SUBSCRIPTION FOR NEW ORDINARY SHARES OF GETRONICS HAS BEEN CLOSED; OFFERING PRICE HAS BEEN SET AT EUR 2.40 PER SHARE
Getronics N.V. ("Getronics" or the "Company") announces that it has successfully placed new ordinary shares of Getronics and has set the offering price at EUR 2.40 per share. The offer was oversubscribed. The Company intends to use the proceeds from the offering to redeem the EUR 250 million nominal value 13% subordinated instalment bond due 2008 in full.

The new ordinary shares were placed today with institutional investors through a private placement. The offering comprises 87 million new ordinary shares of Getronics. In addition, the Company has granted to ABN AMRO Rothschild on behalf of the syndicate the option to purchase up to 13 million additional new ordinary shares solely to cover over-allotments.

Getronics CEO Klaas Wagenaar: “We are happy with this successful transaction. It shows the confidence stakeholders have in Getronics.”

Closing of the placing is conditional on the approval of the Company’s shareholders at a general meeting and on the admission of the new ordinary shares listing on the official segment of the stock exchange of Euronext Amsterdam NV (“Euronext”) and certain other customary conditions set out in an underwriting agreement dated today.

Allocations will be communicated today. Application for the admission of the new ordinary shares to Euronext will be made in due course and it is expected that the new ordinary shares will be admitted to listing on 27 February 2004, barring unforeseen circumstances. Payment and settlement is expected to take place on 27 February 2004.Until this date the new ordinary shares will trade conditionally under a separate fund code (fund code: 35589; ISIN code: NL0000355899; common code: 018589834).

Conditional trading can only take place in lots of 50,000 ordinary shares and multiples thereof, in accordance with Euronext requirements. Any conditional trading is at the risk of the investor. If any of the conditions to the placing are not satisfied or waived, all trades in new ordinary shares will become void.

ABN AMRO Rothschild, on behalf of the syndicate, may engage in transactions that stabilize, maintain or otherwise effect the price of both the Company’s existing and new ordinary shares until 30 days after closing of the offering.

Following the settlement of the issue of the new ordinary shares, the Company will give notice of the adjustment to the conversion price of the 5.5% unsubordinated convertible bonds due 2008 (the "Bonds") issued by the Company in October 2003 as a result of this offering. Such adjustment will become effective immediately upon issue of the notice. Assuming no further adjustments before settlement of the issue of new ordinary shares, the Company expects the new conversion price, calculated in accordance with Formula C, set out in Condition 4(b)(2)(C) of the terms and conditions of the Bonds, to be EUR 1.56.

ABN AMRO Rothschild and ING Investment Banking are acting as Global Joint Co-ordinators and Joint Bookrunners for the offering and Barclays Bank Plc is acting as Co-Lead Manager. Stibbe and Herbert Smith are acting as legal advisers to the Company.