Alexis, Grigori and Serge ZASLAVOGLOU.

The year 2008/2009 was marked by a significant increase in production level as a result of the marked increase in our exports and our continued growth in the French market. Reflecting the confidence of our customers, this growth is the result of the recognized expertise of GEA in the field of electronic and computer systems for toll collection and especially in automation. The financial year was also characterized by a further increase in the company margins which started in 2007 and are the result of technical and commercial investments made in 2005/2006 as well as optimal use of our integrated production structure.

These results have thus strengthened the financial independence of GEA allowing us to continue and intensify our investment in research and development to increase our technological lead.
Commercially, GEA developed a strong activity both in France and abroad during the financial year.
In France the company was for example chosen by the EGIS Group for the equipment of the A88 motorway and by the SANEF Group for the A65 motorway.
Major new export contracts were also obtained, particularly in Morocco, Croatia, Jamaica and Greece.
On 30th September 2009 the order book stood at €64 million, the highest ever recorded by GEA.
This was increased during the first quarter of this fiscal year by obtaining multiple orders for a total of
€20 million minimum with a potential to reach 28 million €. A first order recorded by GEA in Russia should
also be noted.

Given this very positive outlook, the company will rely as in the previous years on all of its employees that
I would like to thank for their efforts throughout the year.

Serge ZASLAVOGLOU