Contents:
| Editorial | 2 |
| Minutes of the 2004 FEPA Congress Valencia, Spain March 27 2004 | 5 |
| Reflection on FIP Congress in Singapore | 11 |
| Minutes of FEPA Board meeting in Lisbon February 14 2004 | 12 |
| Nomination and election of FIP Commission bureau members | 14 |
| News from Austria, Bulgaria, Croatia, Cyprus, Czech Republic, France, Greece, Germany, Great Britain, Luxembourg, Norway, Portugal, Spain, and Turkey, | 15 |
| FEPA inform: Albertino de Figueiredo Foundation, - Philately and the UPU today, Philately is also for ladies, Monacophil 2004, The Rowland Hill awards, World Stamp Championship 2004 | 38 |
| Open class | 49 |
| One frame exhibits | 54 |
| Christophe Colomb | 57 |
| The Portuguese law of maritime health of 1874 | 57 |
| Youth corner | 62 |
| Literature corner | 63 |
| Exhibitions | 68 |