Directors dealings as per Section 15a German Securities Trading Act

Since the 4th Financial Market Development Act came into force on 1 July 2002, the members of the executive and supervisory boards of a listed German company are required to register transactions with both the company and the Federal Financial Supervisory Authority (BAFin) if they purchase or sell shares in the company or rights associated with these shares. This obligation applies equally to certain persons closely related to the members of the executive or supervisory boards (e.g. spouses, children, parents).
 

Date of Transaction: March 1st, 2011
Issuer: ad pepper media International N.V.
Person subject to registration: Grabacap ApS
Transaction subject to registration: sale of 40,000 shares with a price of 1.7960 EUR/share,
total volume: 71,840 EUR, stock exchange: Xetra

Date of Transaction: February 24th, 2011
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: purchase of 73,500 shares with a price of  1.20122 EUR/share,
total volume: 88,290.00 EUR, stock exchange: OTC

Date of Transaction: January 31st, 2011
Issuer: ad pepper media International N.V.
Person subject to registration: Merrill Clark Dean (Member of the Supervisory Board)
Transaction subject to registration: purchase of 8,000 shares with a price of  2.3899 USD/share,
total volume: 19,119.20 USD, stock exchange: OTC

Date of Transaction: November 26th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 30,831 shares with a price of  1.57 EUR/share,
total volume: 48,404.67 EUR, stock exchange: außerbörslich

Date of Transaction: November 26th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Viva Media Service GmbH (Ulrich Schmidt, Member of the Board)
Transaction subject to registration: purchase of 6,370 shares with a price of  1.54986 EUR/share,
total volume: 9,872.61 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: November 2nd, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 20,000 shares with a price of 1.8320 EUR/share,
total volume: 36,639.53 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: October 29th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 43,357 shares with a price of 1.9015 EUR/share,
total volume: 82,444.64 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: October 27th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 14,900 shares with a price of 1.90 EUR/share,
total volume: 28,310 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: October 25th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 7,250 shares with a price of 1.9010 EUR/share,
total volume: 13,782.30 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: October 22nd, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 221,415 shares with a price of 1.9369 EUR/share,
total volume: 428,854.91 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: October 20th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 2,950 shares with a price of 1.97 EUR/share,
total volume: 5,811.50 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: October 18th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 3,224 shares with a price of 2.03 EUR/share,
total volume: 6,544.72 EUR, stock exchange: xetra, Frankfurt

Date of Transaction: September 14th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Grabacap ApS
Transaction subject to registration: sale of 36,000 shares with a price of 1.60 EUR/share,
total volume: 57,600 EUR, stock exchange: außerbörslich / OTC

Date of Transaction: September 14th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Euro Serve Media GmbH
Transaction subject to registration: purchase of 100,000 shares with a price of 1.60 EUR/share,
total volume: 160,000 EUR, stock exchange: außerbörslich / OTC

Date of Transaction: July 2nd, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Grabacap ApS
Transaction subject to registration: sale of 40,000 shares with a price of 1.55 EUR/share,
total volume: 62,000 EUR, stock exchange: außerbörslich / OTC

Date of Transaction: March 24th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: purchase of 144,000 shares with a price of 0.89 EUR/share,
total volume: 128,160 EUR, stock exchange: außerbörslich / OTC

Date of Transaction: March 16th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 38,039 shares with a price of 1.485 EUR/share,
total volume: 56,495,22 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: March 15th, 2010
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: sale of 41,961 shares with a price of 1.46 EUR/share,
total volume: 61,242,28 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: December 22nd, 2008
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: purchase of 9,063 shares with a price of 1.274 EUR/share,
total volume: 11,547,66 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: December 15th, 2008
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: purchase of 1,223 shares with a price of 1.196 EUR/share,
total volume: 1,463.14 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: December 12nd, 2008
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton (Member of managing body)
Transaction subject to registration: purchase of 100 shares with a price of 1.2 EUR/share,
total volume: 120 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: November 7th, 2008
Issuer: ad pepper media International N.V.
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 45,000 shares with a price of 1.998 EUR/share,
total volume: 89,910.00 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: November 5th, 2008
Issuer: ad pepper media International N.V.
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 28,500 shares with a price of 2.01 EUR/share,
total volume: 55,285.00 EUR, stock exchange: Xetra, Frankfurt

Date of Transaction: April 2nd, 2008
Issuer: ad pepper media International N.V.
Person subject to registration: Michael A. Carton, Member of a managing body
Transaction subject to registration: purchase of 50,000 shares with a price of 3.30 EUR/share,
total volume: 165,000.00 EUR, stock exchange: Frankfurt

Date of Transaction: November 29th, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Viva Media Service GmbH
Transaction subject to registration: purchase of 30,000 shares with a price of 3.15 EUR/share,
total volume: 94,500.00 EUR, stock exchange: off-exchange

Date of Transaction: November 29th, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Ulrich Schmidt, Member of the board
Transaction subject to registration: purchase of 30,000 shares by exercising options with a price of 1.78 EUR/share,
total volume: 53,400.00 EUR, stock exchange: off-exchange

Date of Transaction:  November 23rd, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Mitteilungspflichtiges Transaction subject to registration: purchase of 7,786 shares with a price of 3.25 EUR/share,
total volume: 25,304.50 EUR, stock exchange: off-exchange

Date of Transaction: November 23rd, 2007
Issuer: ad pepper media International N.V.*
Meldepflichtige Person subject to registration: Michael Oschmann, Member of the Supervisory Board
Transaction subject to registration: sale of 7,786 shares with a price of 3.25 EUR/share,
total volume: 25,304.50 EUR, stock exchange: off-exchange

Date of Transaction: November 21st, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 50,000 shares with a price of 3.31 EUR/share,
total volume: 165,500.00 EUR, stock exchange: Frankfurt

Date of Transaction: August 30th, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 4,000 shares with an average price of 4.32 EUR/share,
total volume: 17,290.00 EUR, stock exchange: Frankfurt

Date of Transaction: August 29th, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 500 shares with a price of 4.35 EUR/share,
total volume: 2,175.00 EUR, stock exchange: Frankfurt

Date of Transaction: August 28th, 2007
Issuer: ad pepper media International N.V.*
Meldepflichtige Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 1,801 shares with a price of 4.41 EUR/share,
total volume: 7,942.41 EUR, stock exchange: Frankfurt

Date of Transaction: August 24th, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 199 shares with an average price of 4.41 EUR/share,
total volume: 877.59 EUR, stock exchange: Frankfurt

Date of Transaction: August 23rd, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Euroserve Media GmbH (Michael Oschmann, Member of the Supervisory Board)
Transaction subject to registration: purchase of 1,500 shares with an average price of 4.12 EUR/share,
total volume: 6,175.00 EUR, stock exchange: Frankfurt

Date of Transaction: June 20th, 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Günther Niethammer
Transaction subject to registration: purchase of 18,750 shares with an average price of 2.45 EUR/share,
total volume: 45,887.50 EUR, stock exchange: off-exchange

Date of Transaction: April 10th 2007
Issuer: ad pepper media International N.V.*
Person subject to registration: Viva Media Service GmbH (Ulrich Schmidt, Member of the Board)
Transaction subject to registration: purchase of 5,550 shares with a price of 6.46 EUR/share,
total volume: 38,875 EUR, stock exchange: Frankfurt

* Hogehilweg 15; 1101 CB Amsterdam; The Netherlands; WKN 940883 / ISIN NL 0000238145