1110

a never-endingthe world

a year of events

event

1

GENERALE LOCATION, The essential A leader in the engineering and the logistics of eventsAn assembler presenting a global offer at the international, in the entire world of events and shows

• 1500 persons

• 20 nationalities

a culture in common : the deadline* for the reception of works

* notion of mandatory deadline, with no infringing possible

Welcome,everything is ready !

2000,a record year

Our values

Our share on the Stock Market

Consolidated net sales with a 46 % increase

1404 MF The international has more than doubled 317,9 MF

A performance

distinctly superior to the

one previously announced

An optimization of the profitability, operating profit

+ 55 % 122,7 MFNet consolidated group profit/ (loss) x 4,5 146,4 MF• a strong attention to the client• a unique approach• a dedication to service • associates at the core of the process• respect to shareholders

Quotation place : EURONEXT – Second Marché

Market capitalization : 300 M€

Floating : 34,6 %

A business model whichdemonstrates its pertinenceand opens significantgrowth possibilities

Objective : 2 billion FF in net sales in 2002

1

5

9

11

13

15

17

21

23

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Annual report 2000

www.generale-location.fr

UNE OFFRE GLOBALE UNE OFFRE GLOBALE UNE OFFRE GLOBALE UNE OFFRE GLOBALE

Contents

32

Générale Location, the essential

Discussion with Olivier Ginon

Strategy with Olivier Roux

The international

Générale Location ‘s markets

Structure and organization

Outstanding events

Générale Location and its shareholders

Key figures

Financial highlights, administration, direction and control

Because a

is ephemeral, it has to be unforgettable

show

Discussion with Olivier Ginon, Chairman

How would you qualify the year 2000 ?

The year 2000 has been excellent for Générale Location. The group has continued to activelypursue its policy of markets conquest both at the French level and the international one. Todaywith 1 500 associates and a presence on 4 continents, Générale Location has positioned itselfas a first-rate player in these fields of activity by successfully combining growth and profitabilitywith long-term perspective and always with the idea of maintaining an optimal financialstructure.

The performances registered in 2000 perfectly illustrate this dynamics. Net sales have grownby 46% to reach 1.4 billion French Francs, thanks more particularly to the event pole whichtotaled by itself a third of the activity. Operating profit comes to 122.7 million, that is a 55%increase. It has represented the equivalent of 8.7 % of the net sales. As for the net profit it hasbounced up by 355% to reach 146.4 million. Without exceptional items, its progression grewby 72%.

The group cash and cash equivalents post also a very favorable situation. Today the debtsrepresent less than 22% of equity. The sale of our interests held in Paris Expoallowed a net capital gain of 93.7 million. The capital increase realized as a resultand the fact that a part of these external growth operations was paid in a way ofshares have also contributed to the optimization of the financial structure.

How do you explain the group ‘s success ?

Générale Location benefits from a unique position allowing it to be a leader in theengineering and logistics of events. The group is an assembler with the capacity toprovide services to the entire world of shows and events and also to be in charge offitting of spaces such as museums. It develops a strong culture of service to clients,along a strict dedication to very short deadlines when carrying out its services. Byoffering to its clients customized solutions while always respecting their specificexpectations, Générale Location provides them with a guarantee of success for theoperations they organize, and which are essential for them in terms ofcommunication and trademark image.

Générale Location‘s success lies also in its capacity to present a global and integrated offer. Thisoffer allows the group to become a single partner who can then be completely in charge of largescale projects. The offer proposes the creation of stands and spaces, the installation ofgrandstands, the signage and the decoration. It also includes the rental of furniture andaccessories, power supply and air-conditioning, audio visual services and broadcast of images.This array of services includes the management of exhibition centers and convention centerssuch as the ones in Lyon, Saint-Etienne or Clermont-Ferrand.

What means does the group have at its disposal to support its development ?

Générale Location must respond to the expectations issued by a clientelediverse and made of shows and events organizers, events agencies, publicand private advertisers. The company must be endowed with all sorts ofwell-diversified know-how. It has among its associates specialists inmultiple professions : creators-designers, decorators, fitters installers,woodworkers; technicians in light and sound, computer scientists,reception agents…

Générale Location, with its state-of-the-art technologies, has at its disposalin-house research and design bureaus as well as creation units. The grouphas its own sites dedicated to the production of modular structures, temporary structures andfurniture. Its logistics capacity is well-known. Thus for a show : it can mobilize 250 semi-trailersof equipment and one thousand people during several days. Such a strength in logisticsensures an optimal quality to its services and allows the group to accompany its clientseverywhere whoever they are and whatever and how great their needs are.

54

OLIVIER GINON

1110

1110

Does the group still have room for progression in its markets ?

The room for progression is as a matter of fact quite large. The world of shows in Francerepresents 8.35 billion French Francs and the one of events 4 billion French Francs.Possibilities for Générale Location to increase its market shares in France are thus quitesignificant, especially vis à vis exhibitors. The situation is similar in Europe, where, over atotal volume of 75 billion French Francs, a third is possibly accessible to the group. TheAmerican market of services in logistics reaches 25 billion FF and the Asian one 15 billion FF.

Not only do both markets (shows – exhibitions and events) on which the company ispositioned offer a very significant size, but they are going through a sustained progression.One can count on a total growth of 30% over the next five years, mostly in Europe and inNorth America. It is also important to note that come 2005, the European market will befor 40% of it made of events. This prospect comforts fully the strategic choice GénéraleLocation made when it decided to strengthen its development in the world of events.

What are the group ‘s prospects for the period to come ?

These prospects appear very positive. Let us respond on three distinctive levels :external growth, internal development, and space management. GénéraleLocation is coming out stronger with the five operations of external growtheffectuated in 2000. It acquired SF Protection, a company specialized in therental and manufacturing of dismountable buildings, ISF Exposition, a supplierof modular systems for sale, Standard Décoration and Belgian Fair Line, whichcarry out projects of general installations, and finally Team Legend, provider ofaudio visual services in Hong Kong. These acquisitions bring on additionalmarket shares and new know-how, while steadily contributing to the group ‘sprofitability. When Générale Location renounces in January 2000 to outbidwithin he framework of Paris expo transaction for reasons closely linked to theParisian world of exhibitions (possible impact on the rental price of the squaremeter), it clearly indicated that it was interested in combining for the economicplayers of this market both a rental proposition of space with the differentservices offered by Générale Location. With this idea in mind, the groupreinforced its positions in 2000 by signing a contract of space management at

the Convention Center in Lyon, which will last for a period of six years starting 1 June 2001.

Moreover in 2000 Générale Location has put a lot of energy in the development of itsregional branches, in order to let its global offer be better known in the world of exhibitionas well as the one of events. The group has also created an extremely performing tool : itsown catalogue with 3500 references and 18 000 copies of it already broadcast in theworld. The same catalogue has been available on the web since September 2000.

76

OLIVIER GINON

Because a

is ephemeral, it has to be unforgettable

show

Olivier Roux :

an ambitious and efficient strategy

98

Générale Location sits its development on the establishment of a strategy full of

coherence and ambition, guaranteeing the group with an ability to expand regularly

and for the long term. This strategy mixes internal and external growths in

complementary types of expertise and in markets with strong potential. It finds its

place in a context marked with the globalization and the acceleration of the flows of

technology and information, which grant a major importance to

operations of communication and image launched by companies and

associations.

To these companies and associations, Générale Location plays a role of

designer and project manager and offer them in optimal conditions of

reactivity a large range of services with high added value. The final client is

placed at the center of the group ‘s strategy since the group ‘s constant

and foremost priority at all stages of its intervention is to satisfy the client

and to keep him loyal to the company in the future.

With this in mind, Générale Location ‘s growth lies on a desire to

simultaneously and evenly develop all of its activities. In the field of the engineering,

client companies and associations use their own research and design bureaus in order

to define services best suited to their needs, and to determine the means

to carry them out in the best time limits. Concerning the supply of services,

each profit unit in France as well as outside of France is granted the

commercial and technical means necessary in order to expand its missions.

For the activity of space management, the group works towards providing

shows organizers with an offer of services always wider and constantly

diversified.

The operations of external growth realized by Générale Location give rise to synergies

extremely positive in terms of competition and profitability. All the group ‘s sales

forces are thus able to propose with the help of its agencies and its catalogue, a larger

offer made of multiple complementary services. Générale Location has on the other

hand proven that it is capable of integrating in the best possible conditions the teams

and the different know-how issued from companies which come and join the group.

OLIVIER ROUX

1110

The immediate result of the strategy behind the conquest of markets put in place by

Générale Location is seen in the strong and regular progression in its international

activity., which doubled in 2000, to represent a quarter of the group ‘s total activity.

Net sales registered at the international have gone from 89.2 million French Francs in

1998 to 141.7 million in 1999 and 317.9 million in 2000.

Already present in Germany and in Portugal, Générale Location has opened offices in

Great Britain and in Italy in 2000. The acquisition of the company Fair Line in Belgium

gives the group the possibility to reinforce its positions in the domain of general

installation.

Outside of Europe, Générale Location owns subsidiaries in Australia and the

United Arab Emirates, and has recently opened an office in Malaysia. With

Team Legend in Hong Kong the group has the possibility to penetrate

through audio visual activities, a particularly flourishing market.

Générale Location is thus able to display its know-how while participating

abroad in prestigious events. In 2000 the group contributed to the success,

among others, of the exhibition France Technologies in Abidjan, the Tennis

Masters in Lisbon or also the National Day in Singapore, where we built an

arena with 32.000 seats. The Sydney Olympic Games provided Générale

Location with the opportunity to exhibit all its know-how by being present on twenty

sites, such as the athletes ‘ main dining room and kitchen, as well as the area reserved

for the equestrian events.

The group was also selected for first-rate shows and events in 2001, such as the

French-Africa Summit in Yaoundé, the International Show of Clocks and Watch-

making in Geneva, the Algiers Fair, the launching of a television series for HBO at Utah

Beach in Normandy, the Barcelona Formula One Grand Prix.

This dynamism shown at the international and which will keep on growing illustrates

Générale Location ‘s capacity to respond to more and more demanding competitive

conditions appearing in the international universe of shows and major events, with,

as a result, the intensification of the exchanges of merchandises, services and

information.

OLIVIER ROUX

A group turned more and more

towards the international

Because a

is ephemeral, it has to be unforgettable

show

Markets

Communication – excluding the media Net sales 2000

• Shows market 57 %

• Events market 33 %

• A related market: permanent fittings 10 %

and museum fittings

100 %

In the markets of shows and events, Générale Location proposes to its clients services

which can be handled individually by business segment to respond to exceptional needs

or orchestrated as part of a global offer. Générale Location is as a result Europe ‘s leading

provider in the engineering and logistics of events.

Professional visitorsTicketing/ general public

Companies/economic players• Exhibitors at shows• Sponsors at events

Space hirers Service provider

Organizers

One part of these expensescorrespond to the technicalexpenses

Inscription with the organization

Technical services

Direct expenses

Transportation, lodging, reception

Providers ‘market

16

34

50

• Shows : a mature market in progression• Events : a market in strong growth

Source : Center of Advanced Strategy – December 2000

EuropeBillion FF

Estimate for 1999Prospects for 2004Expected growth For the next 5 years

ShowsMarket Services

50 1755 18,7

10%

EventsMarket Services

38 8,563,5 12,5

47%

TotalMarket Services

88 25,5118,5 31,2

22%

Générale Location is present on three markets :

Present

players :

Shows market

determination of the useful market of

Générale Location

1312

TechnologiesSystem

Other Services

Shows-exhibitions

events

fittingsmuseum fittings

Pole Structures & GrandstandsPole Space & Decor

Pole FurniturePolePole

International PoleNet sales : 30 M€

Pole Structures -Grandstands

Net sales : 13,9 M€

Fair LineBelgium

100 %

GL MalaisiaMalaysia

100 %

GL GmbhGermany

100 %

GL Middle EastDubaï

100 %

Eastern ExhibitionServices

Dubaï

100 %

GL Hong KongHong Kong

100 %

GL UKUnited-Kingdom

100 %

GL PortugalPortugal

85,71 %

GL AustraliaAustralia

100 %

GL FurnitureHong Kong

60 %

Team legendHong Kong

85 %

Hall Expo

100 %

SF Protection

99,97 %

SFI Gauthrin

100 %

Pole Furniture

Net sales : 28,2 M€

FP3

97,06 %

GL Mobilier

100 %

Expo Service

100 %

Vachon Antiquités

85 %

Other services Net sales : 3,9 M€

Polygone Vert

100 %

Profil

60 %

Net sales : Contributions to consolidated net sales are expressed inmillion Euros. The total comes to 214.4 million Euros or 1 404 million FF. International net sales reach 48.5 million Euros(317.9 million F) or 30 million Euros realized directly by foreignsubsidiaries and 18.5 by French subsidiaries.

The group ‘s structure and organization at 31 December 2000

1514

Offer of servicesTotal net sales : 169,0 M€

Space managementNet sales : 13,4 M€

Pole Espace & DecorNet sales : 96,1 M€

GL Espace & Décor

100 %

Ranno Entreprise

100 %

Secil

51 %

EEB

100 %

Décorama

100 %

Pole Technology

Net sales : 17,4 M€

GL Lumière & Son

100 %

Boîte à Sons

29 %

GL Image

100 %

Pole System

Net sales : 9,5 M€

Action Développement

100 %

ISF

100 %

GL Data System

79,15 %

Standard Décoration

100 %

Lyon (69)SA 239 023 900 F

The calendar of the French showsfollows the school calendar with asignificant intensity aroundSeptember, October and January.

In January 2000, Générale Locationwas asked to supply services ofgeneral installation, of signage, offurniture rental,… for prestigiousevents : Furniture Show, House &Object, Clothing and AccessoriesShows such as Who ‘s next, PAPP,Children ‘s Fashion, LeathergoodsShow, Gliss expo, Bijohrca.

After examination of the last offerlaunched by Unibail in the contextof the Paris expo operation,Générale Location decided not tooverbid and to sell the interest itheld.

Finalization of the Paris expooperation. With the recording of asignificant capital gain, the level ofthe group ‘s gearing is broughtdown to about 100 % of equity toa threshold close to 20 %.

Confortec, show for householdappliances, innovates and opens itsdoors to the general public. To doso, Générale Location adapts thesetting of common areas in orderto welcome this new group ofvisitors.

A month rich in shows : PremièreVision, Carrousel de la Modeduring the first week, the BookShow the second week andPharmagora the third week…

The Medec, Medical Show, opensits door for the first time at theConvention Center at PorteMaillot.

A protocol agreement is signedwith the shareholders of thecompany ISF which will result inthe take over of the said companyby Générale Location at thebeginning of the second semester.Based in Nantes and equippedwith a powerful network in France,ISF manufactures and distributesmaterial meant for shows,exhibitions, showrooms, etc

January February March

Paris-Expo… Confortec… Première Vision, ISF…

A yearfull of events

In 2000, the Paris Fair opens itsdoors with a theme evolvingaround jazz music. GénéraleLocation was there to createsetting to match.

Many other events occurred thatmonth : Cosmoprof in Italy,Musicora in La Vilette, …

In Portugal, thanks to its newsubsidiary, Générale Location wonand was in charge of a newmarket: the Estoril Grand Prix.

In Cannes for the International FilmFestival, Hall Expo installs structuresused by the client for theInternational Film Market.

Elsewhere, at the Festival Palace, HallExpo installed podiums for theFamous Steps where world-knownstars made their well publicized andlargely photographed entrances.

On the 31st of May, GénéraleLocation announced in the press thesignature of an acquisitionagreement with shareholders of SFProtection.

Integrated in the group inSeptember 2000, this company bymerging with Hall Expo will givebirth to the pole Structures &Tribunes;

A few events : Internat (Show forMachinery – Public Works sectoroccurring every three years),Anniversary Celebration for the 8thof May…

Each year, in June, the airport in LeBourget hosts a major show : on theodd years, it is an air Show, and oneven years, it is an Armament Show(Eurosatory). For the Coges,independent organizer, GénéraleLocation is in charge of the generalinstallation.

Vivendi organizes a greatcelebration for the launch of itsportal site Vizzavi at the Espace EiffelBranly, and asks Générale Locationto provide services of interiorfittings, podiums and lighting.

In June Générale Location calls all itsassociates to gather for a seminar atLa Baule in Brittany.

June 2000, the month for Expofil,held as usual and the universal TradeFair in Hanover.

April May June

Paris Fair, Estoril… Cannes, SF Protection… Vivendi, Hanover…

1716

Générale Location installstemporary seating (35 000 seats)on the Champs Elysées for theBastille Day Parade and the arrivalof the Tour de France.

Creation of GL UK, subsidiarybased in London and specialized inthe rental of day light screens.

Renting out of 19 000 m2 oftechnical timber floor for the AirShow in Farnborough.

GL Lumière & Son provides thepower supply for Brest City Hall forthe structures installed to celebrateBrest 2000.

Générale Location proposes to theorganizer of the 4 wheel driveshow its global offer and installsstructures and interior fittings.

For the National Day in Singapore,Générale Location and itssubsidiary recently created andentitled GL Malaysia, is chosen toinstall temporary seating for thecelebration. GL UK makes itscontribution to the global offerand rents out again for the samecelebration giant day light screens.

The pole Espace & Décor preparesthe fall with full months ofSeptember and October inperspective :

• Ranno Entreprise : BiennialExhibition for Antiques at theCarrousel in the Louvre,• GL Espace & Décor and RannoEntreprise : general installation ofthe World Auto Show,• Décorama : Stand for Citroën.

A month of intense activity : in themarket of shows and that of eventswith the opening of the SydneyOlympic Games.

Générale Location acquires 85 %of the company Team Legend.Based in Hong Kong, this companyrealizes net sales of 25 million FF inthe world of audio visual services.

The 29th of September theshareholders convened at anAnnual General Meeting voted ona capital increase for the paymentin part of the majority shareholdersof the company SF Protection,company listed on the free market.

July August September

Bastille Day, GL UK… Singapore… Sydney…

A yearfull of events

Large-scale project rendered inBiarritz for the Summit of theEuropean Heads Of State.

Numerous and important shows :SIAL at Villepinte, Pollutec at Eurexpo,Première Vision at Villepinte…

Générale Location sends a team inNorth Asia : CFME France-Korea.

Acquisition of the company Fair Line,number one in Belgium for generalinstallation. This operation opensdoors for Générale Location towards agreater development in Europe.

Générale Location accompanies itsshareholders and is present at theshow Actionnaria organized byQuorum at the Convention Centerof Paris.

Tennis Masters in Lisbon : GLLumière & Son adds to the servicesalready provided for by Espace &Décor and installs severalkilometers of scenic bridges (threedimensional structures).

Children ‘s meeting point at LaVillette.

Générale Location provides thesignage for CEP Exposium at IPAPackaging.

Events : Summit of the Heads ofState in Marseilles, Tennis GrandPrix in Lyon…

Générale Location displays itsglobal offer at Expofil and BoatShow (Reed Exhibition) both heldbeginning of December at thePorte de Versailles.

Art Crafts Show at the Carrousel inthe Louvre.

Final Cup Renault Sport

October November December

Biarritz, SIAL, Fair Line… Lisbon, Marseilles… Expofil, Boat Show…

1918

Identification information concerning GENERALE LOCATION share • Euroclear Code 6667• Bloomberg Code GLO FP• Reuters GLTN.PA

• Listing on the Second Marché since 25 November 1998

• Nomenclature FTSE : 581Business support services

• Number of shares at 22 May 2001 = 2 393 039• Share value at 22 May 2001 = 118,4 €• Capitalization at 22 May 2001 = 299 130 000 €

300

250

200

150

100

50

Jan.99

Mar.99

May99

Jul.99

Sept.99

Nov.99

Jan.00

Mar.00

May00

Jul.00

Sept.00

Nov.00

Jan.01

Mar.01

120

100

80

60

40

20

Dec.98

Jan.99

Feb.99

Mar.99

Apr.99

May99

June99

July99

Aug.99

Sept.99

Oct.99

Nov.99

Dec.99

Jan.00

Feb.00

Mar.00

Apr.00

May00

June00

July00

Aug.00

Sept.00

Oct.00

Nov.00

Dec.00

Jan.01

Feb.01

Mar.01

Apr.01

Evolution of the market capitalization in Euros

Evolution of Générale Location share price(monthly average in Euros)

A dividend in strongprogression

(+ 180 % in 2 years)

Share prices (in Euros)+ highest + lowest

January 2000 68,5 54,0February 2000 64,5 59,0March 2000 92,7 60,5April 2000 87,9 71,25May 2000 98,6 75,0June 2000 101,0 95,0July 2000 109,7 98,95August 2000 123,5 102,1September 2000 123,4 105,0October 2000 114,9 104,0November 2000 118,0 109,0December 2000 124,0 112,0January 2001 118,0 110,0February 2001 119,0 109,0March 2001 125,0 106,4April 2001 119,5 111,0

Dividend excluding tax credit

1998 0,50 €

1999 1,00 €

2000 1,40 €

2120

0,00

10,004,63

7,9012,72

14,18

63,62

20,00

30,00

40,00

50,00

60,00

1996 1997 1998 1999 2000

Evolution of the net result per share (in Euros)

Net result 2000 excluding the net impact due to Paris expo : 22.9 Euros

Group Polygone

Institutions

Public

Total

12.98

73,64%

8,81%

17,55%

100,00%

12.99

72,68%

8,81%

18,51%

100,00%

12.00

65,57%

8,06%

26,37%

100,00%

Générale Location meets its shareholders

Since its listing on the stock market, Générale Locationsees the relationship with its shareholders as a priority.

• On simple request, each interested shareholder canreceive by fax or by e-mail or also by regular mail thefinancial communiqués and annual reports as soon asthey are published. He can as a result share keyinformation immediately and on a regular basis.

• All of the communiqués and the annual reports ofprevious years since Générale Location ‘s listing on thestock market can be consulted on the web at thefollowing address : www.generale-location.fr underthe heading “Financial Data”.

• Générale Location also participates each year in severalinformation meetings (shows, forum, etc.). Thetimetable of these events is established for each yearand updated on a regular basis. It can be consulted onour web site at the following address : www.generale-location.fr under the heading “Financial Data” andobtained on paper on simple request.

Increase floating for better liquidity

Progression of operating profit over 5 years in million FFEvolution of net sales over 5 years in million FF

1998 1999 200019971996

686 744853

962

1404

1998 1999 200019971996

686 744853

962

1404

1998 1999 200019971996

60 6571

79

123

Optimization of net profitability over 5 years in million FFProgression of income before exceptional items and income taxes

1998 1999 200019971996

686 744853

962

1404

1998 1999 200019971996

26,8

40,951,4

71,5

114,7

818

2232

146

1 2

3 4

1 2

43

1998 1999 200019971996

The group ‘s key figures

2322

Ration Gearing / equity1998 1999 200019971996

178,3157,1

97,4 93,2

21,8

Review of the activity

Investment and development

Financial positioning at 31 December 2000

1

234

Evolution of net sales over 5 yearsNet sales for the year 2000 is in progression by 46 % with 35 % in internalgrowth and 11 % linked to operations of external growth realized this year.

Distribution of capital per business segmentThe activity grew more distinctly in the market of events : from 22 % in 1999to 33 % in 2000.At the international, particularly, with the input generated by the SydneyOlympic Games, net sales more than doubled (317.9 million FF or 48.5Euros).

Operating profitThe operating margin went from 8.4 % to 8.74 % in a context of very stronggrowth and despite the implementation of the 35 hour working week.

Income before exceptional items and income taxesincome before exceptional items and income taxes grew even moresignificantly : it grew by 60.5 % compared to 1999 and bears a financialcharge of 8 million FF in 2000 compared to 7.8 million FF in 1999.

Net profitThe group net profit reaches 146 million FF, up 10 % of net sales. It includestwo non recurring elements :• capital gain linked to Paris expo• disposals of both Spanish and Moroccan subsidiaries

On exclusion of these two elements, net profitability comes to 3.96 % (3.35% in 1999), that is close to our highest forecast which was between 3.5 %and 4 %.

By investing heavily in 2000 (262.2 million FF in fixed assets and rentalequipment), Générale Location is working for its future development.Concerning external growth, five acquisitions were finalized in 2000 : SFProtection (pole Structures & Grandstands – Fixecourt, France), ISF (poleSpace & Decor – Nantes), Standard Décoration (pole Space & Decor –Poitiers), Team Legend (Hong Kong – Audiovisual) and Fair Line (Belgium –General Installation ) for the international. In this context of investments and external growth, the level of debts hasnevertheless significantly decreased to represent 21.8 % of equity at 31December 2000. This achievement can be explained by the important levelof profit recorded for the period and by the capital increase voted on the29th of September 2000.

With little indebtedness, a superior net cash flow at 11 % and a marketcapitalization in strong progression for 2000, Générale Location has at itsdisposal a sound financial potential to support all its internal developmentsand plans for external growth.

1

2

3

4

1998 1999

70%8%

22%66%

8%

26%

2000

57%10%

33%

Shows - Exhibitions

Fittings - Museum Fittings

Events

1110

Financial statements

in short

Cash and cash equi. at beginning of year

Net cash flow excluding working capital mvts

Variation in working capital

Net cash flow from operating

activities

Acquisitions of assets

Disposal of assets

Net cash flow from acquisition and

disposal

Net cash flow / investing activities

Increase in share capital

Paid dividends

New loans

Repayment of loans

Net cash flow from financing

activities

Net increase (decrease) in cash &

cash equivalents

Cash and cash equivalents at year end

Simplified consolidatedcashflow statement

12/31/00

MFNet

55

159

13

172

(137)

296

(133)

26

64

(18)

63

(225)

(116)

82

137

M€

8

24

2

26

(21)

45

(20)

4

10

(3)

10

(34)

(18)

13

21

12/31/99

MFNet

(15)

121

56

177

(216)

3

(9)

(222)

(12)

212

(85)

115

70

55

M€

(3)

18

9

27

(33)

0

(1)

(34)

(2)

34

(14)

18

11

8

Shareholders ‘ equity

Minority interests

Provisions for liabilities and charges

Financial debts

Current liabilities

Total (Liabilities)

Simplified Consolidated balance sheets

12/31/00

MFNet

509

23

42

303

757

1 634

M€

78

4

6

46

115

249

12/31/99

MFNet

317

13

19

373

457

1 179

M€

48

2

3

57

70

180

Intangible assets

Tangible assets

Long term investments

Rental equipment

Current assets

Cash and cash equivalents

Total (Assets)

Simplified Consolidatedbalance sheets

12/31/00

MFNet

409

129

19

302

588

187

1 634

M€

62

20

3

46

90

29

249

12/31/99

MFNet

262

107

144

208

376

82

1 179

M€

40

16

22

32

57

13

180

Net sales

Operating income

Raw materials and other external expenses

Taxes and duties

Personal expenses

Depreciation and provisions

Other income and other operating expenses

Operating expenses

Operating profit

Financial income

Financial charges

Net financial charge

Income before exceptional items

Exceptional income

Exceptional charges

Exceptional profit/ loss

Corporation tax

Depreciation goodwill

Consolidated net result

Amount due to minority

Net consolidated group result

Simplified ConsolidatedIncome statements

12/31/00

MFNet

1 404

1 424

842

33

342

116

(32)

1 301

123

15

23

(8)

115

319

190

129

89

1

154

(8)

146

M€

214

217

128

5

52

18

(5)

198

19

2

4

(1)

18

49

29

20

14

0

23

(1)

22

12/31/99

MFNet

962

994

546

25

271

91

(19)

914

80

9

17

(8)

72

19

29

(10)

24

1

37

(5)

32

M€

146

152

83

4

41

14

(3)

139

12

1

2

(1)

11

3

5

(2)

4

0

6

(1)

5

Excerpt of the Statutory of the Auditors’ statementon the Consolidated Financial Statements“In our opinion, the consolidated accounts referred to above give a true and fairview of the group ‘s financial position, and its assets and liabilities as of December2000 and of the results of operations of the companies included in theconsolidation for the year then ended. Moreover, we have also verify theinformation concerning the group and given to us in the management report. We have no comment to make as to the fair presentation and the conformity withthe consolidated accounts. Lyon, the 20th April 2001

The auditorsAndré FLUCHAIRE Jean-Paul SIMOENS”

administration,

direction, control

Board of DirectorsPresident : Olivier GINON

Director - Vice-President : Olivier ROUX

Director - Managing-Director : Gilles GOUEDARD-COMTE

Director : André PERRIER

Director : Erick ROSTAGNAT

Executive committeeOlivier GINON - Chief Executive Officer

Olivier ROUX - Director - Vice-President

Gilles GOUEDARD-COMTE - Director - Managing Director

Damien BERTRAND - Marketing and Space & Decor Director

Daniel CHAPIRO - Management Control Director

Catherine PERRIN - Human Resources Director

Bruno ROLLET - Finance Director

The annual report for 2000 is composed of three parts :- the present simplified report- a comprehensive reference document- a presentation of the group’s organizationOn simple request, a complete annual report can be addressed to any person interested.

Managing DirectorsDenis ROBERT - Pole Structures & Grandstands

Xavier Moullin - Pole Technologies

Dominique VACHON - Pole Furniture

R. DIAT et O. HOHN - Pole System

J.L. AUBRY - Pole Space management

Registered office : route d’Irigny - ZI Nord - BP 40 - F.69530 Lyon Brignais - tel. +33 (0)4 72 31 54 54 - fax +33 (0)4 72 31 54 99www.generale-location.com - e-mail : info@generale-location.fr

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Financial Communication DepartmentTel. +33 (0)4 72 31 54 09 - Fax : +33 (0)4 72 31 54 95 - infos.finance@generale-location.fr