Press Release

Paris, 5 August 2003

GFI Informatique
reports turnover of €255.9m
for the first six months of 2003

Highlights of the first six months of 2003

GFI Informatique generated turnover of €255.9m in the first six months of 2003, corresponding to a 10.4% decline at constant consolidation scope. The reduction in staff numbers has continued, to 6,732 employees at 30 June 2003 from 7,402 employees one year earlier. The strong pressure on prices continued during the second quarter but now appears to have stabilised. Activity levels in May were particularly low, affected by both the number of public holidays in the month and the recurrent strikes.

Internationally, the Group has continued efforts to turn round its German and Italian subsidiaries. Nevertheless, their performances have dragged down the consolidated Group results for the first six months of 2003.

In terms of its finances, GFI Informatique has just restructured its debt by launching the issue of bonds with redeemable share subscription warrants. The operation has been highly successful, with both the OBSAR (bonds with redeemable share subscription warrants) issue and the BSAR (redeemable share subscription warrants) issue being oversubscribed. The issue will enable the Group to restructure its medium-term debt, extending the average maturity from 2 to 4.5 years, and take advantage of the current historically low interest rates to reduce financial charges. This has substantially strengthened the Group's financial position and, in this respect, the management of GFI Informatique can look to the second half of the year and further out with confidence.

Activity and outlook

The Group is maintaining its commercial activities at an intense level and, halfway through the year, has a stronger order book than at the same stage in 2002. This promising order book bodes well for the future, particularly in the Telecommunications sector, and confirms the strong resistance of the Group's activities in the public sector. Nevertheless, the third quarter is expected to be as difficult as the second because of the unfavourable seasonal effect.

GFI Informatique expects to achieve an operating margin of close to 6% for the first half year.

GFI Informatique will release its detailed half-yearly results after the market closes on 11 September.

For further information contact:

Investor Relations: Anthony Pallier - Tel 01 44 85 88 97- email:
Public Relations: Martine Canaque -Tel 01 44 85 88 56 - email: