Investor Presentaiton

A 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

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