Press release

Axel Ganz Forms New Company with Gruner + Jahr

Hamburg, 29 May 2005 – Fabrice Bo;eacute; takes on management of Prisma Presse -- effective July 1, 2005

After 27 years of serving Gruner + Jahr, 15 of them as Executive Board member in charge of international magazine operations, Axel Ganz (67) will set up a new company with G+J in Paris, devoted to developing new magazines for the French market.Ganz will be leaving the G+J Executive Board when his contract expires at the end of 2005. He will be handing over the management of G+J´s French subsidiary Prisma Presse to Fabrice Boé; (43), who joined Prisma Presse in March 2004 as Executive Publisher, Women´s Magazines, effective July 1.

After earning his degree from the HEC in Paris, Boé; spent 16 years working for the L´Oré;al group in Paris, most recently as the Worldwide Executive Director for the Helena Rubinstein brand, then for Lanc;ocirc;me. In 2002, he left the company to become the CEO of Hermes International.

Ganz said: "This is an exciting step for me.It let´s me fulfill my wish to focus primarily on journalism again after many years in management. I´ll be able to creatively bring the experiences gained over these years to developing new titles. I thank Gruner + Jahr and its CEO Bernd Kundrun for this partnership opportunity."

Kundrun commented: "Axel Ganz is one of the world´s most successful creators of magazines. His trailblazing achievements in building our international, and specifically our French magazine business, are unequaled. Over the years, he has launched more than 60 magazines in ten countries. On behalf of the G+J Executive Board, I sincerely thank him for his decades of commitment and for all his great achievements.On a personal note, I am grateful for his friendship. I´m delighted that Axel will contribute his passion for developing new magazines to a joint venture and that he will continue to be our partner in publishing. Axel and Fabrice have been preparing for this management handover ahead well in advance. Fabrice will be taking over a brilliantly managed, highly profitable publishing group from Axel. Fabrice is an excellent manager with strong leadership skills. I wish him the best of luck and success with the tasks ahead of him."

Alexander Adler
Director, Media Relations
Gruner + Jahr AG & Co KG
Am Baumwall 11
20459 Hamburg
Fon: +49-40-3703-2244
Fax: +49-40-3703-5617
E-Mail: adler.alexanderguj.de

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Axel Ganz

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Fabrice Boé;