Investor Presentaiton

4- 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

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