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JCDecaux Revises Price Range Of IPO Shares

JCDecaux SA has announced that it has modified the indicative price range for the shares offered in its initial public offering.

The company has set the new price range at 16,50 euros to 19,50 euros. The price range will apply to both the global institutional offering and the French retail offering.

The French retail offering will be reopened for two days starting in the morning on 18 June and closing at 5 p.m. Continental European on 19 June 2001. The global institutional offering will be extended and will close at 12 noon, Continental European time, on 20 June.

The definitive price for the offering will be set on 20 June 2001. Trading will begin on the Premier Marché of Euronext Paris on 21 June 2001. The definitive terms of the offering will be set forth in a final prospectus. Orders placed in the French retail offering prior to the publication of this press release remain valid, but can be withdrawn until 5 p.m. Continental European time on 19 June. New irrevocable orders can be placed during the extended offer period for the French retail offering. All other terms and conditions of the offering will remain applicable as set forth in the preliminary prospectus dated May 30, 2001.

Commenting on the change in the price range, Jean-François Decaux indicated: “We have received very strong interest from the investors with whom we have met to date. However, given recent developments in the markets, and in particular in the media sector, it had become increasingly difficult to achieve a successful transaction in the initial indicative price range. We remain convinced of the strategic importance for us to have a public listing to support and help accelerate our growth. We are also keen for our IPO to allow us to establish and maintain strong, long-term relationships with our new public shareholders. It is with these objectives in mind that we have decided to reduce the price range so as to ensure the success of the transaction.”

Key figures for the group:

  • 2000 sales of 1,4 billion euros (9 billion francs)
  • N°1 worldwide in street furniture
  • N°1 worldwide in airport advertising
  • N°1 in Europe for billboards
  • 515, 000 advertising faces in 38 countries
  • 7,000 employees across the world

For further information:
JCDecaux S.A.
Cécile Prévot , Investor Relations
Z.I. Ste Apolline
Route Nationale 12, BP 11
78373 Plaisir Cedex
France
+33 1 30 79 79 93
cecile.prevot@jcdecaux.fr

Financial Dynamics
Tim Spratt / Charles Palmer
+44 207 831 3113
tim.spratt@fd.com / charlie.palmer@fd.com

This announcement is not for distribution in the United States, Canada or Japan. This announcement and the information contained herein is not an offer for sale in the United States or any other jurisdiction. Any such offer will be made solely by means of the international offering circular or the French prospectus to be published by JCDecaux and any acquisition of shares should be made solely on the basis of the information contained in those documents. The value of shares can go down as well as up. Persons needing advice should consult a professional adviser.

Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. JCDecaux does not intend to register any portion of the planned offering in the United States or to conduct a public offering of securities in the United States.

Goldman Sachs International is acting for JCDecaux and no-one else in connection with the offering and will not be responsible to any other person for providing the protections afforded to customers of Goldman Sachs International or for providing advice in relation to the offering. Stabilisation/FSA