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1Bouygues Group presentation – September 2014

S t b 2014S t b 2014

Bouygues Group presentationBouygues Group presentation1

September 2014September 2014

1BUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING 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”and 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 withrespect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’srespect to future operations, products and services; and statements regarding future performance of the Group. Although the Group ssenior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautionedthat forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict andgenerally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, orimplied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are notguarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others setout in the Group’s Registration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), couldcause actual results to differ materially from projections: unfavourable developments affecting the French and internationaltelecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safetyregulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets;

September 2014

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 fromcurrent or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revisethe projections, forecasts and other forward-looking statements contained in this presentation.

2


THE BOUYGUES GROUP Slide 4

THE BUSINESSES Slide 13

H1 2014 RESULTS Slide 33

GROUP OUTLOOK Slide 81

CONCLUSION Slide 84

APPENDIX Slide 863

Profile

A diversified industrial group

5 businesses with different cycles focusing on three sectors: construction, telecoms and media

2013 contribution1 by business area

26.12.4

4.6

Sales2 at €33.1bn

1,005

223 125

Current operating profit2 at €1,319 m

819

149 24(3)Free cash flow2 at €818m3

Construction businesses Bouygues TelecomTF1

Key figures1 in 2013 €647m4 net profit 128,067 employees

4

(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


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 30 June 2014

A stable share ownership structure

Voting rights CapitalForeign

SCDM

Employees

Other French

20.9%

24.1%

16.8%

38.2%

shareholdersSCDM

Employees

Other Frenchshareholders

Foreign shareholders 27.8%

30.0%12.9%

29.3%

Shareholders’ structure allowing long-term focus 6

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


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

7Pragmatic – Cautious – Opportunistic – Entrepreneurial

Long-term growth opportunities

Growing long-term infrastructure needs in both developed and emerging countries Drivers: demographic growth, urbanization, saturated and

aging infrastructures…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 …

8*Source OECD - rail, road, telecoms, electricity transmission & distribution, water

QP District, Qatar


A solid operational track record

2001 2013(1)

+ 4 %

CAGR

€20.5bn

€876m

€344m

+ 4 %

+ 3 %

+ 5 %

€33.1bn

€1,319m

€647m3

Sales

Operating profit

Net profit2

9

€344m

(1) 2013 figures restated for IFRS 11 (2) Attributable to the Group (3) Before the write-down of Alstom for €1,404m

€0.36X 4.4

€647m3

€1.60

Net profit2

DPS

A healthy financial profile

Low gearing at 51%1

Evenly spread repayment schedule

All figures are at end December 2013

Debt under control

6%

Ability to control capex

Capex-to-sales ratio2Available Cash = €8.7bn

No significant off-balance sheet commitment

High level of liquidity

S t i bl h fl

0%

2%

4%

10

Free cash flow2 = €0.8bnAverage Free cash flow since 2005 at €1bn

Cash remittance to the holding

Sustainable cash-flowgeneration

(1) Including impact of the write-down of Alstom(2) Capex and Free cash flow exclude capitalised interest related to 4G frequencies for €33m at Group level


0.90

1.21.5 1.6 1.6 1.6 1.6 1.6

1

Dividend per share

0.36

0.50.75

0.90

1Dividend yield based on closing price

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Dividend yield1: 4.4% 5.0%5.3%2.6% 6.6%2.5%2.2%2.2%2.7% 7.1%

11

5.8%





CONCLUSION Slide 84

APPENDIX Slide 8612


Construction businesses

13

A world leader: n°7 “top international contractor” according to ENR ranking1

2013 key figures

Asia & Middl E t

Africa6%

CONSTRUCTION BUSINESSES: profile

Sales2: €26.1bn3Sales4 by region

France59%Europe

(excl. France)

16%

Americas11%

Middle East8%

6%

11.12.5

12.8

Buildings & civil works Real estate Roads

Free cash flow2: €819mOperating profit2 : €1,005m

437178

390

Building & civil works Real estate Roads

331110

378

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 construction businesses) (4) As published in 2013 (not restated for IFRS 11)

Free cash flow2: €819mOperating profit : €1,005m

14


Building & civil works

Bouygues Construction is a world leading full service contractor in building & civil works, electricalcontracting and maintenance

CONSTRUCTION BUSINESSES: profile

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 growth

A strong and diversified international presence

The focus on long-term sustainability and the ability to adapt

The Baluarte bridge, Mexico

16


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

Comprehensive solutions including design, construction, maintenance and financing

Competitive advantage in sustainable construction French Ministry of Defense, Balard, 2012-2014

Sports Hub, Singapore, 2010-2014

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

1PPP: Public-Private Partnerships, PFI: Private Finance Initiative

Green office®, Meudon

17


L2 bypass PPP in New Coastal Road on R i I l d F

Some examples in transport: major road construction projects

Marseille, France Reunion Island, France

The largest infrastructure project awarded in France in 2013

30-year PPP

Construction of the longest off-shore viaduct in France (5.4 km)

Contract worth €218m for Bouygues C t ti

18

30 yea

Works valued at €340m for Bouygues Construction and Colas

Completion: 2017

Construction Construction of four sections of an elevated

dual three-lane road

Contract worth €318m for Colas

Completion: 2018


Some examples in transport: airports


Iqaluit International Airport, Canada

Financing design and

Lyon-Saint Exupéry Airport, France

Design and construction of a

Zagreb Airport, Croatia

Financing, design and

19

Financing, design and construction of a new terminal

Works valued at €160m for Bouygues Construction and Colas

Handover scheduled for end-2017

gnew terminal

Works valued at €142m Handover of the first phase

in 2016 Passenger capacity: close

to 10 million

g, gconstruction of a new terminal

Works valued at €243m Handover scheduled for

end-2016 Passenger capacity: 5 million

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

Increasingly strong demand in large and mid-sized towns and cities

Recognised know-how

30 projects completed in France since 1985

International know-how: Cairo metro (Egypt), Rabat-Salé and Casablanca (Morocco) Geneva (Switzerland) Los Teques (Venezuela) Kuala Lumpur

Rabat-Salé tramway, Morocco

Order book at Colas Rail

Share of more than 1 year

€bn+14% YoY(Morocco), Geneva (Switzerland), Los Teques (Venezuela), Kuala Lumpur

(Malaysia), etc.

2013 sales at Colas Rail up +19% (€767m):

Strong growth in the order book, which enjoys increasing maturity with several commercial successes : high-speed rail line in Morocco for €124m, RFR rapid transit rail network in Tunis for €86m, Santiago metro in Chile for €67m 0.3 0.3 0.4 0.5

0.30.6

0.70.8

0.6

0.91.1

1.3

End-2010 End-2011 End-2012 End-2013

yShare of less than 1 year

20

YoY


CONSTRUCTION BUSINESSES: main international contracts won in 2013

Canada

Iqaluit Airport (€160m)Road maintenance (€35m)

SwitzerlandErlenmatt eco-neighbourhood in Basel (€130m)Im Lenz eco-neighbourhood in Lenzburg (€110m)

UKUniversity campus in Hertfordshire (€140m)Property complex in Lewisham (€70m)

Group share – rounded up/down

50% of the order books at Bouygues Construction and Colas is to be executed in international markets

Road maintenance (€35m)

USPrivate property development (€200m)1

Airport runway (€20m) Cuba Luxury hotel complex (€60m)

Morocco Luxury residence (€40m)Tangier-Kenitra high-speed Thailand

Ph t lt i l l t (€40 )

Hong KongSubsea road tunnel (€1.15bn)Macao Luxury hotel complex (€360m)1

Road maintenance in London (€205m)

CroatiaZagreb Airport (€240m)

HungaryM85 motorway (€90m)

Slovakia R2 motorway (€80m)

Operations in 80 countries

Countries where Bouygues Construction and Colas generated sales in 2013

21

Trinidad and Tobago National oncology centre (€40m)

rail line (€125m) TunisiaTunis rapid rail network (€85m)

ChadRoad (€40m) Turkmenistan

Theatre and concert centre (€340m)International university (€90m)

SingaporeBangkok condominium tower (€100m)Bishan condominium tower (€100m)

Photovoltaic solar power plants (€40m)MyanmarResidential complex (€70m)

(1) Partial order intake in 2013

ChileSantiago metro in Chile (€70m)

CONSTRUCTION BUSINESSES: focus on long-term sustainability

Order books (€m)

A safe and extensive order book providing good visibility on future activity

A record order book of €27.5bn at end-December 2013, up 3% year-on-year and up 22% since end-2010

An increase in the depth of the order book, giving time to adaptOrder books (€m)

2,2803,051

2,957 2,6106,1416,472

6,704 7,08822,57524,806

26,808 27,530

Bouygues Construction Bouygues Immobilier Colas

+3%

-12%

+6%

+22%

2013 orders at Bouygues Construction and Colas to be executed beyondone year (Y+1) are up 7% y-o-y and represent 44% of the total

A strong ability to adapt

Cost structure mostly variable (attached to projects)

Geographical flexibility of teams

Management’s proven responsiveness

22

14,154 15,283 17,147 17,832

,

End-2010 End-2011 End-2012 End-2013

+4%

Focus on controlling operating and financial risks in orderto ensure long-term performance

Commercial selectivity (preference is given to margin)

Strict control procedures and cautious guidelines


1 2362 7%3,7%

4,7%5,1% 5,3% 5,0%

4,6%

3,6%4,2% 3,7% 3,9%

4,0%

5,0%

6,0%

CONSTRUCTION BUSINESSES: robust financial profileA solid profitability1

Operating profit (€m) and margin

161

368 420

617497 450

695784*

488605

812819

384 379

535783

966 1,1581,236

1,079832

1,020949 1,005

2,7%2,8%

0,0%

1,0%

2,0%

3,0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

A recurring FCF generation1 (€m)

2 794

3,547

3,1753,404

3,281 3,308

A high net cash position1 (€m)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1,185

1,689

2,2592,440

2,4952,794

2,587

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

*Excluding Axione disposal at Bouygues Construction for €163m

23(1) 2013 figures restated for IFRS 11

24


A strong media group The leading TV channel in France, TF1

Strong position on free-to-air market with 4 channels

12 other pay-TV channels including Eurosport (n°1 sport TV channel in Europe)

TF1: profile

Diversification activities: audiovisual rights and production, licensing…

2013 key figures €2.5bn revenue

€137m net profit1

Around 3,800 employees

Leader in audience share A core channel offering a unique exposure for advertisers generating a premium to the leader

68% 32%

2013 sales breakdownTF1 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 (28.9%2 for TF1, TMC, NT1 and HD1 at end-December 2013)representing an unrivalled television offer

A unique position in Europe

Channels and brands available on every media and every screens

A true multimedia advertising agency (TV, radio, web, press)

Journalist Harry Roselmack

1 Attributable to the group 2 Individuals > 4y - 2013 - Médiamétrie / Médiamat25

TF1: targets 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 media

K i i h h ffi i f d i d i i i 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

Partnership signed with Discovery Communication

Foster the counter-cyclical advantage of diversification

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 26


27

Major actor of the French telecom market for more than 17 years Mobile commercial launch in 1996, fixed broadband commercial launch in 2008

11.1 million mobile customers at end-December 2013 for a 15% market share

2.0 million fixed broadband customers at end-December 2013 for an 8% market share

BOUYGUES TELECOM: profile

A network of more than 600 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)

First “SIM-only/Web-only” offer for less than €25 (B&YOU)

2013 key figures

€4.7bn revenue

€13m net result2

9,100 employees 281SIM-only/web-only 2Attributable to the group


BOUYGUES TELECOM: facing a challenging mobile market

A challenging mobile market since 2012

Strong growth in SIM-only plans transforming the business model

Sh f ll i i i Sharp fall in pricing

Operators’ profitability squeezed significantly due to more and more customers switching to the new price plans combined with falls in market share

Bouygues Telecom reacted quickly beginning of 2012 with two strategic priorities

Transform the business modelTransform the business model

Reposition the offering in order to boost differentiation and return to growth

29

A strong mobile network 15,000 sites deployed covering 99% of the French population in 2G and 96% in 3G

4G network open commercially on 1 October 2013: 70%1 of the population having access to 4G

BOUYGUES TELECOM: technology and innovation

Network sharing agreement signed with SFR to significantly improve geographical coverage and network quality as well as generate cost savings

Access to spectrum secured to support mobile data services in the future

A capacity of 73 MHz of spectrum (27% of the total available) on 800, 900, 1,800, 2,100 and 2,600 MHz bands

Fixed network Fixed network

78% of the population covered in unbundled zones – 50% of the population covered by Bouygues Telecom’s own network with a target to add 1 million households by end 2014

1.1 million Fibre home passed (FTTH) – Target of 1.4 million by end 2014 and 2 million by end 2015

More than 7 million households eligible for very-high-speed thanks to Numericable wholesale agreement30(1) Data collected on 13th March 2014


Creating value by developing mobile data use

4G allows intensive data use making new uses possible

f

BOUYGUES TELECOM: opportunities

Average GB consumption per month by Bouygues Telecom customers in 3G vs 4G

Pursuing growth in the fixed broadband business by making services and very-high-speed broadband accessible to as many people as possible

Roll out of the directly-owned network enabling Bouygues Telecom to offer customers market-beating prices (€15.99, €19.99 and €25.99)

Seize opportunities in B2B markets : take advantage of the €13bn2820

Fixed broadband sales from network (m€)1

+31%

Seize opportunities in B2B markets : take advantage of the €13bncorporate market opening up to competition Major existing corporate clients include BNP Paribas, Lafarge, Foncia etc.

243

414

627

2010 2011 2012 20131Sales from network excluding ideo discount 2Estimate by Arcep and Bouygues Telecom

31





CONCLUSION Slide 84

APPENDIX Slide 8632


Reminder: change of accounting methods in 2014

As announced

The figures published in 2013 have been restated for IFRS 11

ANNEX

Following the sale of a controlling stake to Discovery Communications on 30 May 2014, TF1's remaining 49% interest in Eurosport International is consolidated by the equity method from 1 June 2014

To simplify the accounting method, Alstom’s contribution to Bouygues’ net profitis now booked only in respect of Bouygues’ Q1 and Q3; it is calculated from the net

33

is now booked only in respect of Bouygues Q1 and Q3; it is calculated from the net results reported by Alstom for the six months ended 31 March and 30 September

HIGHLIGHTS AND KEY FIGURESHIGHLIGHTS AND KEY FIGURES

BUSINESS AREAS

ALSTOM

FINANCIAL STATEMENTS

34


Highlights

In a challenging economic and competitive environment in H1 2014 in France, Bouygues continues to demonstrate

Its competitiveness and its innovation capacity to the benefit of customers Its competitiveness and its innovation capacity to the benefit of customers Robust commercial performance of the construction businesses Good audience ratings at TF1 Success of the new commercial offers at Bouygues Telecom

No. 1 in the fixed activity for the third consecutive quarter1

4G taken up by 16% of mobile customers

Its ability to ensure the strength of its financial structure while operating conditions were more difficult, in particular for Bouygues Telecom and Colas in France Ability to sell assets at the right moment in order to finance new developments Ability to find the financial resources to improve free cash flow generation

35(1) Company estimate for Q2 2014 and Arcep figures for Q4 2013 and Q1 2014

€m H1 2013 restated H1 2014 Change

Sales 15,094 15,182 +1%1

Current operating profit 347 134 -€213m

Group key figures

Current operating profit 347 134 €213m

Operating profit 347 523(2) +€176m

Net profit attributable to the Group 188 410(3) +€222m

Sales were driven by international growth (up 8% vs H1 2013)

(1) Up 1% like-for-like and at constant exchange rates (2) Including non-current operating income of €81m related to Bouygues Telecom and a capital gain of €308m on the sale of Eurosport International (31%) and the remeasurement of the remaining interest (49%) (3) Including a net capital gain of €240m on the sale by Colas of its stake in Cofiroute

y g ( p )

Current operating profit mainly reflects the expected decline in profitability at Bouygues Telecom

Operating profit includes non-current items giving a positive €389m

Non-current income of €737m related to the sale of the controlling interest in Eurosport International in Q2 2014 and to litigation settlements at Bouygues Telecom

Non-current charges of €348m mainly related to the cost of the transformation plan at Bouygues Telecom

Net profit attributable to the Group includes a net capital gain of €240m on the sale of the stake in Cofiroute in Q1 2014 36


Group free cash flow


Cash flow 1,002 1,044 +€42m

Cost of net debt (157) (163) €6m- Cost of net debt (157) (163) -€6m

- Income tax expense (98) (59) +€39m

- Net capital expenditure (592)2 (592) =

Free cash flow1 155(2) 230 +€75m

(1) Before change in WCR (2) Excluding capitalised interest related to 4G frequencies for €21m at Group level

Tight control of capital expenditure

The Group managed to find the financial resources to withstand the decline in H1 current operating profit and maintain free cash flow generation Cash flow benefited from non-current income at Bouygues Telecom

37

Group financial position

€mEnd-Dec 2013

restatedEnd-June

2014Change

End-June 2013

restated

Change in net debt between end-December 2013 and end-June 2014 reflects

Shareholders' equity

Net debt

Net gearing

8,669

4,435

51%

8,952

5,174

58%

+€283m

+€739m

+7 pts

9,603

5,757

60%

The usual seasonal effect at Colas' business

Proceeds from the sale of the stakes in Cofiroute for €780m in Q1 2014 and in Eurosport International for €256m in Q2 2014

A particularly unfavourable trend in WCR not representative of the full-year

38



BUSINESS AREAS

ALSTOM

39


Construction businesses

40


Bouygues ConstructionBouygues ImmobilierC l

Robust commercial performance of the construction businesses

Order book: €28.0bn at end-June 2014, up 3% year-on-yearOrder books (€m)

3,060 2,815 2,210

7,856 7,570 8,242

Colas

Increased international presence

50% of the order book at Bouygues Construction and Colas on international markets (vs 46% at end-June 2013): €12.9bn, up 15% year-on-year

€28.6bn €28.0bn€27.3bn

+3%

17,650 16,877 17,537

End-June 2012

End-June 2013

End-June 2014

41

A tougher environment in France

The French market was tougher in H1 2014 Slowdown in public-sector orders since the municipal elections, particularly in roads

Scarcity of very large contracts

No recovery in the property market

However Bouygues Construction's order book provides good visibility

A number of large contracts were booked in H1 2014: Paris-Bercy sports stadium, 'City of Music' on Seguin island at Boulogne-Billancourt and new hospital buildings in Strasbourg

Government measures to stimulate residential property are set to be taken in Q4 2014 Government measures to stimulate residential property are set to be taken in Q4 2014 (impact in 2015)

Colas' railways activity is growing

The potential for large infrastructure projects remains strong in the medium term, notably as part of “Grand Paris” infrastructure programme

Example: contract for package 2 of the Paris metro line 14 extension, booked in July 201442


Dynamic international activity

SwitzerlandFacility management services

Sales generated by Bouygues Construction and Colas in H1 2014 (and change vs H1 2013)

Sales generated by Bouygues Construction and Colas in H1 2014 (and change vs H1 2013)

Operations in more than 100 countries Main international orders taken in H1 2014

(rounded up/down)

CanadaHighway 63 in Alberta (€110m)

USParks Highway in Alaska (€60m)

Cuba Singapore

y g(5 years) at Crédit Suisse offices (€90m)Ankenbüel residential complexat Zumikon (€60m)UK3 rail contracts (€130m)

Americas: €0.9bn (+2%)

Africa:

€0 6bn (=)

Asia, Oceania & Middle-East:

€1.1bn (+14%)

Europe (excl. France):€2.1bn (+13%)

France: €5.9bn (-4%)

43

CongoBrazzaville northern road exit (€40m)GhanaRidge hospital (€160m)

Las Brujas hotel (€70m)

NigeriaJabi Lake shopping centre (€60m)

SingaporeNew Futura condominium tower (€90m)Tai Thong condominium tower (€70m)ThailandAustralian Embassy (€70m)

€0.6bn (=)

Countries where Bouygues Construction and Colas generated sales in H1 2014

International momentum: the example of Canada (1/2)

Bright economic prospects in the short- and medium terms

One of the countries in the world the least affected by the crisis

Civil engineering infrastructure needs in Canada estimated at more than CAD170bn1Civil engineering infrastructure needs in Canada estimated at more than CAD170bn

Operations by Colas since 1962 and Bouygues Construction since 2008

2013 sales of over €1bn

Average annual sales growth of 7% since 2007

New developments in Canada

At end-2013, Colas set up operations in Ontario with the acquisition of Furfari Paving, a roadworks company

In July 2014, Bouygues Construction took an 85% interest in Canadian company Plan Group, specialising in electrical engineering (design, installation, maintenance and related services)

2013 order book: ~€260m. 2013 sales: ~€240m

Consolidated in Bouygues Construction's financial statements from the financial close (scheduled end-Q3 2014)

44(1) Source: Ernst and Young report, ‘2013 infrastructure’, Global Priorities, Global Insights


International momentum: the example of Canada (2/2)Examples of completed or ongoing projects

Surrey hospital(British Columbia) 30-year PPP to finance,

design, build, operate and maintain a hospital building

Contract orth €114m for

Motorway and rail contracts

(Quebec and Alberta) Construction and upgrading

of sections of Highways 73 and 85 in Quebec

Sports facilities for Pan American Games

(Ontario) Financing, design and

construction of sports facilities in Ontario for the

Iqaluit International Airport (Arctic North) Financing, design and

construction of a new terminal

45

Contract worth €114m for Bouygues Construction

Duration of the works: 2008-2011

and 85 in Quebec Construction of an

intermodal rail logistics hub in Calgary

Contract worth €160m for Colas


facilities in Ontario for the 2015 Pan American Games Contract worth €111m for

Bouygues Construction


Works valued at €160m for Bouygues Construction

and Colas

Handover scheduled for end-2017

Business activity at Bouygues Construction

Good level of order intake

€5.2bn in H1 2014, up 2% year-on-year

Includes the 'City of Music' contract on Seguin island for around €200 i Q2 2014

For execution in Y

For execution in Y+1

For execution from Y+2 to Y+5

Order book (€m)

€200m in Q2 2014

Order book at a high level of €17.5bn at end-June 2014, up 4% year-on-year

Strong visibility on full-year 2014 with €10.8bn in sales secured at 30 June 2014

6,105

8 887

6,076

2,9386,203

3,643

2,7292,742 2,609

16,87717,832 17,537

Long-term order book (beyond Y+5) +4%

46

5,105 5,2098,887

End-June 2013 End-Dec 2013 End-June 2014

‘City of Music’ on Seguin Island, Boulogne-Billancourt


Business activity at Bouygues Immobilier

Reservations (€m)1

Commercial propertyResidential property

Residential property reservations reflect a market in crisis

Increased wait-and-see attitude since Q2 2014 andmarket contraction expected in 2014

C i l ff t t d

752 675

203

62

955

737-23%

-69%

-10%

Residential property Commercial efforts stepped up

Necessary trade-off between volumes and margins

Decline in reservations in H1 2014 not representative of the full year

A number of commercial property projects and significant residential block sales expected in H2 2014

47

H1 2013 H1 2014

(1) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)

Les Lodges, Chanteloup-en-Brie, labelled as an “exceptional building”

by Ademe

Business activity at Colas

Order book at a high level of €8.2bn, up 9% year-on-year

Decline in order intake in France following the slowdown in local authority spending after the municipal elections

St t i F h t it i d

Mainland FranceInternational and French overseas territories

Order book (€m)

3,594 3,835 3,6294,727

3,6344,021 3,941

3,515

7,2287,856 7,570

Strong momentum in French overseas territories and international markets

Longer order book

Orders to be executed beyond 2014 were up 35% year-on-year (up €945m) at end-June 2014

Orders to be executed in 2014 were down 5% year-on-year at end-June 2014

+9%

+30%

-11%

8,242

End-June 2011

End-June 2012

End-June 2013

End-June 2014

48

Roland-Garros airport, Reunion island


Financial results of the construction businesses


Sales

o/w France

o/w international

11,632

7,209

4,423

11,8547,040

4,814

+2%1

-2%

+9%

Sales gro th dri en b international acti ities

,

Current operating profit/(loss)o/w Bouygues Construction

o/w Bouygues Immobilier

o/w Colas

201204

84

(87)

137180

71

(114)

-€64m-€24m

-€13m

-€27m

Current operating margin 1.7% 1.2% -0.5 pts

(1) Up 3% like-for-like and at constant exchange rates (down 3% in France and up 11% internationally)

49

Sales growth driven by international activities

Start of a number of major projects at Bouygues Construction

Tougher French roads market for Colas and increase in the current operating loss at the sales of refined products activity

Options are currently being reviewed to stem recurrent losses at the sales of refined products activity (operating loss of €30m in H1 2014 vs €23m in H1 2013 and €46m in 2013)

3,2252,390

2,559

2 252

6,105 6,1346,893

5,052 5,174

Key figures at Bouygues ConstructionOrder intake (€m)1 Order book (€m)International

France

+2%

ANNEX

-5% 17,147 16,877 17,832 17,537

For execution in YFor execution in Y+1For execution from Y+2 to Y+5Long-term order book (beyond Y+5)

2,8803,744 4,334

2,686 2,922

,2,366 2,252

H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

(1) Definition: contracts are booked as order intakes at the date they take effect


+9%

5%

5,105 5,2098,486

6,105

8,887

6,076

5,959 2,938 6,2033,643

2,702 2,7292,742 2,609

, 16,877

End-Dec 2012 End-June 2013 End-Dec 2013 End-June 2014

50

France 53%Europe

(excl. France)

19%

Asia and Middle East

18%

Africa 5%

Americas5%

(2) Up 7% like-for-like and at constant exchange rates

g

Sales 5,228 5,558 +6%2

o/w France 2,901 2,909 =o/w international 2,327 2,649 +14%

Current operating profitCurrent operating margin

2043.9%

1803.2%

-€24m-0.7 pts

Net profit attributable to the Group 131 123 -€8m

At end-June 2014


618 427271

2,815 2,6102,210

99

68 324

317 20362

943

1,243 1,314

1,045 955737

Order book (€m)

Key figures at Bouygues ImmobilierReservations (€m)1

Commercial propertyResidential property

ANNEX

-21% yoy

-23%

69%

2,197 2,183 1,939

End-June 2013 End-Dec 2013 End-June 2014

8441,175 990

728 752 675

62

H1 2009 H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

(1) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)


-10%

-69%

51

Sales 1,143 1,192 +4%2

o/w residential 973 986 +1%o/w commercial 170 206 +21%

Current operating profitCurrent operating margin

847.3%

716.0%

-€13m-1.3 pts

Net profit attributable to the Group 45 42 -€3m(2) Up 3% like-for-like and at constant exchange rates

Key figures at Colas

Mainland FranceInternational and French overseas territories

8,064 8,242 +9%

Order book (€m)

ANNEX

H1 2013

3,5374,449

3,6294,727

3,571 3,811

3,9943,615

3,941

3,515

3,523 3,277

7,5318,064

7,5708,

7,094 7,088

-11%

+30%

€mH1 2013 restated

H1 2014 Change

Sales

o/w France

o/w international

5,4563,3772,079

5,2943,1552,139

-3%1

-7%+3%

Current operating profit/(loss)

(87) (114) -€27m

Net profit/(loss) attributable to the Group

(32) 317(2) +€349m

52

End-March 2013

End-March 2014

End-June 2013

End-June 2014

End-Sept 2013

End-Sept 2014

End-Dec 2013

End-Dec 2014

attributable to the Group( )

(1) Down 2% like-for-like and at constant exchange rates(2) Including a net capital gain of €385m on the sale of the stake in Cofiroute


53

H1 highlights at TF1

Stable audience ratings at the TF1 group in H1 2014

TF1 channel audience ratings progressed in Q2 2014 (up 0.8 pts vs Q2 2013) spurred by the 2014 FIFA World Cup

16 9m viewers for the France/Germany quarter-final a record figure all

3.6 3.5 3.22.1 2.1 1.9

0.5 0.9

HD1

NT1

Group audience share1 (%)29.028.4 28.9

16.9m viewers for the France/Germany quarter final, a record figure all programmes included since October 2007

Sale of an additional 31% interest in Eurosport International to Discovery Communications on 30 May 2014

Consolidation by the equity method of TF1's remaining 49% interest from 1 June 2014

22.7 22.9 22.9

H1 2012 H1 2013 H1 2014

TMC

TF1

54

On 29 July 2014, CSA rejected LCI's request to migrate to free-to-air DTT

(1) Individuals aged 4 and over – Source: Médiamétrie 2014 FIFA Wold Cup show,

Denis Brogniart, Estelle Denis and Franck Leboeuf


Financial results at TF1

€mQ1

2014(1)Change vs

2013Q2

2014(1)Change vs

2013H1

2014(1)Change vs

2013

Saleso/w group advertising

556369

-1%=

619430

-3%-5%

1,175799

-2%2

-2%

Current operating profit 23 +€39m 27 -€60m 50 -€21m

Current operating profit includes the cost of screening the FIFA World Cup and the savings from the optimisation plan

p g pCurrent operating margin 4.1% +6.9 pts 4.4% -9.2 pts 4.3% -1.6 pts

Operating profit 23 +€39m 350(3) +€263m 373(3) +€302m

Net profit attributable to the Group 15 +€21m 308 +€260m 323 +€281m

(1) At Bouygues group level, the sales and operating profit of Eurosport International remained included in the results of TF1 until the saleof the additional 31% stake in Eurosport International to Discovery Communications on 30 May 2014

(2) Down 2% like-for-like and at constant exchange rates (3) Including a capital gain of €323m on the sale of Eurosport International (31%) and the remeasurement of the remaining interest (49%)

55

Current operating profit includes the cost of screening the FIFA World Cup and the savings from the optimisation plan €56m in programming costs related to the 2014 FIFA World Cup in Q2 2014

€10m of recurrent savings generated in H1 2014 with a total of €66m generated since 2012 and a targeted €85m by end-2014

Q2 2014 operating profit includes a capital gain of €323m on the sale of the 31% stake in Eurosport International and the remeasurement of the remaining 49%

56


Bouygues Telecom's strategy

Given the prospect of exponential growth in digital services, Bouygues Telecom is implementing an aggressive strategy around three main priorities

Creating value by developing mobile data use

Pursuing growth in the fixed broadband business by making services andvery-high-speed broadband accessible to as many people as possible

Accelerating the company's transformation while reasserting its positioning

Bouygues Telecom has the necessary strengths to regain increased competitivenesson a market with four operatorson a market with four operators

A state-of-the-art mobile network, and a comprehensive portfolio of frequencies

Attractive offers and a technological breakthrough in the fixed activity

A cost structure adapted to the changed market

57

Creating value by developing mobile data use (1/2)

A quality mobile network requires a large quantity of spectrum

In 4G, the speeds available to customers are directly correlated to an operator's quantity of frequencies

In the long term all frequency bands will be used for 4G (technological neutrality) In the long term, all frequency bands will be used for 4G (technological neutrality)

Bouygues Telecom has invested in a portfolio of frequencies, giving it a long-term competitive advantage, in order to implement its strategy of winning high-value customers

Acquisition of nearly a 1/3 of available spectrumin order to prepare for an explosion in data usages

Breakdown of the main operators’ frequencies

€1.5bn invested in acquiring frequencies and €70m of annual 4G licence fee related to the1800 MHz refarming

A diversified spectrum portfolio containing all the frequency bands

58

27%

31%

29%

11%Bouygues Telecom

Orange

SFR

Iliad


Breakdown of spectrum in FranceANNEX

Quantity of frequencies allocated to the various operators (MHz duplex)1

As at 15 July 2014

24 5 20

230 11%

10 1023(2)

15 1510 10

2420 2010 10

24

20 15

5

5 20

800 MHz 900 MHz 1 800 MHz 2 100 MHz 2 600 MHz TOTAL % of total

79

84

73

29%

31%

27%

59

Bouygues Telecom Orange SFR Free Not allocated

Bouygues Telecom has 31% of the low frequencies (800 MHz and 900 MHz) which provide quality 4G indoors and facilitate data usages

(1) The quantity of FDD (Frequency Division Duplexing - a technique where two separate frequency bands are used at the transmitter and receiver side) spectrum is rounded up or down. Source: Arcep (2) The quantity of frequencies allocated to Bouygues Telecom in the 1800 MHz band, after the return of spectrum in certain towns and cities according to a timetableprovided in Arcep decision No. 2013-0514.

TOTAL % of total

A modern, high-quality mobile network As early as 2011, Bouygues Telecom initiated a complete modernisation of its network...

Creating value by developing mobile data use (2/2)

2011 2013 2014

....enabling it to become the No. 1 4G operator today

No. 1 in 4G coverage with 70% of the population covered2

No. 1 in speeds thanks to 4G+ (speeds of up to 220 Mbits/s3)

Investment in single RAN1

technology

More than 7,000 4G-compatible sites

Opening of the widest 4G network

Refarming of 1800 MHz frequencies

First operator to launch 4G+

Aggregation of 1800 MHzwith 2600 MHz or 800 MHz

4G coverage in July 20142

70%66%

% of population% of country

Innovation to be launched in 2015: Ultra High Speed Mobile

An offer competitors will find difficult to match Speeds close to 300 Mbits/s thanks to the aggregation

of 3 frequency bands 60(1) Single RAN technology allows operators to support all existing mobile communication standards (from GSM to LTE) on one single network

(2) Arcep observatory on the coverage and quality of mobile services (3) Maximum theoretical download speed

22% 18%

30%

1.7%

24%

1.5%

% of country


A modern, high-quality mobile network ANNEX

No 1 for s ccessf l 5 min No 2 all criteria incl ded

According to Arcep's survey of the quality of mobile services in mainland France in June 2014, Bouygues Telecom is

No. 1 for successful 5-min web browsing in 3G

No. 2 all criteria included

Number of above-average indicators Successful 5-min web browsing in 3G

92%

96%

100%258

6180%

84%

88%

92%

0

The positive impact of 4G for Bouygues TelecomANNEX

The average data use of a Bouygues Telecom customer

The average data use of aB T l t

2 All customersActive 4G customers

GB/customer Launch of 4G

Bouygues Telecom business customer mobile subscriber base

Bouygues Telecom customer:x2 since the launch of 4G

0

1

janv.-12 juil.-12 janv.-13 juil.-13 janv.-14 juil.-14Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14

62janv.‐13 avr.‐13 juil.‐13 oct.‐13 janv.‐14 avr.‐14

+ 7 %

Business customer mobilesubscriber base up 7% sincethe launch of 4G

Launch of 4G

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14


From 4G+ to Ultra High Speed MobileANNEX

From 4G+...

A ti f 2 f b d h …to Ultra High Speed Mobile

Bouygues Telecom already offers 4G+ and is preparing for Ultra High Speed Mobile which competitors will find difficult to match

Aggregation of 2 frequency bands: each new 2600 or 800 MHz base station can provide 4G+ directly thanks to the1800 MHz already rolled out at 7,000 sites

Speeds up to twice as fast as 4G

Available in France's 16 biggest towns and cities from September 2014

Aggregation of 3 frequency bands (800 MHz/1800 MHz/2600 MHz) for an available total of 45 MHz

Speeds up to 3 times faster than 4G

+

63

1

or

Pursuing growth in fixed broadband (1/3)

The network directly owned by Bouygues Telecom is already accessible to 12m households in broadband and to 1.1m households in FTTH1

Enabling Bouygues Telecom to offer its customers market-beating prices (€15 99 €19 99 and €25 99)(€15.99, €19.99 and €25.99)

Roll-out is speeding up in order to increase the number of customers that may benefit from these low prices

Winning new customers on the directly-owned network

55%

Share of Bouygues Telecom fixed broadband customers on directly-owned network

End-2014

65%45%

June 2014 2016

Coverage targets for directly-owned network at end-2015

16m eligible households for broadband

2m households with access to FTTH1

Agreements with SFR & Orange for a target of 6.5m households covered by FTTH in the long term

64(1) Number of fibre optic horizontal and vertical connections by Bouygues Telecom


Strategy of offering low prices and technological breakthroughs in fixed broadbandsince end-2013

N 2013 Q4 2014M h 2014 J 2014


B T l i i f l ti b i i t th t diti l t l i i d

2P broadband offer for €15.99/month

Nov 2013 Q4 2014

3P broadband offerfor €19.99/month

March 2014

3P FTTH offerfor €25.99/month

June 2014

Launch of the new “Miami” TV box

Bouygues Telecom is preparing for a revolution: bringing together traditional television and web content, responding to the growing appetite for consumption on demand

Launch of a major technological innovation by the end of the year: the “Miami” TV Box

65

The “Miami” TV Box

Partnership with Google and access to the large

eco-system of Android developers

A fast and pertinent suggestion engine based on

user preferences

ANNEX

One single box and access to three technologies

(DTT, IPTV, OTT)

Connection possible from all Android-compatible

devicesThe “Miami” TV Box

66

TV and web in a single interface (connected television,

games, VOD, etc.)

Comprehensive catalogue of applications via access to

Google Play Store


A revolutionary TV box at an affordable price and a reduced cost

TV box production cost halved vs the Bbox Sensation…


...benefitting from perpetual app innovations by Android developers at an affordable price...

...and fully in line with the operator's strategy of offering market-beating prices An attractively-priced premium offer (less than €30/month)

By integrating 3 technologies (DTT, IPTV, OTT), the “Miami” TV Box offers televisionand the related services via a 3P offer to a larger number of customers

67

Accelerating transformation while reasserting the positioning (1/2)

Helping customers embrace the new uses of digital technology

Redesigned stores, more focused on the sale and use of connected objects

Enhanced mobile customer relations with advisers based in France

Simplification of offers and processes

The radical simplification of offers will facilitate choice for customers: there will be fewer offers, they will be clearer and easier to compare

As early as the end of 2014, this far-reaching overhaul will simplify processes and automatically reduce the use of support functions (IT, marketing, etc.)

68


Accelerating transformation while reasserting the positioning (2/2)

Adapt the cost structure to the fall in market value Roll-out of a plan to generate savings of €300m by end-2016 vs 2013, around half of which

in 2015in 2015

These savings are to come from the simplification of offers and processes and the related downsizing

Terms of the draft redundancy plan currently being negotiated with social partners Downsizing target: around 1,500 jobs

The first redundancies could take place at the beginning of November 2014

The implementation of these transformations will trigger a major change in the organisationof the company and make it more dynamic and more agile to the benefit of customers

69

H1 commercial performance, a result of the strategy

'000End-Dec2013

End-March 2014

End-June 2014

Mobile customer base 11,143 11,064 11,024o/w B&YOU subscribers 1,750 1,876 1,966

4510

4072

100 102

Net growth of the fixed broadband business (‘000)1

Growth in value-added plans

More than 70% of retail plan customers subscribed to a value-added plan2

at end-June 2014

16%3 of the mobile subscriber base uses 4G with average usage of 2GB/month

Fixed subscribers1 2,013 2,113 2,215

Total subscriber base 13,156 13,177 13,239

4510

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14

1,800

Active 4G3 subscribers ('000) and share of the total mobile

subscriber base

Nearly 60% of B&YOU customers were on a 4G plan ≥ 3GB at end-June 2014

Confirmed success of the new fixed broadband offers

Bouygues Telecom No. 1 in terms of net adds4 for the third quarter running

Net growth of 202,000 customers in H1 2014

70(1) Includes broadband and very-high-speed subscriptions (2) Offer with data consumption higher or equal to 500MB/month (3) Customers having used the 4G network in the last 3 months (Arcep definition) (4) Company estimate for Q2 14 and Arcep figures for Q4 13 & Q1 14

1,000

1,400

End Q4 13 End Q1 14 End Q2 14

9%13%

16%


Financial results of Bouygues Telecom€m H1 2013 H1 2014 Change

Sales 2,287 2,177 -5%1

Sales from network 2,113 1,940 -8%

EBITDA 469 332 -€137m

As expected, sales and EBITDA reflect commercial performances, the repricing of the subscriber base andthe growing share of SIM-only plans

(1) Down 5% like-for-like and at constant exchange rates (2) Including non-current income of €85m: €429m for litigation settlements and other minus €344m in provisions for adaptation costs and other (3) Excluding capitalised interest related to 4G frequencies for €8m

Current operating profit/(loss) 91 (41) -€132m

Operating profit 91 44(2) -€47m

EBITDA minus Capex 62(3) (5) -€67m

Repricing4 rate of the retail plan subscriber base: 76% at end-June 2014 vs 60% at end-December 2013

EBITDA impacted by a €30m 4G licence fee related to the refarming of 1800 MHz in H1 2014

Bouygues Telecom finds its resources independently to finance its ongoing transformation The costs of the transformation plan are offset by litigation settlements

The "EBITDA minus Capex" item is positive in Q2 2014: +€12m vs -€17m in Q1 2014

71(4) Number of retail customers subscribing to a plan whose price has been revised since April 2013 as a percentage of the total retail plan subscriber base

Key figures at Bouygues TelecomANNEX

€m Q1 2014Change vs

Q1 2013 Q2 2014Change vs

Q2 2013H1 2014

Change vs H1 2013

Sales 1,085 -5% 1,092 -4% 2,177 -5%Sales from network

,966 -9%

,974 -7%

,1,940 -8%

EBITDAEBITDA/sales from network

16316.9%

-€49m-3.0 pts

16917.4%

-€88m-7.1 pts

33217.1%

-€137m-5.1 pts

Current operating profit/(loss) (19) -€47m (22) -€85m (41) -€132m

Operating profit/(loss) 181(1) +€153m (137)2 -€200m 44 -€47m

Net profit/(loss) attributable

72

Net profit/(loss) attributable to the Group

110 +€94m (86) -€125m 24 -€31m

EBITDA minus Capex (17) -€20m3 12 -€47m3 (5) -€67m3

(1) Including non-current income of €200m related notably to litigation settlements(2) Including non-current charges of €115m: €129m for litigation settlements and other minus €244m in provisions for adaptation costs and other(3) Excluding capitalised interest related to 4G frequencies for €8m in H1 2013 (o/w €4m in Q1 2013 and €4m in Q2 2013)


Fixed and mobile business and financial performance

'000End-June

2013End-Sept

2013End-Dec

2013End-March

2014End-June

2014

Mobile customer base 11,286 11,094 11,143 11,064 11,024o/w plan subscribers1

o/w prepaid customers9,8021,484

9,7601,334

9,9101,233

9,9401,124

9,9841,040

ANNEX

1,6341,750

1,8761,966

B&YOU mobile subscriber base ('000)

Fixed broadband customer base2

o/w very-high-speed31,901

3201,941

3342,013

3632,113

3782,215

368

Sales from the fixed broadband network4 (€m)

222197

219 203 207 213

1,334

1,509

,

End-March 2013

End-June 2013

End-Sept 2013

End-Dec 2013

End-March 2014

End-June 2014

73(1) Plan subscribers: total customer base excluding prepaid customers according to the Arcep definition(2) Includes broadband and very-high-speed subscriptions

Q1 13 Q1 14 Q2 13 Q2 14 Q3 13 Q4 13

+9%+11%

(3) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s(4) Sales from network excluding the ideo discount

Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base

Q1 2014 Q2 2014 Q1 2014 Q2 2014 Q1 2014 Q2 2014Subscribers SIM cards ('000) 9,940 9,984 1,124 1,040 11,064 11,024SIM cards (% mix) 89.8% 90.6% 10.2% 9.4%

ANNEX

Fixed broadband subscriber base1 ('000) 2,113 2,215

Unit data – mobile subscribers

ARPU (€/year/subscriber)2 359 349 109 109 327 320Data usage (MB/month/subscriber)3 393 474Text usage (texts/month/subscriber)4 384 379 114 118 348 347Voice usage (min/month/subscriber)4 496 504 166 171 452 463

Unit data – fixed subscribersARPU (€/year/subscriber)2 402 396

Marketing costs5 Q2 2013 Q2 2014

Marketing costs (€m) 123 89

Marketing costs/sales from network 11.7% 9.1%

(1) Includes broadband and very-high-speed broadband subscriptions according to theArcep definition

(2) Rolling 12-month period, stripping out the ideo discount, and excluding machine-to-machine SIM cards for mobile ARPU

(3) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards

(4) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machineSIM cards and excluding internet SIM cards

(5) Mobile and fixed subscriber acquisition and retention costs

ARPU (€/year/subscriber) 402 396

74



BUSINESS AREAS

ALSTOM

75


ALSTOM

Following the sale of the Power businesses to General Electric, Alstom will be a stronger companyAlstom will be a stronger company

A world leader in the growing transport market

A portfolio of products at the cutting edge of innovation

A strong international dimension

A strengthened balance sheet allowing it to develop further

Bouygues believes in the growth and upside potential of the"new Alstom"

76

Citadis tramway, Tours


HIGHLIGHTS AND KEY FIGURES

BUSINESS AREAS

ALSTOM

77


Condensed consolidated income statement (1/2)


Sales 15,094 15,182 +1%

Current operating profit 347 134 -€213m

Operating profit 347 523(1) +€176m

Cost of net debto/w financial income

o/w financial expenses

(157)22

(179)

(163)21

(184)

-€6m-€1m

€5mo/w financial expenses (179) (184) -€5m

Other financial income and expenses (7) 3 +€10m

78

(1) Including non-current operating income of €81m related to Bouygues Telecom and a capital gain of €308m on the sale of Eurosport International (31%) and the remeasurement of the remaining interest (49%)




Income tax expense (98) (59) +€39m

Investments in joint ventures and associateso/w share of profitso/w net capital gain on Cofiroute disposal

138138

-

30754

253

+€169m-€84m

+€253m

Net profit 223 611 +€388m

Net profit attributable to 2 (35) (201) -€166m

(1)

non-controlling interests2 (35) (201) €166m

Net profit attributable to the Group 188 410 +€222m

79

(1) Net capital gain at 100% (2) Formerly 'Minority interests'





CONCLUSION Slide 84

APPENDIX Slide 8680


Outlook (1/2)

The Group's sales should be down very slightly in 2014(between -1% and -2% vs 2013)

O tl k f th t ti b i Outlook for the construction businesses The slowdown in public-sector orders in France remains a point to watch

However, the construction businesses enjoy major strengths Strong momentum in their international activities offsets a more challenging economic

environment in France

The order book provides good visibility on future business activity

81

The order book provides good visibility on future business activity

Diversity of business activities and expertise

A selective approach to orders and adaptation of organisations to actual business activity

Financial performances should remain robust in 2014

Outlook (2/2)

Outlook for TF1 In a low-visibility context, TF1 is continuing to transform its business model

Two exceptional events in 2014: the FIFA World Cup and the sale of a controlling interest Two exceptional events in 2014: the FIFA World Cup and the sale of a controlling interest in Eurosport International

Outlook for Bouygues Telecom Bouygues Telecom confirms its target of generating a slightly positive

"EBITDA minus Capex" item in 2014, and is rolling out its 3 strategic priorities in order to benefit from its renewed competitiveness as early as 2016 on a market with 4 operators

82

Creating value with mobile data use

Pursuing growth in the fixed broadband business

Accelerate the company's transformation with targeted annual savings of €300mas early as 2016



THE BUSINESSES Slide 13 THE BUSINESSES Slide 13



CONCLUSION Slide 84

APPENDIX Slide 86 83

Conclusion

Although the competitive and economic environment is more challenging in France

The Bouygues group has strengthened...The Bouygues group has strengthened... The construction businesses have ramped up their international expansion

Bouygues Telecom has implemented and is rolling out an aggressive strategy

The new Alstom will enjoy good growth and upside potential

and once again proved its ability to ensure its financial strength

84

...and once again proved its ability to ensure its financial strength Ability to sell assets at the right moment in order to finance new developments

Ability to find the financial resources to improve its free cash flow generation



THE BUSINESSES Slide 13 THE BUSINESSES Slide 13



CONCLUSION Slide 84

APPENDIX Slide 86 85


€m 2012 2013 Change

Sales 33,547 33,121 -1%

Annex – as published

Current operating profit 1,286 1,344 +5%

Other operating income and expenses (166)1 (91)2 nm

Operating profit 1,120 1,253 +12%

Cost of net debt/ fi i l i

(290)62

(309)55

+7%11%

86

o/w financial income

o/w financial expenses

62

(352)

55

(364)

-11%

+3%

Other financial income and expenses 11 (26) nm

(1) Including €200m of non-current charges at Bouygues Telecom and TF1 and €34m of capital gains on asset disposals at Bouygues Telecom

(2) Including €80m at Bouygues Telecom and €11m at Colas



€m 2012 2013 Change

Income tax expense (330) (367) +11%


Associates 217(1) 205(2) -6%

Net profit from continuing operations 728 756 +4%

Net profit attributable to non-controlling interests3 (95) (109) +15%

Net profit attributable to the Group before the write-down of Alstom

633 647 +2%

87

before the write-down of Alstom

Write-down of Alstom - (1,404) nm

Net profit/(loss) attributable to the Group 633 (757) nm

(1) Including non-current charges of €53m related to the dilution loss further to the capital increase at Alstom

(2) Before the write-down of Alstom for €1,404m (3) Formerly called "minority interests"

Sales by business area

€m 2012 2013 Change

Bouygues Construction 10,640 11,111 +4%

Bouygues Immobilier 2,396 2,510 +5%


yg , ,

Colas 13,036 13,049 =

Sub-total of construction businesses1 25,753 26,275 +2%

TF1 2,621 2,470 -6%

Bouygues Telecom 5,226 4,664 -11%

Holding company and other 123 119 nm

88

Holding company and other 123 119 nm

Intra-Group elimination (495) (578) nm

TOTALo/w France

o/w international

33,54722,30811,239

33,34522,11811,227

-1%-1%

=(1) Total of the sales contributions (after eliminations within the construction businesses)


Contribution of business areas to Group EBITDA

€m 2012 2013 Change

Bouygues Construction 614 668 +€54m


Bouygues Immobilier 186 191 +€5m

Colas 832 823 -€9m

TF1 318 300 -€18m

Bouygues Telecom 908 880 -€28m

89

Holding company and other (36) (27) +€9m

TOTAL 2,822 2,835 +€13m

EBITDA = current operating profit + net depreciation and amortisation expense + net provisions and impairment losses - reversals ofunutilised provisions and impairment losses

Contribution of business areas to Group current operating profit

€m 2012 2013 Change



Bouygues Immobilier 179 178 -€1m

Colas 406 417 +€11m

Sub-total of construction businesses 949 1,030 +€81m

TF1 258 223 -€35m

Bouygues Telecom 122 125 +€3m

Holding company and other (43) (34) +€9m

TOTAL 1,286 1,344 +€58m90


Contribution of business areas to Group net profit/(loss)€m 2012 2013 Change



291 301

Attributable to the Group


Colas 291 301 +€10m

Sub-total of construction businesses 665 679 +€14m

TF1 59 60 +€1m

Bouygues Telecom (14) 11 +€25m

Alstom 240 168 -€72m

H ldi d th (317)1 (271)2 +€46m Holding company and other (317)1 (271)2 +€46m

Net profit attributable to the Group before the write-down of Alstom

633 647 +€14m

Write-down of Alstom - (1,404) nm

Net profit/(loss) attributable to the Group 633 (757) nm91(1) Including non-current charges of €53m related to the dilution loss further to the capital increase at Alstom (2) Before the write-down of Alstom

Condensed consolidated balance sheet

€mEnd-Dec

2012End-Dec

2013Change

Non-current assets 20,170 17,684 -€2,486m(1)


Current assetsHeld-for-sale assets and operationsTOTAL ASSETS

,16,584

-36,754

,15,4691,151

34,304

,-€1,115m

+€1,151m-€2,450m

Shareholders' equityNon-current liabilitiesCurrent liabilities

10,0789,845

16 831

8,6848,959

16 495

-€1,394m-€886m-€336m

(1)

(2)

92

Current liabilitiesLiabilities related to held-for-sale operationsTOTAL LIABILITIES

16,831-

36,754

16,495166

34,304

-€336m +€166m

-€2,450m

Net debt 4,172 4,427 +€255m

(1) Including impact of the write-down of Alstom (2) Relating to Eurosport International and Cofiroute (3) Relating to Eurosport International

(3)


Change in net cash position in 2013 (1/2)

Net cash at 31/12/2012 €m

Net cash at 31/12/2013


-103 -591

-71

+610 -33(2) -67

Acquisitions/disposals1

(4,172) (4,427)(3 872)

4G frequenciesDividends paid

Issue & buyback of Bouygues

shares

Operation

Exceptional disposals3

Reclassification of Eurosport International4

(4,360)

(1) Including scope effects (2) Capitalised interest related to 4G frequencies(3) Disposal in 2012 of 20% stake in Eurosport and the theme channels at TF1 as well as divestment of tower business and data centres at Bouygues Telecom (4) Reclassification of Eurosport International to held-for-sale operations 93

2012 (3,862) -123 -608 +122 +599 -726 +426 (4,172) (4,172)

Net cash flow1

+2,066

Change in net cash position in 2013 (2/2)

€m

Net capital expenditure

-1,245(2)

Breakdown of operation


+610(2)

Change in operating WCR3 and other

-211

(2)

94

(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (3) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets (4) Excluding exceptional items related to Bouygues Telecom: 4G frequencies in the 800 MHz band (acquisition cost and capitalised interest for €726m) and asset

disposals for €207m

2012 +2,157 -1,433(4) -125 +599(4)


Contribution of business areas to Group net cash flow

€m 2012 2013 Change



Bouygues Immobilier 120 120 =

Colas 723 678 -€45m

TF1 206 188 -€18m

Bouygues Telecom 780 763 -€17m

95

Holding company and other (158) (171) -€13m

TOTAL 2,157 2,066 -€91m

Net cash flow = cash flow - cost of net debt - income tax expense

Contribution of business areas to Group net capital expenditure

€m 2012 2013 Change

Bouygues Construction 159 159 =



Bouygues Immobilier 13 10 €3m

Colas 345 296 -€49m

TF1 45 39 -€6m

Bouygues Telecom 869(1) 739(2) -€130m

Holding company and other 2(1) 2(2) =

Total excluding exceptional items 1,433(1) 1,245(2) -€188m

96

Exceptional items 519 33 -€486m

TOTAL 1,952 1,278 -€674m

(1) Excluding exceptional items related to Bouygues Telecom: acquisition cost and capitalised interest related to 4G frequencies for €726m at Group level (o/w €696m at Bouygues Telecom level and €30m at Holding company level) and asset disposals for €207m

(2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at Holding company level)


Contribution of business areas to Group free cash flow

€m 2012 2013 Change


Bouygues Immobilier 107 110 +€3m


ouygues ob e 0 0 €3

Colas 378 382 +€4m

Sub-total of construction businesses 812 821 +€9m

TF1 161 149 -€12m

Bouygues Telecom (89)1 24(2) +€113m

97

Holding company and other (160)1 (173)2 -€13m

TOTAL 724(1) 821(2) +€97m

Free cash flow = cash flow - cost of net debt - income tax expense - net capital expenditure. It is calculated before changes in WCR

(1) Excluding exceptional items related to Bouygues Telecom: acquisition cost and capitalised interest related to 4G frequencies for €726m at Group level (o/w €696m at Bouygues Telecom level and €30m at Holding company level) and asset disposals for €207m

(2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at holding company level)

Net cash by business area

€mEnd-Dec

2012End-Dec

2013Change

Bouygues Construction 3,093 3,006 -€87m


yg 3,093 3,006 €8


Colas (170) 39 +€209m

TF1 237 188(1) -€49m

Bouygues Telecom (650) (783) -€133m

98

Bouygues Telecom (650) (783) -€133m

Holding company and other (7,040) (7,148) -€108m

TOTAL (4,172) (4,427) -€255m(1) After reclassification of net cash for €67m at Eurosport International to held-for-sale operations


9,000

10,000

Available cash: €8.1bn

Financing

Debt maturity schedule at end-June 2014

€m

3,000

4,000

5,000

6,000

7,000

8,000

UndrawnMLT

facilities €5.3bn

0

1,000

2,000

,

Cash €2.8bn

99

Impact of IFRS 11 on the Group's 2013 financial statements

€m2013

reported

Restatement2013

restatedBouygues Construction

Colas TF1

Sales 33 345 (10) (204) (10) 33 121

Annex

Sales 33,345 (10) (204) (10) 33,121

Current operating profit 1,344 2 (27) - 1,319

Operating profit 1,253 2 (27) - 1,228

Cost of net debt

Other financial income and expenses

Income tax expense

(309)

(26)

(367)

-

-

-

5

-

7

-

-

-

(304)

(26)

(360)

100

p

Associates1

( )

205 (2) 14 -

( )

217

Net profit from continuing operations1 756 - (1) - 755

Net profit attributable to non-controlling interests (109) - 1 - (108)

Net profit attributable to the Group before the write-down of Alstom1 647 - - - 647

(1) Before the write-down of Alstom for €1,404m


Impacts of exceptional items on net profit attributable to the GroupANNEX


Net profit attributable to the Group 188 410 +€222m

Non-current operating income of €81m related to Bouygues Telecom, net of taxes (45) -€45m

Net capital gain on the sale by Colas of its stake in Cofiroute (240) €240Net capital gain on the sale by Colas of its stake in Cofiroute

Net capital gain on the sale of Eurosport International (31%) and the remeasurement of the remaining interest (49%)

(240)

(113)

-€240m

-€113m

Cofiroute contribution to H1 2013 net profit 21 +€21m

Change in calculation method for Alstom quarterly contribution 27 +€27m

Net profit attributable to the Group before exceptional items 188 60 -€128m

101


Net profit attributable to the Group of the construction businesses 145 471 +€326m

Net capital gain on the sale by Colas of its stake in CofirouteCofiroute contribution to H1 2013 net profit

(372)21

-€372m+€21m

Net profit attributable to the Group of the construction businesses before exceptional items 145 120 -€25m

Impacts of the sale of the stake in Cofiroute on the income statement

€mH1 2014

Colas income

statement

Colas contribution1

Bouygues income

statement

ANNEX

Net capital gain on disposal 385 385 385

- Goodwill at Holding company level 0 0 -132

Net capital gain on disposal after goodwill 385

0

385 253

-13- Net capital gain attributable to non-controlling interests2 (3.4%) -13

102

Net capital gain attributable to the Group 385 372 240

(1) Colas contribution to net profit attributable to the Group(2) Calculated on net capital gain (at 100%) before goodwill


Impacts of the sale of the 31% stake in Eurosport International on the income statement

€mH1 2014

TF1 income

statement

TF1contribution1

Bouygues income

statement

N t it l i di l d t2 b f t 323 323 323

ANNEX

Net capital gain on disposal and remeasurement2 before tax 323 323 323

- Income tax expense

Net capital gain on disposal and remeasurement2 after tax

-29

294

-29

294

-29

294

- Goodwill at Holding company level 0 0 -15

Net capital gain on disposal and remeasurement2 after goodwill 294 294 279

103

et cap ta ga o d sposa a d e easu e e t a te good 294

0

294 279

-166- Net capital gain attributable to non-controlling interests3 (56.5%) -166

Net capital gain and remeasurement2 attributable to the Group 294 128 113(1) TF1 contribution to net profit attributable to the Group

(2) Net capital gain on the sale of Eurosport International (31%) and the remeasurement of the remaining interest (49%)

(3) Calculated on net capital gain (at 100%) before goodwill

Group organisation chart

Roadworks Building / Civil Engineering Property(1986) (1952) (1956)

Annex

96.6 % 100 % 100 %

CONSTRUCTION

(1994)

29.3% stakePOWER - TRANSPORT

(2006)

Figures as of 31 December 2013

43.5 %

TELECOMS

90.5 %

MEDIA

(1994) (1987)

104


A diversified portfolio

Entering new businesses under good conditions

Growing market

Regulatory or technological changes

Acquisition of Colas / Screg in 1985

Acquisition of TF1 in 1987

Annex

Regulatory or technological changes

Favorable financial conditions

Ability to bring managerial skills

Disposing of businesses under the following circumstances

Lack of understanding and control of the market and its opportunities

Acquisition of TF1 in 1987

Launch of Bouygues Telecom in 1994

Investment in Alstom in 2006

Lack of understanding and control of the market and its opportunities

Structural reduction of free cash-flow generation

Better opportunities for use of proceeds

Excessive Capex requirement

Maison Bouygues in 1990

Bouygues Offshore in 2002

Saur in 2005

TPS in 2006105

53%

20%

16%

7% 4%FranceEurope (excl. France)Asia and Middle eastAmericasAfrica

44%

42%

14% Building and Civil Works France

Building and Civil Works International

Electrical Contracting

CONSTRUCTION BUSINESSES: 2013 sales breakdownAnnex – as published

Africa

96%

4%

France

Europe85%

15%

Residential

Commercial

19%

15%

66%

Specialty activites

Building materials

Roadworks

19%

15%57%

9% North America

Europe (excl. France)

France

Others

106


20 years of know-how in concession and PPP/PFI contracts A28 motorway concession A41 motorway concession Stade de France concession Reims tramway concession Cofiroute Libourne street lighting PPP

United Kingdom

Sport facilities PPPs (Stade Vélodrome in Marseille, Velodrom in Saint-Quentin en Yvelines) Hospital PPPs (Bourgoin-Jailleu, Caen etc.) Prison PPPs (Réau, Annœullin, Nantes, etc.) PPPs in the education sector (Paris 4, Versailles Saint-Quentin universities, 5 secondary schools in Loiret) Territorial planning PPPs (Paris and Valenciennes street lighting, broadband network in Vaucluse, etc.) French Ministry of Defence, Paris Paris Law courts complex Nîmes and Montpellier railway bypass

Annex

United Kingdom 18 health, education, social housing and street lighting PFI contracts

(incl. Home Office, Broomfield hospital, social housing in Brent, Hertfordshire campus etc.)

New Tyne Tunnel concession Portsmouth road maintenance PFI MAC-type road and railway maintenance contracts

Croatia

South Korea Machang Bay Bridge

concession

Canada Hospital PPP in British Columbia Royal Canadian Mounted Police headquarters PPP Iqaluit International Airport PPP

Singapore Sports Hub PPP

Germany Rostock tunnel concession Hungary

M5 motorway concession M6-M60 motorway PPP

Nîmes and Montpellier railway bypass Municipal authority complex in Bordeaux L2 bypass in Marseille

Istria motorway concession

phases 1 and 2 Zagreb Airport concession

South Africa Gautrain rail link concession

Jamaica Motorway concession:

highway 2000, 1A

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

Cyprus Lanarka and Pafos

airport concession

Bouygues Construction Colas

Australia Sydney metro

107

Ivory Coast Highway concession

CalendarAnnex

14 November 2014 Nine-month 2014 sales and earnings 7.30am

23 April 2015 Annual General Meeting 3.30pm

108


109

109BUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTURE

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