Gunter Thielen Quotations

We are prepared for an IPO. Bertelsmann has developed strongly in the last years and increased its profits considerably.

People are getting older... and older people are getting lonelier and they will need communities where they can share their interests.

Our major acquisitions and joint ventures ... will be shown on the books for the second half of the year,

The deal is based on a 50-50 valuation of the two assets, and there will be no cash payment, ... We have combined our assets with Sony's because we believe music will remain one of our core businesses.

While other global media companies are struggling with transition and the search for strategic and structural reorientation, the cornerstone of our traditional strategy has once again proven its worth,

We at Bertelsmann are resolutely staying our course of systematically building our business. The continuity of our company is secure,

We have made the necessary efforts in the last years to prepare for a possible IPO.

We expect revenues and earnings to grow considerably for the full fiscal year 2005.

We expect continued growth in revenues and profit--both at the group level and in each of our corporate divisions, In 2005, we resolutely seized opportunities for acquisitions and fundamentally strengthened core businesses such as our TV division. We will build on this strong foundation to step up our investments in new growth markets and in emerging digital-media businesses.

During the first half of the year, Bertelsmann established the foundations for continued future growth, ... I am very pleased at our improved return on sales.

In short, we're prepared for an IPO. Bertelsmann has developed strongly in the last years and increased its profits considerably. Our divisions hold leading positions in their markets. Bertelsmann is an exciting company with a promising future.