Heidelberger Druckmaschinen AG Offers an Approximately Euro 260 Million Seven Year Convertible Bond

Not for release in the U.S., Canada, Australia or Japan.

Heidelberger Druckmaschinen AG (Heidelberg), the world's leading solution provider for the print media industry and global leader in sheetfed printing presses, announces the launch of an approximately 260 million Euro convertible bond offering (with an over-allotment option of up to additional 20 million Euro exercisable until February 7, 2005).

The bond will have a maturity of seven years and is being offered with a coupon of 0.875 percent, a yield to maturity of 2.625 percent to 3.125 percent and a conversion premium of 50 percent to 55 percent. The conversion premium and yield to maturity will be set at final pricing.

The offering allows Heidelberg to benefit from the attractive opportunities available in the capital markets to increase its general flexibility in financing.

The bond will be issued through Heidelberg International Finance B.V. and will be guaranteed by Heidelberg. The bond cannot be called for the first 4 years, and is callable thereafter subject to a 130 percent trigger. Holders have an option to redeem the bond at the fifth anniversary. Heidelberg will apply for the listing of the bond on the Luxembourg Stock Exchange, listing is expected to occur in March 2005.

The bond will be offered exclusively to institutional investors outside the US (in reliance on Regulation S under the U.S. Securities Act of 1933, as amended). Deutsche Bank and JPMorgan are Joint Bookrunners of the offering.

In connection with this offering, Deutsche Bank AG, acting as stabilization manager, may, from the announcement of final terms of the offering, over-allot or effect transactions with a view to supporting the market price of the bond at a level higher than that which might otherwise prevail for a limited period after the issue date. However, there may be no obligation on Deutsche Bank AG to do this. Such stabilizing, if commenced, may be discontinued at any time, and will end no later than February 9, 2005. (Stabilization/FSA)

For further information:
Heidelberger Druckmaschinen AG
Corporate Communications
Thomas Fichtl
Tel.: +49 (0)6221 92 47 47
Fax: +49 (0)6221 92 50 69
E-Mail: thomas.fichtl@heidelberg.com

Important Note
This press release is for information purposes only and is not an offer to sell, or the solicitation of an offer to buy, any securities. In connection with this transaction there has not been, nor will there be, any public offering of the convertible bond of Heidelberg International Finance B.V. The distribution of this press release and the offer and sale of the bond in certain jurisdictions may be restricted by law. Any persons reading this press release should inform themselves of and observe any such restrictions.

This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States. The securities referred to herein (including the bond, the shares of Heidelberger Druckmaschinen AG and the guarantee issued by Heidelberger Druckmaschinen AG) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to or for the account of benefit of U.S. persons, except in a transaction not subject to or pursuant to an applicable exemption from the registration requirements of the Securities Act. This press release and the information contained herein may not be distributed or sent into the United States of America and should not be distributed to U.S. persons or publications with a general circulation in the United States. No offering of the bond is being made in the United States.
No action has been or will be taken in the Federal Republic of Germany that would permit a public offering of the bond, or distribution of a prospectus or any other offering material relating to these securities. In particular, no sales prospectus (Verkaufsprospekt) within the meaning of the German Securities Selling Prospectus Act (Wertpapier-Verkaufsprospektgesetz) (the "German Securities Selling Prospectus Act") has been or will be published within the Federal Republic of Germany. Accordingly, any offer or sale of the bond within the Federal Republic of Germany may only be made based on an exemption from the prospectus publication requirement under the German Securities Selling Prospectus Act.

This press release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together being referred to as "relevant persons"). The bond is only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire interests in the bond will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this press release or any of its contents.

This press release contains forward-looking statements based on assumptions and estimations by the Management Board of Heidelberger Druckmaschinen Aktiengesellschaft. Even though the Management Board is of the opinion that those assumptions and estimations are realistic, the actual future development and results may deviate substantially from these forward-looking statements due to various factors, such as changes in the macro-economic situation, in the exchange rates, in the interest rates and in the print media industry. Heidelberger Druckmaschinen Aktiengesellschaft gives no warranty and does not assume liability for any damages in case the future development and the projected results do not correspond with the forward-looking statements contained in this press release.