Scholz & Friends AG

euro adhoc: Scholz & Friends AG
Principal shareholder of SCHOLZ & FRIENDS AG discloses amount of cash compensation (E)

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

Berlin, March 24, 2004 - SCHOLZ & FRIENDS Holding GmbH, the principal shareholder of SCHOLZ & FRIENDS AG, today disclosed the amount of the cash compensation which minority shareholders are to receive as part of the planned squeeze out procedure. The cash compensation will amount to a total of EUR 2.20 for each SCHOLZ & FRIENDS share.

On September 12, 2003, SCHOLZ & FRIENDS Holding GmbH submitted a request within the meaning of Section 327a Paragraph 1 of the German Stock Corporation Act to the Management Board of SCHOLZ & FRIENDS AG to have the General Meeting of Shareholders approve the transfer of the shares held by the minority shareholder to SCHOLZ & FRIENDS Holding GmbH in return for an appropriate cash compensation. SCHOLZ & FRIENDS Holding GmbH holds 97.07% of the shares and voting rights in SCHOLZ & FRIENDS AG. The resolution is due to be adopted at the statutory General Meeting of SCHOLZ & FRIENDS AG on May 6, 2004.

end of announcement            euro adhoc 24.03.2004
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Further inquiry note: Stefanie Frey Tel.: 030/590053-114 stefanie.frey@s-f.com

Branche: Advertising
ISIN:      DE0006972805
WKN:        697280
Index:    CDAX
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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