We'd make an attempt at a witty comment, but we're speechless...

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CONDÉ NAST PUBLICATIONS
TO LAUNCH NEW BUSINESS GROUP
JOANNE LIPMAN NAMED EDITOR-IN-CHIEF
DAVID CAREY NAMED PRESIDENT

August 24, 2005—Condé Nast Publications will launch a new business group, including a monthly magazine and website, it was announced today by Charles H. Townsend, President and C.E.O. of the company. The title and launch date have yet to be determined.

Joanne Lipman, deputy managing editor of The Wall Street Journal, has been named Editor-In-Chief, announced Thomas J. Wallace, Editorial Director.

"In her twenty-two years at The Journal, Joanne Lipman has proven herself to be a skilled journalist and an innovative editor," Wallace said. "She is the perfect person to lead this new magazine."

Joanne Lipman has been a deputy managing editor of The Wall Street Journal since 2000. She was the founder of the Weekend Journal and Personal Journal sections, and editor in chief of Weekend Journal. She also oversaw the paper's 2002 redesign. Most recently she has been working on the development of Weekend Edition, a sixth day of The Wall Street Journal that will appear each Saturday beginning on September 17, 2005. Lipman joined the Journal in 1983 as a reporter in New York and was responsible for initiating and writing the paper's daily advertising column in 1989. She subsequently was a news editor on The Wall Street Journal's page one staff.

"Condé Nast is the premier magazine publishing company, and I am delighted to be joining the team," Lipman said.

David Carey has been named President of the new business group, announced Charles H. Townsend.

"This new group fits well with the growth strategy of the company and will complement Condé Nast's existing titles," Townsend said. "David Carey has exceptional business acumen and great experience with magazine launches. Joanne and David will make an excellent team."

David Carey has been Vice President and Publisher of The New Yorker since 1998. Previously, he had been founding publisher of SmartMoney, a joint venture between The Wall Street Journal and The Hearst Corporation. In 2001, Carey served as President and CEO of Gruner & Jahr's Business Information Group. He joined Condé Nast in May of 1995 to re-launch House & Garden.

Condé Nast Publications, Inc., currently publishes eighteen magazines. It is a unit of the Advance Magazine Group, which includes Condé Nast Publications, Fairchild Publications, Parade Publications, Golf Digest Companies, and CondéNet.

PRESS CONTACT:
Maurie Perl, Senior Vice President, Corporate Communications (212) 286-5893