Press release

Stefano de Alessandri New Managing Director of
Gruner + Jahr/ Mondadori in Italy

Hamburg, 02 June 2003 –

Stefano de Alessandri (43) will take over the management ofthe Italian publishing company Gruner + Jahr / Mondadori, a joint venture betweenArnoldo Mondadori Editore S.p.A. and Gruner + Jahr AG & Co KG, from PhilippeGuesdon (48), effective July 1, 2003. After 13 years at the head of the publishingcompany in Italy, Guesdon is returning to France, to Gruner + Jahr´s Frenchsubsidiary Prisma Presse. Axel Ganz (65), Gruner + Jahr´s executive board memberin charge of International Magazines, will at the same time become President ofthe Gruner + Jahr / Mondadori executive board.

Stefano de Alessandri studied economics at Bocconi University in Milan before takingup his career in 1987 at Publitalia. Subsequently, from 1989 on, he spent 10 yearsin various positions in the RCS Group (Rizzoli Corriere della Sera) before leavingin 1999 to join Condé; Nast Italy as deputy managing director. In this capacity, hewas responsible for the magazines "GQ," "Glamour," "Architectural Digest" and"Condé; Nast Traveler."

Gruner + Jahr / Mondadori was founded in 1989 and today publishes the monthlymagazines VERA, TOP GIRL and JACK, as well as the popular science magazine FOCUS,Italy´s highest-circulation monthly. Gruner + Jahr / Mondadori also publishes thequarterly title FOCUS EXTRA.

Axel Ganz: "On behalf of Gruner + Jahr and our joint-venture partner Arnoldo MondadoriEditore, I thank Philippe Guesdon for his excellent work over the past 13 years.He has crafted a distinguished and successful publishing company in Italy. His greatestsuccess was FOCUS, on which FOCUS EXTRA and JACK were able to build.Stefano de Alessandri is taking over an excellent publishing company. I wish him agreat deal of success in his new job and look forward to working with him and tothe continuing development of Gruner + Jahr / Mondadori."

For further information:

Kurt Otto
Press Spokesman
Gruner + Jahr AG & Co KG
Am Baumwall 11
20459 Hamburg
Phone: +49.40.3703-3810
Fax: +49.40.3703-5617
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