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Former CEO of Bertelsmann Now Chairman at Polestar

Press release from the issuing company

May 17, 2004 -- The Polestar Group has appointed a new chairman. With effect from 1 July 2004, Thomas Middelhoff, head of private equity for Investcorp Europe, will succeed the current chairman Philip Yea, who is leaving Investcorp to become the next Group Chief Executive at 3i. Thomas Middelhoff is the former CEO of Bertelsmann, the German media group, and has been with Investcorp since mid 2003. Of his appointment, he says: "In view of my print industry experience, I have been consulted in detail during the development of Polestar's reinvestment plans. I am therefore delighted to be able to work more closely with Barry and his team to bring them to fruition." Polestar Group Chief Executive Barry Hibbert says: "Philip has been a much-respected and admired chairman and we have enjoyed the benefit of his experience over the last two and a half years. He has our best wishes for the future." He continues: "In his Investcorp role, Thomas has been involved with the plans for our new plant and I am delighted that he is taking on this role at such an important phase in Polestar's development. His increased participation will be a great asset for our future and continues Investcorp's strong support of Polestar and its management." Commenting on his period as Chairman, Philip Yea says: "Since Barry Hibbert joined three years ago, Polestar has made substantial progress, and the successful implementation of its recently announced plans will give it a secure future. I shall follow this new phase for Polestar with great interest."