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A 10.7% increase in its consolidated turnover during the second quarter of fiscal year 2003/2004 enables NRJ GROUP to record a consolidated turnover excluding barter operations on March 31, 2004 for €168.20 million, up 7.4% in comparison with previous year.

The sector-based breakdown of the consolidated turnover excluding barter operations of NRJ GROUP is as follows:

	March 31, 2004	March 31, 2003	Variation
in million €	(6 months)	(6 months)	in %
French national radio operations (1)	113.21	104.37	8.5%
French local radio operations (2)	28.12	25.69	9.5%
International radio operations	19	18.6	2.1%
Broadcasting operations (3)	3.54	3.65	-3.0%
Internet and Telematics operations (4)	2.17	1.97	10.2%
Other operations (France)	2.16	2.29	-6.1%
Consolidated turnover
(excluding barter operations)	168.2	156.57	7.4%
Consolidated barter operations	26.72	28.27	-5.5%
Consolidated turnover
including barter operations	194.92	184.84	5.5%

(1) NRJ REGIES, SPOT MACHINE, NRJ GROUP, NRJ SA, holding companies NOSTALGIE, RADIO NOSTALGIE, CHERIE FM, GILDA, RIRE & CHANSONS and RC FM companies

(2) REGIE NETWORKS sub-group (excluding Internet activities) and local radio stations NRJ, NOSTALGIE and CHERIE FM

(3) TOWERCAST, TELEMAST (Finland), TOWERCAST NORDIC (Sweden), SOBEDIFF (Belgium) and NUMERICAST companies

(4) e-NRJ, DECLICS MULTIMEDIA and RIGOLER companies, Internet activities of REGIE NETWORKS sub-group and of foreign subsidiaries and Telematics activities of French and foreign subsidiaries

Radio operations in France

French national radio operations: + 11.5 %

The main activity of the Group achieves a 11.5% increase in its turnover during the second quarter of fiscal year 2003/2004. This increase is actually a performance taking into account the 3.9% growth already recorded during the same period of previous fiscal year. The fourth radios of the Group have put up their turnover during this first half-year.

Turnover is increasing in main sectors of the Group during the half-year. This performance has been reached thanks to new clients and new sectors conquest politics but also thanks to an increase in special operations and events turnover. Excluding the Ile-de-France region, second quarter 2003/2004 turnover of French national operations raises over than 14%.

French local radio operations: + 12.3 %

Régie Networks and its subsidiaries record a 12.3% increase in their turnover during the second quarter of fiscal year 2003/2004. Chérie and Nostalgie radio networks have recorded a two-figures increase during this quarter. This variation is actually a performance that is clearly higher that the one of the competitors on local advertising market.

International radio operations: stability

Second quarter of fiscal year 2003/2004 turnover is almost stable, enabling a 2.1% increase in the first half-year turnover.

2003/2004 second quarter variation hides a disparity:

- German speaking area records a 5% decrease in its turnover that was expected because of the decrease in Berlin radio station audience and the way the audience surveys are made in Germany. On the opposite, the other German cities are significantly increasing their turnover, as well as Austria where turnover increases of 11.6%

- Nordic area records a 17.4% increase in its turnover, mainly thanks to special operations.

Outlook

Up to now, objectives set by NRJ GROUP general management has been reached: turnover increase higher than the market, progress in turnover and audience of Nostalgie, recovery of the Ile-de-France activity. However, the Group reminds that a part of the growth in its turnover is due to special operations and events, which activities generates a margin lower than the one of radio activity.