Investor Presentaiton

First 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

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