Result of Extraordinary General Meeting, NASDAQ delisting and update on ownership dispute re QXL Poland Sp z.o.o. (“QXL Poland”)

QXL ricardo plc (the “Company”) announces that at its Extraordinary General Meeting held on 28 March, the special resolution required to implement the proposed 1 for 1,000 consolidation of the Company’s ordinary shares was approved by the necessary majority of shareholders. The Company expects admission to the Official List of the UKLA of its new ordinary shares of £1 each to become effective (and dealings in these shares on the London Stock Exchange to commence) on 1 April 2003.

The Company expects the delisting of its shares from the NASDAQ Stock Market and the deregistration of its securities from the reporting requirements of the US Securities Exchange Act of 1934 to become effective on 31 March 2003.

The Company also announces that various civil and criminal proceedings have been commenced in Poland regarding the registration of NIAA Sp z.o.o. (“NIAA”) as a 92% shareholder of QXL Poland. NIAA is owned by companies controlled by the General Manager of QXL Poland, Arjan Bakker, and his common law wife. The Company is seeking to annul the share issue to NIAA on the basis that it was carried out fraudulently, without the Company’s knowledge or consent and as a result of Mr Bakker and his associates withholding documents from the Poznan Court Registry. An injunction has also been sought to prevent any sale of the assets or business of QXL Poland, or the shares registered in NIAA’s name, pending resolution of this issue. Further information on progress in these proceedings will be announced at the appropriate time.

QXL Poland has recently claimed that the annualised value of goods traded through its site is 400 million zlotys (£63 million), which, if the proceedings in Poland are successful, would confirm it as a very material asset of the QXL ricardo group.