ad pepper media achieves group profit of 2.1 million Euros for the full year 2003, achieving record results in fourth quarter.

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Nuremberg, Hoofddorp, The Netherlands, 23 March 2004

ad pepper media International N.V. succeeded in making 2003 the best financial year in its company history.

With a sales revenue of 20.7m EUR, ad pepper media increased its turnover by 46% in the year 2003 (previous year: 14.1m EUR). The fourth quarter of 2003 was outstanding, with a turnover of nearly 7m EUR (Q4/2002: 4.9m EUR).

“ad pepper media’s positive turnover development is mainly due to our on-the-spot, pan-European coverage, as well as the ability to design and implement sophisticated international campaigns. With our widespread sales network, innovative advertising and comprehensive range of customer-specific marketing solutions in the three areas of media, direct marketing and technology, we can ensure that marketing objectives are achieved and our customers are satisfied. Our company has profited on the one hand from the overall increase in demand throughout Europe, and on the other from the increasing need of international groups for an internationally active service provider” commented Ulrich Schmidt, CEO of ad pepper media.

In fiscal 2003 the company achieved EBIT of 1m EUR, after a figure of -1.6m EUR in fiscal 2002. This sustained rise in profitability is due to a further increase of 2% in gross margin, as well as the fact that sales and administration costs rose at a less than proportional rate, in spite of the considerable rise in turnover. Consolidated group profits for fiscal 2003 are 2.1m EUR (2002: -0.7m EUR), representing a profit per share of 0.21 EUR (previous year: -0.07 EUR).

Operational cashflow for fiscal 2003 was a positive 1.3m EUR (previous year:
-2.5m EUR). With a comfortably unchanged stock of liquid funds including short term liquid fixed asset securities and restricted cash of some 28m EUR as of 31 December 2003, ad pepper media rests on its usual solid foundation.

Figures for 2003/ 2002 in accordance with US GAAP:

Q4/2003 Q4/2002 Diff. 2003 2002 Diff.
Turnover KEURO 6,990 4,898 43% 20,704 14,148 46%
Gross margin KEURO 3,653 2,742 33% 10,278 6,700 53%
Operating costs KEURO 2,878 2.355 22% 9,349 8,030 16%
EBIT KEURO 796 448 78% 1,017 -1,579
Year profit/deficit KEURO 1,073 557 93% 2,126 -705
Profit/loss per share EURO 0.11 0.05 120% 0.21 -0.07
31.12.03 31.12.02*
Liquid resources** KEURO 27,668 28,479
Equity capital KEURO 35,658 33,915
Balance sheet total KEURO 42,945 39,282

*prior year’s presentation amended
**including short term liqid fixed asset securities and restricted cash

The general meeting of ad pepper media International N.V. takes place on 7 May 2004 in Hoofddorp (The Netherlands).

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