Largest Investment in European B2B Start-Up; Surplex.com Raises Euro 18 Million From Leading International Venture Capital Consortium.

Business Editors

DUSSELDORF, Germany--(BUSINESS WIRE)--March 29, 2000

Surplex.com

-- GRP leads first institutional investment round for Surplex.com

-- First investment by b-business partners

-- Surplex.com announces an acquisition and a partnership with a

leading trade journal

Surplex.com Europe's leading B2B internet exchange for surplus assets and excess inventory announced today the completion of its first institutional financing round. Euro 18 million was raised through a consortium led by GRP (Global Retail Partners), a world- class venture capitalist specialising in early-stage electronic commerce investments. GRP is joined by b-business partners, a venture capital company recently formed by Investor AB (the largest Swedish holding company), ABB and others, and Viventures, a French venture capitalist sponsored by the Vivendi Group. GRP has invested in over 40 companies targeting both end-consumers and businesses. Surplex.com is the first investment by b-business partners, which has been established to focus on European internet B2B investments.

According to Bruno Schick, CEO of Surplex.com, "GRP, b-business partners and Viventures are ideal partners with whom we will be able to grow our business internationally as well as providing us with the industry expertise in our key markets".

Niko Waesche, head of GRP's German operations, said: "Not all B2B markets will prove easy game for newcomers. But surplus inventory and used machinery definitely is one of them and we are convinced that Surplex.com will be a top player in this fascinating European opportunity."

"We are very excited about this investment," said Stephen Campe, Managing Director, b-business partners, "and we see a number of opportunities for Surplex.com to work with several of our partner companies to accelerate the expansion of their businesses."

Surplex.com

Founded in September 1999, Surplex.com AG is Europe's leading online business-to-business exchange for surplus assets and excess inventory. Companies and traders can buy and sell goods, such as machinery, more efficiently over the internet platform. Partner firms such as Deutsche Bank AG and SGS provide valuable services to support these transactions, such as secure online payments and certification. Surplex.com registers 250,000 web site hits each week and currently offers machines and items worth DM 750 Million. The company was founded with leading private investors from industry, including; Fiat Chairman Paolo Fresco, Fiat Board member and Agnelli grandson John Elkann, Tyco International Chairman Dennis Kozlowski, Goldman Sachs and British Petroleum Chairman Peter Sutherland and Dr. Alexander Dibelius and Raimund W. Herden, both of whom are Managing Directors at Goldman Sachs.

Surplex.com currently employs 50 people and has offices in Dusseldorf, Munich, Berlin, London and Warsaw. Surplex.com announced yesterday that it acquired a majority stake of midas GmbH (Krefeld), an established German service firm facilitating machine trading. At the same time, Surplex.com announced a partnership with Konradin Verlag, a leading German publisher of business-to-business trade journals. Find out more on http://www.surplex.com/.

GRP (Global Retail Partners)

GRP, a venture capital fund based in Los Angeles, London and Munich, invests in electronic commerce start-ups and early-stage companies in the United States and Europe. Since its inception in early 1996, GRP has focused on investments in companies that leverage technology to deliver breakthrough models for the distribution of goods and services and that have the potential to become major players in the digital economy. With over $240 million under management, GRP has invested in over 40 companies targeting both end-consumers and businesses. Portfolio companies include CyberSource, GoTo.com, iMotors in the United States and Build-Online, ETEXX, Lastminute.com and Sportal in Europe. Additional Information is available at http://www.grpvc.com/.

b-business partners

b-business partners, (www.b-businesspartners.com) with a capital base of Euro 1 billion, was founded by Investor AB, ABB, SEB, AstraZeneca, Atlas Copco, Electrolux, Saab (aerospace), Sandvik, StoraEnso and WM-data. b-business partners aims to foster new leaders in Europe's fast expanding B2B market and will build broader business relationships between both their partner and portfolio companies. The member companies in b-business partners gain both from their financial returns on investment as well as from collaboration on new Internet business applications. The company operates in major European cities.

Viventures

Set up in September 1998, Viventures is a venture capital fund with a presence in the United States and in Europe. The Fund was established to provide capital for innovative telecommunications and Internet businesses. Created by the Vivendi Group, the Fund's largest investor, it now counts 18 leading financial and industrial corporations with substantial interests in the high-tech industry. Viventures invests in start-ups or expanding businesses with innovative Internet and telecommunications strategies. The Fund provides early-stage capital and supports these newly founded companies in order to ensure their long-term development in Europe as well as in the United States. http://www.viventures.com/

Issued by Smithfield Financial- +00 44 207 360 4900 on behalf of Global Retail Partners.

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