Consolidated Balance Sheets

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2 Consolidated Balance Sheets Assets 30 June June Dec 2000 Gross Deprec. & Prov. Net Net Net Notes K K K K K Fixed Assets Goodwill Acquired goodwill Other intangible assets Land and constructions Other tangible assets Long term investments Invest. Conso. under the equity method Rental Equipment Current Assets Inventories and work in progress Trade receivables Other accounts receivable Deferred Taxation Accrued Liabilities Short term investments Cash and cash equivalents Total Assets

3 Liabilities & Shareholder's Equity Liabilities 30 June June Dec 2000 Notes K K K Shareholder's Equity Share Capital Consolidated Reserves Currency translation adjustment Net profit/(loss) for the period Minority Interests Provisions for Liabilities and Charges Deffered Taxes Liabilities Long and medium-term financial loans Bank overdrafts Payments received on orders in progress Accounts payable Tax and social charges Other liabilities Accrued Expenses Total Liabilities

4 Consolidated Income Statements 30 June June Dec 2000 K K (1) K Sales Change in inventories Operating income Raw materials used in production Other external expenses Taxes and duties Personnel expenses Depreciation and provisions Amortization of goodwill Other operating expenses Other income (4 320) (3 027) (6 534) Operating expenses Operating profit Financial income Financial charges Net financial charge (1 004) (457) (1 221) Income before exceptional items Exceptional income Exceptional charges Exceptional profit/(loss) Corporation tax Consolidated companies'profit Amortization of acquired goodwill Share in profit of comp. Conso. Under the equity method Net consolidated profit Minority interests (221) (418) (1 213) Net consolidated group profit/(loss) Average number of shares ( 2 ) Consolidation net earnings per share ( in Euros ) 0,38 1,50 1,94 Diluted average number of shares ( 2 ) Potential consolidated net earning per share ( in Euros ) 0,38 1,44 1,86 (1) Proforma Accounts : Reclassification of the employees ' profit sharing as operating expenses. (2) The number of shares was multiplied by 5 following the division of the book value of the shares approved by the Annual General Meeting of 15 June 2001

5 Consolidated Cash Flow Statements 30 June June Dec 2000 K K K Cash and cash equivalents at the beginning of the year (adjusted for discounted notes) (1) Operating activities Net profit for the year Depreciation charge and provisions Charges transferred to the deffered charges account (420) (3) (138) Capital gains and losses on asset disposals (295) (16 717) (16 142) Minority interests in net consolidated profit Part of net profit from comp.conso. under the equity method 0 0 (62) Deferred tax expense/(income) 236 (297) (295) Net cash flow excluding working capital movements Elimination of income and expenses with no cash effect or not a result of operating activities : - change in inventory (1 322) 828 (541) - change in accounts receivable (2 630) (16 589) (14 436) - change in accounts payable (17 559) change in other balances (13 753) total change in working capital requirements (4 615) Net cash flow from operating activities (A) Investment activities Acquisition of tangible and leased fixed assets (10 127) (8 192) (19 342) Acquisition of intangible fixed assets (716) - (384) Disposal of tangible and intangible assets Purchase of long term investments (573) (7 704) (1 192) Sale of long term investments Net cash flows from the acquisition and disposal of subsidiaries (2 186) (20 250) Net cash flow from investing activities (B) Financing activities Cash inflows from shareholders due to share capital increases Dividends paid to shareholders (3 351) (2 272) (2 272) Dividends paid to the minority shareholders of the consolidated companies (661) (758) (427) Cash inflows from new loans Repayment of loans (4 824) (29 248) (34 227) Conversion of debt Net cash flow from financing activities (C) (24 430) (17 682) Impact of exchange rate movements (D) Net increase (decrease) in cash and cahs equivalents (A+B+C+D) (22 341) Cash and cash equ. At the year-end (1) (1) cash balance : cash and bank balances + short term investments - (bank overdrafs + "Dailly" and other discounted notes).

6 Notes to the intermediary consolidated accounts at 30 June 2001 All of the information presented below is expressed in thousands of Euros, except when it is mentioned otherwise. The following notes are an integral part of the intermediary consolidated accounts at 30 June The intermediary consolidated accounts were closed by the Board of Directors of 6 September Note 1 Accounting methods and consolidation principles Générale Location applies the methodology of consolidated accounts defined by the regulation of the Accounting Regulatory Committee to intermediary accounts. This methodology is similar to the one used for the consolidated accounts of the fiscal year ending 31 December Note 2 Significant events and pro forma information No significant event particular to 2001 was registered during the first six months of the year. The taking into consideration of the activity of the different companies acquired in 2000, and all of the ones integrated within the group 's scope during the second half of the year 2000, remains the main significant element of the first six months. Companies acquired in 2000 Standard Décoration ISF, Expolok SF Protection, SFI Gauthrin Fair Line Team Legend Date of integration 1 July 1 August 1 September 1 October 1 October Net sales posted for the first six months by these companies represent 21 % of the consolidated net sales of the period. Excluding the activity of these companies, the Pro forma consolidated income statement is as follows : 30 June June2000 Million E (1) Million E (2) Net sales Stocked and capitalized productions Operating profits Operating expenses (excluding charge and carrying forward of amortization and provisions) Result before amortization and provisions (EBITDA) Charge and carrying forward of operating amortization and provisions (7.7) (6.8) Operating income Net consolidated group profit Average number of shares (3) Net earnings per share (in Euros) (3) (1) Pro forma account statement 2001 : exclusion of the companies acquired in 2000, refer back to table below (2) Pro forma account statement 2000 : reclassification of the profit sharing scheme as operating expenses, excluding profits linked to the sale of Paris Expo, and excluding the Moroccan and Spanish subsidiaries (3) The number of shares was multiplied by 5 following the division of the book value of the shares approved by the Annual General Meeting of 15 June 2001

7 With comparable structure, the result before amortization and provision is stable at 14.2 % of the net sales. Concerning the elements which occurred during the first six months of the year 2001 : It is worth noticing that the integration, global from now on, of the company Boîte à Son (and its subsidiary A2M Congrès) in which Générale Location raised its participation up to 100 %. Conversely, the accounts of the company Espace Eiffel Branly were also not retreated in the pro forma accounts for the same reason. Let us recall that for this company the principle of the continuity of activity is no longer appropriate, the grant it had near the Eiffel Tower having been terminated further to the public authorities ' decision to build a museum on the site. During the course of the second term of the year, Générale Location created the company Sodem System which on 1 June 2001 acquired the assets of the company Sodem placed in official receivership for the sum of E 1.25m. Finalization of the sale of Générale Location real estate property. The SCI 88, which holds the SCI Le Favier 92, Prisma 94, Raspail Brignais, Hall 96 as well as 45% of the SCI Vachon Lisses, was sold on 30 June 2001 to the company Polygone SA. Taking into account the consolidation of the results of these companies until 30 June 2001, the capital gain generated by the sale and registered in the exceptional items comes to E 0.6m, the tax on the corporate capital gain being E 0.3m. Note 3 Post balance sheet events The main post balance-sheet events are the following : Within the framework of the pursuit of the group 's internationalization and of its development in the event business : the acquisition of the British company Owen Brown, Signature of two major contracts with significant impact on the group 's net sales in the amount of E 120m and for periods ranging from 3 to 6 years. Générale Location acquired the company Owen Brown, major player in the British market. Created in 1913, Owen Brown specializes in the installation and rental of temporary structures. It generates annual sales up to 10m with operating profit of 10% and a net margin of 7% (based on the latest balance sheet for the year ended 31 march 2001). At the beginning of the second half of the year, Générale Location signed 2 major contracts with Première Vision (world largest textile show ) for 6 years and with the group Reed (number one show organizer in the world) for 3 years. Net sales related to these contracts expected for these periods will exceed E 120m.

8 Note 4 Fixed Assets 31 Dec 2000 Mvts/Scope Increase Decrease Others Mvts 30 June 2001 K K K K K K Intangible assets Goodwill Amortization NET (a) Other Intangible Assets (264) Amortization (270) NET (94) Acquired Goodwill 581 (5) Amortization 318 (5) NET TOTAL NET Tangible Fixed Assets Land and Construction (8 637) Amortization (2 576) NET (b) (6 061) (72) Other Tangible Assets (40) (368) Amortization (46) (662) NET (32) TOTAL NET (6 055) Long term investments Investment in associated companies (1) Provision for depreciation of investments NET 210 (1) Other long term investments TOTAL NET Investments Consolidated under the Equity Method Investments Consolidated under the Equity Method 375 (375) Global Integration at 1 January 2001 (a) The increase represents for K the company Boite à Sons ' goodwill. (b) Scope Movements are due to the sale of the real estate property ( SCI ) of 30 June 2001

9 Note 5 Rental Equipment 31 Dec 2000 Mvts/Scope Increase Decrease Others Mvts 30 June 2001 K K K K K K Rental Equipment Capitalized Rental Equipment Rental Equipment held under capital leases Depreciation and provision for : - Rental Equipment Capitalized Rental Equipment Rental Equipment held under capital leases TOTAL NET (743) 461 (184)

10 Note 6 Share Capital Reserves Total Group Minority Interest Share Capital and reserves at 31 Dec Increases in share capital : - to compensate previous min. shareholders in subsid Dividends (2 699) (2 272) (427) Variation in translation differences Impact of the valuation difference Other variations (839) (813) (26) Net profit for the period Share Capital and reserves at 31 Dec Increases in share capital : Dividends (4 016) (3 355) (661) Variation in translation differences Impact of the valuation difference (144) (8) (136) Other variations (0) 1 (1) Net profit for the period Share Capital and reserves at 30 June Note 7 Provisions for Liabilities and Charges 31 Dec 2000 Mvts/Scope Increase Decrease Others Mvts 30 June 2000 K K K K K K Provision for exchange rate fluctuation risks Provision for adaptation Provision for various risk Middle East Provision for trade risk Provision for staff risk Provision for tax risk Provision for post retirement benefit Other provisions for risks Other provision for charges Total

11 Note 8 Loans and Financial Debts 31 Dec 2000 Mvts/Scope Increase Decrease Others Mvts 30 June 2001 K K K K K K Loans and med. Term on real estate mortgages 427 (4 177) (50) Leasing agreements (3 385) 0 (3 577) Loans and med. term financial debts (4 014) Employee profit sharing Capital Leases (542) Total Financial Debts (6 904) (8 183) Bank overdrafts Accrued interests / bank overdrafts (292) 92 Other financial debts Total short-term financial debts Total financial debts (6 902) (8 183) Investments securities (10 563) Cash (9 741) Cash and Bank (20 304) Net financial debt (7 199) Variation of Net Financial Debts after Adjustment for discounted Notes 31 Dec 2000 Mvts/Scope Increase Decrease Others Mvts 30 June 2001 K K K K K K Net financial debt (7 199) Reclass discounted notes Net financial debt after reclassification of discounted notes not yet due (7 199)

12 Note 9 Need of working capital 30 June June Dec 2001 Net Net Net K K K Current assets Trade receivables Other accounts receivable Liabilities Deferred Taxes Account payable Other liabilities Need / Release of working capital (18 684) (25 676) During the course of the year 2000, the need for working capital has benefited from payments received within the frame of Sydney 2000 Olympic Games. As at 30 June 2001, the need for working capital becomes positive, a usual position at this particular time of year, considering the absence of major shows and exhibitions during the months of July and August. Note 10 Exceptional Profit The exceptional profit is made mostly of the capital gain generated by the sale of real estate properties.

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