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E2V HOLDINGS TO FLOAT

E2V HOLDINGS LIMITED ANNOUNCES INTENTION TO FLOAT

16 June 2004. e2v Holdings Limited today announces its intention to seek the admission of its shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities

e2v is a leading developer and manufacturer of high-technology electronic components and subsystems, which it supplies into niche markets within the medical and science, aerospace and defence and the commercial and industrial sectors. It is a successful and profitable technology Company with a proven track record of innovation.

e2v is headquartered in Chelmsford in the UK and employs approximately 1,300 staff. The Group’s two production facilities are in Chelmsford and Lincoln and e2v distributes products to customers either directly from the UK, through its own sales subsidiaries in North America, France and Germany or through a network of independent distributors. In the year ended 31 March 2004, 69% of the Group’s products were exported from the UK to over 50 countries worldwide.

The Group’s business originally derived from technology developed during the Second World War for use in radar systems. The General Electric Company plc (latterly Marconi Corporation plc) owned the e2v business for over 30 years until it was acquired in a management buy-out in July 2002 backed by 3i Group plc and funds managed by it (“3i”).

The Group had sales of £97.6m for the year ended 31 March 2004 and, in the same period it had operating profit of £9.9m, an increase of 46% on the previous year’s profits. e2v has a strong and stable cash flow, a recurring revenue base and intends to continue to actively focus on high growth and high margin products. The Company believes there is also scope for operational efficiencies driven by cost savings, process improvements and manufacturing developments.

e2v has two product groups: electronic tubes and sensors. These are supplied as components or subsystems into a diverse range of applications and customers and they typically constitute the enabling technology which is key to the performance of those customers’ products.

e2v’s electronic tubes are used in a wide range of applications including cancer radiotherapy treatment, high power terrestrial TV transmitters, satellite communications, electronic countermeasures and radar systems.

The Group’s sensing products are used in astronomy and space programmes by leading agencies around the world including NASA and ESA. In addition they are used in medical and science applications such as drug screening, drug discovery and digital dental x-ray. In life saving and safety applications, e2v’s thermal imaging cameras are used by firefighters worldwide while in the automotive sector, the Company supplies key radar components for use in adaptive cruise control technology, which aims to maintain safe braking distances between vehicles.

The Company believes it has a strong culture of R&D, intellectual property development and technological innovation. e2v has won 11 Queen’s Awards. The most recent award in April this year was in recognition of e2v’s products used in cancer radiotherapy treatment.

In relation to the Offering (as defined below), ABN AMRO Bank N.V. and N M Rothschild & Sons Limited, together trading as ABN AMRO Rothschild (“ABN AMRO Rothschild”), have been appointed as bookrunner and underwriter and Hoare Govett Limited (“Hoare Govett”) has been appointed as corporate broker
to the Company. N M Rothschild & Sons Limited (“N M Rothschild”) has been appointed as sponsor and financial adviser in relation to the flotation.

3i’s representative, Julian Davison, and Ian Slaughter and Michael Hassall will be retiring from the board of directors of the Company having steered the Company through its initial successful stages as an independent company.

e2v is pleased to announce that George Kennedy will be appointed as Non-Executive Chairman

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