1. D i g i g r a m 24 septembre 2002 Half-year results Merger Aztec - Audemat

2. D i g i g r a m Our business To develop networking solutions for digital audio Our expertise Audio, networks, IT Digigram’s fundamentals

3. D i g i g r a m Broadcast Market (63% of global turnover in 1 HY 2002) Public Address Market (37% of global turnover in 1 HY 2002) Traditional Activity Growth Potential Two B to B markets Sound cards, audio editing software, interfaces for remote control of radio stations,… Audio network terminals for recording and play out, audio production software,… > Goals for end of 2002 : achieve 40 % of global turnover in the Public Address market Digigram’s fundamentals

4. D i g i g r a m n History of strong growth, a global turnover in 2001 of 20.2 million EUR n International scope: 76 % of turnover on June 30, 2002 n Confidence of international key players in the market n Permanent technical innovation with R & D representing about 13 % of turnover on June 30, 2002 n Low indebted company, with a gearing of 10.6 % on June 30, 2002 Digigram’s fundamentals

5. D i g i g r a m Contents Highlights of first half-year 2002 Half-year results declining News: agreement signed with Audemat  Merger Aztec – Audemat Maintaining a growth strategy Market valuation

6. D i g i g r a m Contents Highlights of first half-year

7. D i g i g r a m n First half-year very active for Digigram Highlights of first half-year 2002 wContinuous enhancement of the product portfolio Launch of new sound cards 4-channel VXpocket, PCX924-Mic, VX222-Mic, VX442 New networked audio terminals: mpX Platform Excellent feedback on new audio network technology EtherSound ® and launch of associated products ESnet et ES8 wSales pressure rewarded Digitalization of BBC World Service radio stations (more than 1,000 sound cards) 1 million $ contract for InnovaSon in the US OEM contract with Bouyer for audio installations in train stations (miXart 8 cards) EtherSound ® contracts with Fostex Japan, Nexo and Bouyer signed

8. D i g i g r a m n 100 % acquisition of Innova SON complete: Acceleration of development in the public address market >Operation which entails an increase of the EPS as soon as 2003 Highlights of first half-year 2002 A specialist business: Pioneer in the design of digital audio mixing consoles for sound reinforcement in live performance Terms of operation: - Financed by bank loan (2 nd half-year 2002) - Initial stake since January 2001 (44.7 %) - Consolidation as of July 1, 2002 20012002 e Turnover 4.2 million € (+ 90% vs 2000)5 million € Staff31 people

9. D i g i g r a m n Acquisition of Innova SON completed: Acceleration of development in the public address market >Improved penetration of the public address market Highlights of first half-year 2002 Technological synergies Transfer of skills Launch of products under the Innova SON brand name Optimization of sales networks Complimentary in skills and geographical spreading of distribution channels

10. D i g i g r a m n Business analysis by market: BROADCAST Highlights of first half-year 2002 wFirst half-year impacted by negative economical context, except for the US where the situation is clearing up Business Broadcast1 HY 20011 HY 2002Var. % US 9001,135+ 26.1% Europe* 3,0292,052- 32.2 % France 1,6151,358- 15.9 % Asia 920 768- 16.5 % 6,4645,313- 14.2 % * outside France

11. D i g i g r a m Highlights of first half-year 2002 wUS: wUS: recovery of radio advertising expenditure According to CMR, up 7.5 % in 1 st half-year 2002 (source: half-yearly report of advertising expenditure) n Business analysis by market: BROADCAST Source: Revenu Advertising Bureau >Progressive recovery of investment in the radio market in the US

12. D i g i g r a m Highlights of first half-year 2002 n Business analysis by market: BROADCAST wEurope wEurope: radio advertising expenditure down 1.4 % between 2000 and 2001 ( Source: Carat Network) >Recovery of investment expected for the European radio markets wFrance wFrance: radio advertising expenditure down 11.2 % between 2000 and 2001 ( Source: AACC)

13. D i g i g r a m n Business analysis by market: PUBLIC ADDRESS Highlights of first half-year 2002 w1st half-year still suffering from the economical context, except for Asia where volumes recover Business 1 HY 20011 HY 2002Var. % Public Address (million €) US 1,601 1,472- 8.0 % Europe* 1,029 782- 24.0 % France 822 543- 34.0 % Asia 184 324+ 76.0 % 3,636 3,121- 17.8 % * outside France

14. D i g i g r a m n Business analysis by market: PUBLIC ADDRESS wMarket estimated at 8.5 billion $ (market consensus) wBusiness: audio distribution in public venues wApplications in a big number of diversified venues Exceptional quality and high fidelity of any sound Utmost clearness of spoken announcements Announcements and background music Maximum system security wTechnology shift unavoidable Shift from analog to digital: –Mixing consoles –Amplifiers, audio processors –Microphones, loudspeakers Systems will be network centric: –substantial reduction of wiring costs –flexibility et new possibilities Highlights of first half-year 2002

15. D i g i g r a m Digigram OfferingCustomers Applications n Technology (licences) Networked audio n Devices & cards n Off-the-shelf products «pro-audio» Manufacturers and «security & communication» Integration of our technologies within their products VAR (*) Large scale projects (*) VAR : « value added resellers » Distributors Projects at smaller scale Highlights of first half-year 2002 n Business analysis by market: PUBLIC ADDRESS > Process of « maturation » may be long

16. D i g i g r a m Highlights of first half-year 2002 wBroadcast market: consolidation of leadership Continued increase of market share (renewal of digitalization contracts) => 63 % of turnover 1 HY 2002 wPublic Address market: Evolution of listing and business development with manufacturers and distributors Finalization of contracts in process with 10 major market players (Europe, US, Japan) regarding Digigram’s networked audio technology EtherSound ® Europe: contracts signed with several major players US: set-up of a representative network (reps), OEM contract with Bombardier signed China: contracts signed with two major distributors => 37 % of turnover 1 HY 2002 n Business analysis by market

17. D i g i g r a m  Business analysis by geographical area Highlights of first half-year 2002 1 HY 1 HY1 Q 02/01 2 Q 02/01 1 HY 02/01 US 2.52.6 - 31.07+ 38.35+ 4.27 Asia 1.11.1+ 16.84 - 11.58- 0.99 France 2.52.0 - 20.68 - 18.60- 19.58 Europe 3.82.6 - 45.90 - 14.07- 30.89 (outside France) in million € 8.410.1- 30.34% 20012002 Variations (%) - 3.58%- 16.45 % >Business is globally recovering during the 2 nd quarter

18. D i g i g r a m Contents Half-yearresults

19. D i g i g r a m Half-year results 2002 n Half-year results decrease Decreased business (- 16.5 % 1st Quarter 2002) with operating expenses almost at the same level n Positive results in the 2 nd quarter (in million €) 1 Q 20022 Q 20021 Q 2002 Turnover 3.38 5.05 8.43 Operating profit (0.59) 0.63 0.04 Attributable net profit (0.43) 0.12 (0.31)

20. D i g i g r a m (in million €) Turnover Gross profit Operating profit Non-operating revenue and expenses Net profit before tax and except. items Net exceptional loss Taxes Net profit bef. amort. of goodwill Attributable net profit 8.43 6.57 0.04 -0.22 -0.17 -0.07 0.18 -0.05 -0.31 1 HY 2001 10.10 7.51 1.22 0.09 1.31 0 0.39 0.92 0.66 1 HY 2002 Half-year results 2002 n Intermediate balance

21. D i g i g r a m Half-year results 2002 n Increase of gross profit to 78 % (vs. 74 %) in relative value Decrease of 12.5% in absolute value n Decrease of rate of operating income due to: wDecrease of half-year business w11 % rise in personnel costs Effect of recruitments in 2001

22. D i g i g r a m 1 HY 2001 0.7 1.1 - 1.1 0 - 0.9 - 1.0 - 1.9 (in million €) Attributable net profit Cash flow Net change in WCR Net cash flow from operations Net cash flow f. invest. activities Net cash flow from financing activities Change in net cash position 1 HY 2002 (0.3) 0.2 1.8 2.0 0.0 - 0.3 1.6  Cash flow Half-year results 2002

23. D i g i g r a m Fixed assets Inventories Operating receivables Cash and other short-term funds Other debt Financial debt Provisions Shareholders’ equity total balance 15.8 million € Assets Liabilities  Balance sheet (as of June 30, 2002) > Gearing of 10.6 % Half-year results 2002 5.5 2.6 4.7 3 11.6 0.2 1.2 2.8

24. D i g i g r a m Half-year results 2002 business reengineering plan In reaction to the half-year results, Digigram has submitted on September 23 a business reengineering plan to the employee council for information and consultation  Business engineering plan

25. D i g i g r a m Contents News: Memorandum of understanding with Audemat signed  Merger Aztec – Audemat

26. D i g i g r a m Merger Aztec Radiomedia / Audemat n About Audemat MarketAudio transmission in radio and TV (monitoring, coding) BusinessDesign and marketing of electronics and software products TechnologiesElectronics of digital audio radio transmisssion Figures (2001)Turnover = 3.2 million €, with 59 % in export Net profit = 0.1 M€ Staff: 30 employees (incl. 12 in R & D) InternationalOperating in more than 25 countries DiversifiedTDF, Towercast (NRJ), CSA (all France), RAI (Italy), CustomersDeutsche Telecom, BBC, Teracom (Sweden), Medialatina (Spain), Swisscom, Radio Centro (Mexico)…

27. D i g i g r a m Merger Aztec Radiomedia / Audemat Two European leaders join forces -> acceleration of international growth perspectives n Brand image n Size effects n Complimentary product ranges n Technological synergies n Economics of scale

28. D i g i g r a m Merger Aztec Radiomedia / Audemat n Competitive positionning / development factors, Monitoring and coding Product diversity International Coverage >A concentrated market Belar Potomac Sectra Aztec - Audemat Rohde et Schwarz Burck

29. D i g i g r a m Merger Aztec Radiomedia / Audemat n Terms of operation n wCompletion of merger December 31, 2002 wCurrent Audemat management to manage new entity wSteps of the operation Transfer of Aztec Radiomedia’s ‘Public Address’ activities to Digigram SA Audemat’s contribution to Aztec as merger-absorption Participation of Audemat shareholders in Aztec of approximately 60 % via securities exchange

30. D i g i g r a m Merger Aztec Radiomedia / Audemat Before merger After merger Digigram SA Aztec Radiomedia Innova SON 100 % Digigram SA Aztec Radiomedia / Audemat Innova SON 100 %40 % n Financial package of the operation

31. D i g i g r a m Contents Maintaining a growth strategy

32. D i g i g r a m Strategy  BROADCAST MARKET Reinforce the position of market leader By: - Exploiting the complementary product ranges - Benefiting from larger size, following the Aztec/Audemat merger - Capitalizing on well established brands Aztec Radiomedia and Audemat

33. D i g i g r a m Repeat the success obtaines in the Broadcast market Stimulate and support shift of installations Analog technology Digital technology Based upon: Our competitive technological advantage – in audio processing (mixing desks) – in networked audio distribution Our reputation Our international sales coverage  PUBLIC ADDRESS MARKET Become a major player Strategy

34. D i g i g r a m Objectives n 2002 wTurnover in 2002 of 19 - 20 million € wA balanced net profit (before exceptional charges) n 2003 wReturn to growth and profitability

35. D i g i g r a m Contents Market valuation

36. D i g i g r a m Founders Self-regulated Floating 54% 3 % 43 % Market valuation  Shareholders

37. D i g i g r a m Market valuation  Stock data Euroclear code Market section Number of shares Share prize as of September 20, 2002 Capitalization as of September 20, 2002 Floating 3578 Second Marché 2,100,000 3.05 € 6.4 M€ 43%

38. D i g i g r a m Digigram is part of the stock index IT Cac. Market valuation  Share prizes (in Euros) Source: Boursorama

39. D i g i g r a m wOctober 31, 2002 Turnover 3 rd Quarters 2002 wJanuary 31, 2003 Annual turnover 2002 wBeginning of march 2003 : Annual results 2002 Market valuation  Timetable for investor communications

40. D i g i g r a m n DIGIGRAM - Bernard MOSSE - +33 (0)4 76 52 47 47 wWeb site: www.digigram.com wE-mail: actionnaire@digigram.com wPress releases published on www.actifinews.com www.digigram.com wHalf-yearly investor newsletter (in French) n Investor communications consultant wACTIFIN - Anne ANSELIN - +33 (0)1 56 88 11 11 Investor relations Contacts

41. D i g i g r a m Digigram’s trump cards n High brand recognition n Strong technological differentiation n A model of growth and a historical profitability that will be rewarded by the recovery of the economy n Market leader position in the broadcast market n Development in the Public Address market, Digigram’s established factor of growth n Wide spread and effective distribution network n Company with solid financial foundations > Digigram is ready to benefit from a recovery of the economy