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<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed
with the Securities and Exchange Commission on January 13, 2005</font></b></p>

<p align="right" style="margin:0pt 0pt 6.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration No.&#160; 333-&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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<p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED
STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-align:justify;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</font></div>

<p style="margin:0pt 0pt .0001pt;text-align:justify;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM
S-8</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">24/7
REAL MEDIA, INC.</font></b></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Its
Charter)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware<br>
  </font></b>(State or Other
  Jurisdiction of<br>
  Incorporation or Organization)&nbsp;</p>
  </td>
  <td width="50%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:50.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13-3995672</font></b><br>(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:50.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">132
  West 31<sup>&nbsp; </sup>Street, 9th Floor</font></b><br>
  <b><font style="font-weight:bold;">New York, NY<br>
  </font></b>(Address of Principal Executive
  Offices)</p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10001</font></b><br>
  (Zip Code)</p>
  </td>
 </tr>
</table>

</div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0pt 0pt .0001pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2002 Stock Incentive Plan (as amended
through October 26, 2004)</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full Title of the Plan)</font></p>

<p style="margin:0pt 0pt .0001pt;text-align:justify;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">David J.
Moore</font></b><font size="2" style="font-size:10.0pt;"><br>
<b><font style="font-weight:bold;">President and Chief Executive Officer<br>
</font>24/7 Real Media, Inc.<br>
132 West 31 Street, 9th Floor<br>
New York, NY 10001<br></b>(Name and Address of Agent for Service)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212)
231-7100<br>
</font></b><font size="2" style="font-size:10.0pt;">(Telephone
Number, Including Area Code, of Agent For Service)</font></p>

<p style="margin:0pt 0pt .0001pt;text-align:justify;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Copies
of all communications to:</font></i></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ronald R. Papa, Esq.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proskauer Rose LLP</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1585 Broadway</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York, NY&#160; 10036</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 969-3000</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-align:justify;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CALCULATION OF REGISTRATION
FEE</font></b></p>

<p align="left" style="margin:0pt 0pt .0001pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="bottom" style="border:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:40.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title Of Each Class Of
  Securities<br>
  To Be Registered</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount To Be<br>
  Registered(1)</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Offering Price<br>
  Per Share(2)</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Aggregate<br>
  Offering Price(2)</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount<br>
  Of<br>
  Registration Fee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:40.0%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2002 Stock Incentive Plan</font></b></p>
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, par value $0.01 per share</font></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,800,000
  shares</font></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$3.54</font></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$27,612,000.00</font></p>
  </td>
  <td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:15.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$3,249.93</font></p>
  </td>
 </tr>
</table>

<p style="margin:6.0pt 0pt 6.0pt 23.75pt;text-indent:-23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Registration Statement
shall also cover any additional shares of the Registrant&#146;s common stock which
become issuable under the Registrant&#146;s 2002 Stock Incentive Plan by reason of
any stock dividend, stock split, recapitalization or other similar transaction
effected without the Registrant&#146;s receipt of consideration which results in an
increase in the number of the outstanding shares of the Registrant&#146;s common
stock.</font></p>

<p style="margin:6.0pt 0pt 6.0pt 23.75pt;text-indent:-23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Calculated solely for
purposes of the registration fee for this offering in accordance with Rule
457(h)(1) of the Securities Act of 1933, as amended, on the basis of the
average of the high and low sale prices of the Common Stock as reported on the
NASDAQ SmallCap market on January 12, 2005.</font></p>

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<p align="left" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT UNDER GENERAL INSTRUCTION E.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGISTRATION OF ADDITIONAL SECURITIES</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This
Registration Statement is filed pursuant to General Instruction E. to Form S-8
and is for the registration of 7,800,000 additional shares of common stock, par
value $0.01 per share (&#147;Common Stock&#148;), of 24/7 Real Media, Inc., a Delaware
corporation (the &#147;Company&#148; or &#147;Registrant&#148;), under the Company&#146;s 2002 Stock
Incentive Plan (as amended through October 26, 2004). On October 16, 2002, the
Company filed with the Securities and Exchange Commission (the &#147;Commission&#148;) a
registration statement on Form S-8 (registration no. 333-100582) relating to
the shares of Common Stock issuable under the 2002 Stock Incentive Plan.&#160; This Registration Statement relates to
securities of the same class as those for which such prior registration
statement is effective, and the contents of such prior registration statement
are incorporated by reference herein.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART I</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Information
required by Part I to be contained in the Section 10(a) Prospectus is omitted
from this registration statement in accordance with Rule 428 under the
Securities Act of 1933, as amended, and the &#147;Note&#148; to Part I of Form S-8.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART II</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.&#160;&#160;&#160; Incorporation of Documents by Reference.</font></b></h2>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company hereby
incorporates by reference into this Registration Statement the following
documents previously filed with the Commission:</font></p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2003, as
filed on March 1, 2004 and amended on March 24, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2004, as filed on May 14, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Quarterly Report on Form 10-Q for the quarterly period ended June 30,
2004, as filed on August 9, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2004, as filed on November 9, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed January 12, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed February 11, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed March 16, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed April 20, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed August 20, 2004 (as amended on Form
8-K/A, filed September 30, 2004);</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed December 17, 2004;</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company&#146;s Current Report on Form 8-K, filed December 29, 2004; and</p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-align:left;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l) </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
description of the Common Stock contained in the Company&#146;s Registration
Statement (No. 000-29768) on Form 8-A dated July 28, 1998 registering the 24/7
Media common stock under Section 12(g) of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;).</p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents filed by
the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act, subsequent to the effective date of this Registration Statement and prior
to the filing of a post-effective amendment to this Registration Statement
indicating that all securities offered hereby have been sold or deregistering
all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be part hereof from the date of filing of such
documents.&#160; Any statement contained in
any document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement.&#160; Any such statement so modified or superseded
shall not be deemed to constitute a part of this Registration Statement, except
as so modified or superseded.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
4.&#160;&#160;&#160; Description of Securities</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
5.&#160;&#160;&#160; Interests of Named Experts and
Counsel.</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
6.&#160;&#160;&#160; Indemnification of Directors and Officers.</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s Certificate
of Incorporation provides that the Company shall, to the full extent permitted
by law, indemnify any person who is or was a director, officer, incorporator,
employee or agent of the Company against liability arising by reason of the
fact that such person is or was a director, officer, incorporator, employee or
agent of the Company, provided that such person acted in good faith and in a
manner he or she reasonably believed was not opposed to the best interests of
the Company.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article Eight of the
Company&#146;s Certificate of Incorporation provides that no director of the Company
shall be liable to the Company or its stockholders for monetary damages for
breach of fiduciary duty as a director, to the fullest extent now or hereafter
permitted by the laws of the State of Delaware.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.&#160;&#160;&#160; Exemption
from Registration Claimed.</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
8.&#160;&#160;&#160; Exhibits.</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-align:left;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b>See Exhibit
Index immediately following signature pages.</p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.&#160;&#160;&#160; Undertakings.</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
undersigned registrant hereby undertakes:</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration Statement:</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 108.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160; To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 108.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160; To reflect in the prospectus any facts or
events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement.&#160; Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 108.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)&#160; To include any material information with
respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement.</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided, however,</font></i><font size="2" face="Times New Roman" style="font-size:10.0pt;">
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-3, Form S-8 or Form F-3, and the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <i><font style="font-style:italic;">bona fide </font></i>offering
thereof.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable.&#160; In the event
that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0pt 0pt .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of New
York, state of New York on this 13th day of January, 2005.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.98%;">
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt .7pt;width:49.98%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24/7 REAL MEDIA, INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt .7pt;width:49.98%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0pt .7pt 0pt .7pt;width:49.98%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:4.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ DAVID J. MOORE</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:4.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David J. Moore</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:4.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt 270.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER OF ATTORNEY</font></b></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KNOW ALL PERSONS BY THESE
PRESENTS that each person whose signature appears below hereby constitutes and
appoints David J. Moore and Mark E. Moran, or any of them individually, such
person&#146;s true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for and in such person&#146;s name, place and
stead, in the capacities indicated below, to sign this Registration Statement
on Form S-8 of 24/7 Real Media, Inc. and any and all amendments (including
post-effective amendments) thereto, and to file or cause to be filed the same,
with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done in connection
therewith, as fully to all intents and purposes as such person might, or could,
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, and each of them, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.</font></p>

<p align="left" style="margin:0pt 0pt 12.0pt;text-align:left;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has
been signed on January 13, 2005 by the following persons in the capacities
indicated.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Title</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/David J. Moore</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David J. Moore</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief Executive
  Officer and Chairman of the Board of Directors<br>
  (Principal Executive Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jonathan K. Hsu</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jonathan K. Hsu</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer<br>
  (Principal Financial and Accounting Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert J. Perkins</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert J. Perkins</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Arnie Semsky</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arnie Semsky</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moritz F. Wuttke</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valentine J. Zammit</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Tony Schmitz</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tony Schmitz</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:10.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0pt 0pt .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\kdefran\05-1458-1\task273812\1458-1-ba.htm',USER='kdefran',CD='Jan 13 16:13 2005' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="85%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated
  Certificate of Incorporation of the Company. (1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By-laws of the Company.
  (Incorporated by reference to Exhibits to the Registrant&#146;s Registration
  Statement on Form S-1 dated August 23, 1998 (File No. 333-56085))</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen Common Stock
  Certificate. (Incorporated by reference to Exhibits to the Registrant&#146;s
  Registration Statement on Form S-1 filed June 4, 1998)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note dated October 30,
  2001 issued by Real Media, Inc. in favor of PubliGroupe USA, Inc.
  (Incorporated by reference to Exhibit 2.2 to the Registrant&#146;s filing on Form
  8-K filed November 1, 2001)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Note by 24/7
  Media, Inc. in favor of PubliGroupe USA Holding, Inc. (Incorporated by
  reference to Exhibit 2.3 to the Registrant&#146;s filing on Form 8-K filed
  November 1, 2001)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantee dated October
  30, 2001 by 24/7 Media, Inc. in favor of PubliGroupe USA Holding, Inc.
  (Incorporated by reference to Exhibit 2.4 to the Registrant&#146;s filing on Form
  8-K filed November 1, 2001)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of Designation
  of Series A Convertible Preferred Stock. (Incorporated by reference to
  Exhibit 4.1 to the Registrant&#146;s filing on Form 8-K filed July 4, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series A and Series A-1
  Preferred Stock and Common Stock Warrant Purchase Agreement dated as of July
  2, 2002 between the Company and Sunra Capital Holdings Limited. (Incorporated
  by reference to Exhibit 10.1 to the Registrant&#146;s filing on Form 8-K filed
  July 12, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Warrant to
  purchase Common Stock. (Incorporated by reference to Exhibit 10.2 to the
  Registrant&#146;s filing on Form 8-K filed July 3, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investor Rights Agreement
  dated as of July 2, 2002 among the Company, Sunra and Merchant Partners LLC.
  (Incorporated by reference to Exhibit 10.3 to the Registrant&#146;s filing on Form
  8-K filed July 3, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment No. 1 to Series
  A and A-1 Preferred Stock and Common Stock Warrant Purchase Agreement, dated
  as of August 7, 2002, by and between 24/7 Real Media, Inc. and Sunra Capital
  Holdings Limited. (Incorporated by reference to Exhibit 5.1 to the
  Registrant&#146;s filing on Form 8-K filed August 13, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Agreement, dated as
  of August 8, 2002, by and between 24/7 Real Media, Inc. and Sunra Capital
  Holdings Limited. (Incorporated by reference to Exhibit 5.2 to the
  Registrant&#146;s filing on Form 8-K filed August 13, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of Designation
  of Series B Convertible Preferred Stock. (Incorporated by reference to
  Exhibit 4.1 to the Registrant&#146;s filing on Form 8-K filed October 4, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series B Preferred Stock
  Purchase Agreement dated September 19, 2002 among 24/7 Real Media, Inc.,
  Elbit Ltd. and Gilbridge, Inc. (Incorporated by reference to Exhibit 10.1 to
  the Registrant&#146;s filing on Form 8-K filed October 4, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investor&#146;s Rights
  Agreement dated as of September 19, 2002 by and among 24/7 Real Media, Inc.,
  Elbit Ltd., Gilbridge, Inc and Elbit Vflash, Inc. (Incorporated by reference
  to Exhibit 10.2 to the Registrant&#146;s filing on Form 8-K filed October 4, 2002)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities Purchase
  Agreement, dated September 26, 2003, by and between the Company and The
  Riverview Group LLC (&#147;Riverview&#148;). (Incorporated by reference to Exhibit 4.1
  to the Registrant&#146;s filing on Form 8-K filed on September 29, 2003)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Debenture issued
  to Riverview. (Incorporated by reference to Exhibit 4.2 to the Registrant&#146;s
  filing on Form 8-K filed on September 29, 2003)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0pt 0pt .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Warrant to
  purchase Common Stock issued to Riverview. (Incorporated by reference to
  Exhibit 4.3 to the Registrant&#146;s filing on Form 8-K filed on September 29,
  2003)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights
  Agreement dated as of September 26, 2003 by and between the Company and
  Riverview. (Incorporated by reference to Exhibit 4.4 to the Registrant&#146;s
  filing on Form 8-K filed on September 29, 2003)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Escrow Agreement dated as
  of September 26, 2003 by and between the Company and Riverview. (Incorporated
  by reference to Exhibit 4.5 to the Registrant&#146;s filing on Form 8-K filed on
  September 29, 2003)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of Designation
  of Series C Convertible Preferred Stock. (Incorporated by reference to
  Exhibit 4.1 to the Registrant&#146;s filing on Form 8-K filed on June 12, 2003)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Warrant to
  purchase Common Stock. (Incorporated by reference to Exhibit 10.3 to the
  Registrant&#146;s filing on Form 8-K filed on June 12, 2003)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Proskauer Rose
  LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent
  Registered Public Accounting Firm - Goldstein Golub Kessler LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent
  Registered Public Accounting Firm - KPMG LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Certified
  Public Accounting Firm - Samduk Accounting Corporation.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.4*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent Registered
  Public Accounting Firm - BDO.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.5*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Proskauer Rose
  LLP (included in the opinion filed as Exhibit 5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:11.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:85.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney
  (included on signature page).</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt 6.0pt 72.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;
Filed herewith.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt 34.65pt;text-indent:-34.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incorporated by
reference to Exhibit 3.1 to the Registrant&#146;s Registration Statement on Form S-1
filed June 4, 1998 (File No. 333-56085).&#160;
The Registrant&#146;s Certificate of Incorporation has since been amended as
follows: Certificate of Amendment, filed with the Delaware Secretary of State
on June, 28, 2000 and filed herewith; Certificate of Ownership and Merger,
filed with the Delaware Secretary of State on November 9, 2001 and filed
herewith; Certificate of Designation, filed with the Delaware Secretary of
State on July 1, 2002 and incorporated by reference to Exhibit 4.1 filed to the
Registrant&#146;s filings on Form 8-K filed July 12, 2002 (File No. 000-29768);
Certificate of Designation, filed with the Delaware Secretary of State on July
1, 2002 and incorporated by reference to Exhibit 4.1 filed to the Registrants
filings on Amended Form 8-K filed July 12, 2002 (File No. 000-29768);
Certificate of Increase filed with the Delaware Secretary of State on September
12, 2002 and filed herewith; Certificate of Designation, filed with the
Delaware Secretary of State on September 19, 2002 and incorporated by reference
to Exhibit 4.1 filed to the Registrant&#146;s filings on Form 8-K filed October 4,
2002 (File No. 000-29768); Certificate of Designation, filed with the Delaware
Secretary of State on May 27, 2003 and incorporated by reference to Exhibit 4.1
filed to the Registrant&#146;s filings on Form 8-K filed June 12, 2003 (File No.
000-29768); Certificate of Designation, filed with the Delaware Secretary of
State on May 27, 2003 and incorporated by reference to Exhibit 4.2 filed to the
Registrant&#146;s filings on Form 8-K filed June 12, 2003 (File No. 000-29768);
Certificate of Increase, filed with the Delaware Secretary of State on June 4,
2003 and incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Annual
Report on Form 10-K filed March 24, 2004; Certificate of Amendment of Restated
Certificate, filed with the Delaware Secretary of State on August 29, 2003 and
incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Annual Report on
Form 10-K filed March 24, 2004; and Certificate of Amendment, filed with the
Delaware Secretary of State on February 26, 2004 and incorporated by reference
to Exhibit 3.1 to the Registrant&#146;s Annual Report on Form 10-K filed March 24,
2004.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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{"company-data": {"conformed-name": "24/7 REAL MEDIA INC", "cik": "0001062195", "assigned-sic": "7310", "irs-number": "133995672", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-122041", "film-number": "05529079"}, "business-address": {"street1": "1250 BROADWAY", "street2": "27TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10001", "phone": "2122317100"}, "mail-address": {"street1": "1250 BROADWAY", "city": "NEW YORK", "state": "NY", "zip": "10001"}}
As filed
with the Securities and Exchange Commission on January 13, 2005
Registration No.  333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
24/7
REAL MEDIA, INC.
(Exact Name of Registrant as Specified in Its
Charter)
Delaware
(State or Other
  Jurisdiction of
Incorporation or Organization)
13-3995672
(I.R.S. Employer Identification No.)
132
  West 31
Street, 9th Floor
New York, NY
(Address of Principal Executive
  Offices)
10001
(Zip Code)
2002 Stock Incentive Plan (as amended
through October 26, 2004)
(Full Title of the Plan)
David J.
Moore
President and Chief Executive Officer
24/7 Real Media, Inc.
132 West 31 Street, 9th Floor
New York, NY 10001
(Name and Address of Agent for Service)
(212)
231-7100
(Telephone
Number, Including Area Code, of Agent For Service)
Copies
of all communications to:
Ronald R. Papa, Esq.
Proskauer Rose LLP
1585 Broadway
New York, NY  10036
(212) 969-3000
CALCULATION OF REGISTRATION
FEE
Title Of Each Class Of
  Securities
To Be Registered
Amount To Be
Registered(1)
Proposed Maximum
Offering Price
Per Share(2)
Proposed Maximum
Aggregate
Offering Price(2)
Amount
Of
Registration Fee
2002 Stock Incentive Plan
Common Stock, par value $0.01 per share
7,800,000
  shares
$3.54
$27,612,000.00
$3,249.93
(1)
This Registration Statement
shall also cover any additional shares of the Registrant's common stock which
become issuable under the Registrant's 2002 Stock Incentive Plan by reason of
any stock dividend, stock split, recapitalization or other similar transaction
effected without the Registrant's receipt of consideration which results in an
increase in the number of the outstanding shares of the Registrant's common
stock.
(2)
Calculated solely for
purposes of the registration fee for this offering in accordance with Rule
457(h)(1) of the Securities Act of 1933, as amended, on the basis of the
average of the high and low sale prices of the Common Stock as reported on the
NASDAQ SmallCap market on January 12, 2005.
STATEMENT UNDER GENERAL INSTRUCTION E.
REGISTRATION OF ADDITIONAL SECURITIES
This
Registration Statement is filed pursuant to General Instruction E. to Form S-8
and is for the registration of 7,800,000 additional shares of common stock, par
value $0.01 per share ("Common Stock"), of 24/7 Real Media, Inc., a Delaware
corporation (the "Company" or "Registrant"), under the Company's 2002 Stock
Incentive Plan (as amended through October 26, 2004). On October 16, 2002, the
Company filed with the Securities and Exchange Commission (the "Commission") a
registration statement on Form S-8 (registration no. 333-100582) relating to
the shares of Common Stock issuable under the 2002 Stock Incentive Plan.  This Registration Statement relates to
securities of the same class as those for which such prior registration
statement is effective, and the contents of such prior registration statement
are incorporated by reference herein.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Information
required by Part I to be contained in the Section 10(a) Prospectus is omitted
from this registration statement in accordance with Rule 428 under the
Securities Act of 1933, as amended, and the "Note" to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.    Incorporation of Documents by Reference.
The Company hereby
incorporates by reference into this Registration Statement the following
documents previously filed with the Commission:
(a)
the
Company's Annual Report on Form 10-K for the year ended December 31, 2003, as
filed on March 1, 2004 and amended on March 24, 2004;
(b)
the
Company's Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2004, as filed on May 14, 2004;
(c)
the
Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30,
2004, as filed on August 9, 2004;
(d)
the
Company's Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2004, as filed on November 9, 2004;
(e)
the
Company's Current Report on Form 8-K, filed January 12, 2004;
(f)
the
Company's Current Report on Form 8-K, filed February 11, 2004;
(g)
the
Company's Current Report on Form 8-K, filed March 16, 2004;
(h)
the
Company's Current Report on Form 8-K, filed April 20, 2004;
(i)
the
Company's Current Report on Form 8-K, filed August 20, 2004 (as amended on Form
8-K/A, filed September 30, 2004);
2
(j)
the
Company's Current Report on Form 8-K, filed December 17, 2004;
(k)
the
Company's Current Report on Form 8-K, filed December 29, 2004; and
(l)
the
description of the Common Stock contained in the Company's Registration
Statement (No. 000-29768) on Form 8-A dated July 28, 1998 registering the 24/7
Media common stock under Section 12(g) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act").
All documents filed by
the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act, subsequent to the effective date of this Registration Statement and prior
to the filing of a post-effective amendment to this Registration Statement
indicating that all securities offered hereby have been sold or deregistering
all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be part hereof from the date of filing of such
documents.  Any statement contained in
any document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement.  Any such statement so modified or superseded
shall not be deemed to constitute a part of this Registration Statement, except
as so modified or superseded.
Item
4.    Description of Securities
Not applicable.
Item
5.    Interests of Named Experts and
Counsel.
Not applicable.
Item
6.    Indemnification of Directors and Officers.
The Company's Certificate
of Incorporation provides that the Company shall, to the full extent permitted
by law, indemnify any person who is or was a director, officer, incorporator,
employee or agent of the Company against liability arising by reason of the
fact that such person is or was a director, officer, incorporator, employee or
agent of the Company, provided that such person acted in good faith and in a
manner he or she reasonably believed was not opposed to the best interests of
the Company.
Article Eight of the
Company's Certificate of Incorporation provides that no director of the Company
shall be liable to the Company or its stockholders for monetary damages for
breach of fiduciary duty as a director, to the fullest extent now or hereafter
permitted by the laws of the State of Delaware.
Item 7.    Exemption
from Registration Claimed.
Not applicable.
Item
8.    Exhibits.
See Exhibit
Index immediately following signature pages.
Item 9.    Undertakings.
(a)         The
undersigned registrant hereby undertakes:
(1)           To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration Statement:
3
(i)  To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;
(ii)  To reflect in the prospectus any facts or
events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement.  Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement;
(iii)  To include any material information with
respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement.
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-3, Form S-8 or Form F-3, and the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement.
(2)           That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering
thereof.
(3)           To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b)         The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(h)         Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable.  In the event
that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
4
SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of New
York, state of New York on this 13th day of January, 2005.
24/7 REAL MEDIA, INC.
By:
/s/ DAVID J. MOORE
David J. Moore
President and Chief
  Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE
PRESENTS that each person whose signature appears below hereby constitutes and
appoints David J. Moore and Mark E. Moran, or any of them individually, such
person's true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for and in such person's name, place and
stead, in the capacities indicated below, to sign this Registration Statement
on Form S-8 of 24/7 Real Media, Inc. and any and all amendments (including
post-effective amendments) thereto, and to file or cause to be filed the same,
with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each
and every act and thing requisite and necessary to be done in connection
therewith, as fully to all intents and purposes as such person might, or could,
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, and each of them, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has
been signed on January 13, 2005 by the following persons in the capacities
indicated.
Signature
Title
/s/David J. Moore
David J. Moore
President, Chief Executive
  Officer and Chairman of the Board of Directors
(Principal Executive Officer)
/s/ Jonathan K. Hsu
Jonathan K. Hsu
Chief Financial Officer
(Principal Financial and Accounting Officer)
/s/ Robert J. Perkins
Robert J. Perkins
Director
/s/ Arnie Semsky
Arnie Semsky
Director
Moritz F. Wuttke
Director
Valentine J. Zammit
Director
/s/ Tony Schmitz
Tony Schmitz
Director
5
EXHIBIT INDEX
Exhibit No.
Description
3.1
Amended and Restated
  Certificate of Incorporation of the Company. (1)
3.2
By-laws of the Company.
  (Incorporated by reference to Exhibits to the Registrant's Registration
  Statement on Form S-1 dated August 23, 1998 (File No. 333-56085))
4.1
Specimen Common Stock
  Certificate. (Incorporated by reference to Exhibits to the Registrant's
  Registration Statement on Form S-1 filed June 4, 1998)
4.2
Note dated October 30,
  2001 issued by Real Media, Inc. in favor of PubliGroupe USA, Inc.
  (Incorporated by reference to Exhibit 2.2 to the Registrant's filing on Form
  8-K filed November 1, 2001)
4.3
Form of Note by 24/7
  Media, Inc. in favor of PubliGroupe USA Holding, Inc. (Incorporated by
  reference to Exhibit 2.3 to the Registrant's filing on Form 8-K filed
  November 1, 2001)
4.4
Guarantee dated October
  30, 2001 by 24/7 Media, Inc. in favor of PubliGroupe USA Holding, Inc.
  (Incorporated by reference to Exhibit 2.4 to the Registrant's filing on Form
  8-K filed November 1, 2001)
4.5
Certificate of Designation
  of Series A Convertible Preferred Stock. (Incorporated by reference to
  Exhibit 4.1 to the Registrant's filing on Form 8-K filed July 4, 2002)
4.6
Series A and Series A-1
  Preferred Stock and Common Stock Warrant Purchase Agreement dated as of July
  2, 2002 between the Company and Sunra Capital Holdings Limited. (Incorporated
  by reference to Exhibit 10.1 to the Registrant's filing on Form 8-K filed
  July 12, 2002)
4.7
Form of Warrant to
  purchase Common Stock. (Incorporated by reference to Exhibit 10.2 to the
  Registrant's filing on Form 8-K filed July 3, 2002)
4.8
Investor Rights Agreement
  dated as of July 2, 2002 among the Company, Sunra and Merchant Partners LLC.
  (Incorporated by reference to Exhibit 10.3 to the Registrant's filing on Form
  8-K filed July 3, 2002)
4.9
Amendment No. 1 to Series
  A and A-1 Preferred Stock and Common Stock Warrant Purchase Agreement, dated
  as of August 7, 2002, by and between 24/7 Real Media, Inc. and Sunra Capital
  Holdings Limited. (Incorporated by reference to Exhibit 5.1 to the
  Registrant's filing on Form 8-K filed August 13, 2002)
4.10
Voting Agreement, dated as
  of August 8, 2002, by and between 24/7 Real Media, Inc. and Sunra Capital
  Holdings Limited. (Incorporated by reference to Exhibit 5.2 to the
  Registrant's filing on Form 8-K filed August 13, 2002)
4.11
Certificate of Designation
  of Series B Convertible Preferred Stock. (Incorporated by reference to
  Exhibit 4.1 to the Registrant's filing on Form 8-K filed October 4, 2002)
4.12
Series B Preferred Stock
  Purchase Agreement dated September 19, 2002 among 24/7 Real Media, Inc.,
  Elbit Ltd. and Gilbridge, Inc. (Incorporated by reference to Exhibit 10.1 to
  the Registrant's filing on Form 8-K filed October 4, 2002)
4.13
Investor's Rights
  Agreement dated as of September 19, 2002 by and among 24/7 Real Media, Inc.,
  Elbit Ltd., Gilbridge, Inc and Elbit Vflash, Inc. (Incorporated by reference
  to Exhibit 10.2 to the Registrant's filing on Form 8-K filed October 4, 2002)
4.14
Securities Purchase
  Agreement, dated September 26, 2003, by and between the Company and The
  Riverview Group LLC ("Riverview"). (Incorporated by reference to Exhibit 4.1
  to the Registrant's filing on Form 8-K filed on September 29, 2003)
4.15
Form of Debenture issued
  to Riverview. (Incorporated by reference to Exhibit 4.2 to the Registrant's
  filing on Form 8-K filed on September 29, 2003)
6
4.16
Form of Warrant to
  purchase Common Stock issued to Riverview. (Incorporated by reference to
  Exhibit 4.3 to the Registrant's filing on Form 8-K filed on September 29,
  2003)
4.17
Registration Rights
  Agreement dated as of September 26, 2003 by and between the Company and
  Riverview. (Incorporated by reference to Exhibit 4.4 to the Registrant's
  filing on Form 8-K filed on September 29, 2003)
4.18
Escrow Agreement dated as
  of September 26, 2003 by and between the Company and Riverview. (Incorporated
  by reference to Exhibit 4.5 to the Registrant's filing on Form 8-K filed on
  September 29, 2003)
4.19
Certificate of Designation
  of Series C Convertible Preferred Stock. (Incorporated by reference to
  Exhibit 4.1 to the Registrant's filing on Form 8-K filed on June 12, 2003)
4.20
Form of Warrant to
  purchase Common Stock. (Incorporated by reference to Exhibit 10.3 to the
  Registrant's filing on Form 8-K filed on June 12, 2003)
5.1*
Opinion of Proskauer Rose
  LLP.
23.1*
Consent of Independent
  Registered Public Accounting Firm - Goldstein Golub Kessler LLP.
23.2*
Consent of Independent
  Registered Public Accounting Firm - KPMG LLP.
23.3*
Consent of Certified
  Public Accounting Firm - Samduk Accounting Corporation.
23.4*
Consent of Independent Registered
  Public Accounting Firm - BDO.
23.5*
Consent of Proskauer Rose
  LLP (included in the opinion filed as Exhibit 5.1).
24.1*
Power of Attorney
  (included on signature page).
* 
Filed herewith.
(1)
Incorporated by
reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-1
filed June 4, 1998 (File No. 333-56085). 
The Registrant's Certificate of Incorporation has since been amended as
follows: Certificate of Amendment, filed with the Delaware Secretary of State
on June, 28, 2000 and filed herewith; Certificate of Ownership and Merger,
filed with the Delaware Secretary of State on November 9, 2001 and filed
herewith; Certificate of Designation, filed with the Delaware Secretary of
State on July 1, 2002 and incorporated by reference to Exhibit 4.1 filed to the
Registrant's filings on Form 8-K filed July 12, 2002 (File No. 000-29768);
Certificate of Designation, filed with the Delaware Secretary of State on July
1, 2002 and incorporated by reference to Exhibit 4.1 filed to the Registrants
filings on Amended Form 8-K filed July 12, 2002 (File No. 000-29768);
Certificate of Increase filed with the Delaware Secretary of State on September
12, 2002 and filed herewith; Certificate of Designation, filed with the
Delaware Secretary of State on September 19, 2002 and incorporated by reference
to Exhibit 4.1 filed to the Registrant's filings on Form 8-K filed October 4,
2002 (File No. 000-29768); Certificate of Designation, filed with the Delaware
Secretary of State on May 27, 2003 and incorporated by reference to Exhibit 4.1
filed to the Registrant's filings on Form 8-K filed June 12, 2003 (File No.
000-29768); Certificate of Designation, filed with the Delaware Secretary of
State on May 27, 2003 and incorporated by reference to Exhibit 4.2 filed to the
Registrant's filings on Form 8-K filed June 12, 2003 (File No. 000-29768);
Certificate of Increase, filed with the Delaware Secretary of State on June 4,
2003 and incorporated by reference to Exhibit 3.1 to the Registrant's Annual
Report on Form 10-K filed March 24, 2004; Certificate of Amendment of Restated
Certificate, filed with the Delaware Secretary of State on August 29, 2003 and
incorporated by reference to Exhibit 3.1 to the Registrant's Annual Report on
Form 10-K filed March 24, 2004; and Certificate of Amendment, filed with the
Delaware Secretary of State on February 26, 2004 and incorporated by reference
to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K filed March 24,
2004.
7