VINCI Concessions

CONTENTS

2007 Activity Report imagination & management

Contents

01 Profi le 14 Our activities 30 VINCI Airports 02 Key fi gures 16 VINCI Autoroutes France 32 VINCI Concessions Asset Management 04 Editorial 24 VINCI Concessions Greece 36 VINCI Concessions 07 Corporate governance 26 VINCI Park Business Development 08 Highlights 38 VINCI Concessions 10 A responsible group worldwide

2007 ACTIVITY REPORT – VINCI CONCESSIONS

0806120_VINCI_Concessions-Couv-G1 1 2/07/08 15:34:49 CONTENTS

2007 Activity Report imagination & management

Contents

2007 ACTIVITY REPORT – VINCI CONCESSIONS

0806120_VINCI_Concessions-Couv-G1 1 2/07/08 15:34:49 PROFILE 01

PPP excellence

VINCI Concessions is Europe’s leading operator of transport infrastructure and the world’s leading private-sector motorway concession operator. VINCI Concessions, which develops and structures new concessions and holds an unrivalled portfolio of concessions under management, is at the heart of the Public-Private Partnerships (PPP) momentum driven by public authorities’ increasing infrastructure needs. In a move to place new emphasis on customer service, VINCI Concessions is also innovating to optimise the operation of the infrastructure for which it holds the concession or which it operates as a public service company focused on meeting the expectations of its 600 million customers. To support the next stages of its development, VINCI Concessions has adopted an organisational structure based on fi ve divisions: VINCI Autoroutes France, VINCI Concessions Greece, VINCI Park, VINCI Concessions Asset Management and VINCI Concessions Business Development.

2007 ACTIVITY REPORT – VINCI CONCESSIONS

KEY KEY 02 FIGURES FIGURES 03

Revenue Operating profi t from Revenue by company 2007 key fi gures in € millions ordinary activities (at 31 December) in € millions and as a percentage of revenue 3% 4,580 1,747 12% 4,292 1,580 3,894 1,492 ASF 38.1% Cofi route 36.8% 38.3% Escota 13% VINCI Park Other 49%

20062006 20062006 20072007 200 20066 20062006 20072007 actualactual propro forma* actualactual pro formaforma** 23%

Net profi t attributable to Cash fl ow from operations Net fi nancial debt RevenueRevenue equity holders of the parent in € millions and as a percentage of revenue in € millions bbyy geograpgeographicalhical areareaa (before tax and cost of debt) in € millions

4% 2%

694 2,834 16,540 France 668 680 2,624 Rest of EuropeEuro 2,381 61.9% 13,852 61.2% Rest of the world 61.1%

94% 2006 2006 2007 2006 2006 2007 2006 2007 actual pro forma* actual pro forma* actual

*Pro forma = consolidation of ASF and Escota at 100% from 1 January 2006. Workforce

Workforce by company Workforce by Workforce geographical area by job category

1,202 8% 17% 30% ASF FranFrancece ManagementManageme 5,405 5,437 Cofi route Rest of EuEuropero Offi ce, techtechnical Rest of ththee wworld and supervisorysuperv staff Escota 10% VINCI Park ManualManual lablabour Other

73%

62% 1,998 1,830

2007 ACTIVITY REPORT – VINCI CONCESSIONS 20072007 ACTIVITYACTIVITY REPORTREPO – VINCI CONCESSIONS

KEY KEY 02 FIGURES FIGURES 03

20062006 20062006 20072007 200 20066 20062006 20072007 actualactual propro forma* actualactual pro formaforma** 23%

4% 2%

694 2,834 16,540 France 668 680 2,624 Rest of EuropeEuro 2,381 61.9% 13,852 61.2% Rest of the world 61.1%

94% 2006 2006 2007 2006 2006 2007 2006 2007 actual pro forma* actual pro forma* actual

*Pro forma = consolidation of ASF and Escota at 100% from 1 January 2006. Workforce

Workforce by company Workforce by Workforce geographical area by job category

73%

62% 1,998 1,830

2007 ACTIVITY REPORT – VINCI CONCESSIONS 20072007 ACTIVITYACTIVITY REPORTREPO – VINCI CONCESSIONS 04 EDITORIAL EDITORIAL 05

Imagination on the move

2007, a year of performance and What are VINCI Concessions’ take on 2007? local projects in areas as diverse as light rail systems, public lighting productivity and by stepping up marketing and enhancing services For VINCI Concessions, 2007 will go down as a year of performance and special-purpose buildings. Secondly – the two trends are of in order to boost sales. The synergies between the VINCI Autoroutes movement, confi rmed the vitality and movement. First, it achieved the ambitious greenfi eld course connected – the VINCI business model has never made France networks will help drive this process, as will the deployment of VINCI Concessions and its role as development objective set out in VINCI’s strategic plan: the new more sense or been more eff ective. Just 10 years ago, VINCI was of sales and marketing eff orts and the introduction of new products a prime mover in the implementation PPPs won during the year represent over €1 billion in capital primarily a construction group that saw concessions as a way of by VINCI Park. The concessions in hand also include the securing construction contracts. Since then, its profi le, its scale – extraordinary challenge of building and commissioning the new of the VINCI Group’s integrated investment – that is, capital employed by the Group, including project debt. Secondly, its economic performance also exceeded the and its value – have undergone a transformation. VINCI has concessions won in recent months and years. concession-construction model. initial objectives set, with revenue increasing 6.2% and operating proactively turned itself into an integrated concession-construction Beyond the year’s commercial successes profi t from ordinary activities 6.4%. 2007 was also a particularly group and become the world leader in its market. The model enables In coming years, VINCI Concessions’ development objective is to us to take advantage of our extraordinary network of very diverse maintain its greenfi eld growth at the high level it reached in 2007 – and projects under development, signifi cant year for VINCI Concessions’ various business lines. It was ASF’s fi rst full year of integration and the creation of construction and concession activities. And the fact that public €1 billion invested in new projects. It will be focusing its eff orts on VINCI Concessions is following a long- VINCI Autoroutes France refl ects the broad range of synergies that authorities are increasingly looking for comprehensive solutions mobility infrastructure, concentrating on the European countries term growth trajectory. this integration is already generating among VINCI Concessions’ encompassing everything from fi nancing to operation lends where its operations have reached the point at which they can momentum to this model. VINCI Concessions is riding that wave. snowball: France, Greece, the United Kingdom, the Benelux The expanding use of PPPs in response motorway networks. 2007 was also a banner year for VINCI Park, which grew substantially through acquisitions on the international countries and Germany. VINCI Concessions will also be looking at to growing infrastructure needs boosts market, and for the airport sector, where VINCI Concessions began the buoyant markets of Central and Eastern Europe, Russia and the What are VINCI Concessions’ priorities for 2008? the company’s role as a private-sector to implement its ambitions in the French market. And then, United States, which off er opportunities for future growth. With The most immediate priorities concern the concessions in hand. regard to sectors of activity, although VINCI Concessions remains €1 billion in capital investments also refl ects impressive commercial concessionaire providing public service The fi rst priority is to improve the operating performance of the open to all types of infrastructure, railways will probably represent a successes, especially in Greece, where VINCI Concessions now has infrastrucutre managed by VINCI Concessions, both by increasing large proportion of its new projects, especially in France, where it solutions. 600 kilometres of motorway under concession. hopes to take part in the major railroad construction programmes What are the trends in the new projects now being launched. won by VINCI Concessions? “VINCI Concessions is the VINCI Concessions’ markets have never been more buoyant. Public world’s largest private-sector authorities have substantial infrastructure requirements and PPPs are increasingly proving to be the most suitable way to meet them, motorway operator: it can whatever the size and type of project. The contracts won by build on this unique position VINCI Concessions in 2007 are a perfect illustration of this trend: they include both major transport infrastructure projects initiated by in both France and in the rest governments – which correspond to its traditional business – and of the world.”

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS 04 EDITORIAL EDITORIAL 05

Imagination on the move

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS CORPORATE 06 EDITORIAL GOVERNANCE 07

Will the crisis on fi nancial markets not jeopardise And then there are the business lines relating to urban mobility this momentum? management, a probable extension of VINCI Park’s traditional Corporate governance The many projects on the drawing board today seem to point to the activities, and more generally the new sustainable mobility services. contrary. Basically, VINCI Concessions’ markets are being driven by The increasing focus on environmental issues will bring about a long-term trends and its business lines are focused on the long profound change in the approach to transport, urban planning and * term. With its rock-solid assets and the resources to sustain its regional development issues, as illustrated by the Grenelle de Chairman and CEO Management position as an essential partner for public authorities, l’Environnement Forum in France. For VINCI as a whole and for VINCI Concessions will continue to wend its way independently of VINCI Concessions in particular, this off ers an exceptional the current market turnoil. And the turmoil will give it an opportunity to develop new projects, by becoming increasingly opportunity to demonstrate how sound its model is compared to involved in the design, planning and fi nancing processes. other more speculative models. Sustainable development and PPPs are both long-term trends and the combination of the two reinforces the VINCI Group’s role as a Will business growth be based solely private-sector company providing public service solutions. on greenfi eld projects? Clearly VINCI Concessions will not be able to grow signifi cantly if it Last but not least, VINCI Concessions carries out an activity today bases itself only on greenfi eld projects. It will also be developing that can become a fully-fl edged business line in future, namely its brownfi eld projects, i.e. projects that are already being operated. expertise in asset development and management. In a world where It will target opportunities in the form of companies that operate there is increasing enthusiasm for infrastructure assets, this type of Xavier Huillard Louis-Roch Burgard Henri Stouff Denis Grand infrastructure. As in greenfi eld projects, VINCI Concessions will be activity can become a signifi cant source of profi ts in its own right. Chief Operating Offi cer Chief Operating Offi cer Chairman and CEO of VINCI Park focusing on geographical areas and sectors in which it has of VINCI Concessions* of VINCI Concessions*; Chairman of Autoroutes du Sud expertise. This is what drove a number of its recent initiatives such Taken together, by integrating its expertise as a concessionaire, de la France (ASF) as the tie-up now being put together between VINCI Park and investor, builder, operator and service provider, the Group off ers a Interparking, Europe’s third-largest parking operator. unique set of capabilities that is completely in phase with the fundamental expectations of its societies and its markets. Are VINCI Concessions business lines not themselves VINCI’s overarching credo is: imagination on the move. a source of growth through the development of new activities? They certainly are. VINCI Concessions is also generating growth by expanding the scope of its business lines. It can make the most of its assets, competencies and strategic positions by developing activities ancillary to its current business lines, as extensions of its expertise. For example, in motorway operation, it can go beyond our current concession contracts. VINCI Concessions is the world’s largest private-sector motorway operator: it can build on this unique position in both France and in the rest of the world. Pierre Anjolras Pierre Coppey Philippe-Emmanuel Daussy Christophe Pélissié du Rausas CEO of Autoroutes du Sud Chairman and CEO of Cofi route Chairman and CEO of Escota Vice-President, de la France (ASF) South-East Europe Toll collection is another business area that is undergoing radical change, not just in technology, with the development of free-fl ow systems, but more fundamentally in terms of the whole culture. People now broadly agree to pay for access to high-quality infrastructure that provides a real service. Meanwhile, tolls are becoming an instrument for regulating service. They can be used in support of public transport policies – for example, the plan to tax heavy goods vehicles in France on non-concession roads and the congestion charging systems introduced in London and Stockholm. There too, VINCI Concessions’ experience with two innovative toll collection systems - Toll Collect in Germany and SR-91 in Los Angeles - gives it expertise that it can further exploit.

Antoine Brésolin Fadi Selwan Pierre Duprat Erik Leleu Director, VINCI Concessions Director, VINCI Concessions Director, Marketing Director, Human Resources Asset Management Business Development and Communication of of VINCI Concessions VINCI Concessions

* from 9 June 2008

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS CORPORATE 06 EDITORIAL GOVERNANCE 07

* from 9 June 2008

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS 08 HIGHLIGHTS HIGHLIGHTS 09

Highlights An overview of some of the highlights of 2007, which confi rm the vitality of the VINCI Concessions business model and support its European development strategy against a backdrop of PPP expansion.

Public lighting New major Participation in the Okigo carsharing VINCI Airports/Keolis A new type of PPP PPP in Rouen concession A-Modell programme for sustainable Airport, a winning in Nice in Greece in Germany mobility partnership

PPPs were traditionally focused on major VINCI Concessions, which already holds After contributing to the deployment of the VINCI Park had already set a new standard The VINCI Aiports/Keolis Airport VINCI Concessions and VINCI Construction transport development and infrastructure the concession for the Charilaos Trikoupis heavy goods vehicle electronic toll system, in parking quality. The brand has now taken consortium, which has managed the France will be building the new business projects, but they now cover all types of (Rion-Antirion) bridge in Greece, has won Toll Collect, VINCI Concessions was a further step in innovation, partnering with Grenoble-Isère and Chambéry-Savoie centre for car rental companies at Nice- public infrastructure. the contract to fi nance, build or renovate, selected for one part of the vast A-Modell Avis to introduce the Okigo carsharing airports since 2004, has implemented a Côte d’Azur airport. The 32-year contract A recent case in point is the city of Rouen, and then operate for a period of 30 years, programme set up to fi nance the service designed for urban residents who development policy that has made these covers fi nancing, construction, which awarded the centralised 365 km of motorways between Athens and renovation and extension of the German only use a car occasionally. two airports major points of entry maintenance and rental management of a management of the safety of its public Tsakona. It is one of the largest contracts motorway network. The contract covers a Since a shared car can replace up to eight to the Alps. The new contract won at 60,000 sq. metre building, which has spaces to the VINCI Concessions/ ever won by the VINCI Group in the 45 km section between the cities of Gotha individual cars and since Okigo vehicles are the end of 2007 for the operation of the 2,500 parking spaces. It represents an

VINCI Energies consortium. The contract international market. VINCI Concessions, and Eisenach (A4) in the state of Thuringia. selected for their low CO2 emissions, the Clermont-Auvergne airport reinforces this investment of approximately €45 million. has a value of some €100 million over a which is already involved in another part of The tolls collected by Toll Collect on this new concept is a sustainable mobility partnership: against a backdrop in which The project supports the expected rise in period of 20 years and comprises public the current motorway programme in section will be paid to the concession solution – in line with VINCI Park’s the State is discontinuing its involvement business activity: Nice-Côte d’Azur already lighting (16,000 lighting points), traffi c Greece (the Maliakos-Kleidi section), will consortium. positioning of its car parks as new urban in French regional airports, VINCI and accounts for over 20% of car rental revenue management systems and CCTV now hold the concession for 600 km of toll mobility centres. Keolis are supporting local authorities with at French airports, neck in neck with Paris- surveillance. motorway. solutions that optimise the management of Charles de Gaulle. their infrastructure.

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS 08 HIGHLIGHTS HIGHLIGHTS 09

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS A RESPONSIBLE A RESPONSIBLE 10 GROUP GROUP 11

A responsible Group

Living up to our role as an urban and regional Fostering intermodality: VINCI Park supports cities development company in their intermodal transport policies.

VINCI Concessions sees its and indirect emissions from customer use. wastewater is channelled through treatment Fundamental changes corporate responsibility as that of a With respect to the latter, VINCI Concessions is plants (100% of areas in 2007), some working in off erings and practices SHOWCASING developing electronic toll collection (in particular with reed fi lters. VINCI Concessions sees the increasing focus ARCHAEOLOGICAL major urban and regional developer, for heavy goods vehicles since 2007), “free- In the Provence-Alpes-Côte d’Azur region, on the environment – illustrated by the DISCOVERIES working to a long-term horizon and fl ow” tolls (in which cars can drive through which is sensitive to drought, Escota has Grenelle de l’Environnement Forum in France – taking sustainable development on toll stations without stopping), speed regulation adopted measures to ensure economical water as an opportunity to set in motion fundamental As a regional planner, board at all stages of a project life (for which an experiment was conducted on management (washing of toll lanes, green changes in its off erings and practices as a VINCI Concessions takes an the A7 motorway) and optimisation of travel space watering policy, etc.) that have cut annual cycle, from design to construction, transport infrastructure operator. In parking, active part in bringing the time (real time information), which helps consumption by 30%. VINCI Park has begun to transform its car parks operation and maintenance. archæ ological heritage to to keep traffi c moving smoothly and thus into hubs that ensure the connection with The approach focuses more reduces CO emissions. light. For example, on the 2 Protecting biodiversity other modes such as bicycles (loaned to its particularly on the environment and customers), public transport and car sharing A19 worksite in France, the on safety, which are central Blending infrastructure into the VINCI motorways companies manage an (new Okigo carsharing service). Group devoted nearly environment ecological heritage of great diversity, VINCI Autoroutes France has focused its €16 million to archæ ological concerns in the motorway activity. maintaining 15,200 hectares of land along the VINCI Concessions makes a major eff ort to strategy on improving the environmental surveys and excavations, motorway route and at parking areas. blend its infrastructure into the environment. It assessment of the motorway by introducing which resulted in the Environment and sustainable mobility They conserve biodiversity by means of a new environmental standards that will entail works with landscape architects to optimise discovery of a Late Bronze Age the location of the motorway in the landscape diff erentiated species and habitat management major modernisation projects on the oldest policy, in partnership with specialised (13th to 8th century BCE) A key thrust of VINCI Concessions’ strategy and by adjusting routes and developing the sections. VINCI Concessions has taken a institutions. For example, on the new 14 km necropolis. In another practice is controlling the environmental adjacent land to match the surrounding terrain position on the emerging road-rail transport Angers motorway bypass opened in April 2008, impact of its activities. The Group’s motorway and region. After major infrastructure projects market by participating in the Perpignan- discovery made during the Cofi route planted 28,000 trees and bushes, companies have adopted multi-year are opened, a two-stage environmental Luxembourg rail-road project brought into widening of the A8 selecting species that refl ect the diversity of sustainable development plans broken down assessment is performed, one year after the service in 2007. motorway in an area known the regional heritage. On the entire VINCI into a large number of concrete actions. Since start of operation and then three to fi ve years More broadly, the Group is an active participant Autoroutes France network, 381 wildlife for its palæ ontological fi nds, 2007 VINCI Concessions has, like all VINCI later. in the current sustainable mobility debate. crossings have been built to enable animals Escota provided €345,000 in companies, been tracking greenhouse gas The creation of the City Factory in 2007, a to cross the motorway safely. Studies carried funding for a major emissions generated by its activities. ASF, Conserving water think-tank bringing together leading French out in cooperation with hunting federations excavation carried out in Cofi route and Escota carried out a broader VINCI Concessions motorway companies and international urban and transport planners analyse animal behaviour in order to fi ne-tune carbon assessment. The information collected ensure that all water coming into contact with as well as elected offi cials from leading partnership with the wildlife crossing design. was used to identify priority actions aimed at carriageways is treated. VINCI Autoroutes municipalities, is part of this approach. Aix en Provence natural reducing direct emissions (goods transport, France has 3,141 water recovery basins along history museum. employee commuting, pavement maintenance) its networks. At service and rest areas,

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS A RESPONSIBLE A RESPONSIBLE 10 GROUP GROUP 11

A responsible Group

Living up to our role as an urban and regional Fostering intermodality: VINCI Park supports cities development company in their intermodal transport policies.

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS A RESPONSIBLE A RESPONSIBLE 12 GROUP GROUP 13

Social responsibility Fostering skills development 150 projects of this type received Foundation Against a backdrop of changing jobs, support amounting to €6 million in 2007; this Taking action to ensure employee VINCI Concessions companies are introducing funding is backed by the involvement of and customer safety jobs and skills management policies and tools. 2,000 VINCI employees (including over VINCI Concessions follows a safety policy In 2007, a company agreement was signed at 200 VINCI Concessions employees), who geared to two complementary objectives. ASF and extended by an agreement on changes volunteer their skills. Solidarity actions have also The fi rst covers safety of employees. VINCI in the toll collection fi eld which sets up new been undertaken at the initiative of subsidiaries. Concessions subsidiaries are taking more and opportunities for changing jobs within the For example, the Children without Christmas more steps to raise awareness of road risk. ASF, company. Agreements of the same type were initiative organised at Escota motorway barriers Escota and Cofi route signed a national charter signed during the year within Escota. Major collects over 30,000 toys every year, which are with the Direction de la Sécurité et de la eff orts were also made in training. Campus, the then made available to associations. In Greece, Circulation Routière (DSCR) road safety and vocational training institution set up by Gefyra, the Charilaos Trikoupis bridge traffi c directorate, the French Ministry for Cofi route, off ers 18 courses and provided concession company, mobilised during the Ecology, Sustainable Development and Spatial 75,000 hours of training in 2007 (up 25% in forest fi res in the summer of 2007 to undertake Planning and the national health insurance one year). ASF has an integrated training centre a number of solidarity activities: free tolls, action scheme. As part of this charter, companies in winter maintenance that accommodated taken by employees using company vehicles to undertake to systematically train employees 300 trainees in 2007. VINCI Park, which set up support fi refi ghters, €150,000 grant to help using company vehicles and to diagnose its own school to train parking employees in victims and to support site rehabilitation.

With its real-time information services and its dynamic traffi c control system, VINCI Concessions helps keep traffi c moving smoothly on its motorways and reduces CO2 emissions.

the driving of employees using both light 2005, received a golden trophy from the DIF in LOCAL DEVELOPMENT and heavy company vehicles. In 2007, for recognition of its ability to prepare for change PARTNER IN CAMBODIA example, 1,100 ASF employees earned the through training. “route safety permit”; at Escota, 80 VINCI Concessions, which operates three airport employees underwent the diagnosis and Promoting equal opportunities concessions in Cambodia awareness-raising was carried out for all All VINCI Group entities aim to combine their through its subsidiary SCA, employees by means of a simulator. economic and their human goals. This vision is is providing $2 million Cofi route for its part is developing driving refl ected in the formal commitments made in (of which $1 million committed licence follow-up training and in 2007 the Group Manifesto. In line with these in 2007) to fund studies and launched accident prevention seminars, commitments, and in the fi rst initiative of this pilot projects being carried out at which employees watch a fi lm shot on the type taken by a large French company, VINCI by the Cambodian government. The aim of the projects is to network, hear case studies and are then called on an independent corporate social rating develop the tourist environment called on to discuss situations and agency, Vigeo, to audit its equal opportunities at the Angkor Wat temples behaviours that can result in accidents. policy. Six VINCI Concessions companies and served by the Siem Reap airport. With regard to the safety of customers using 126 VINCI Concessions employees were This activity extends the its networks, VINCI Autoroutes France has audited. The results were published in April partnership under way with signed the European road safety charter in 2008. The audit identifi ed best practices and Artisans d’Angkor, a non-profi t which it undertakes, in particular, to develop avenues for improvement, providing input for organisation that trains and employs over 1,000 artisans in awareness-raising and information for HGV the improvement programme implemented by 11 village communities and drivers. A variety of partnerships have also each company for the four areas covered by the provides approximately been signed with training institutions (HGV Group’s equal opportunities policy: women, the 5,000 families with a livelihood drivers, driving school instructors, etc.) and disabled, people of immigrant background and by reviving ancestral Khmer arts events are regularly organised for motorway people over the age of 50. and crafts. In another users. The Group is involved, in partnership development, VINCI Concessions with the transport authorities and automobile Encouraging civic engagement by provided €70,000 in funding for manufacturers, in a large number of research the non-governmental employees organisation Sodeco to assist in programmes aimed at boosting safety on the The VINCI Group encourages its employees’ the production of biodiesel from networks. For example, the European civic engagement through the VINCI the seeds of a tropical bush, SafeSpot programme aims to develop vehicle Foundation for the Community, which supports the jatropha. safety systems that will encourage drivers to initiatives aimed at promoting employment alter their behaviour in unexpected among disadvantaged sections of the situations. community and at creating community ties.

2007 ACTIVITY REPORT – VINCI CONCESSIONS VINCI CONCESSIONS – 2007 ACTIVITY REPORT A RESPONSIBLE A RESPONSIBLE 12 GROUP GROUP 13

With its real-time information services and its dynamic traffi c control system, VINCI Concessions helps keep traffi c moving smoothly on its motorways and reduces CO2 emissions.

2007 ACTIVITY REPORT – VINCI CONCESSIONS VINCI CONCESSIONS – 2007 ACTIVITY REPORT OUR OUR 14 ACTIVITIES ACTIVITIES 15

Our ac tivities 600 million – this is the number of end- customers for whom VINCI Concessions makes its expertise and its services available day by day.

2007 ACTIVITY REPORT – VINCI CONCESSIONS VINCI CONCESSIONS – 2007 ACTIVITY REPORT OUR OUR 14 ACTIVITIES ACTIVITIES 15

Our ac tivities 600 million – this is the number of end- customers for whom VINCI Concessions makes its expertise and its services available day by day.

2007 ACTIVITY REPORT – VINCI CONCESSIONS VINCI CONCESSIONS – 2007 ACTIVITY REPORT OUR OUR 16 ACTIVITIES ACTIVITIES 17

VINCI Autoroutes France

The leading European motorway operator’s network With 4,373 km, VINCI Autoroutes France accounts synergies and leadership momentum for nearly 50% of the French motorway network under concession.

Since the end of 2007, VINCI Customer-focused companies Autoroutes France has brought Concrete action plans have been harmonised key fi gures: together the four VINCI Concessions within VINCI Autoroutes France to stimulate 4,373 the emergence of new mobility services and km of motorways motorway companies in France Kilometres Kilometres the development of activities going beyond operated under construction under concession, of which 4,131 km – ASF, Cofi route, Escota and Arcour. current concession contracts: were operating at the end of 2007 ASF 2,590 123 Together they account for nearly 50% services charter to foster: and 242 km were under construction. of the French motorway network – precise traffi c information; Cofi route 1,082 18 under concession. – high-quality customer service on motorway Escota 459 0 networks; – travel time optimisation; Arcour 0 101 VINCI Autoroutes France serves, from Paris, the innovations to promote: Loire Valley, the Centre region, the Atlantic – enhanced safety (encouraging motorists to €1 seaboard, the Garonne and Adour Valleys, the comply with speed limits and distances billion Rhone and Durance Valleys and the between vehicles); invested annually in network maintenance, modernisation and expansion. Mediterranean seaboard, while ensuring – smoother traffi c fl ows (electronic toll collection, modular pricing, speed regulation system). VINCI Autoroutes France is Europe’s leading continuity among its networks. Beyond the motorway concession company (in km) (1) cooperation agreements already existing among its networks since the acquisition of the Wide-ranging expertise VINCI Autoroutes France 4,373 ASF Group in 2006, the creation of VINCI This expertise is related to the diversity of Atlantia 3,408 Autoroutes France will accelerate the networks. development of synergies in all areas: ability to manage traffi c on: Abertis 3,335 broadening and harmonising commercial – high density corridors: A7, A8, A9, A10, A63; Eiff age 2,584 off erings, development of new services, – bypasses around urban areas with heavy purchasing policy, operating systems, etc. traffi c: Paris, Orleans, Le Mans , Tours, Angers, Brisa 1,368 Expertise will be pooled to generate new Nantes, Poitiers, Bordeaux, Bayonne, Toulouse, Cintra 1,250 off erings in innovative toll collection systems Montpellier, Aix en Provence, Lyons, Nice; (1) Source: company press releases. (satellite-based, dynamic tolls, etc.). The ability to operate motorway tunnels: experience gleaned in Germany and the United – A86 West greater Paris area (10 km); States (see pages 21 and 22) will prove useful – Nice / Italian border and Durance (19 km); in the move to apply free-fl ow tolls across the – Puymorens (5.5 km); entire network. – northern Angers bypass (2 km).

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS OUR OUR 16 ACTIVITIES ACTIVITIES 17

VINCI Autoroutes France

The leading European motorway operator’s network With 4,373 km, VINCI Autoroutes France accounts synergies and leadership momentum for nearly 50% of the French motorway network under concession.

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There was a further improvement in ASF’s ETC transponders were in circulation at the end of Montpellier into a dual carriageway and for the operating activity and economic results in 2007. 2007, an increase of 18.6% from the previous year. widening to a three-lane dual carriageway of Autoroutes Driven by the combined eff ect of traffi c growth the A63 between Ondres and Biriatou at the (3.3% based on a constant network) and price Master plan: €2.6 billion invested Spanish border (a section with a length of du Sud increases in February in accordance with the over fi ve years approximately 40 km). ASF continued, ASF concession contract, toll receipts increased On 8 June 2007, ASF signed the twelfth rider to meanwhile, to modernise the existing network. de la France 7.3% to €2.184 million. Meanwhile, an eff ort was its concession contract with the state. The new For example, on the A7 the refurbishment of made to increase productivity, generating a 2007-2011 master plan gives the company very the central reservation between Vienne and further improvement in cash fl ow, which now good visibility for coming years. In return for Orange was completed and major pavement Autoroutes du Sud de la France (ASF), which stands at 65.5% of revenue. annual price increases, the amounts and renovation work was carried out between celebrated its 50th anniversary in 2007, ASF continued its toll automation programme. procedures of which are covered by the contract, Valence-Nord and Sénas. ASF obtained renewal is the leading French motorway concession 67% of transactions carried out during the year ASF will invest nearly €2.6 billion over fi ve years of its ISO 9001 certifi cation for its “motorway company. It operates a 2,590 km network in involved automated lanes (electronic toll collection in its infrastructure: over half of this amount will design, construction and development” activity. service (at 31 December 2007) and has 123 km or ETC, magnetic cards and automatic payment be devoted to the construction of new sections under construction. The network serves machines). ETC transactions increased 24.7%, and the remainder to modernisation of existing Partnerships and new services accounting for 22.4% of all transactions, compared sections. The master plan includes performance ASF signed the fi rst European cross-border major economic traffi c and tourist fl ows in to 18.7% in 2006. This increase is due in particular objectives with respect to safety, traffi c fl ow, toll electronic toll collection agreement with Europe as well as substantial regional traffi c. to the introduction of the new heavy goods collection, quality of customer service and Spanish Basque company Bidegi: Spanish vehicle ETC system in April. Meanwhile, 427,000 sustainable development. transponders (Via-T ETC) will now be accepted

Traffi c increased 3.3% in 2007 on the ASF network. ETC transactions increased 24.7%, accounting for 22.4% of total transactions.

NORTHERN LYONS In accordance with the master plan, two in France on the A63 (Basque coast) and A64 RING ROAD new sections were included in the scope of the (Bayonne–Lestelle) motorways and French Through its wholly-owned ASF concession in 2007: the 16 km Montauban transponders (Liber-t Océan) will be accepted subsidiary Openly, ASF has been bypass on the A20 and a 6.6 km section of the on the Spanish A8 motorway in the direction of operating the northern Lyons ring road since 2006 under an eight- RN620 motorway between Sorges and Mûrs San Sebastian. Erigné, an extension of the A87 (Angers– year public service contract that In Toulouse, ASF worked with the city includes major repair and La Roche sur Yon), as part of the inclusion of authorities to keep Radio Trafi c FM listeners replacement work. the eastern Angers bypass from 1 January 2008. abreast of traffi c conditions within the urban The management transfer was area and on the Toulouse bypass – where completed to the satisfaction of Construction programme: variable message boards display travel times. the owner, the Communauté completion of the A89 Bordeaux– Urbaine du Grand Lyon urban In Perpignan, ASF co-fi nanced (with the urban community. The complex Clermont Ferrand motorway community) an electronic toll formula structure (four tunnels with a During the year, the Thenon–Terrasson section (Zap Perpignan) that enables inhabitants to combined length of over 6 km, of the A89 was completed. This last 18 km avoid the city centre by using the A9 between a viaduct, seven intersections, section, opened to traffi c in January 2008, the Perpignan South and North toll stations two toll stations) recorded traffi c of 135,000 vehicles per day in completes the 324 km continuous Bordeaux– free of charge, while taking advantage of ETC Clermont Ferrand motorway, a project that has 2007, of which 45,000 on the toll throughout the country. Last but not least, section alone. taken 12 years to build and required a capital ASF carried out a fi rst experiment with digital investment of €4 billion. On the A87, ASF radio between Lyons and Valence on the A7, performed the earthworks on La Roche sur to test the potential for services broadcast over Yon’s southern ring road. This toll-free urban this type of technology which is set to replace bypass, scheduled to open to traffi c in 2008, the current analogue system. will provide a continuous two-lane dual carriageway link between Paris and Les Sables d’Olonne. In October 2007, ASF started work on the A75-A9 connection at Béziers. Procedures continued for the 53 km Balbigny–La Tour de Salvagny section that will extend the A89 to Lyons; work on the section, awarded to ASF in 2006, will be getting under way in 2008. ASF also obtained public interest declarations for the conversion of the A9 to the south-east of

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Traffi c increased 3.3% in 2007 on the ASF network. ETC transactions increased 24.7%, accounting for 22.4% of total transactions.

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360 km of new sections in fi ve years rollout of the operating system and the safety Cofi route’s construction programme, which systems that will make the underground corresponds to investments of €3 billion over structure the safest ever built in France. the period of its 2004–2008 master plan, makes The DSAO pre-opening safety dossier was the motorway operator one of the key players in approved by the government in May 2007. urban development in France and one of the The very large testing programme continues, in largest private-sector investors. This programme, line with the new European Directive on road which will result in the opening of 360 km of tunnel safety, in the run-up to the opening of new motorways over the fi ve-year period, led to this fi rst 4.5 km section. intense construction activity in 2007, epitomised by the offi cial opening in January of the Service commitments company’s 1,000th kilometre. On the intercity formally set out in a Charter network, the construction of new sections In the operating activity, the ongoing endeavour focused principally on the A85. Several months to improve service was formally set out in a ahead of contractual commitments, the Safety and Quality Charter that describes Bourgueil–Langeais (25 km) and Saint Aignan– Cofi route’s commitments with respect to Druye (63 km) sections were brought into information accuracy, quality of customer service in January and December 2007 support and optimisation of journey times. respectively. These were the fi nal links in the For example, Cofi route undertakes to ensure that

Cofi route is carrying out a three-year programme (2007-2009) of toll station and rest and service area upgrades.

“The tie-up between motorway radio stations is one of the fi rst its shareholding in Cofi route from 65% to 83% Angers–Tours–Vierzon (206 km) motorway, customers forced to stop on the side of the eff ects of the synergies developed by purchasing the shares owned by Eiff age and which runs east to west, and they provide motorway will never remain unassisted for more within VINCI Autoroutes France. Cofi route two banks. continuity of the Lyons–Nantes corridor. than 30 minutes. The same quality standard Autoroute FM, the Cofi route radio To the south of Tours, at the junction of the two underpins the three-year programme of toll station, and Radio Trafi c FM, the ASF and Escota station, cover nearly 50% At the beginning of July, as part of its branches of the A85 built by Cofi route, a 10 km station and rest and service area upgrades of the French motorway concession Cofi route operates 1,082 km of motorway investment programme, Cofi route reopened the section (Langeais–Druye), built and operated launched in 2007; the pilot Boutroux area on the in western France (A10, A11, A28, A71, A81, network. Our objective is to 15-year bond issue contracted in 2006, initially by the government, was transferred into A10, refurbished in accordance with the harmonise them without making A85) representing 12% of the national increasing it to €1.1 billion with the issue of an Cofi route’s scope in June 2007 through a twelfth network’s new design manual, was offi cially them uniform. By harmonisation, we motorway network and records over additional €350 million, all at fi xed rate. rider to its concession contract. The company opened in May 2007. Cofi route has won mean that a motorist driving on one 100 million toll transactions a year. This refi nancing operation, carried out with a expects the opening of the fi nal two links on the ISO 9001 certifi cation for all its operational of these networks will understand immediately that he or she is Cofi route also holds the concession for the limited number of investors, extends the A85 to have a signifi cant impact on traffi c on its activities and its goal is to off er uniform high listening to a VINCI motorway radio; maturity of the company’s debt – now almost concession. service quality to all its customers at all points A86 Duplex, the 10 km underground and at the same time, the local on its networks throughout the year. motorway being built near Paris, which will 10 years – and improves interest rate hedging. identity and features of each station run for 70 years from the date the tunnels On the A11, the northern Angers bypass will be maintained in order to remain Cofi route sold 66,000 Liber-t transponders progressed to schedule. This 14.3 km section, International operations: Cofi route close to listeners and to motorway go into service. during the year, raising the total number in which includes a 532 metre viaduct and a exports its expertise as an operator of operations. The synergies notably operation to 205,000. ETC accounted for 20% 1.7 km cut-and-cover tunnel, completes the A11 complex toll systems involve general news (Autoroute FM of all transactions. The objective is to exceed and thus provides continuity of the major east- provides it to Radio Trafi c FM, which 2007 was another year of strong growth for Cofi route has developed and implemented fully previously purchased it outside the 100,000 transponders per year; the Cofi route. On a constant network basis, traffi c west motorway artery connecting Nantes and automated, free fl ow toll systems in the United company) and coverage of certain rose 6.5% for heavy vehicles and 3.3% for light development of new off erings in synergy with the Atlantic seaboard with Paris. It was States. In Los Angeles, the company has been events. Since early January, a single vehicles. Taking the network extension into the other VINCI Autoroutes France networks inaugurated on 24 April 2008 four months ahead operating the SR-91 Express Lanes (two-lane authority has managed advertising account, the increase was 7.6% for heavy should contribute to achieving that objective. of Cofi route’s contractual deadline. dual carriageway, 40,000 vehicles/day) since for both stations. Finally, both vehicles and 4.4% for light vehicles. The inter-company electronic toll collection for Work also continued on the A86 Duplex near 1996, using a variable road charging system stations will be working together to prepare the major move to digital Toll revenue rose 8.3%, of which 4.9% was heavy vehicles (TIS-PL) system was deployed Paris, the 10 km underground toll motorway that (10 diff erent time slots in each direction). broadcasting.” attributable to traffi c growth, and crossed the on schedule; at the end of 2007, the number completes the outer ring road around the city. In Minnesota, it operates high occupancy vehicle €1 billion mark (€1,018 million). The company’s of TIS-PL transactions was equivalent to that of On the 5.5 km A13 Pont Colbert (Versailles) lanes on I-394 using dynamic variable charging JEAN-MARIE FERRAND eff orts to improve competitiveness led to the Caplis card system it has replaced. section, the breakthrough of the tunnel in (the toll is adjusted every three minutes based MANAGING DIRECTOR OF further growth in cash fl ow from operations, August 2007 marked the completion of one of on traffi c conditions). AUTOROUTE FM which reached 70% of revenue two years ahead the largest tunnel-boring operations undertaken In Germany, the Toll Collect consortium, of which of its initial targets. This performance was in Europe in recent years. Cofi route is a shareholder, has been operating a achieved in a new shareholding environment. On the section linking Rueil-Malmaison with the motorway toll system for vehicles of over In February 2007, VINCI Concessions increased A13 motorway, the year’s main focus was on the 12 tonnes covering the entire national network

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Cofi route is carrying out a three-year programme (2007-2009) of toll station and rest and service area upgrades.

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(12,000 km) since 2005. The system uses opted for this service by the end of 2007. 2007 was a year of intense activity on the A19 satellite technology combined with GSM links After a period of technical assessment, Escota Arcour worksite, which was the biggest motorway and achieves 99.7% accuracy. In 2007, the tolls started deploying TIS-PL, the new electronic toll construction site under way in France as work 870 collected on behalf of the German government collection system for heavy vehicles, in April. was carried out simultaneously over the entire metres, amounted to €3.4 billion. The fraud rate is under At the end of the year, TIS-PL payments accounted route. The archæological surveys were is the average distance 2%. In addition, Cofi route operates, via its Le for 41% of toll revenue from heavy vehicle traffi c. between wildlife crossings over completed in October, the fi rst having started Crossing Ltd. subsidiary, a bridge and two Through its subsidiary Arcour, VINCI the entire A19 network. two years earlier. The principal activities in tunnels in Dartford in the United Kingdom. Concessions holds the concession to Substantial network 2007 were earthworks and building tunnels modernisation works operate the future A19 motorway between Artenay and Courtenay (101 km), the and bridges (102 in all, including a viaduct over Escota continued to invest in modernising its southern link in the outer bypass around the the Loing with a span of more than network. The pace of upgrading some 20 tunnels 1,000 metres). Paving started in October between Nice and the Italian border to meet new Paris region. It will join the A10 to the A6 (1 million tonnes of surfacing material). regulatory safety standards picked up signifi cantly and A77. Arcour is prime contractor with (see box). On the A8, major work was started or responsibility for fi nancing, and a Interoperability agreements on the motorway’s continued to widen the Châteauneuf le Rouge– consortium of VINCI companies is in charge operation and toll system were initiated with Saint Maximin and Nice Saint Augustin–Nice Saint of building the road, which will be operated the other French motorway concession Isidore sections to three-lane dual carriageway. by Cofi route. The 65-year concession operators. The A19 is scheduled for opening On the latter section, rip-rap protection of the contract was signed in 2005. during the third quarter of 2009.

motorway slopes called for major earthworks in the RENOVATION OF 38 immediate vicinity of the Var River, with blocks laid VINCI motorway concessions in France TUNNELS ON THE Escota to provide the motorway with long-term protection

ESCOTA NETWORK in case of fl oods. Still on the A8, studies are under Dunkerque Calais way for the creation or extension of heavy goods Boulogne To comply with the new Escota is France’s oldest toll motorway Lille vehicle parking areas: the programme involves tunnel safety regulations, concession operator. It has a network of Cofi route network Escota launched a major 600 parking spaces in nine areas and the Arras 459 km (A8, A500, A50, A51, A52, A520 and Noise barrier renovation programme in development of three emergency parking areas on the A11 Dieppe St Quentin A57) located entirely in the Provence Alpes- Amiens Arcour 2004 in 38 tunnels, most of with a total of over 1,500 spaces. Le Havre Rouen Laon them along the 33 km Côte d’Azur region. The company records A19 Reims section between Nice and the highest traffi c intensity per kilometre of Noise mapping PARIS Metz the Italian border. Given Brest Châlons all French motorways under concession, In application of a new EU regulation, Escota Toul Nancy Strasbourg that traffi c is particularly Alençon Chartres Troye s developed a noise map of all sections of its Quimper Rennes heavy on this part of the with 39,340 vehicles a day on average. Chaumont network carrying annual traffi c of over 6 million LE MANS Colmar network, the works Orléans (construction of escape Escota’s revenue increased 6.3% to €578 million in vehicles – 350 km in total. As Escota’s network ANGERS Dijon tunnels, installation of 2007. Of this, toll revenue amounted to is in a heavily populated area, an ambitious Tour s technical equipment, etc.) NANTES Vierzon €569 million, up 6.1%. On a constant network basis, programme to protect local residents from noise Bourges are being performed at Nevers the number of kilometres travelled rose from was launched in 1987. This programme has led LA ROCHE SUR YON Northern ring road night so as to avoid closing in Lyons to the installation of 33,140 metres of noise Niort POITIERS 6.4 billion to 6.6 billion, which breaks down into Montluçon Maçon the tunnels to traffi c. The Bourg programme accounts for a 2.6% growth for light vehicles and 3.2% for heavy screens, 13,750 metres of embankments and ROCHEFORT CLERMONT FERRAND en Bresse Escota network total investment of vehicles. 2,250 individual noise barriers for houses and ASF network Saintes Limoges LYONS Sioule viaduct A8 €360 million. In 2007, work The number of electronic transactions, which was apartment blocks. BRIVE was carried out in all the Last but not least, Escota created a quality and on the A89 Périgueux ST ETIENNE already at a high level, increased 4.4% to represent BORDEAUX tunnels and the investment Souillac 31% of all payment transactions, making Escota safety department in 2007 as part of its Horizon Bordeaux over the year amounted to Arcachon France’s leading motorway operator in this fi eld. 2009 business plan and it undertook its second Gap €80.5 million. Cahors Sustainable Development action plan for the Sisteron Despite the maturity of its market, Escota sold Digne Montauban NÎMES Orange MENTON 2007-2009 period. Manosque 26,400 new transponders during the year, an Albi Montpellier AIX ASF BIARRITZ Orthez TOULOUSE EN PCE increase of 10% that took the total number of Arles Nice ASF network Pau Cofi route Intercity Béziers transponders in operation up to 255,000. Safety centre Tarbe s NARBONNE Marseilles The company introduced an electronic billing Escota in Toulouse TOULON service for individual customers: of 30,000 Arcour (A19) Perpignan Prado-Carénage and Prado-Sud tunnels customers contacted by email, 4,600 had Other networks Puymorens Tunnel

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VINCI Concessions Greece

The Charilaos Trikoupis (Rion-Antirion) bridge, operated since August 2004 by VINCI Concessions subsidiary Gefyra, recorded average daily traffi c A new motorway division in south-eastern Europe of 13,200 vehicles in 2007, an increase of 6.8% from 2006.

VINCI Concessions was already 81 km of existing motorway, 120 km to be motorway. The concession contract was signed Prospects for regional development operating the Charilaos Trikoupis renovated and widened and 164 km to be built on 28 June 2007, ratifi ed by the Greek VINCI Concessions is now engaged, for a 30- from scratch. The work will take 72 months to parliament on 1 August 2007 and approved by bridge (Rion–Antirion) in Greece year period, in three motorway concessions in 600 complete. It will include the construction of the European Union in January 2008. It entered Greece totalling 600 km. A Greece division was kilometres when, as part of a consortium, it won 19 km of tunnels, over 400 engineering into force on 5 March 2008. The work will last set up within VINCI Concessions at the end of is the length of the toll network the contract for the Athens-Tsakona structures (to be built or re-built) and some 48 months. In addition to modernisation and 2007 to support the start-up of the new for which VINCI Concessions motorway, its largest-ever contract 20 new interchanges. The overall value of the upgrade to motorway standards of the 230 km concessions. More broadly, the new division holds the concessions in Greece. in the international market. project exceeds €2 billion. The work will be section, it will include construction of three confi rms the Group’s strong commitment to carried out by VINCI Construction Grands tunnels totalling 11 km in the Tembi Valley. This success is in addition to the Greece – now VINCI Concessions’ second- Projets, in association with the consortium largest market after France – where the PPP Maliakos-Kleidi motorway partners. Toll revenue following the Charilaos Trikoupis bridge culture has fi rmly taken hold and where concession won by the same construction period is estimated at infrastructure requirements remain quite large. consortium. At the end of 2007, €250 million per year. Apart from an initial The two new motorway concessions won in Building on the excellent partnerships 2007 extend and amplify VINCI Concessions’ the Group was in fi nal negotiations subsidy from the Greek government developed over the years with public (€550 million) and revenue from existing traffi c, operations in Greece, where the Group built for a further motorway concession authorities, local authorities and local the project funding will be based on three and is operating as a concession one of companies, VINCI Concessions intends to in Cyprus. fi nancing tranches totalling €1,685 million. Europe’s largest maritime crossings, continue its expansion in Greece and the “The Charilaos Trikoupis bridge the Charilaos Trikoupis bridge linking the cities on the Gulf of Corinth has become an The concession contract was ratifi ed by a large region as a whole. In a major step in this majority in the Greek parliament on of Rion and Antirion on either side of the Gulf direction, a fi rst project is under negotiation emblem of the region and a source of Athens-Tsakona motorway of Corinth. The bridge, which opened to traffi c pride for its inhabitants. Our role is to On 24 July, in the major achievement of 2007, 29 November 2007. Following fi nal approval in Cyprus (see page 37). maintain customer satisfaction at a high from the European Union, the concession is set in 2004, saw a further signifi cant increase in VINCI Concessions signed the concession traffi c in 2007. Daily traffi c has now reached level by providing users with comfort, contract with the Greek government for the to eff ectively start up in the fi st half of 2008. safety and high-quality service – the 13,200 vehicles, up 6.8% in one year. Athens-Corinth-Patras-Tsakona motorway, part bridge is of course in competition with The growth involves all types of vehicles and of a vast motorway construction and renovation Maliakos-Kleidi motorway the ferry. We have a large number of especially heavy vehicles (+7.9%). customised off erings for local users programme covering the country as a whole. VINCI Concessions is also involved in another The corresponding revenue growth was 10.3%. (weekly or monthly pass, return-trip card, The Apion Kleos consortium led by chapter of the current Greek motorway During the year, a series of projects ancillary to e-pass, etc.). Our active policy of forging VINCI Concessions (36%), which includes programme with the same partners. the initial construction (installation of noise local partnerships also helps boost Hochtief of Germany (25%) and three Greek The Aegean Motorway consortium, in which protection systems and hydraulic dampers on acceptability of tolls.” companies, was awarded the fi nancing, VINCI Concessions has a 13.75% interest, the cable stays) were completed. ANDROMACHUS SOTIROPOULOU construction-renovation and 30-year operation secured the 30-year concession for the 230 km MARKETING DIRECTOR AT GEFYRA of 365 km of toll motorway between Athens section between Maliakos and Kleidi, i.e. the and the south-western Peloponnese, including northern part of the Athens–Thessalonica

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VINCI Concessions Greece

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VINCI Park

Consolidation of growth in Europe and strong new positions in North America

With revenue increasing 7.4% to service policy – which has set new standards in €562 million, 2007 was a year of parking – and the high-quality maintenance and renovation of its car parks justify a regular very strong growth for VINCI Park – increase in prices. the strongest since the creation of the brand in 2001. Driven both by … and major commercial successes intense commercial activity and an In France, the year was marked by some ambitious acquisition policy, signifi cant commercial successes. the growth took the company from These included the brand starting operations 863,000 spaces under management in Evry (3,650 spaces), Sables d’Olonne (2,300 spaces), Noisy le Grand (1,410 spaces), to over 1,000,000 in one year. Lorient (610 spaces) and Antibes (360 spaces). There was also growth in towns where the France: optimisation of operations ... brand already had a presence: Neuilly sur VINCI Park’s revenue in France increased 4.9% Seine, where VINCI Park was awarded a public to €396 million. Despite the eff orts made by service contract for a new car park and an “The mobility centre that will open municipal authorities to limit the space taken up extension of on-street parking (4,140 spaces); in the autumn of 2008 in La Défense by the automobile in the city, car park occupancy Marseilles, where the urban authority awarded (where VINCI Park manages 16 car parks rates did not decline. In Paris, hourly occupancy VINCI Park 16 new car parks (2,455 spaces); and 22,000 spaces) will meet all the mobility rose 3.3%, the best growth recorded in the capital Strasbourg, where the company started needs of the site’s stakeholders and off er a since the creation of VINCI Park in 2001. operating two new facilities (1,140 spaces) comprehensive mix of all types of transport: These fi gures refl ect a change in motorists’ habits, and the biggest bicycle park in France the private automobile of course, as well which includes increased usage of car parks. (850 spaces); and Rueil Malmaison, where the as carsharing with our Okigo service, Outside Paris, a slight decline in hourly occupancy motorcycle taxis, bicycles (special free concession has been extended to include spaces), public transport (automated sales recorded during the year was due principally to three additional car parks (650 spaces); points), combined transport (payment major urban development projects that made it Noisy le Grand, where a new public service of parking with the Liber-t motorway diffi cult to access some city centres. contract extended VINCI Park’s operations Organic and external growth transponders), etc.“ The projects have now been completed and (2,410 spaces). At the same time, VINCI Park growth in season tickets and rentals partially consolidated its operations in major centres took VINCI Park beyond NORBERT DEMONGEOT the mark of 1,000,000 spaces OPERATIONS DIRECTOR off set their impact. by securing the renewal of its contracts, the LA DÉFENSE BOUCLE DE SEINE Against that backdrop, the increase in revenue is main ones being La Défense (22,600 spaces managed worldwide. REGIONAL DIVISION primarily due to an increase in prices. VINCI Park’s for six years, i.e. all 16 car parks serving the

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VINCI Park

Consolidation of growth in Europe and strong new positions in North America

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Towards worldwide market leadership The operation could be fi nalised in the third VINCI Park, in parking quarter of 2008. It would mark a new major European parking leader In the spring of 2008, VINCI Concessions and milestone in the development of VINCI Park. 200,000 Fortis signed a memorandum of understanding 200,000 with a view to combining their activities in the 1,035,000 public car park industry. 235,000 The two groups would share the equity of a new entity, which would be majority owned by 255,000 VINCI Concessions, with Fortis keeping a signifi cant stake. The tie-up would create the world’s leading parking company, with 1.3 million parking spaces under management in 1,800 car 525,000 parks in 16 countries. The two companies have a very complementary set 860,000 of activities, especially in Europe. VINCI Park has strong operations in France, the UK and Spain, VINCI Park Interparking while Interparking, has a strong presence in Apcoa NCP Benelux, Germany, Austria, Italy and Spain, and Q-Park Epolia holds full ownership of a large number of car parks. Cintra Source: company press releases.

Launched in July 2007 in four Paris car parks, VINCI Park is the fi rst parking company Okigo is the new carsharing service set up to adopt the Liber-t motorway electronic toll transponder by partners VINCI Park and Avis. as a means of payment.

business district), Caen (4,000 spaces for 10 for the 11,500 parking spaces at Montreal- VINCI PARK CREATES years), Saint Maurice (2,500 spaces for eight Trudeau Airport, increasing the total number OKIGO, A CARSHARING years) and Lille (910 spaces for fi ve years). of spaces managed in Canada to 70,000. COMPANY VINCI Park and Avis have Last but not least, niche markets, particularly Expansion in Germany, created Okigo, a carsharing the hospital and retail sectors, which have a foothold in Russia company, to meet the needs generated signifi cant contracts over recent In Germany, the acquisition of Netpark of urban residents who only years, hold out excellent prospects for (12,300 spaces), following on from the use a car on rare occasions. development on the French market. signature in 2006 of a 15-year contract with Following trials in Paris Karstadt Quelle (56 car parks, 17,300 spaces), during 2007, the service will Major acquisition in the United States strengthened VINCI Park’s new positions in be rolled out in about 30 sites in the Greater Paris In 2007, for the fi rst time since VINCI Park that country. In the Czech Republic, VINCI Park area and other major cities. was founded in 2001, the number of spaces acquired an 80% interest in Parking Praha The concept of self-service managed in the international market (588,000) (5,300 spaces) and won a management cars provided to subscribers exceeded the number managed in France contract for on-street parking in three districts for short periods is a (447,000). Over and above the satisfactory of Prague (30,000 spaces). In Belgium, sustainable mobility level of activity in the existing subsidiaries, two new contracts were signed in Mechelen solution for short journeys this change is driven by major acquisitions and Ostend covering a total of 550 spaces. on two counts: Okigo vehicles are selected based under a strategy focusing on markets with A fi rst contract was signed in Russia to high potential in Europe and North America. operate the car park at Terminal 1 on their low CO2 emissions and a shared car can replace The main acquisition was a 50% interest in of Sheremetyevo Airport in Moscow up to eight private cars. LAZ Parking, which operates over 230,000 (920 spaces). In addition, the creation of spaces in 77 cities in the United States, Mosparkinginvest with a local partner aims including Boston, New York, Washington, to develop a comprehensive car park design, Atlanta, Miami, Chicago and Dallas. build and operate off ering in order to respond Its contracts cover 14 States and a wide to the Russian capital’s major needs for variety of locations: city centres, hotels, infrastructure. At the same time, VINCI Park hospitals, universities and other public withdrew from the Austrian market, infrastructure. In the neighbouring Canadian where it managed 2,000 spaces, and sold market, where VINCI Park has been most of its business in Hong Kong operating for about 10 years, 2007 saw the (46,800 spaces managed under service signature of a management contract contracts).

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2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS LESOUR CONCESSIONS OUR 3830 DEACTIVITIES VINCI ACTIVITIES 31

VINCI Airports

In France, VINCI Concessions manages three airports in partnership VINCI Concessions’ business development model with Keolis Airport under public service contracts: applied to airport management Grenoble-Isère (shown above), Chambéry-Savoie and Clermont–Auvergne.

Airport operation is an integral part in three years – have made these airports into are to be hired by the entity created by the the transformation of this modest facility into an Passenger traffi c France VINCI AIRPORTS/ of VINCI Concessions’ business major gateways to the Alps, promoting the consortium. The new entity is tasked with international airport. Cambodia is thus becoming In thousands of passengers KEOLIS AIRPORT, activity. The Group operates three development of regional tourism. In addition to stimulating business in an environment in which a comprehensive tourist destination, with a “sun A STRATEGIC PARTNERSHIP a proactive approach to low-cost airlines, passenger numbers have been declining and sea” holiday off ering for those visiting the 231 regional airports in France in 194 Against the backdrop of French partnership with Keolis Airport, management by the two partners has strongly over the recent period, while optimising Angkor temples. generated strong development of tour operator the organisation and operation of the airport, regional airport decentralisation, including one won at the end of In a major step towards this development, 194 and business air travel. which served 550,000 passengers in 2007. construction of a new runway capable of the VINCI Airports/Keolis Airport 2007. VINCI Concessions also holds partnership aims to support local In four years of operation, traffi c has increased Overall, annual traffi c in the French airports carrying wide-bodied aircraft is scheduled to 272 433 470 authorities’ eff orts to optimise their the concessions for three 163% in Grenoble and 68% in Chambéry. operated jointly by VINCI Airports and Keolis start in 2008. airport infrastructure for the international airports in Cambodia Despite poor snow conditions at the beginning Airport exceeds 1.2 million passengers. benefi t of the regional economy. and is one of the main players in the of the year, which penalised traffi c to ski resorts Acquisition of an interest in ADP 2005 2006 2007 Building on their complementary country’s economic development. during the winter months, traffi c continued to Cambodia: long-term PPP At the end of 2007, VINCI announced its Chambéry-Savoie airport Grenoble-Isère airport expertise – Keolis in public grow in 2007: 8% in Grenoble (472,000 VINCI Concessions has been operating in purchase of 3.3% of the share capital of ADP transport, VINCI in infrastructure Grenoble-Isère and Chambéry-Savoie: passengers during the year) and 19% in Cambodia since 1995. Through its subsidiary (Aéroports de Paris). ADP owns and operates concessions – and on their two major references Chambéry (231,000 passengers), compared to SCA, the company holds the concession for the three airports serving the French capital (Paris- experience with the Grenoble- The VINCI Airports-Keolis Airport consortium average growth of 5% across all French airports. country’s three airports. This long-term public- Charles de Gaulle, Paris-Orly and Paris-Le Isère, Chambery-Savoie and has been operating the Grenoble-Isère and private partnership makes VINCI a key player in Bourget), as well as 10 airfi elds and a heliport. Clermont–Auvergne airports, the Passenger traffi c Cambodia Chambéry-Savoie airports since 2004 under Further success in Clermont–Auvergne Cambodia’s economic and tourism development. Together, these locations handled over 86 million In thousands of passengers two partners are working out public service contracts. The Isère and Savoie On the strength of their operation of the In 2007, SCA benefi ted from the buoyant market passengers in 2007, increasing 4.7% over the development models that help to departments were among the fi rst to Grenoble-Isère and Chambéry-Savoie airports, in Asia in general and Cambodia in particular. stimulate air traffi c while seeking, previous year. Through this fi nancial investment, 1,732 experiment with a process, prior to the the VINCI Airports/Keolis Airport consortium Traffi c increased 21% at Phnom Penh airport and VINCI reaffi rmed its long-term interest in airport without changing the objectives, to 1,361 reduce the fi nancial burden on decentralisation law of 2004, that has since was awarded the operation of a third French 27% at Siem Reap, where the new international infrastructure. The Group supports the profi table 1,037 local authorities. This partnership is spread: the transfer by the government of regional airport: Clermont-Auvergne. Negotiated terminal brought into service in 2006 helps to growth strategy put in place by ADP’s targeted at decentralised regional regional French airport ownership to local and concluded at the end of 2007, the contract absorb the ever-growing number of tourists management team and does not intend to raise airports with traffi c between authorities, which in most cases call on private- came into eff ect on 1 January 2008 for a period visiting the Angkor temples. In total, the two its shareholding above the current level unless 1,081 1,322 1,599 100,000 and 1,000,000 passengers sector partners to operate them. of seven years. airports handled 3.3 million passengers during there is a change in the government’s per year. In Grenoble and Chambéry, the consortium’s In addition to airport operation and maintenance the year. Following the extension in 2006 of the shareholding in the future. 2005 2006 2007 proactive policy applying to airlines – with (passenger terminal, equipment, retail outlets), concession scope to include Sihanoukville Siem Reap airport 11 new companies and 26 new lines welcomed the contract stipulates that all the airport staff airport, the country’s third airport, SCA started Phnom Penh airport

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VINCI Airports

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VINCI Concessions Asset Management

Optimising the value of the Group’s assets

VINCI Concessions is the structure teams are also called in when there is shareholder of a portfolio of 25 a need to seek other investors for a project, re-balance a portfolio and modify VINCI subsidiaries. Considering that Concessions’ shareholder position. Depending concessions are assets whose value on the maturity and performance of a must be optimised, VINCI concession, a fi nancial and strategic analysis Concessions set up an asset may result in the acquisition of a greater management structure tasked with holding in certain subsidiaries or the divestment of other assets at the most optimising the Group’s investments appropriate time. For example, VINCI in concessions. Concessions recently reduced its holding in the Confederation Bridge concession company in VINCI Concessions is an operator of Canada and divested, on favourable terms, all of infrastructure and services, and it is also the its interest in Autopista del Bosque, the shareholder and manager of a portfolio of concession company that operates the Chillan- infrastructure concessions. The asset Collipulli motorway in Chile, which was management teams are responsible for originally built by VINCI. monitoring and optimising the management of these assets in the Group’s interest. To this end, Since they cover all activities across VINCI they develop tools to optimise the performance Concessions as a whole, the specialised asset of VINCI Concessions holdings in all its management teams could also provide valuable subsidiaries (introduction of indicators, sector assistance in non-concession projects and benchmarks, etc.); they also provide operational support operations undertaken in VINCI teams with technical expertise by identifying Concessions’ activity sector. ways to optimise the operation of an infrastructure concession, taking part in structuring a new project as a shareholder and supporting an acquisition by helping to determine its value for the Group, for example. The Stade de France The teams from the asset management Operating the Stade de France until 2025, after participating in its construction, VINCI Concessions has developed a dynamic management model that optimises the value of the site’s exceptional resources.

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VINCI Concessions Asset Management

Optimising the value of the Group’s assets

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concession extension, was offi cially opened on Leslys light rail system in Lyons for the fi rst and July 1996 for the second. The 4 June 2007. The fi rst rail concession in modern-day France, concession contract was signed in 1992 and will Portfolio assets VINCI Concessions and Eiff age, shareholders in Leslys is an express link between the city and end in 2016. It called for the design, the Société Marseillaise du Prado-Carénage its airport. The 30-year contract was awarded construction, fi nancing and operation of the (SMTPC), submitted a bid on a tender issued by second bridge, as well as the takeover and France to a consortium led by VINCI Concessions. The Prado-Carénage and Prado-Sud tunnels the Marseille Provence Métropole metropolitan light rail system will cover the journey from the operation of the fi rst. in Marseilles authority for a new concession covering the railway station and Part Dieu district of Lyons to future Prado-Sud tunnel, a 1,400 metre cut- The two bridges carry average daily traffi c of Designed, fi nanced, built and operated by VINCI Saint Exupéry Airport in 25 minutes over a and-cover tunnel with two superposed two- 36,000 vehicles. under a 30-year concession contract, the route that is interconnected with the city’s lane carriageways for light vehicles, which Prado-Carénage tunnel enables motorists to public transport networks (metro and high Also in the United Kingdom, VINCI designed, extends the Prado-Carénage tunnel. save 25 minutes when crossing the greater speed train stations). Leslys will operate every built and fi nanced the Newport Southern The VINCI Eiff age consortium won the contract Marseilles area. 41,000 vehicles use the day of the year, with a train every 15 minutes Distributor Road, a 9.3 km motorway bypass that on 8 February 2008. structure on average every day, reducing traffi c on average. The contract, which was signed in includes a bowstring arch bridge. Morgan- in the city centre and enabling the city to January 2007, calls for the fi nancing, VINCI Ltd. will operate the bypass for 40 years develop surface mobility services such as light construction and operation of the line. from 15 December 2004. In 2007, traffi c rail. On 22 June 2007, a new record was set It represents a total investment of €100 million. averaged 23,000 vehicles a day. when nearly 60,000 vehicles used the tunnel. VINCI Construction and Eurovia will build the A new tunnel (Louis Rège), fi nanced under a infrastructure (9 km of track between

The Prado-Carénage tunnel in Marseilles beat its own traffi c record on 22 June 2007 when 60,000 vehicles drove through it.

“Managing the execution of an infrastructure project Meyzieu and the airport), and Portugal as a concession holder involves a VINCI Energies will be in charge of electrical Vasco da Gama and 25 April bridges, wide variety of tasks: coordinating engineering with Cegelec. The consultation Lisbon the work of the builder, operator, equipment supplier and all the phase prior to the Declaration of Public Interest VINCI built the Vasco da Gama Bridge (12.3 km), – a necessary stage before starting the work – other parties involved in the project; which crosses the Tagus estuary in Lisbon, for the handling reporting to banks and was completed in October 2007. Expo ’98 to alleviate congestion on the 25 April lenders to ensure that the funds are released every month; reassuring the Germany Bridge. The concession contract, which ends in 2030, covers operation of the two bridges. The bridges client when procedural complexities A-Modell motorway programme carried average toll-paying traffi c in excess of arise and when unforeseen construction problems crop up, etc. As part of the A-Modell programme, which has 100,000 vehicles a day in 2007. been set up to fi nance the repair and extension We take the same long-term of the country’s motorway network, the 50/50 Canada approach that the client does and we consortium made up of VINCI Concessions and Motorway and bridge in New Brunswick are there, fi rst and foremost, to win Hochtief signed the concession contract for a and keep the client’s trust.” 45 km section of motorway between Gotha and VINCI Concessions is a shareholder in the Eisenach (A4) in Thuringia, central Germany, in companies that hold the concession for the LUC BORGNA 200 km Fredericton-Moncton motorway in DIRECTOR OF RHÔNEXPRESS 2007. A consortium comprising Eurovia (project (CONCESSION HOLDER leader), Hochtief and some small and medium- New Brunswick, which has been in operation FOR THE FUTURE LESLYS sized German companies will execute the work, since 2002, and the Confederation Bridge, LIGHT RAIL SYSTEM IN LYONS) which includes the construction of a new which connects Prince Edward Island with the 25 km section. The tolls for vehicles of over continent; the 13 km structure, in service since 12 tonnes on this section will be collected via 1997, was built to replace a government- the Toll Collect satellite system and paid to the subsidised ferry line and is used by 2,000 paying concession operator. vehicles per day.

United Kingdom VINCI Concessions also operates a 34 km motorway network in Jamaica through an ASF Bridges over the Severn subsidiary, Jamaican Infrastructure Operator, on and Newport Southern Distributor Road behalf of the concession company, The two bridges over the Severn between TransJamaican Highway, in which ASF is also a England and Wales have been operated by shareholder. Severn River Crossing, the concession holder in which VINCI is a shareholder, since April 1992

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The Prado-Carénage tunnel in Marseilles beat its own traffi c record on 22 June 2007 when 60,000 vehicles drove through it.

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VINCI Concessions Business Development

The 45 km motorway section won by VINCI Concessions in 2007 Signifi cant successes in 2007, buoyant prospects is one of projects carried out under the A-Modell programme set up to fi nance in the medium and long term the repair and extension of the German motorway network.

“The fi nancial structure of a Following a record year in 2007, Intense activity in 2007 number of signifi cant projects which may be project contributes to its in which several major contracts A brief review of the new projects won in 2007 fi nalised in the short or medium term. In competitiveness France, some 15 major transport infrastructure at the tendering were won, 2008 is expected to confi rms both the validity of the strategic stage and then in its long-term VINCI Concessions model and the vitality of its projects - the LGV South Europe-Atlantic high- Projects under negotiation operation. At VINCI Concessions, confi rm VINCI Concessions development teams. The new contracts signed speed rail line, the Seine-North Europe canal, there are some 15 structured sustained growth curve. in France - the Leslys light rail system in Lyons, the Reunion Island light rail system, the Nantes fi nancing specialists – who focus on public lighting in Rouen, the car rental fi rm airport, the Strasbourg bypass, etc. – will be project fi nance as opposed to Beyond the contracts now IN FRANCE, IN BELGIUM, studied or initiated in coming months, and the corporate fi nance. We work with in the fi nal stages of negotiation, business complex at Nice airport, the operation VINCI Concessions was named a consortium led by VINCI Concessions VINCI Concessions development teams will be development teams to devise a major transport and public facility of the Clermont–Auvergne airport – illustrate a preferred bidder for the future and including CFE (a VINCI Construction fi nancial model that takes on board dual long term trend toward the increasing use working on them. Several projects may be 25,000-seat MMArena stadium subsidiary) was announced preferred all the parameters of a project infrastructure programmes of PPP for local projects and extension of PPPs fi nalised in Germany, where VINCI Concessions in Le Mans. The fi nal decision bidder on the project to complete (construction and operation costs, are expected to drive activity to all types of public facilities. This trend, which is in fi nal competition for two further A-Modell will be taken by the new municipal the Antwerp ring road. The contract, traffi c forecasts, future revenue, tax is gaining pace as time gœ s on, holds out motorway projects, the United Kingdom (M25, government following elections a 39-year PPP, calls for the design, implications, etc.) and then bring and contribute to making prospects for growth for VINCI Concessions Birmingham) and the Benelux countries. in the spring of 2008. fi nancing, construction and together the lenders that will VINCI Concessions a world leader maintenance of 30 km of motorway beyond its traditional activity as a major In Greece and the neighbouring regions of participate in the fi nancing – since IN THE NETHERLANDS, infrastructure. in public-private partnerships. south-eastern Europe, VINCI Concessions may, infrastructure projects are fi nanced transport infrastructure concession company. as part of the Coentunnel Company 80% or more by debt. The fi nancial Three major contracts stand out in 2007: in addition to the recently-won motorway BV consortium, VINCI Concessions IN CYPRUS, structuring is essentially complete at The VINCI Concessions business development the Athens-Tsakona and Maliakos-Kleidi concessions, work with the same partners to will be signing, in the spring of 2008, the consortium comprising the time we submit a bid, and it can team brings together some 50 fi nancial, motorways in Greece and the Gotha-Eisenach develop further PPPs in transport infrastructure a 30-year concession contract VINCI Concessions (40%), J&P make all the diff erence, especially to build and operate a three-lane legal, technical and sales specialists based A-Modell motorway in Germany, which and public facilities (prisons, barracks, etc.) (consortium leader, 45%) when we manage to minimise the VINCI Concessions will also be seeking targeted dual carriageway submerged tunnel and Cybarco (15%) was named subsidy to be paid by the concession in France and abroad. They are experts in together total 640 km. These projects, which growth in the buoyant Central and Eastern in Amsterdam for 30 years. preferred bidder at the beginning grantor. In our relations with banks, structuring new greenfi eld concession projects are fully consistent with the VINCI Group’s European, US and Russian markets (road The tunnel runs between the city of 2008 covering the 30-year the power and credibility of the VINCI and they manage the full range of upstream historic model, call on VINCI Concessions’ centre and its northern suburbs. concession for the 31 km Group helps us to raise funds on operations: identifying and selecting partners; prime contractor, investor and operator projects in Slovakia, motorway, parking and The project, with a total value of motorway between Paphos good terms and conditions.“ negotiating a partnership agreement with competencies in synergy with the construction transport system infrastructure in Russia, etc.). of about €600 million, also includes and Polis on the west coast each of them; prequalifi cation; drawing up a expertise of the VINCI works divisions. repairing an existing tunnel. of the island. This is the fi rst ROMAIN VERZIER Cypriot PPP for road infrastructure. DIRECTOR FOR STRUCTURED winning bid; negotiation of the fi nal bid Several other contracts were in the fi nal stages It involves a total of €470 million, FINANCING, VINCI CONCESSIONS of negotiation (see box opposite page). with the client; fi nalisation of agreements with of which €300 million in investment banks and the concession contract; and €170 million for providing forwarding the dossier to the asset Many projects under development operational services. management teams that will manage the At the end of 2007, VINCI Concessions was downstream project operations. prequalifi ed or in competition for a large

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS OUR OUR 36 ACTIVITIES ACTIVITIES 37

VINCI Concessions Business Development

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS VINCI CONCESSIONS VINCI CONCESSIONS 38 AROUND THE WORLD AROUND THE WORLD 39

VINCI Concessions around the world VINCI’s concessions

Europe

Luxembourg Russia 46,109 parking spaces 920 parking spaces Belgium Netherlands 16,142 parking spaces Antwerp ring road* Coentunnel*

United Kingdom Germany Severn Crossings Toll Collect (motorway toll system) Newport Southern Distributor Road 29,613 parking spaces Dartford Crossing A4 – motorways 108,497 parking spaces France Czech Republic Cofi route network: 1,100 km 30,138 parking spaces ASF network: 2,713 km Structure Description Country Capital Revenue Residual Escota network: 459 km Slovakia held at 100% term Arcour (A19): 101 km (in € millions) of concession Openly 1,465 parking spaces (in years) Leslys/RhônExpress from Truck Etape Switzerland 31/12/2007 447,340 parking spaces 5,505 parking spaces Prado–Carénage tunnel Network under concession Prado-Sud tunnel* Motorways Duplex tunnel (A86 West) Greece Cofi route intercity network 1,100 km France 83% (1) 1,039 23 Puymorens tunnel Charilaos Trikoupis Bridge ASF network (2) 2,713 km France 100% 2,234 25 Stade de France: 80,000 seats Maliakos–Kleidi motorway: 230 km Escota network 459 km France 99% 578 19 3 airports (Grenoble, Chambéry Athens–Tsakona motorway: 365 km and Clermont Ferrand): A19 motorway (3) 101 km France 100% – 63 1.17 million passengers Newport Southern Distributor Road 10 km United Kingdom 50% 9 35 Car rental fi rm business complex in Nice Cyprus Fredericton-Moncton motorway 200 km Canada 12% – 21 Lucitea Rouen Paphos–Polis* A4 - A-Modell 45 km Germany 50% 3 30 Portugal 2 bridges over the Tagus Bridges and tunnels Spain Charilaos Trikoupis Bridge (Rion-Antirion) Peloponnese – mainland – Greece 54% 48 32 47,330 parking spaces Tagus bridges Two bridges in Lisbon – Portugal 31% 63 23 Prado-Carénage tunnel Tunnel in Marseilles – France 33% 33 18 Severn Crossings Two bridges over the Severn – United Kingdom 35% 111 9 Confederation Bridge Prince Edward Island – mainland – Canada 19% 21 25 A86 tunnels (Cofi route) (3) Rueil-Malmaison – Versailles – France 83% (1) – 70 (4) Americas Asia Puymorens tunnel (ASF) Pyrenees – France – France 100% – 30

Parking Number of spaces VINCI Park 1,035,000 France / Europe, United States, Canada 100% 562 26 (5) Canada Airports 2007 traffi c (passengers) Confederation Bridge: 13 km Fredericton–Moncton motorway: 200 km Cambodia (three airports) 3.3 million 69,978 parking spaces Phnom-Penh airport 1.6 million Cambodia 70% 48 33 Siem Reap airport 1.7 million United States Cambodia Sihanoukville airport – SR-91 Express Lanes: 17 km (6) I-394 Express Lanes: 16 km 3 airports: Chambéry-Savoie airport 231,000 France 50% 6 4 232,000 parking spaces 3.3 million passengers Grenoble-Isère 470,000 France 50% 8 1 (6) Clermont-Auvergne 550,000 France 50% – 7 (6) Jamaica Motorway: 34 km Stade de France 80,000 (7) France 67% 109 18

(1) VINCI increased its holding in Cofi route from 65% to 83% in early 2007 (4) From the date on which the tunnels go into full service. Rail, road Parking Airports Infrastructure projects under study by acquiring the shares held by Eiff age and banks. (5) Average residual term for the 359,375 spaces under concession. and motorway infrastructure (2) Including the Lyons–Balbigny section. (6) Public service contracts. (3) Under construction. (7) Seating capacity. * Preferred bidder.

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS VINCI CONCESSIONS VINCI CONCESSIONS 38 AROUND THE WORLD AROUND THE WORLD 39

VINCI Concessions around the world VINCI’s concessions

Europe

Luxembourg Russia 46,109 parking spaces 920 parking spaces Belgium Netherlands 16,142 parking spaces Antwerp ring road* Coentunnel*

2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS Photo credits: D. Arraez, Christophe Boulze, Augusto Da Silva / Graphix Images, Guillaume Daveau, Cyrille Dupont, Thierry D