Partnership Globalnetexchange

Financial releases

Partnership GlobalNetExchange

March 23rd, 2000

European retail giants Metro, J Sainsbury PLC join GlobalNetExchange as newest equity partners

ORACLE "Turns On" GNX in 14 Days; SEARS, CARREFOUR Conduct First Online

Auctions Exchange members control $140 Billion in Annual Purchases

March 23, 2000 - GlobalNetXchange (GNX), the independent online retail exchange launched on Feb. 28, today announced that German retailer METRO AG (MEO3.F) and British retail conglomerate J SAINSBURY PLC (FTSE : SBRY) will join the international e-business venture as its newest equity partners.

The European retail giants join founding partners SEARS, Roebuck and Co. (NYSE: S), based in suburban Chicago, Paris-based CARREFOUR (CAC: CA) and ORACLE Corporation (NASDAQ: ORCL), headquartered in Redwood Shores, Calif., in the developing web-based business-to-business marketplace. The four retailers account for a total of approximately $140 billion in annual purchases from more than 50 000 suppliers, partners and distributors worldwide.

"METRO and J SAINSBURY PLC represent the leading edge of prominent retailers around the world whose supply chain processes stand to be transformed by GNX," said CARREFOUR's Chairman and Chief Executive Officer Daniel Bernard. "We are delighted to welcome them as our new partners in the creation of a truly open and groundbreaking Internet marketplace."

While GlobalNetXchange will initially focus on web-enabling its equity partners supply chain purchases, the company intends to offer the same services to all retailers globally. Using standard web browsers, retailers and their suppliers will be able to capture savings through more efficient and strategic procurements of all types of goods and services.

"Our new partners share our excitement that both SEARS and CARREFOUR already have been able to conduct succesful internet

based auctions" said Sears Executive Vice President and Chief Operating Officer Julian C. Day. "Working in close partnership with Oracle and our suppliers has reduced the cost of the buying process for everyone. We have seen our future, and it works"

According to Dr. Hans Joachim Kцrber, CEO of METRO AG : "With its entry into GlobalNetXchange, METRO AG is continuing to consequently pursue its e-commerce strategy : externally by jointly defining standards with partners, and internally through the rigorous realization of process advantages in purchasing."

Sir Peter Davis, Group Chief Executive of J SAINSBURY PLC, said : "GlobalNetXchange represents an innovative and revolutionary step change in the way retailers and suppliers will conduct their business worldwide and I'm delighted that J SAINSBURY PLC has moved quickly to become the first UK equity member. The benefits and efficiencies generated by this initiative will have significant impact across all aspects of our business and create new value for our customers. We have already stated that we intend e-commerce to be an integral part of our business and this major development is the first in a rapid series of advances we will be making in this area."

Powered by ORACLEв Exchange, ORACLE's online e-business marketplace, the new enterprise soon will be operating with its own management, employees and capital. "It is exciting to see two of the world's largest retailers, METRO and J SAINSBURY PLC, join GLOBALNETXCHANGE, " said Raymond Lane, ORACLE President and COO. " The addition of these two new members will strengthen the exchange and bring exponential benefits to the retailers and suppliers that use it".

In two short weeks after announcing GNX, ORACLE delivered the online exchange enabling SEARS and CARREFOUR to conduct their first Internet auctions. CARREFOUR initiated its first auction on the e-business market on March 13. Bids were received on various consumer electronic items and the results of the auctions were deemed excellent by Carrefour management.

SEARS successfully completed its first not-for-resale, or indirect, auction on March 17 and has another currently underway.The company's initial online auction had to be extended due to bidder interest and resulted in cost savings for SEARS, as well as incremental business for the winning supplier.The U.S. retailer has scheduled its first for-resale, or direct, auction for March 24. Editor's Note: This press release includes forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These include risks associated with the need for the parties to reach a definitive agreement for the venture and equity interest, the need for related approvals, acceptance of