Investor Presentaiton

1- 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

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