Share Repurchase

Based on a resolution passed by the General Meeting of shareholders on April 30, 2007, the Management Board has been authorized to repurchase own shares within 18 months of this resolution via the stock exchange, i.e. until October 30, 2008. As a result a total of 568,242 shares or 5% of the issued share capital of ad pepper may be repurchased. ad pepper media has authorised a investmentbank to conduct the share buyback.

On July 09, 2007 ad pepper media International N.V. halted its share buyback program until further notice and bought back shares for EUR 1.2210 million. A total of 169,200 shares were bought back since the start of the buyback at an average price of EUR 7,21. This corresponds to 1.49 percent of the company's share capital. ad pepper media`s Management intends to utilise the shares from the current buyback for its own employee share programs.

Overview of share purchases completed under the buyback program in accordance with the Commission Regulation (EC) No 2273/2003 of 22 December 2003, Article 4, No. 4:

Complete overview share repurchase (pdf-download)