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Press release

After High Profits in 2003, Gruner + Jahr Pursues Course of Expansion

Hamburg, 31 March 2004
In a continuingly difficult global marketenvironment, Europe´s biggest magazine publisher Gruner + Jahr in 2003again earned very good money and is well equipped for further growth.EBITA was improved to ;euro; 238 million (previous year: ;euro; 234 million) primarilydue to a strengthened core business and continuing strict cost discipline.Return on Sales rose to 9.6 percent (previous year: 8.3 percent). Beforepublishing investments, i.e. not including development costs and start-uplosses for new magazine titles, ROS amounted to 12.1 percent. Due to specialitems such as disposals and currency, income from external sales effects fellto ;euro; 2.48 billion (previous year: ;euro; 2.8 billion); adjusted for these specialitems, revenues remained stable.