Ad-hoc | 21 May 2002 20:17

ProSiebenSat.1 Media AG english

Supervisory Board plans to convert preferred stock at a later time Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Supervisory Board of ProSiebenSat.1 Media AG plans to convert preferred stock to common stock at a later time Four Supervisory Board members step down Munich, May 21, 2002. The Executive and Supervisory Boards of ProSiebenSat.1 Media AG were informed today by the company’s majority shareholder Kirch Media that at present KirchMedia would not support the conversion of preferred stock to common stock. Against this background the Supervisory Board decided against putting the conversion on the agenda of the upcoming annual shareholders’ meeting on July 9. The Executive and Supervisory Boards at the same time agreed to adhere to the decision of converting preferred stock into common stock at the earliest possible opportunity. On April 8, 2002, KirchMedia filed in Munich Local Court for insolvency under self-administration, and was assigned an interim management. KirchMedia explained that with regard to the ongoing insolvency proceedings it is currently in no position to make a decision about the conversion of preferred stock, since such a change might affect the interests of its creditor banks and investors. KirchMedia management said it still advocates the project in principle, but will not be able to support it until KirchMedia’s shareholder structure has been clarified. Before the company filed for insolvency KirchMedia had originally announced on February 22, 2002, that it would support the conversion at the next annual shareholders’ meeting. Furthermore, today Dr. Dieter Hahn, Chairman of the Supervisory Board of ProSiebenSat.1 Media AG, resigned from his seat on the Board as of June 21, 2002, as did Vice-Chairman Thomas Kirch, Mr. Jan Mojto, and Dr. Klaus Piette. At the annual meeting on July 9, the Supervisory Board will propose three managing directors of KirchMedia – Mr. Wolfgang van Betteray, Mr. Norbert Deigner and Mr. Fred Kogel – as new members of the Board, along with Mr. Wolfgang Hartmann, a member of the Executive Board of Commerzbank AG. Contact: Dr. Torsten Rossmann Company Spokesman ProSiebenSat.1 Media AG Phone+49 89 95 07-11 80 end of ad-hoc-announcement (c)DGAP 21.05.2002 ——————————————————————————– WKN: 777 117; ISIN: DE0007771172; Index: MDAX Listed: Amtlicher Handel in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 212017 Mai 02