TELECOM: mobile commercial performanceContract net growth1 ('000)

Continued positive contract net adds trend in Q3 2012 A net gain of 188K contracts customers A net gain of 124K excluding the consolidation of Darty Telecom 55

188

124150

250Q1 12 Q2 12 Q3 12

Contract net growth1 ('000)

A net gain of 124K excluding the consolidation of Darty Telecom

Return to a positive growth trend for the installed base f Q

-210

124

250

-150

-50

50

Total

A net gain of 11K customers in Q3 2012 excluding perimeter effects

A net gain of 178K customers including 103K Simyo prepaid customers and 64K Darty Telecom contract customers

-250 Excl. Darty Télécom

625800

B&YOU customers ('000)

customers and 64K Darty Telecom contract customers

Confirmed B&YOU dynamic 59

253

452

625

200

400

600

625K B&YOU customers by end Q3 2012

1Contract customers: total customer base without prepaid customers 48

0Q4 11 Q1 12 Q2 12 Q3 12

BOUYGUES TELECOM: fixed broadband commercial performanceN h (‘000)1

359Net growth (‘000)1

Installed base of 1.8 million customers at end Q3 2012 C lid i f 282K D t T l

77

13288 83 70 96 122

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

282 Consolidation of 282K Darty Telecom customers

A net gain of 77K Bbox customersQ1 11 Q1 12 Q2 11 Q2 12 Q3 11 Q3 12 Q4 11

256K very-high-speed broadband customers (using Numericable network)

Strong growth of fixed sales from network:

Fixed broadband sales from network2

€m

132 139169g g

+49% in the first 9 months of 2012

End October 2012, Bbox Sensation represents 68% of gross sales

89

13299

139108 118

+40% +56%+48%

represents 68% of gross sales1Includes broadband and very-high-speed subscriptions. It also includes 282K Darty Telecom customers in Q3 20122Sales from network excluding ideo discount. Q3 12 including Darty Telecom as per August, 1st 2012 49

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

BOUYGUES TELECOM: key figures9-month Q3

€million 2011 2012 ChangeSales 4,285 3,951 -8%1

Sales from network 3,831 3,518 -8%

2011 2012 Change1,419 1,275 -10%1,256 1,132 -10%

EBITDAEBITDA/Sales from network

1,035 27.0%

80722.9%

-€228m-4.1 pts

Current operating profit 512 206 -€306m

370 29.5%

24821.9%

-€122m-7.6 pts

181 58 -€123m

1Down 9% like-for-like and at constant exchange rates 2Including €38m related to a non current income 3Including -€70m related to the adaptation plan costs

Operating profit 5502 1363 -€414mNet profit att. to the Group 353 76 -€277m

2192 -123 -€231m140 -16 -€156m

Sales and EBITDA are in line with expectations Excluding the cut in mobile termination rates, sales from network are down 4% in Q3 2012 vs. -2% in

Q2 2012 and +6% in Q1 2012

Q3 2012 operating profit includes €70m of non-recurring expenses related to the adaptation plan costs

50

BOUYGUES TELECOM: mobile business model evolution

Cost saving plan target confirmed: €300 million (with full impact in 2013)

Repricing of the installed base is progressing 40% of the residential contract base on

Change 9m 2012 vs. 9m 2011€m

Fixed broadband

Mobile operating

Mobilemarketing

40% of the residential contract base on new tariffs vs. 27% at end Q2

broadband costs

operating costs

marketing costs

40%40%

60%

% of customers with new tariffs within the residential contracts base

-65-39 +6811%

27%

0%

20%

40%

51

Savings of €104m on mobile activity for the first 9 months

Q1 12 Q2 12 Q3 12

Condensed consolidated income statement (1/2)


Sales 23,719 24,597 +4%

Current operating profit 1,338 954 -29%

Other operating income and expenses 381 (95)2 nm

Operating profit 1,376 859 -38%

Cost of net debt (205) (212) +3%o/w financial incomeo/w financial expenses

63(268)

45(257)

-29%-4%

Other financial income and expenses (1) 8 nmOther financial income and expenses (1) 8 nm

52

1€38m of non-current income related to an asset disposal at Bouygues Telecom 2€95m of adaptation plan costs related to Bouygues Telecom for €70m and TF1 for €25m

Condensed consolidated income statement (2/2)


Income tax expense (395) (232) 41%Income tax expense (395) (232) -41%

Share of profits and losses from associates 143 210 +47%

Net profit 918 633 -31%Minority interests (124) (69) -44%

N t fit tt ib t bl t th G 794 564 29%Net profit attributable to the Group 794 564 -29%

53

Change in the net cash position in 9M 2012 (1/2)Net cash at Net cash at Net cash at

(2 384)

Net cash at 30/09/2011

Net cash at 30/09/2012

Net cash at 31/12/2011 €m

(3,808)

(2,384)

(3,639)

Share repurchase

-89

-607 -2 +12Acquisitions/tender offer(1,250)

Share repurchaset d ff

(228)4G freq. 2.6GHz

-2 +12

-569

Acquisitions/disposals

Capital transactions

Dividends paid

Scope effects

Operation tender offer(1,250)

(943)4G freq.

2.6 GHz/800 MHz

p

549M 2011 (2,473) -74 -693 -121 +1 -448 (3,808)

Total (3,862) (5,832)

Change in the net cash position in 9M 2012 (2/2)Breakdown of operation

€m

Breakdown of operationNet cash flow1

+1,671Net capital expenditure

-9582

Change in the operating WCR3 & other

-1,282

(2)

-5692

1Net cash flow = cash flow - cost of net debt - income tax expense 2Excluding investment on 4G frequencies (€715m for the 800 MHz band)3Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment andintangible assets

55

9M 2011 +1,883 -997 -1,334 -448

Contribution of business areas to Group net capital expenditure


Bouygues Construction 177 117 -€60mBouygues Construction 177 117 €60mBouygues Immobilier 7 10 +€3mColas 252 223 -€29mTF1 29 18 -€11mBouygues Telecom 536 586 +€50mH ldi d th (4) 4 +€8Holding company and other (4) 4 +€8mTotal excluding frequencies 997 958 -€39m4G frequencies (800 MHz) - 7151 +€715mq ( )TOTAL with frequencies 997 1,673 +€676m

561Includes acquisition cost and capitalised interest

Financing€m

7,000

8,000Available cash: €7.3 billion

Debt repayment schedule at 30 September 2012

5,000

6,000Undrawn

MLT credit lines€5.2 billion

Debt repayment schedule at 30 September 2012

2 000

3,000

4,000€700m bond issued on 2 October 2012 and not included in the cash available at end-September 2012

0

1,000

2,000Cash€2.1

billion

57

In EurosBOUYGUES: bonds issuesIn Euros

Bond issue maturing May 2013 €709m - Coupon 4.5%

Bond issue maturing October 2014 €758m - Coupon 4.375%

Bond issue maturing July 2015 €1,000m - Coupon 6.125%

Bond issue maturing May 2016 €600m - Coupon 4.750%

Bond issue maturing February 2018 €500m - Coupon 4.0%

Bond issue maturing October 2019 €1,000m - Coupon 3.641%

Bond issue maturing July 2020 €1,000m - Coupon 4.250%

Bond issue maturing February 2022 €800m Coupon 4 5% Bond issue maturing February 2022 €800m - Coupon 4.5%

Bond issue maturing January 2023 €700m - Coupon 3.625%

In GBP

Bond issue maturing October 2026 £400m - Coupon 5.01% (after swap in euros)

58

Outlook for the construction businesses (1/3)

In an uncertain world economic environment... In an uncertain world economic environment... Eurozone sovereign debt crisis and inevitable reductions in public deficits Question marks hanging over local authority funding in France Downturn in the French residential market

...Bouygues' construction businesses enjoy some major strengths

60

Outlook for the construction businesses (2/3): major strengths

A strong order book of €26.9bn at end-September 2012, up 10% versus end-September 2011

1 Good visibility on future activity thanks to the order book

An increase in the depth of the order book Bouygues Construction's 2-year plus order book: 43% of total orders, up 18% versus end-September 2011 Colas’ order book for execution from 2013 is up 5% versus end-September 2011p p

2 Diverse activities and expertise E i i i i j d hi h l dd d l i f Expertise in innovative projects and high value-added solutions for customers

Complex projects covering design, construction, maintenance and financing Recognised know-how in sustainable construction Turnkey commercial property projects Turnkey commercial property projects

Diversification into speciality activities E.g. rail transport at Colas 61

Outlook for the construction businesses (3/3): major strengths3 A strong international presence A presence on all the continents

44% of the 2011 sales of Bouygues Construction and Colas generated on international markets An ability to seize opportunities on growth markets

3 A strong international presence

An ability to seize opportunities on growth markets In 2011, 26% of sales was generated outside Europe, of which half in emerging countries

4 A high ability to adapt Most of the cost structure is variable

Cost structure per project Geographical flexibility of teams

A high ability to adapt

Geographical flexibility of teams Management’s proven responsiveness

E.g. Colas' adjustment in Central Europe E g the adjustment measures in progress at Bouygues Immobilier E.g. the adjustment measures in progress at Bouygues Immobilier

♦ Review of the land bank♦ Promotions on programs under construction♦ Tighter control of operating costs and headcount 62

Outlook for Bouygues Telecom in 2012

The fall in the contribution from the mobile activity will impact negatively salesand EBITDAa d The fall in marketing costs is not able to sufficiently offset this impact

2012 targets Sales: €5.2bn, down 9% versus 2011 EBITDA: around €900 million (excluding cost of adjustment plan) EBITDA: around €900 million (excluding cost of adjustment plan) An increase of around €100m versus 2011 in amortisation expense and provisions Investment at a similar level to 2011 (excluding purchase of 4G frequencies and acquisition of

Darty Telecom)

63

Outlook for Bouygues Telecom: adjustment plan (1/2)

Target of €300m cost savings in 2013 confirmed, to be obtained via a reduction in the marketing and operating costs of the mobile activityA dj t t l h b i i F b 2012 An adjustment plan has been in progress since February 2012 Organisation: a redeployment of the mobile activity according to the new segmentation

of the market Distribution: renegotiation with distributors and divestment of Extenso in progress Customer relations: renegotiation of contracts with external service providers H d t l f l t d d i 556 l Headcount: a plan for a voluntary redundancy programme concerning 556 employees

presented to social partners at the beginning of July Monetisation of assets: divestment of tower business and property assets

Cost of adjustment plan estimated at around €150 million to date for 201264

2012 sales target2012 targetg

€ million 2011 In March In May In August In November

Change 2012/2011

Bouygues Construction 9,802 10,000 10,100 10,200 10,400 +6%

Bouygues Immobilier 2,465 2,450 2,450 2,450 2,450 =

Colas 12,412 12,500 12,700 12,700 12,900 +4%

TF1 2 620 2 620 2 620 2 620 2 620TF1 2,620 2,620 2,620 2,620 2,620 =

Bouygues Telecom 5,741 5,140 5,140 5,180 5,200 -9%

Holding company and other 120 120 120 120 120 nm

Intra-Group elimination (454) (480) (480) (470) (490) nm

TOTALo/w France

32,70622 601

32,35022 050

32,65021 950

32,80022 050

33,20022 300

+2%1%o/w France

o/w international22,60110,105

22,05010,300

21,95010,700

22,05010,750

22,30010,900

-1%+8%

65

Conclusion

The Group faces deep-seated changes in the mobile telephony market: a plan is in progress at Bouygues Telecom to transform and adjust the organisation, offers and cost structure

TF1 is speeding up its adjustment by continuing to cut costs and by launching a review of its processes and organisationp g

The Group can count on Its construction businesses, which are very strong and benefit from good visibility to anticipate

any adjustment measures that might be needed

The ability of its business areas to generate cash flow on a regular basis

Its robust financial structure Its robust financial structure

66

Group organisation chartRoadworks Building / Civil Engineering Property

(1984) (1952) (1956)

96.5 % 100 % 100 %

CONSTRUCTION

29.4% stakePOWER - TRANSPORT

(2006)

43.7 %

TELECOMS

89.5 %

MEDIA(1994) (1987)

Figures as of 30 June 2012 – Alstom as of Oct 2012 68

A diversified portfolio

E t i b i d d diti 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 200669

CONSTRUCTION BUSINESSES: 2011 sales breakdown

54%13%

3%8%

FranceEurope (excl. France)Asia and Middle east

44%16% Building and Civil Works France

Building and Civil Works

22%

Asia and Middle eastAmericasAfrica

40%InternationalElectrical Contracting

95%

5%

France

Europe

19%

ResidentialCommercial

22% Specialty activites

95%81%

19%8% North America

7016%62%

Building materials

Roadworks

15%

58%

Europe (excl. France)

France

Others

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 )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

71

BOUYGUES TELECOM: key indicatorsC t t P id T t l t bContracts Prepaid Total customer base

Q2 2012 Q3 2012 Q2 2012 Q3 2012 Q2 2012 Q3 2012Customers SIM cards (‘000) 8,955 9,143 1,899 1,889 10,854 11,032SIM cards (% mix) 82 5% 82 9% 17 5% 17 1%SIM cards (% mix) 82.5% 82.9% 17.5% 17.1%No. of fixed broadband customers (‘000)1 1,399 1,758Unit data – mobile customersARPU (€/year/customer)2 481 463 139 132 411 398Data usage (MB/month/customer)3 150 170Data usage (MB/month/customer) 150 170SMS usage (SMS/month/customer)4 372 385 142 137 325 336Voice usage (min/month/customer)4 416 419 120 124 356 361

Unit data – fixed broadband customersARPU (€/ / t )2 383 386ARPU (€/year/customer)2 383 386

Marketing costs5²

Q3 2011 Q3 2012

1The number of fixed broadband customers includes broadband and very-high-speed subscriptions. It also includes Darty Telecom customers since Q3 20122Rolling 12-month period, excluding machine-to-machine SIM cards for mobile ARPU, and the ideo discount for fixed and mobile ARPUg Q3 0 Q3 2012

Marketing costs (€m) 193 196Marketing costs/sales from network (%) 15.4% 17.3%

72

3Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards 4Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine and internet SIM cards5Mobile and fixed subscriber acquisition and loyalty costs

BOUYGUES TELECOM: mobile termination rates

Voice termination rates SMS termination ratesAt 1 At 1 At 1 At 1 At 1 At 1 At 1 At 1€ cents/minute for voice

€ cents/unit for SMSAt 1 July2010

At 1July2011

At 1 January

2012

At 1 July2012

At 1 January

2013

At 1 February

2010

At 1July 2011

At 1July 2012

R t t B T l 3 40 2 00 1 50 1 00 0 80 2 17 1 50 1 00Rates to Bouygues Telecom 3.40 2.00 1.50 1.00 0.80 2.17 1.50 1.00% change -43% -41% -25% -33% -20% -38% -31% -33%

Rates to Orange and SFR 3.00 2.00 1.50 1.00 0.80 2.00 1.50 1.00

Rates to Free Mobile 1.601 1.10 Arcep consultation in process

Bouygues Telecom differential 0.40 - - - - 0.17 - -Differential with Free Mobile 0 60 0 30Differential with Free Mobile 0.60 0.30

1Came into effect on 1 August 201273

IR CONTACTV lé i AGATHON Di t I t R l tiValérie AGATHON, Director Investor Relations

Tel : +33 1 44 20 12 04e-mail : [email protected]

Corporate information : www.bouygues.comBOUYGUES – 32 avenue Hoche75378 Paris Cedex 08 - FRANCE 74

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