Contents:
| Editorial | 2 |
| FEPA Congress 2004 Valencia | 6 |
| Minutes of FEPA Congress Graz 2003 | 7 |
| Minutes of FEPA Boards meeting Lisbon 21th September 2003 | 12 |
| News from Austria, Macedonia, Czech Republic, Hungary, Luxembourg, Netherland, Bulgaria, Albania, Slovakia, Estonia, Sweden, Italia, Switzerland, Ukraine, Israel, Grécia, Romania, Spain, France, Great Britain, Cyprus, Portugal, Croatia, Slovenia and Armenia | 14 |
| FEPA Inform: Singapore 2004, Report on Bangkok 2003, Philateli excellence prizes, China ´03, WADP meeting in Lisbon | 48 |
| Open class | 59 |
| Proposals to Europe | 61 |
| Youth corner | 73 |
| Collecting astrophilately | 81 |
| Literature corner | 88 |
| Exhibitions | 91 |