It is not represented. (Remember, the biased exponent 0000 0000 is used for the value zero).
is a formula that summarizes the past several pages.
s is the sign bit (0 or 1),
the mantissa (000...000 to 111...111) and
is the biased exponent.
value = (-1)s × 1.M × 2E-127
To convert a paper-and-pencil number into IEEE floating point, fill in each piece of the picture. Let us represent 1.0 as a 32-bit IEEE 754 float.