Press release

BÖRSE ONLINE remains in Munich

Hamburg, 27 January 2004 – Integration of WirtschaftsPresse Online GmbH into the G+J–economy titles BÖRSE ONLINE, CAPITAL and IMPULSE / Michael Voss new CEO at BÖRSE ONLINE

The editorial department and the business management team of BÖRSE ONLINE, Germany´s leading investor magazine, remain at their location in Munich. As a business location, Munich is of considerable importance for the Börse Online magazine and its planned comprehensive onward strategy. In addition to Frankfurt, Munich is the strongest commercial center in Germany, and thus has a special relevance for the investor magazine. With its three media locations in Hamburg, Munich and Cologne, Gruner + Jahr guarantees continuing closeness to its buyers, readers and market partners nationwide. Thanks to various reorganization measures within the editorial department of BÖRSE ONLINE, extensive economies have already been realized and further adjustment measures are not intended here at present.

Due to differences of opinions, Axel Beisner, 41, Vice Publisher of BÖRSE ONLINE magazine, and Gruner + Jahr have separated amicably. Michael Voss, 34, will take over the business management and executive board of Börse Online with immediate effect. Moreover, Michael Voss is CEO of the WirtschaftsPresse Online GmbH and Financial Media Service GmbH.

Achim Twardy of the G+J Executive Board for newspapers/economy press said, "I wish Michael Voss good luck and a lot of success. Given the present positive economic environment and the situation of the DAX, we will further promote BÖRSE ONLINE together. Michael Voss has the essential experience, the team spirit and a positive creative concept to set a new course for the BÖRSE ONLINE brand. I´m looking forward to working with him. We wish to tap the full potential of BÖRSE ONLINE´s editorial competence and will invest all our creativity and energy in an onward strategy together. The tendencies and reactions within the market are already positive."

In this context, the activities of the WirtschaftsPresse Online GmbH are to be integrated into the economic press brands (BÖRSE ONLINE, CAPITAL and IMPULSE). Michael Voss said, "Following the successful establishment of the brand sites of the WirtschaftsPresse Online GmbH, it is about time this logical step of integrating online and print media took place. Our objective is to further expand the online competence of our print brands. The internet and our online activities are an important component in this endeavor, and will be completely integrated in the future."

Kurt Otto
Press spokesman
Gruner + Jahr AG & Co KG
Am Baumwall 11
D - 20459 Hamburg
Telephone: +49-40-3703-3810
Telefax: +49-40-3703-5617