Link Buddies is a free ad exchange web site with a 2 to 1 ratio (for every 2 banners you display on your site, you will get 1 free on their network of 30,000 web sites.) You receive 500 banner impressions free on sign up. (1,000 free on buttons and box displays.) You can target your ads by time of day and category. You can also view stats to see how banner is doing. This is a great banner exchange site.

Free-Banners.com states it is one of the best exchanges in the world. They offer over 150,000 sites in their network and chances to win free banner ad impressions. The ratio is 2 to 1. You can target ads by market, country, region, language, interests, and more. Online stats available. I do not see anything for free impressions to sign up but you can gain referral impressions for referring others.

1 2 3 Banners is a basic 2 to 1 banner exchange with stats. I don't see anything about how many members are in the network or if you can target your ads. It does say you cannot filter the ones coming to your site. (You get what you get basically.) The banner size is 400 x 40

Banner Swap.com is a 2 to 1 ratio site with over 28,913 sites. Can quality for monthly free 100,000 impressions.

V3 Exchange is a site that gives you 2 to 1 ratios with a chance to earn 1 to 1 ratios for five days of every month.

Ad Swap Network has a 2 to 1 ratio for their banners but also offers 50 impressions every time someone clicks on a banner from your web site. They allow multiple banner displays with targeting by time, country, category, and language. Their network includes sites from over 20 categories.

LOOKING FOR MORE? Visit Banner Exchange Mega List for banner exchanges for all specialties from animals to other countries.