Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.

Eindhoven, September 17, 2004 - The Extraordinary General Meeting of
Catalis N.V. has on September 16, 2004 approved the spin-off of
Navigator Equity Solutions N.V., an investment company which will
focus on investing into companies in special situations. Like
previously announced the spin-off ratio will be 1:1. Accordingly each
shareholder of Catalis N.V. will receive for each share in Catalis
N.V. a new share in Navigator Equity Solutions N.V.. Shares will be
booked into share accounts automatically. Share identification
numbers for Navigator Equity Solutions N.V. shares will likely be as
follows: ISIN: NL0000419398; WKN: A0B8U5. Existing Catalis N.V.
shares will remain in share accounts. The record day relevant for
determining the number of shares to be spun-off in respective share
accounts will be announced in due course and should be within the
next two weeks. A listing of shares in Navigator Equity Solutions
N.V. on the Stock Exchange is planned  in due course.

end of announcement        euro adhoc 17.09.2004

Further inquiry note:

Catalis N.V.
Sarah McTweed
Pinewood Studios
Iver, Buckinghamshire
Slo oNH
United Kingdom
Tel: +44 1753 78 33 30
Fax: +44 1753 78 33 32

Branche: Semiconductors & active components
ISIN: NL0000233625
WKN: 927093
Index:
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade