#1VINCI Presentation to Bond Investors November 2011#2Disclaimer VINCI → This presentation may contain forward-looking objectives and statements about VINCI's financial situation, operating results, business activities and growth strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors that may prove to be inexact. The information is valid only at the time of writing and VINCI does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations. Additional information on the factors that could have an impact on VINCI's financial results are contained in the documents filed by the Group with the French securities regulator (AMF) and available on the Group's website at www.vinci.com or on request from its head office. 2#3Table of contents Executive summary ■ Corporate structure ■ Key figures at 31/12/2010 ■2011 outlook and key figures at 30/09/2011 ■ Strategy ■Stock market indicators Financial Policy and Data Page 4 5-6 7-15 16-17 18-20 21-22 23-32 Appendixes 33 ■ Organizational Structure 34 ■Business Lines 35-57 ■2011 half year results 58-65 Additional Financial Information 66-71 VINCI → 3#4VINCI Executive summary Corporate Structure Key Figures Outlook Strategy Stock Market Indicators#5VINCI: World Leader in Concessions and Contracting VINCI VINCI → Concessions French Toll Roads Parking Facilities Transportation Infrastructure Large Public Equipment Contracting Construction Road & Rail Works Electrical Contracting VINCI designs, finances, builds and manages: ➤ Public and private buildings and equipments Transportation infrastructure Urban development projects ➤ Energy infrastructure Telecom networks 5#6Simplified Organisation Chart 2010 Revenue (in € million) VINCI 33,376 CONCESSIONS 5,097 VINCI AUTOROUTES VINCI CONCESSIONS 4,259 838 VINCI → CONTRACTING 28,150 VINCI ENERGIES EUROVIA VINCI CONSTRUCTION 7,102 7,930 13,118 Workforce at 31 December 2010 (~180 000 employees) 8,493 7,571 58,778 39,754 64,338 6#7VINCI: 2010 Key figures VINCI → (in € millions) 2010 actual of which Concessions of which Contracting Revenue* 33,376 5,097 28,150 % international Cash flow from operations (EBITDA) % of revenue* Operating profit from ordinary activities. 37% 6% 43% 5,052 3,197 1,766 15.1% 62.7% 6.3% 3,434 2,093 1,257 % of revenue* 10.3% 41.1% 4.5% Net profit attributable to owners of the parent 1,776 875 836 % of revenue* 5.3% 17.2% 3.0% Free Cash Flow (after Capex) 1,919 946 903 Net financial debt at 31 December 2010 (13,060) (15,599) 2,955 * Excluding concession subsidiaries' construction works revenue (IFRIC 12) 7#8Balanced generation and resilience of Net income and Free cash flow from both Concessions and Contracting Net income 1,776 1,591 1,596 817 779 848 (in € million) Free cash flow 2,276* 2,075 2,026 VINCI → 1,919 608 752 921 946 884 801 836 1,336 1,001 1,033 903 16 92 (110) 82 322** 322** 70 2008 2009 2010 2008 2009 published 2009 restated* 2010 Concessions Contracting * Restated: after change to IAS 31 method 'Interests in Joint Ventures' Holding cos & misc. ** Non recurring Items 8#9A steady deleveraging since 2008 across the economic cycle VINCI 31 December 2008 31 December 2009 published 31 December 2009 restated * 15,371 13,684 13,130 31 December (in € million) 2010 13,060 → Concessions Contracting 15,947 15,960 15,688 15,599 Holding cos & misc. 2,419 1,063 1,059 416 (2,995) (3,339) (3,618) (2,955) Net debt/Ebitda x 3.2 x 2.8 x 2.8 x 2.6 * Restated: after change to IAS 31 method, Interests in Joint Ventures 9#10Balance sheet strengthened VINCI (in € millions) 31 Dec. '09 published 31 Dec. '09 restated 31 Dec. '10 EQUITY & LIABILITIES 10 440 10 467 13 025 Equity 1 401 1 443 1729 Non-current provisions and other long-term liabilities 19 706 19 017 18 650 Borrowings (A) WCR and current provisions 6 248 5 936 6 453 ASSETS Non-current assets - Concessions Non-current assets - Contracting and other Net cash managed (B) Capital employed Net Financial debt / equity 26 303 26 681 26 235 5 092 4 741 6 022 5 887 7.964 5 590 25,261 25,005 27,766 1.3 1.2 1.0 Concessions account for 86% of capital employed → 10 10#11Concessions 1805 75 BE VINCI → 11#12Concessions VINCI → 2010 Revenue: 2010 Net income: 2010 Free Cash Flow: €5,097 million € 875 million € 946 million ■ VINCI Autoroutes: 4,385km network (half of French motorways under concession) VINCI Concessions develops and operates a unique portfolio of transport infrastructure and public facility concessions in about 20 countries ■ VINCI Park: 1.4 million parking spaces managed in 12 countries in Europe and North America, under 2,500 concession or service-contracts ■ VINCI Airports: 8 million passengers handled in 2010 through 9 regional airports in France and 3 in Cambodia ■ Motorways, stadiums, rail infrastructure, tunnels and bridges... in France and in Europe. 12 12#13Contracting Geldi Nord 1 PONT MICHEL du Nord VINCI → 13#14Contracting ■ 2010 Revenue: €28,150 million ■ 2010 Net income: € 836 million ■ 2010 Free Cash Flow: € 903 million VINCI → VINCI Energies: European leader for electrical contracting, energy services and major player in facility management ■High service content solutions in electricity, information, thermal energy and fire protection technologies covering 4 major business sectors: infrastructure, service sector, industry and telecommunications. ■ Eurovia: A world leader in transport and urban development infrastructure Vertical integration of a network of 430 quarries, 400 hot mix plants,... VINCI Construction: France's leading construction company and a major global player in building, civil engineering, hydraulic engineering, specialised civil engineering and management and execution of complex infrastructure projects 14#15Largely diversified markets and expertises 2010 Revenue by: 22% Market 27% 14% 37% 12% Expertise VINCI → 5% 13% 19% 5% 4% 3% 23% 15% 9% Public ■Industry Service Sector ■Retail/Other Motorways Electrical Energy Road work Residential Building Civil Engineering Other Concessions IT I Quarries & Other I Non-Res. Building FM & RE Dvlp 15#162011 outlook VINCI → Revenue: ■Motorway receipts ■Contracting revenue ■Margins ■Motorways (EBITDA) ■ Contracting (EBIT) Net income: Net Debt: ~ +7% vs 2010 <+4% ~ +7-8% > 68.8% (2010 achievement) close to 4.5% (2010 achievement) ~ +5-6% vs 2010 slightly up vs 2010 (€13.1 bn at 31/12/10) 16#17Key financial information as of 30 September 2011 VINCI → (in € millions) 30 September 30 September 2010 Δ 11/10 2011 actual comparable restated** actual Concessions Contracting Energies Eurovia Construction 3,905 4,071 4.3% 4.3% 20,157 22,853 13.4% 6.6% 4,831 6,238 29.1% 5.6% 5,827 6,350 9.0% 6.0% 9,499 10,265 8.1% 7.7% Property 362 414 14.3% 14.3% Eliminations and restatements (328) (449) Revenue excluding IFRIC 12 24,097 26,889 11.6% 6.0% o/w France 15,180 17,170 13.1% 7.8% o/w International 8,917 9,719 9.0% 2.9% Order book (in€ billion) 26.6 30.0 13% 16% * Net financial debt (in € billion) (13.7) (13.6) 0.1 (0.5) * * Compared to 31 December 2010 ** Restated: after application of IAS 31, Interests in Joint Ventures 17#18What are we doing today in case times get tough? VINCI → Exactly what we did in 2009: prudence and responsiveness Concessions VINCI Autoroutes France Rigorous operating cost control ➤ Dialogue with grantor to create new opportunities Vinci Concessions Focus on greenfield projects ➤ Study brownfield opportunities Contracting Adapt structures and production resources to anticipate market conditions Pay rigorous attention to WCR Select new business carefully Adjust investments as necessary What happened during the last "crisis" in 2009: Concessions revenue: €4.9 bn (+2%) EBITDA margin: 61.4% 63.0% Contracting revenue: €26.9 bn (-6%) EBIT margin: 4.8% 4.5% 18#19VINCI Longer Term Strategy: Grow Revenue, Expand Margins, Create Value by VINCI ம் ■ Pursuing international growth outside Europe in fast growing countries ■ Strengthening synergies among the Group's business lines ■ Enhancing high technical value know-how ■ Developing recurring revenue streams in contracting To get there VINCI is targeting balanced development in its concessions and contracting activities Concessions Contracting New greenfield projects in synergy Energies with contracting ■Reinforce presence in airport management ■Brownfield assets in Emerging Markets (toll roads, car parks) ■Specialised Civil Engineering ■ Oil & Gas 19#20Long-term Market Drivers Urbanisation Energy Mobility VINCI → Environment Important needs of infrastructure and public equipment in emerging markets Better acceptance of the 'User-Payer' principle and toll culture →Development of PPP General ageing of public equipment in mature countries Increasing regulation for better environmental efficiency and energy optimization VINCI's concession-construction business model well adapted to long-term market trends 20 20#21Shareholder base at 30 June 2011 VINCI → 31/12 30/06 2010 2011 Institutional investors 67.4% 65.1% 3.7% 4.1% France 23.9% 21.8% 10.0% 8.5% Rest of continental Europe 18.4% 17.9% North America 12.5% 13.2% 5.6% United Kingdom 9.1% 8.5% 13.2% 3.7% Rest of the world 3.5% 3.7% Treasury shares 2.1% 4.1% 11.5% Employees 9.0% 10.0% Qatari Diar 5.7% 5.6% Artemis (Financière Pinault) 3.8% 3.7% 17.9% Individual shareholders 12.0% 11.5% 21.8% Total shares (millions) 553 564 Increase in treasury shares due to share buy-back programme ■105,000 employees (over 55% of the workforce) are shareholders More than 550 institutional investors Qatari Diar and Financière Pinault holdings stable Almost 290,000 individual shareholders own 11.5% of the share capital 21 21#22Stock market indicators VINCI → ■ Market cap as of 31 October 2011: €20 billion ■ 15th market cap of CAC 40 Indexes: CAC 40, Euronext 100, Euronext FAS IAS, FTSEurofirst 80, Europe Dow, DJ Euro Stoxx 50, DJ Euro Stoxx Construction & Materials and Aspi Eurozone Share price over 24 months 45 40 40 35 30 25 Nov-10 VINCI CAC 40 Euro Stoxx 50 Euro Stoxx / Cns & Mat 22 22#23VINCI Financial Policy and Data Financial policy objectives#24Constant and conservative financial policy: VINCI → Protecting VINCI's credit rating Keeping strong liquidity level Lengthening average maturity of gross financial debt ■ Diversifying sources of medium and long-term financing Limiting the Group's exposure to interest rates changes through a cautious hedging policy Moderate dividend policy and limited share buy-back program VINCI Holding: a sound financial situation 24#251- Protecting VINCI's credit rating (1/2) VINCI → Long term credit ratings of VINCI unchanged at BBB+/Baa1 since they have been granted in April/May 2002: VINCI S&P Moody's Fitch (not sollicited) LT Outlook CT LT Outlook ст LT Outlook ст BBB+ STABLE A-2 Baa1 STABLE P-2 BBB+ STABLE F2 Constant outperformance of rating targets through the cycles: Before application of IAS31 Targets 2008 (*) 2009 (*) 2010 (**) S&P FFO = Funds From Operation = CAFICE - Net Interest Paid - Income Tax Paid FOCF = FFO + Change in WCR and current provisions - CAPEX (*) Adjusted by Agencies FFO / Net debt (*) FOCF (*) About 20% About €1 bn 20,1% 1 968 22,4% 2 092 22,9% 1 919 (**) based on Vinci's in-house figures Moody's FFO/Gross debt (*) FFO Gross Interest Cover About 15% > 3,5X 16,8% 16,3% 16,5% 4,2 4,7 5,1 Rating Assessment when considering significant acquisitions 25 25#261- Protecting VINCI's credit rating (2/2) ■S&P on Vinci's BBB+ rating, January 2011: VINCI → << Strong market positions in a wide variety of concession and construction activities >> ■ << Prudent debt management policy with manageable refinancing needs, a solid cash position and abundant long-term committed bank facilities >> ■ << Stable outlook is based on our belief that VINCI's concession activities will keep its historically strong cash flow generation activity [...] and allowing the group to maintain FFO to debt in the upper end of the 15%-20% range >> Moody's on Vinci's Baal rating, June 2011: << The rating reflects the strong contribution of the concessions division to VINCI's cash flows; the generally good performance of the contracting businesses through the macroeconomic downturn; the group's moderate financial profile; and its strategic emphasis on moderating its overall business risk profile >> ■ << To support the current rating, VINCI would need to achieve FFO/debt ratio in the mid-teens and a minimum FFO interest coverage of 3.5x on a consolidated basis»> << The stable outlook reflects VINCI's positioning as an integrated concessions and construction group. VINCI's key credit metrics are well positioned in its rating category and provide some flexibility for the group to absorb cyclicality in markets >> 26#272- Keeping strong liquidity level Liquidity position: ~€11.7 bn (as of 30 September 2011): Net Cash Managed : ~ €5 bn Unused confirmed bank credit lines: €6.7 bn VINCI → Renewal of all corporate credit facilities maturing in 2011 and 2012 finalised in H1 2011: Cofiroute: new €500 million credit line maturing in February 2016 VINCI: new €4,000 million credit line maturing in June 2016 (+ 2 options for a 1-year extension) Maturity schedule of available confirmed bank credit facilities Bn € 7 0,5 0,5 6 2 2 5 Cofiroute 0,5 0,5 0,5 3 ASF 2 4,3 4,2 4,1 4,1 4,1 1 VINCI & misc. 0 T End 2011 End 2012 End 2013 End 2014 End 2015 CNA loans maturing in 2011 (€637 million in 2011 at 5,9%) fully refinanced by ASF through : ■July 2011: €100 million 7-years bank loan September 2011: €500 million 7-years new bond issue (coupon 4%) ■October 2011: €144 million 21-years private placement 27#283- Lengthening average maturity of gross financial debt Average maturity of gross financial debt at 30 September 2011: 6.5 years (of which concessions: 7.5 years) 3.000 VINCI Group debt maturity profile (€ million) 2012 2013 - 2 500 2.000 ן " 1 500 || 1 000 500 VINCI → Q4 S1'12 S2 '12 S1 '13 S2 '13 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2011 > 2028 Groupe ASF Arcour ASF Holding Autres concessions Cofiroute Holding cos & misc. 28 28#294- Diversifying medium and long-term sources of financing Breakdown of LT gross debt by lender type 19% 36% 33% 25% VINCI → Reinforce << disintermediation » by refinancing the bulk of maturing CNA and bank loans in the bond market ■2007: EMTN Programme set up for ASF (€6 bn) 2011: EMTN Programme set up for VINCI (€3 bn) → VINCI EMTN Programme will be used for the refinancing of VINCI and ASF Holding bank loans maturing in 2012/2013 (€2.8 bn). 3000 EIB and Bond debt raised since 2006 - VINCI Group (€million) 38% 29% 2500 12% 7% 30 June 2007 30 June 2011 Bond holders CNA (Caisse Nationale des Autoroutes) * Banks Multilaterals (EIB, EBRD, etc.) →Good diversification of medium and long-term sources of financing 2000 1500 1300 1000 500 2190 500 1354 806 650 2006 2007 2008 2009 2010 2011 VINCI Bonds ASF EIB ASF Bonds Cofiroute EIB Cofiroute Bonds ◆ Total VINCI Group * "AAA" rated french public entity dedicated to the financing of french toll roads before their privatization 29 29#305- Limiting the Group's exposure to interest rates changes through a cautious hedging policy A significant portion of the debt is kept at fixed rate... VINCI → ...while maintaining a controlled sensitivity to floating rates, in order to hedge the structural excess cash position generated by contracting activities ■Gross Debt position after hedging: Capped/Inflation-linked Fixed Rate Floating Rate Floating Rate Total (Millions € Amount % Rate Amount % Rate Amount % Rate Amount Rate At 30 June 2011 9 709 55% 5,00% 2 685 15% 3,78% 5 296 30% 2,04% 17 690 3,93% At 31 December 2010 10 147 56% 5,07% 1 855 10% 2,56% 6 218 34% 1,85% 18 219 3,72% Net Debt position after hedging: Fixed Rate Capped/Inflation-linked Floating Floating Rate Total Rate (Millions € Amount % Amount % Amount % Amount At 30 June 2011 9 709 68% 2 685 19% 1 877 13% 14 271 At 31 December 2010 10 147 80% 1 855 15% 625 5% 12 627 → 70% of gross debt is protected (87% of net debt is protected) 30 30#316- Dividend policy and Share buy-back VINCI → Moderate dividend policy: ■Pay-out ratio at 50% since 2006 ■€670 million paid in H1 2011 ■Interim dividend for 2011 of €0.55 per share decided by the Board of Directors on 30 August 2011 -> up 5.8% (€0.52 per share in December 2010) ■ Share buy-back programme ■Limited to offset the dilution generated by instruments giving access to capital (Group Savings Scheme, stock options and performance shares) ■14.1 million shares bought on the market during the first 9 months of 2011 Shares bought back have not been cancelled and could be used for the total or partial payment of future acquisitions (see Cegelec in 2010) 31#327 - VINCI Holding: a sound financial situation ■ Strong and resilient revenues from investments in subsidiaries and affiliates VINCI → Low leverage (new debt aiming only at refinancing existing debt at maturity) Income from investments in subsidiaries and affiliates (excluding extraordinary dividends) 1 500 1 200 900 2 500 2 000 1500 VINCI Holding Net Debt 600 1 000 300 500 0 0 2007 2008 2009 2010 2007 2008 2009 2010 -500 Concessions Contracting Others High liquidity position:~ € 5.7 bn as of 30 September 2011: Net Cash Managed : ~ € 1.6 bn ■ Unused confirmed bank credit facilities: € 4.1 bn Cashpooling of excess cash generated by contracting activities at holdings level 32#33VINCI Appendixes Organisational structure VINCI's business lines 2011 Half year figures Additional financial information#34Organizational Structure (*) CONCESSIONS VINCI VINCI CONTRACTING Energy Autoroutes VINCI Concessions VINCI Construction ASF 100% VINCI Park VINCI Immobilier VINCI Construction France Soletanche Freyssinet VINCI Energies France Escota 99% VINCI Airports VINCI Construction LIK Entrepose Contracting Cegelec France Cofiroute 839 Railway infrastructure CFE (Belgium) Arcour 100% Road infrastructure Sogea-Satom (Africa) Eurovia VINCI VINCI Construction Grands Projets VINCI Construction Terrassement Cegelec GSS VINCI Energies Cegelec International French subsidiaries Eurovia GmbH (Germany) Eurovia CS (Czech Repub. and Slovakia) Eurovia Group Ltd (UK) ETF-Eurovia Travaux Ferroviaires Specialised subsidiaries (incl. Signature) Eurovia Stone Stadiums Subsidiaries in overseas France Dodin Campenon Bernard VINCI Facilities Hubbard Group (USA) Subsidiaries in Central Europe Eurovia Canada Other foreign subsidiaries (*) Simplified organization chart of the Group at 31 December 2010 (main companies owned directly or indirectly). → 34#35VINCI VINCI's business lines#36VINCI Concessions#37Concessions: 2010 Key figures VINCI → 2010 (in € millions) Concessions VINCI Autoroutes VINCI Concessions Revenue* 5,097 4,259 838 Cash flow from operations before cost of 3,197 2,929 268 financing and tax (EBITDA) % of revenue* 62.7% 68.8% 31.9% Operating profit from ordinary activities. 2,093 1,923 171 % of revenue* 41.1% 45.1% 20.4% Net profit attributable to owners of the parent 875 837 39 % of revenue* 17.2% 19.6% 4.6% Operating cash flow 1,797 1,635 162 Capex (851) (759) (92) Free cash Flow 946 Net financial debt (15,599) Debt/ EBITDA X4.9 X4.8 876 (13,965) (1,634) X6.1 70 * Excluding concession subsidiaries' construction works revenue (IFRIC 12) 37#38VINCI VINCI Autoroutes#39VINCI Autoroutes: resilience and visibility Europe's biggest motorway network 4,385 km under concession ■of which 4,310 km in service Quimper Cherbourg le Havre Coen Als 129 Calais Boulogne Dunkerque A14 A Anas A27 St Quentin VINCI → Dieppe A29 Amiens Roven A Als 86 PARIS AS Reims Troyes A81012 Alençona Rennes, Chartres ALL A81 LE MANS ANGERS ASF Escota A86 Cofiroute* Arcour All Duplex NANTES Network under LA ROCHE SUR YON concession (km) 2,714 459 1,100 101 11 ROCHEFORT % held by VINCI A837 100% 99% 83% 100% 83% No. of km in service 2,639 459 1,100 101 11 BIARRITZ End of concession 2033 2027 2031 2070 2086 * Intercity network (excl. A86 Duplex) A85 Tours A10 A85 Orians A Metz Châlons M Nancy Toul Strasbourg A32 As Chaumont E T Dijon Vierzon A3 Bourges Nevers POITIERS Montluçon CLERMONT-FERRAND Macon Bourg A89 en Bresse LYON Saintes Limages BRIVE A89 M Périgueux ST ETIENNE BORDEAUX A89 Soi lọc Arcachon Bordeaux 50 km O A64 Pou A62 TOULOUSE Tarbes Cahors Montauban A68 ASF Escota تم H 4410 Celmar Périphérique Nord de Lyon Grenoble Valence Gap Sateron NIMES Mantor 19 Orange Digne MENTON Marasque A54 AIX A8 EN PCE NICE Marseille A61 NARBONNE TOULON Perpignan Tunnels du Prado-Carénage et du Prado-Sud Tunnel du Puymorens Cofiroute - intercity network ■A19 - Arcour 39#40VINCI Autoroutes: 2010 key figures by network VINCI + Total (in € millions) 2009 ASF/Escota Cofiroute Arcour 2010 Revenue 4,095 3,074 1,150 35 4,259 Cash flow from operations before cost 2,807 2,102 807 22 2,929 of financing and tax (EBITDA) as a % of revenue 68.5% 68.4% 70.2% 62.2% 68.8% Operating profit from ordinary 1,793 1,318 591 15 1,923 activities as a % of revenue 43.8% 42.9% 51.4% 43.9% 45.2% Net profit attributable to owners of 733 587 261 the parent (11) 837 Operating cash flow 1,772 1,197 455 (16) 1,635 Capex 945 655 99 5 759 Free Cash Flow 827 542 356 (21) 876 Net financial debt Debt/EBITDA (14,029) (10,295) (3,045) (624) (13,965) x 5.0 x 4.9 x 3.8 x 28.8 x 4.8 40#41VINCI Autoroutes Toll revenue growth as of 30 September 2011: 3,5% New sections (A86 Duplex & Arcour) ■ Traffic growth on stable network ■ Toll price and other effects Toll revenue 110 105 100 95 90 85 Change in traffic over 12 rolling months (number of km travelled) +0.3% +0.4% VINCI → +2.8% +3.5% (9M 2011 vs 9M 2010) Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q3 10 Q410 Q111 Q2 11 Q3 11 Light vehicles: +0.1% at 9M 2011 Total traffic: +0.3% at 9M 2011 Heavy vehicles +1.2% at 9M 2011 41#42A clear and protective legal framework VINCI → The concession contracts and their amendments define the overall contractual framework and the concessionaire's responsibilities... Finance, design and build the structures under concession and related facilities Respect opening deadlines for the sections under concession ■ Operate and maintain the network . and, in counterpart, the contracts define the minimum toll increases. ■ The master plans, five-year 'road maps', specify: ■The detailed schedule of network upgrade investments ■ Operational quality targets (maintenance, customer service, etc.) ■The formula for toll increases over and above the minimum increase Specific legal structure for changes in tax regime relating to motorway infrastructure has been consistently respected and applied: ■ 2009: attempted increase in right-of-way tax (redevance domaniale) abandoned ■2011: 100% compensation for increase in infrastructure tax (taxe d'aménagement du territoire) 42#43VINCI Autoroutes: contractual framework for toll increases End of concession VINCI → ASF 2033 Escota 2027 Cofiroute* 2031 Minimum annual toll increase guaranteed until the end of the concession: 70% x i 2007-2011 2011-2014 Arcour 2070 N/A Current master plan - 2011 2007-2011 85% x + 1.175% 85% x 1.2% + 85% xi+0.78% 1.01*[80% x i + 20%*TP09+0.9%] 80% xi + 20%xTP09+0.9% - 2012 70% xi +0.795% 70% xi +0.14% 85% x +0.62% - 2013 to 2014 + 70% x 0.625% 70% x i 85% x +0.48% ditto - 2015 to 2017 70% xi+0.625% 70% x i 70% x i ditto - after 2018 70% x i 70% x i 70% x i (a) Increases applied on 1 Feb. 2011 ** - Light vehicles - Heavy vehicles +2.5% +2.5% +2.1% +4.1% +3.9% +4.3% +4.0% +4.1% (category 4) * Intercity network (excl. A86 Duplex) ** i = consumer price index excl. tobacco products at end October Y-1 (1.52% at 31/10/2010; 2.2% at 31/10/2011) (a) 2019 to 2029 = 80% xi + 20% x ATP09 + 0.5% after 2029 = 80% xi + 20% X ATP 09 TP09 = French construction price index 43#44Parameters governing motorway traffic levels LV traffic ■ Demographics Living standards Fuel prices Elasticity approx. +1.0 > + 1.0 approx. 0.3 Level of tolls Individual behaviour (attitude to car) non quantifiable ■ Urbanisation approx. -0.3 impact > 0 HV traffic ■ GDP (manufactured goods) +1.1 approx. -0.3 ■ Level of tolls Guaranteed trip time non quantifiable Advantages compared with other modes of transport Authorised speed ■Safety and services ■Flexibility VINCI → 44#452011-2020 investment programme 1,6 Investments scheduled from 2011 (in € billion) VINCI → 1.4 1,2 1,0 0,8 0,6 0,4 0,2 H 0.0 2011 2012 2013 2014 2015 2016 2017 2018 45#46VINCI VINCI Concessions#47VINCI Park: key figures VINCI → (in € millions) Revenue 2010 H1 2010 S1 2011 A 11/10 596 289 301 4.2% - France 416 207 212 2.6% 12 countries* - International 180 82 89 8.4% Op. profit from ordinary 111 59 69 17.5% activities 18.6% 20.3% 22.9% as % of revenue Cash flow (EBITDA) 178 as % of revenue 29.8% 94 32.6% 95 1% ■ 1,416,000 spaces (of which 959,000 outside France) managed in ■366,000 spaces under concessions or freehold 1,050,000 spaces under service. contracts 31.6% Financial debt (787) (794) (760) +34 No. of spaces* (000) by contract type 1,416 1,391 1,252 16 16 15 367 350 359 Freehold 878 1,008 1,050 Concession Service contract 2010 revenue by geographical area* 5% 6% 5% France 5% Germany 9% United Kingdom Spain 6% 64% Rest of Europe 2009 2010 June 2011 * incl. LAZ Parking in the United States (VINCI Park share: 50%) USA Canada 47#48Other concessions & PPPs (1/3) VINCI → Country Type Name Description End of concession VINCI Traffic Consoli- share risk dation¹ VINCI Airports Cambodia Airport Phnom Penh, Siem Reap & Sihanoukville 3 airports under concession 2040 70% yes FC France Airport Chambéry-Savoie Public service contract 2011 99% yes FC Airport Clermont Ferrand-Auvergne Public service contract 2014 99% yes FC Airport Quimper-Cornouaille Public service contract 2015 99% yes FC Airport Grenoble-Isère Public service contract 2023 99% yes FC Rennes Dinard-Ille et Airport Public service contract 2024 49% yes EM Vilaine Airport Grand Ouest, Nantes Concession 2065 85% yes FC 1 FC: full consolidation; EM: equity method Under construction 48#49Other concessions & PPPs (2/3) Country Type Name Other concessions and PPPs in France Description VINCI → End of concession VINCI share Traffic Consoli- risk dation¹ France Stadium Stade de France 80,000 seats, Paris 2025 67% yes FC Tunnel Prado Carénage Road tunnel, Marseilles 2025 33% yes EM Energy Lucitea Public lighting, Rouen 2027 100% no FC Rail RhônExpress 23 km light rail system, Lyons 2038 35% yes EM Building Car Rental Center Car rental firm complex, Nice 2040 100% no FC Stadium MMArena 25,000 seats in Le Mans 2043 100% yes FC Stadium Olympic Nice Stadium 35,000 seats in Nice 2040 50% yes EM Stadium Stade Bordeaux Atlantique 40,000 seats in Bordeaux 2045 50% yes EM Rail GSM-Rail Ground-train communication 2025 30% no EM Tunnel Prado Sud Rail LGV SEA Tours-Bordeaux system on 14,000 km of track Road tunnel, Marseilles 302 km of high-speed line 2054 58.5% yes EM 2061 33.4% yes EM 1 FC: full consolidation; EM: equity method Under construction 49#50Other concessions & PPPs (3/3) Country Type Name Others concessions outside France Description VINCI → End of concession VINCI Traffic Consoli- share risk dation¹ Greece Bridge Rion-Antirion 2.9 km mainland- 2039 57.4% yes FC Peloponnese link Germany Motorway A4 Horselberg 45 km (A-Modell) 2037 50% yes EM Canada United Kingdom Bridge Road Confederation Bridge Link to Prince Edward Island 2032 19% yes EM Netherlands Tunnel Newport Southern Distributor Road Coentunnel, Amsterdam 10 km 2042 50% no EM 2 tunnels (4-lane dual 2037 28% no EM carriageway) Greece Greece Germany Germany Motorway Motorway Athens-Patras-Corinth Motorway A5 Malsch-Offenburg Maliakos-Kleidi 240 km 365 km 60 km (A-Modell) Motorway A9 Thuringia / Bavarian border 46,5km (A-Modell) 2038 14% yes EM 2038 30% yes EM 2039 50% yes EM 2031 50% no EM Slovakia Belgium Road Tunnel R1 expressway 52 km 2041 50% no EM Locorail, Anvers Rail tunnel under the Escaut 2050 37% no EM 1 FC: full consolidation; EM: equity method Under construction 50#51VINCI HSR Existing lines Motorway Tours A 85 South Europe Atlantic (SEA) high-speed line Concession contract signed with RFF on 16 June and came into force on 30 June 2011 ■ Total investment: €7.8 billion of which works: €6.2 billion (within 73 months) ■ VINCI share: €4.2 billion 50-year concession ■302 km new high-speed line + 38 km connecting line Paris-Bordeaux journey time reduced to 2 hrs 05 (currently 3 Kilometre point 20 INDRE-ET-LOIRE 40 60 VIENNE 80 Châtellerault 100 Poitiers A 10 120 hrs 00) Project financing €7.8 bn 140 DEUX-SÈVRES 160 Equity 0.8 180 CHARENTE LISEA shareholders 200 Subsidies* 4.0 VINCI 33.4% Angoulême CHARENTE-MARITIME 220 Senior debt 3.0 CDC 25.4% 240 - Fonds d'Epargne 0.76 Meridiam 22.0% 260 280 A 10 - EIB 0.6 Axa Infrastructure 19.2% GIRONDE 300 - Commercial debt 1.67 Libourne * State + local authorities + European Union Bordeaux 51#52VINCI Contracting#53Contracting: 2010 Key figures VINCI → 2010 VINCI (in € millions) Revenue Energy Eurovia Contracting Construction 28,150 7,102 7,930 13,118 of which France 15,911 4,439 4,568 6,904 of which International 12,239 2,663 3,362 6,214 Cash flow from operations before cost of 1,766 416 470 880 financing and tax (EBITDA) % of revenue 6.3% 5.9% 5.9% 6.7% Operating profit from ordinary activities. 1,257 387 285 584 % of revenue 4.5% 5.4% 3.6% 4.5% Net profit attributable to owners of the parent 836 242 187 407 % of revenue 3.0% 3.4% 2.4% 3.1% Capex 573 64 187 322 Free cash flow 903 413 254 236 Net cash position at 31 December 2010 2,955 606 204 2,145 Order book at 31 December 2010 (€ billions) 25.9 6.3 5.2 14.5 53#54Record order book: €30 billion at 30 September 2011 VINCI → Change in order book* (in € billions) Order intake +26,9 Revenue (22,9) 25.9 12.6 +16% 13.3 31 Dec. 2010 (in € billions) at 30 September 2011 Energy business line 6,6 Eurovia 5,5 Construction 17,9 Total 30.0* Other 30.0 0.1 Nb of months of average activity 9 8 15 12 12.2 17.8 France International 30 September 2011 Change vs 31 Dec. 2010 5% 7% 24% +16% * Excl. DEME and QDVC: €2.8 billion (at 100%) at 30 September 2011; €2.3 billion at 31 December 2010 54 5.4#55Energy business line - Profile 3% 5% 3% 8% 4% VINCI → Market leader in France and a major player 2010 Revenue by geographical area in Europe in services associated with energy and information technologies ■ Infrastructure: power supply networks (transmission and distribution), urban lighting, transport infrastructure (power supply, information systems) ■Industry: electrical engineering, monitoring and control, mechanical engineering, fire protection, isolation, multi-technical maintenance ■Service sector: power supply networks, HVAC, building automation systems ■ Telecommunications: infrastructure for fixed and mobile networks, company communications Facilities management: multi-technical and multi-service management and maintenance of office buildings Strong network of 1 500 companies established in about 40 countries ■Clients: 75% private / 25% public (est.) ■ Workforce: 58,800 at Dec. 31, 2010 14% 63% France Germany Switzerland Northern Europe Southern Europe Central Europe Rest of the world 2010 revenue by business sector 29% 13% 24% 26% Infrastructure Télécommunication 8% Service sector Industrial sector Facility management 55#56Eurovia - Profile VINCI → ■ 300 divisions and subsidiaries: ■Construction, repair and maintenance of transport infrastructure (roads, rail tracks, airports, light rail, etc.) ■Urban development, signaling ■ Strategy of vertical integration towards materials production ■ Production of 80 million tons of road aggregate in 2010 ■ About 35 years of reserves (> 3 billion. tons) ■ Strong R&D policy (new products and processes) ■70% of revenue generated through recurring repair and maintenance contracts (est.) ■Clients: 2/3 public; 1/3 private (est.) ■ Workforce: 39,800 at Dec. 31, 2010 2010 Revenue by geographical area 7% 1% 2% 5% 10% France Central & Eastern Europe Germany United Kingdom Other Europe North America 17% Rest of the world 58% 2010 Revenue by business sector 20% 7% 73% Road & railroad works Industrial Production Services 56#57Construction - Profile VINCI → Wide variety of expertise in building and civil engineering: Strong local presence in mainland and overseas France (network of 470 profit centres) and elsewhere (United Kingdom, Belgium, Central Europe, Africa) ■Diversified know-how in specialised civil engineering activities serving global markets: Soletanche Freyssinet (special foundations, ground improvement, structures, nuclear engineering), Entrepose Contracting (oil & gas infrastructure), DEME (dredging, marine engineering) ■Management of large complex projects: VINCI Construction Grands Projets Clients 50% private / 50% public (est.) ■ Workforce: 64,300 at Dec. 31, 2010 2010 Revenue by geographical area France United Kingdom 5% 12% 4% 2% 7% 6% 53% Rest of the world 11% 23% Central & Eastern Europe Benelux Other Europe Americas Africa 2010 Revenue by business sector 8% 3% 26% Building 40% Civil engineering Specialised civil engineering Hydraulic engineering Other activities 57#58VINCI 2011 half year results#59Strong growth in revenue and profit VINCI → First half A (in € millions) 2010 * 2011 actual H1 11/H1 10 Revenue** 14,771 17,323 +17.3% Cash flow from operations before tax and cost of 2,111 2,333 +10.5% financing (EBITDA) % of revenue** 14.3% 13.5% Operating profit from ordinary activities. 1,360 1 569 +15.3% % of revenue** 9.2% 9.1% Net profit attributable to owners of the parent 703 814 +15.7% Earnings per share (in €) *** 1.34 1.48 +10.4% Net financial debt (14,037) (14,558) (521) * Restated on comparable method basis: application of IAS 31, equity accounting of jointly controlled entities ** Excluding concession subsidiaries' revenue derived from works by non-Group companies (IFRIC 12) *** After taking account of dilutive instruments 59 59#6036% of revenue generated outside France (41% in Contracting) H1 2011 revenue by geographical area * VINCI → H1 2011 Δ 11/10 Constant (in €m) Actual exchange rates France 11,126 17.8% 17.8% Europe Central & Eastern United Kingdom Central & Eastern Europe 1,027 22.9% 19.8% 5.9% 5.8% United Kingdom 1,011 16.5% 16.2% Germany 5.3% Germany 915 31.6% 31.5% Rest of Europe 7.6% Rest of Europe 1,323 18.1% 16.2% Americas 3.1% Europe (excl. France) 4,276 21.5% 20.1% 4.8% Africa Americas 531 -5.8% -3.9% 3.3% 64.2% Rest of the world Africa 839 1.6% 1.5% Rest of the world 550 33.0% 34.4% France excl. Europe 1,920 6.5% 7.4% Total international 6,197 16.4% 15.8% Total revenue of which emerging economies* Emerging economies for VINCI: Central & Eastern Europe, Canada, Latin America, Africa, Asia, Middle East and Oceania 17,323 17.3% 17.1% 2,713 14.8% 13.7% 60#61Income statement VINCI → First half Δ 11/10 (in € millions) Revenue Operating profit from ordinary activities % of revenue Operating profit Financial income/(expense) 2010 restated 2011 actual 14,771 17,323 +17.3% 1,360 1,569 +15.3% 9.2% 9.1% 1,389 1,554 +11.9% (321) (304) Income tax expense (306) (380) Non-controlling interests (58) (57) Net profit attributable to owners of the parent 703 814 +15.7% % of revenue 4.8% 4.7% Net earnings per share* (in €) 1.34 1.48 +10.4% * After taking account of dilutive instruments 61#62Improvement in operating margins VINCI → VINCI Autoroutes as % of revenue and in € millions EBITDA*/revenue: 68.3% vs 67.6% at H1 2010 Contracting Op. profit** /revenue: 3.7% vs 3.3% at H1 2010 1,403 1,333 Energy business line 223 149 67.6% 68.3% 5.2% 5.4% H1 10 H111 * Cash flow from operations before tax and cost of financing H1 10 H111 Eurovia (2) 36 -0.1% 0.9% H1 10 H111 Construction 283 258 4.2% 4.1% H1 10 H1 11 ** Operating profit from ordinary activities 62 62#63Growth in cash flow (EBITDA) Concessions +5.7% 1,557 1,473 153 VINCI 139 Concessions VINCI :+ Contracting Total VINCI Group +24.9% VINCI 762 1,333 1,403 Autoroutes 610 228 Energy 166 131 Eurovia 85 359 403 Construction H1 10 H1 11 H1 10 H111 EBITDA/ 61.7% 62.0% 4.9% 5.1% revenue EBITDA = Cash flow from operations before tax and cost of financing (in € millions) 2,111 +10.5% 2,333 H1 10 H1 11 14.3% 13.5% 63#64Change in working capital requirement and current provisions (in € billions) Change in WCR and current provisions of which VINCI Construction Eurovia Energy business line * of which Changes in consolidation scope Entrepose Contracting Preparation of LGV SEA site Seasonal nature of change in WCR per half year 1,4 1.0 0.2 -0.2 -0.6 -1.0 -1.4 2009 2010 H111 VINCI → H1 2010 H1 2011 A (0.8) (1.3) (0.5) * (0.4) (0.7) (0.3) (0.3) (0.4) (0.1) (0.1) (0.3) (0.1) (0.13) (0.15) (0.1) H1 H2 Full year 49 64#65First half 2011 change in net financial debt (in € billions) (13.1) Cash flow (EBITDA) +2.3 A WCR (1.3) Interest & taxes paid (0.8) Operating investments (0.3) Dividends & share buy- backs (1.2) Investments Concessions: (0.5) Financial: (0.1) Capital increase & misc. +0.4 (0.1) (0.6) (0.8) VINCI → (14.6) Net financial debt at 31 Dec. 2010 Flows (in €m) Operation Growth Financial H1 2010 +0.1 (2.0)* +1.0* Net financial debt at 30 June 2011 Change in net financial debt (0.9) 12 months 2010 +2.8 (3.3)* +0.6* +0.1 H1 2011 (0.1) (0.6) (0.8) (1.5) * Incl. acquisition of Cegelec shares (€1.6 bn, of which €1.4 bn paid in VINCI shares) 65 65#66VINCI Additional financial information#67Cash flow statement (1/2) VINCI → 2009 2010 (in € millions) Concessions Contracting restated actual Cash flow from operations 4,771 5,052 3,197 1,766 Change in WCR and current provisions 524 (78) (8) (80) Income taxes paid (644) (950) (669) (243) Net interest paid (762) (693) (687) (15) Dividends received from equity-accounted 47 54 7 47 entities Net operating capex (616) (595) (42) (553) Operating cash flow 3,320 2,790 1,797 923 Growth Capex in concessions & PPP contracts (1,044) (871) (851) (20) Free cash flow 2,276 1,919 946 903 Restated: after application of IAS 31, Interests in Joint Ventures 67#68Cash flow statement (2/2) (in € millions) Free cash flow Net financial investments (incl. net financial debt) Other financial cash flows Cash flow before movements in share capital Capital increases & other operations Dividends paid Share buybacks Movements in share capital Net cash flow for the period Other and impact of changes in consolidation scope Change in net financial debt Restated: after application of IAS 31, Interests in Joint Ventures * Including payment for Cegelec in VINCI shares: €1,385 million VINCI → 2009 restated 2010 actual 2,276 1,919 (96) (2,425)* (31) (68) 2,148 (575) 621 1,658* (876) (965) (107) (255) 586 1,893 11 (22) 59 1,871 70 68 69#69Consolidated balance sheet (in € millions) ASSETS VINCI → 30 June '10 31 Dec. '10 30 June '11 restated Non-current assets - concessions 26,104 26,303 26,456 Non-current assets - other business lines 7,127 7,916 7,973 Current financial assets 38 48 39 Net cash managed 4,626 5,590 3,431 Total assets 37,895 39,857 37,898 EQUITY AND LIABILITIES Share capital 12,173 13,025 13,055 Non-current provisions and misc. long-term debt 1,768 1,729 1,797 Borrowings 18,663 18,650 17,989 WCR and current provisions 5,291 6,453 5,057 Total equity and liabilities 37,895 39,857 37,898 Restated: after change of method, application of IAS 31, "Equity accounting of jointly controlled entities" 69 69#70Net financial debt by entity VINCI → (in € millions) 30 June 2010 31 December restated Debt/ cash A vs 30 June 2011 2010 flow* 31-12-2010 Concessions VINCI Autoroutes (15,877) (15,599) (15,864) 4.8 x (264) (14,143) (13,965) (14,292) 4.8 x (237) VINCI Park (794) (787) (760) 4.3 x 27 Other concessions (354) (385) (372) 3.6 x 12 Concessions holding cos. (586) (462) (439) 23 Contracting 2,423 2,955 1,445 ns (1,511) Energy business line 637 606 345 (262) Eurovia (9) 204 (251) I (455) VINCI Construction 1,795 2,145 1,351 Property 8 56 (62) - Holding cos. (592) (471) Net financial debt (14,037) (13,060) (14,558) (78) 2.8 x (794) (117) 394 (1,498) Restated: after change of method, application of IAS 31, "Equity accounting of jointly controlled entities" * Net financial debt/cash flow from operations before tax and cost of financing, on a 12-month rolling basis 770#71VINCI → Financial Covenants Some financing agreements include early repayment clauses applicable in the event of non- compliance with financial ratios, of which the main ones are described below: Financing agreements Authorized Amounts Amoun ts used (in M€) (in M€) VINCI Acquisition loan 1,750.0 1,750.0 Ratios Net financial debt (excluding Concessions) to CAFICE (excluding Concessions) + dividend received (excl. exceptional dividend) of concession operating companies Threshold Ratios at 31/12/10 < 3.25 (1.1) ASF Syndicated 1,115.0 1,115.0 Holding term loan Consolidated net financial debt to consolidated CAFICE Dividends to (Net interest + nominal to repay) < 9 5.4 > 1.15 12.7 ASF CNA loans 4,970.4 4,970.4 Syndicated term loan 755.8 755.8 Consolidated net financial debt to consolidated EBITDA Consolidated EBITDA to Consolidated financial expenses Net debt to CAFICE ≤7 4.9 > 2.2 4.5 ≤7 4.8 CAFICE to financial expenses > 2.2 4.6 Syndicated credit facility 2,000.0 0 VINCI Park Amortizing loan 416.7 416.7 Net financial debt to CAFICE CAFICE to financing costs Amortizing loan (tranche 1 & 2) 177.6 177.6 Net financial debt to CAFICE CAFICE to financing costs <7 4.3 > 2.2 6.5 <7 4.3 > 3.0 6.5 (*) CAFICE = Cash flow from operations before tax and cost of financing The credit facilities signed in S1 2011 by Cofiroute (€0,5 bn) and Vinci (€4 bn) do not include financial covenants. 71#72Contacts Christian Labeyrie [email protected] Tel: +33 1 47 16 35 23 Marie Bastart [email protected] Tel: +33 1 47 16 45 81 72 72 VINCI &