Getty Images Announces Conversion Right for Convertible Debentures

  
    
  
  
    
      Getty Images, Inc. (NYSE:GYI), today announced that, in connection with 
      its proposed merger with an affiliate of Hellman & Friedman LLC, holders 
      of its 0.5% Convertible Subordinated Debentures, Series B due 2023 (the “Debentures”) 
      will be entitled to convert their Debentures from and after June 15, 
      2008, until 35 business days after the effective date of the merger, in 
      accordance with the terms of the indenture governing the Debentures.
    
    
      As previously announced, Getty Images will be holding a special meeting 
      of its stockholders on June 20, 2008, to approve the merger. If the 
      merger is approved at the special meeting and certain other conditions 
      are satisfied, the merger is expected to become effective on June 30, 
      2008, or within a few weeks thereafter.
    
    
      In connection with the merger, and subject to the terms of the 
      indenture, the holder of a Debenture may surrender it for conversion in 
      integral multiples of $1,000 principal amount from and after June 15, 
      2008, until 35 business days after the actual effective date of the 
      merger. The Debentures will be convertible (x) prior to the effective 
      time of the merger, into cash and, if applicable, shares of common stock 
      at the conversion rate of 16.3720 shares of common stock per $1,000 
      principal amount of Debentures and (y) after the effective time of the 
      merger, into $556.65 per $1,000 principal amount of Debentures, 
      representing the amount of cash consideration to be received in the 
      merger by a holder of common stock holding, immediately prior to the 
      effective time of the merger, a number of shares of common stock equal 
      to the conversion rate immediately prior to the merger.
    
    
      The merger will constitute a “Fundamental 
      Change” under the applicable indenture. 
      Holders of the Debentures (which have not been converted) will have the 
      right after the merger to require Getty Images to purchase their 
      Debentures on the 35th business day after the 
      merger for a purchase price equal to the principal amount of such 
      Debentures plus any accrued and unpaid interest to but not including the 
      purchase date. Following the closing of the merger, Getty Images will 
      provide further details to the holders of the Debentures regarding this 
      right.
    
    
      Additional Information and Where to Find It
    
    
      Getty Images filed the indenture governing its 0.5% Convertible 
      Subordinated Debentures, Series B due 2023 with the Securities and 
      Exchange Commission on March 10, 2006, as an exhibit to its amended 
      Annual Report on Form 10-K for the fiscal year ended December 31, 2005. 
      In connection with the proposed merger, Getty Images filed a proxy 
      statement with the Securities and Exchange Commission on May 22, 2008. 
      Investors and security holders may obtain a free copy of the indenture, 
      the proxy statement and other documents filed by Getty Images, without 
      charge, by written or telephonic request directed to Getty Images, Inc., 
      601 North 34th Street, Seattle, Washington, 98103, Attn: Investor 
      Relations, telephone: [phone], or on our website at http://www.gettyimages.com 
      or from the Securities and Exchange Commission through the Securities 
      and Exchange Commission’s website at http://www.sec.gov.
    
    
      About Getty Images
    
    
      Getty Images is the world’s leading creator 
      and distributor of still imagery, footage and multimedia products, as 
      well as a recognized provider of other forms of premium digital content, 
      including music. Getty Images serves business customers in more than 100 
      countries and is the first place creative and media professionals turn 
      to discover, purchase and manage images and other digital content. Its 
      award-winning photographers and imagery help customers produce inspiring 
      work which appears every day in the world’s 
      most influential newspapers, magazines, advertising campaigns, films, 
      television programs, books and Web sites. Visit Getty Images at http://www.GettyImages.com 
      to learn more about how the company is advancing the unique role of 
      digital media communications and business, and enabling creative ideas 
      to come to life.
    
    
      This press release contains “forward-looking 
      statements” within the meaning of the Private 
      Securities Litigation Reform Act of 1995, which involve significant 
      risks and uncertainties. All statements other than statements of 
      historical fact are statements that could be deemed forward-looking 
      statements, including: statements regarding the expected timing of the 
      completion of the merger; statements regarding the timing of the right 
      of holders of the Debentures to cause the Company to purchase their 
      Debentures; any statements of expectation or belief; and any statements 
      of assumptions underlying any of the foregoing. Investors and security 
      holders are cautioned not to place undue reliance on these 
      forward-looking statements. Actual results could differ materially from 
      those currently anticipated due to a number of risks and uncertainties. 
      Risks and uncertainties that could cause results to differ from 
      expectations include: uncertainties as to the timing of the merger; the 
      possibility that various closing conditions for the transaction may not 
      be satisfied or waived; the effects of disruption from the transaction 
      making it more difficult to maintain relationships with employees, 
      distributors, other business partners or governmental entities; other 
      business effects, including the effects of industry, economic or 
      political conditions outside of Getty Images’ 
      control; transaction costs; actual or contingent liabilities; and other 
      risks and uncertainties discussed in documents filed with the U.S. 
      Securities and Exchange Commission by Getty Images. Getty Images does 
      not undertake any obligation to update any forward-looking statements as 
      a result of new information, future developments or otherwise, except as 
      required by law.
    
    
      The information contained in this press release is neither an offer to 
      purchase nor a solicitation to sell securities of Getty Images.