Press release

Kai Stepp to take over as CAPITAL editor-in-chief on September 1, 2002

Hamburg, 15 July 2002 –

Kai Stepp (48) will take over as editor-in-chief for CAPITAL on September 1, 2002. He is a fully qualified lawyer and was the Taxes and Law Department director for CAPITAL for five years before changing roles in the middle of 1996 to acting editor-in-chief for Wirtschaftswoche. In 2000, he started Focus Money for the burda publishing company which he will co-manage as one of two
editors-in-chief until August 2002.

Once the handover to Stepp has been completed, Dr. Werner Funk (65), appointed as CAPITAL publisher in October 2001, will see his mission in Cologne as finished and, as planned, will once again turn his attention to his duties as media consultant to Magazines President, Rolf Wickmann.

As planned, Wolfgang Stiller (51), temporary CAPITAL editor-in-chief since April this year, will resume his role as acting editor-in-chief beside Kai-D. Eichstädt (61).

Rolf Wickmann, G+J Magazines President said: I am happy that Kai Stepp is finally on board at CAPITAL. In Kai, we have gained an acknowledged, prominent business journalist, not to mention a quality and future-oriented editor-in-chief who, with the assistance of his editorial team, will expand CAPITAL’s market-leading position. I wish him the best for his start in Cologne. My particular thanks to Dr. Werner Funk and Wolfgang Stiller, who, under the most trying market conditions, have brought CAPITAL firmly back on track and improved its journalistic quality.

Kurt Otto
Press spokesman
Gruner + Jahr AG & Co
Am Baumwall 11
20459 Hamburg
Telefon: +49-40-3703-3810
Telefax: +49-40-3703-5617
otto.kurt@guj.de