Investor Presentaiton

1- 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

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