Press release

Good result in difficult market

• General Shareholders Meeting postponed till further notice with reference to discussions about possible public bid on RSDB
• EBITDA EUR 40.9 mln and net result of EUR 5.4 million
• Solid operational cash flow combined with disciplined capital investments
• Interest bearing debt reduced with 30% to EUR 58.5 million
• Healthy balance and ratios
• RSDB continues to seek leading role in European consolidation

General Shareholders Meeting postponed because discussions about possible public bid have started
With reference to our press release of March 13 in which we announced that RSDB received notice from an investor (the “Investor”) concerning his intention to make a public bid for RSDB at a indicative price of EUR 40,00 per share (cum dividend), we herewith notify you that in the mean time the Investor and RSDB have started constructive discussions about the possible bid of the Investor. With reference to these talks the General Shareholders Meeting, which was planned for April 16 will be postponed till further notice.

Annual figures 2007
RSDB delivered a good result in an difficult market.

x € mln	2007	2006	Index
Added Value	234.0	246.4	95
EBITDA	40.9	51.8	79
EBIT	6.3	15.2	42
Net Result	5.4	7.6	71
Cashflow from operational activities	50,4	27.6	183
Debt	58.5	83.5	70
EBITDA/Added Value (%)	17.5%	21.0%
Return on Capital Employed	2.9%	3.7%

Turnover from continuing business activities declined with EUR 46.3 million to EUR 485.0 million (2006: EUR 531.3 million), partly caused by lower volumes and a larger share of paper supplied by customers ad EUR 107.0 million (2006: 84.3 million).

Added value (AV) declined by EUR 12.4 mln to EUR 234.0 million (2006: EUR 246.4 million).
Total personnel costs, depreciation, extraordinary write-offs and other business costs fell by EUR 3.6 million to EUR 227.7 million (2006: EUR 231.3 million). The underlying cost development is controlled by continuous process control / automation and reduction of FTE’s. The number of employees based on full time equivalents declined from 2,456 at year-end 2006 to 2,257 at year-end 2007. De new Grafimedia collective wage agreement has partly offset this efficiency increase.

EBITDA fell to EUR 40.9 million (2006 EUR 51.8 million). The continued pressure on margins which developed over the last few years, continued in 2007 with an EBITDA/AV margin of 17.5% and return on capital employed of 2.9%.

EBIT declined to EUR 6.3 million (2006: EUR 15.2 million). The underlying EBIT, corrected for consultancy costs in relation to the intended acquisition of Quebecor World Europe (EUR 7.5 million) and the profit on the sale of real estate (EUR 3.1 million) is EUR 10.7 million.

 In 2007 RSDB delivered a net profit from ordinary continuing business activities of EUR 5.4 million, against EUR 7.6 million in 2006 (-30%). The underlying net profit corrected for extraordinary items mentioned above and the sale of participatory holdings (EUR 3.7 million) amounts up to EUR 5.0 million.

Cash flow from operational activities was EUR 50,4 million which allowed RSDB to further reduce the interest bearing debt to EUR 58.5 million (2006: 83.5 million). The company has a strong balance sheet with a debt / EBITDA ratio of 1.4 and a EBITDA/interest expense ratio of 11.0. Solvency at 44.5% (41.7% at end 2006).

With an unchanged number of 3,290,275 placed ordinary shares, net result per share amounted to EUR 1.65 (2006: EUR 2.31).  A cash dividend of EUR 1.76 (2006: EUR 1.76) per ordinary share will be proposed to the Annual General Shareholders' Meeting.

2007 Review
2007 was a very unusual year for RSDB. A year where RSDB worked hard on a first step to shape the so much needed consolidation of our industry in Europe, which ultimately was rejected by the shareholders in an Extraordinary General Meeting on 13 December 2007.
At the same time, the organisation of Print Productions was radically restructured to make the businesses sharper and more flexible, allowing them to better resist market pressure and the increasingly fierce competition.

The Print Productions market showed a marginal growth (in kilotons) of 1.1%. In contrast to previous years, when Print Productions maintained a healthy, aggressive position and grew above the market level, this year Print Productions lost 1.8% volume. For commercial reasons (profit margin too low) RSDB discontinued certain large productions in 2007 and sought out the challenge of new prospects. Given the market conditions in 2007 this was a difficult process, leading to a loss of volume compared to 2006. Turnover was adversely affected by the changed volume of customer-supplied paper. In previous years RSDB has purchased 75% of the printed-paper volume ourselves, which declined to 65% in 2007.

Our resolve to play a leading role in European consolidation also involves a strategic decision that RSDB shall concentrate even more on the industrial print environment. In 2007 this led to the sale of two Marketing Communications businesses: 2organize to the Signum Group BV and Logic Use to Adnovate Holding BV.

Within Marketing Communications the new management team at MediaPartners opted to give the brand MediaPartners Group an even stronger position in the market. Three labels were launched on the market under the MediaPartners Group brand: LoyaliteitsCommunicatie, ActieCommunicatie and Interne Communicatie.

Prospects
Statistics bureaus and other national research institutions envision a mild recovery in the graphics industry. Looking at the results reported by the different graphics businesses in Europe though, and at the recent announcements by our competitors of closures and redundancies, we are not sure where this optimism originates.

In the present difficult market RSDB's good results show that the group is capable of continuing its business on a stand-alone basis. It is the board's conviction however, that the only way to get the market into real recovery and restore the balance between demand and the supply of graphics services is far-reaching consolidation in the European market. Until now the search for possible partners in this consolidation process has not been successful. As has been stated in our press release of March 13, the Investor has indicated to support the board’s strategy, which is aimed at consolidating the industry. Therefore, RSDB will remain focused on consolidation in 2008 and will continue to look for a structural solution.

Internally, all efforts will be directed to consolidating the new structure within the Print Productions and Marketing Communications companies, coupled with further process optimisation. In operational terms we shall concentrate on the operational cash flow from the business by focusing on commercial occupancy rate of our plants, cost management and stringent working capital monitoring, partly by making use of the process optimisation already integrated in our IT systems. The group will moreover maintain strict capital discipline for necessary future investments.

Looking at market conditions we can make no statement now about the result expected for 2008.

RSDB NV
Executive Board

Hilversum March 20, 2008

For further information

Appendices:

Figures RSDB 2007 PDF (54Kb) contains: Consolidated profit and loss account Balance Cash flow

The figures in this press release are based on the finalised annual account for 2007, which will be presented to the Shareholders' General Meeting for approval. The figures in this press release have not been audited.

Profile
RSDB NV is listed on NYSE Euronext Exchange with Amsterdam as market entry. RSDB is an organisation of service supply companies, transforming the clients’ communications – with added value – into printed and multimedia products. The companies are clustered into two business lines: Print Productions, providing efficient, full-service, web-based printing; and Marketing Communications, ensuring the optimum facilitation of the client’s own communications channels by means of effective, cross-media communications concepts.