Message from the Chairman

We confirmed our leading position on the French market this year. Our sales increased by 29.3% on 2006 to €2,075 million and our net profit rose 15.9%.

On the residential market, reservations in France were up 8.7%.
On the commercial market, reservations by value increased by a factor of 3.5 to €1,694 million.
Our order book represents 23.5 months of sales, up 65% over the year, giving us good visibility despite more changeable market conditions.

We have built our leading position on strategic choices about positioning and property development focusing on the mid-to-upper range of the market. We have decided to consolidate and strengthen that position in the future through a firm and proactive commitment to sustainable development.

The environment is central to our concerns.
We are committed to protecting it in everything we do:

• through actions that improve everyone's quality of life. We have extended Habitat & Environment certification to all our residential developments in France and we offer investors and companies buildings at the cutting edge of HQE environmental innovation, and even positive-energy buildings;

• through actions that make sustainable development part of our employees' everyday life. We encourage them to do the small things that make a difference, we are providing more training and we foster diversity so as to be in harmony with the society in which and for which we work;

• through actions that enable us to secure controlled growth in France and in Europe. This annual report reflects the approach that has given Bouygues Immobilier the commercial and financial solidity it enjoys today.
  

For Bouygues Immobilier, supporting sustainable development is a choice for the future. Thanks to our commitment, it is one that will benefit us in the years to come.

François Bertière
Chairman and CEO