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Danka Completes Redemption of $47.6 Million

Press release from the issuing company

ST. PETERSBURG, Fla.--Aug. 20, 2003-- Danka Business Systems PLC today announced that it has completed the redemption of its $47.6 Million in principal amount of zero coupon subordinated notes due April 1, 2004. The notes were redeemed at their par value. The Company had placed the $47.6 Million in escrow in connection with the closing of its $175,000,000 aggregate principal senior notes offering which was completed on July 1, 2003. "We are pleased that as part of our successfully completed refinancing, we have been able to pay back these investors at par value, eight months earlier than they anticipated," said Mark Wolfinger, Danka's Chief Financial Officer. The Company will not be required to make principal payments on its other indebtedness until its $64.5 Million face value 10% subordinated notes are due on April 1, 2008.