1999 Full Year Results 29th March, 2000

Liam P Healy Group Chief Executive

Strong performances in Ireland, Australia and New ZealandStrong performances in Ireland, Australia and New Zealand iTouch expands internationallyiTouch expands internationally Unison launches “internet on TV” initiative in IrelandUnison launches “internet on TV” initiative in Ireland UK Independent makes circulation gains - losses reducedUK Independent makes circulation gains - losses reduced South African economy set for recoverySouth African economy set for recovery E 200 million 10 year bond issued at coupon of 5.75% E 200 million 10 year bond issued at coupon of 5.75% Group restructuring plan substantially completedGroup restructuring plan substantially completed Successful bid for Belfast Telegraph since year endSuccessful bid for Belfast Telegraph since year end

James J Parkinson Group Finance Director

Listing Information:Listing Information: PLC listed on the Irish, London and New Zealand Stock Exchanges Current Shareholder Profile:Current Shareholder Profile: Dr AJF O’Reilly28% Irish Institutions27% UK Institutions18% US Institutions12% European Institutions 6% Private 5% Board 4% Market Capitalisation:Market Capitalisation: E 2.7bn IR£2.1bnSTG£1.6bn

South Africa No. 1 National Publisher No. 1 National Publisher No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Commercial Printer No. 1 Commercial Printer New Zealand No. 1 National Publisher No. 1 National Publisher No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Radio Operator No. 1 Radio Operator No. 1 Commercial/ Magazine Printer No. 1 Commercial/ Magazine Printer No. 1 Security Printer No. 1 Security Printer Portugal No. 1 National Publisher No. 1 National Publisher Hong Kong No. 2 Transport Adv. No. 2 Transport Adv. United Kingdom The Independent, Independent on Sunday The Independent, Independent on Sunday No. 1 Recruitment Magazine Publisher No. 1 Recruitment Magazine Publisher No. 2 Rugby/ No. 1 U.S. Football Publisher No. 2 Rugby/ No. 1 U.S. Football Publisher No. 1 Paid-For Regional Publisher in London No. 1 Paid-For Regional Publisher in London Ireland No. 1 National Publisher No. 1 National Publisher No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Newspaper/ Magazine Distributor No. 1 Newspaper/ Magazine Distributor No. 2 Cable/ MDS Operator No. 2 Cable/ MDS Operator Australia No. 1 Regional Publisher No. 1 Regional Publisher No. 2 Radio Operator No. 2 Radio Operator No. 1 Outdoor/ Transport Adv No. 1 Outdoor/ Transport Adv No. 1 Pay-TV Movies No. 1 Pay-TV Movies

South Africa No. 1 National Publisher No. 1 National Publisher No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Commercial Printer No. 1 Commercial Printer New Zealand No. 1 National Publisher No. 1 National Publisher No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Radio Operator No. 1 Radio Operator No. 1 Commercial/ Magazine Printer No. 1 Commercial/ Magazine Printer No. 1 Security Printer No. 1 Security Printer Portugal No. 1 National Publisher No. 1 National Publisher Hong Kong No. 2 Transport Adv. No. 2 Transport Adv. United Kingdom The Independent, Independent on Sunday The Independent, Independent on Sunday No. 1 Recruitment Magazine Publisher No. 1 Recruitment Magazine Publisher No. 2 Rugby/ No. 1 U.S. Football Publisher No. 2 Rugby/ No. 1 U.S. Football Publisher No. 1 Paid-For Regional Publisher in London No. 1 Paid-For Regional Publisher in London Ireland No. 1 National Publisher No. 1 National Publisher No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Newspaper/ Magazine Distributor No. 1 Newspaper/ Magazine Distributor No. 2 Cable/ MDS Operator No. 2 Cable/ MDS Operator Australia No. 1 Regional Publisher No. 1 Regional Publisher No. 1 Radio Operator No. 1 Radio Operator No. 1 Outdoor/ Transport Adv No. 1 Outdoor/ Transport Adv No. 1 Pay-TV Movies No. 1 Pay-TV Movies Dominant media company in 4 of 5 marketsDominant media company in 4 of 5 markets Market share > 50%Market share > 50% 160 newspaper titles/ 45m readers per week160 newspaper titles/ 45m readers per week Largest radio/outdoor operator in AustralasiaLargest radio/outdoor operator in Australasia Fast-growing new media operatorFast-growing new media operator

Geographically diversifiedGeographically diversified Tight focus on CORE competenciesTight focus on CORE competenciesPublishingOutdoor New Media / Electronic Brand market-leadership positionsBrand market-leadership positions Operating margin enhancementsOperating margin enhancements – Target + 20%

Primary content provider across diverse media platformsPrimary content provider across diverse media platforms – Migrate into revenue enhancing new media platforms Growth orientated through organic growth & earnings enhancing investmentsGrowth orientated through organic growth & earnings enhancing investments Deliver double-digit earnings growth & enhanced shareholder valueDeliver double-digit earnings growth & enhanced shareholder value

Change Change E m E m % E m E m % Turnover1, Turnover1, Operating Profit * Operating Profit * Profit Before Tax Profit Before Tax Net Profit Net Profit EPS ** 30.72c 24.56c EPS ** 30.72c 24.56c DPS 13.33c 11.43c DPS 13.33c 11.43c * Continuing activities before exceptionals ** Before exceptional items and amortisation

E m E m E m E m Fixed Assets *2,100 1,466 Fixed Assets *2,100 1,466 Other Net Liabilities (15) (54) Other Net Liabilities (15) (54) Net Debt (868) (568) Net Debt (868) (568) Total Shareholders’ Funds *1, Total Shareholders’ Funds *1, Interest Cover(EBITDA/Interest) 4.8x 3.3x Interest Cover(EBITDA/Interest) 4.8x 3.3x Net Debt to EBITDA 3.8x 3.6x Net Debt to EBITDA 3.8x 3.6x * Including the revalued elements of mastheads

E m E m E m E m Operating Profit Operating Profit Restructuring Costs Restructuring Costs Share of Associates & JV’s Results (5.8) (15.3) Share of Associates & JV’s Results (5.8) (15.3) Depreciation & Amortisation Depreciation & Amortisation EBITDA EBITDA Working Capital Movements(41.5) (28.8) Working Capital Movements(41.5) (28.8) Operating cash flow Operating cash flow Operating cash flow conversion (%) 81.8% 81.8% Operating cash flow conversion (%) 81.8% 81.8%

10 Year C.A.G.R. Turnover +22%Turnover +22% Operating Profit +27%Operating Profit +27% Pre-Tax Profit +31%Pre-Tax Profit +31% Earnings Per Share +14%Earnings Per Share +14% Dividends Per Share+15%Dividends Per Share+15% Earnings per Share (E) (Fully diluted before exceptionals & goodwill amortisation)

Recovery in key currenciesRecovery in key currencies Strong performance from Australian operationsStrong performance from Australian operations Strong second half performance from New Zealand operationsStrong second half performance from New Zealand operations Return to double-digit growth in Irish operationsReturn to double-digit growth in Irish operations UK turnaround of Independent titlesUK turnaround of Independent titles Efficient treasury and tax managementEfficient treasury and tax management Successful implementation of E 50m Group-wide restructuringSuccessful implementation of E 50m Group-wide restructuring – > 80% of total planned headcount reductions achieved

Acquired 100% of South African businessAcquired 100% of South African business Increased stake in Australia (APN) to 41%Increased stake in Australia (APN) to 41% Issued 10 year E 200m Eurobond at 5.75%Issued 10 year E 200m Eurobond at 5.75% New media activitiesNew media activities – i-Touch stake >70% – Internet Ireland acquired Post year endPost year end – Successful bid for Belfast Telegraph – Significant expansion of i-Touch activity

UK 13% Ireland Ireland 27% 27% South Africa 15% 15% Australia 23% New Zealand 22% Turnover by Market Total: E 1,168.2m

Ireland Ireland 32% 32% South Africa 12% 12% Australia 31% New Zealand 25% Operating Profit by Market Total: E 190.6m

Brendan M. A. Hopkins Chief Executive - Independent News & Media (UK)

Change Change E m E m % E m E m % Turnover Turnover EBITDA EBITDA Operating Profit Operating Profit Margin (%) 19.7% 20.5% Margin (%) 19.7% 20.5%

Largest publisher - The New Zealand Herald with 71% national market share and 83% recruitment market shareLargest publisher - The New Zealand Herald with 71% national market share and 83% recruitment market share Largest regional publisher with 58% market shareLargest regional publisher with 58% market share Largest commercial/ magazine printerLargest commercial/ magazine printer Largest radio operator with 50% + market shareLargest radio operator with 50% + market sharePROSPECTS GDP growth of + 3% forecast in 2000 GDP growth of + 3% forecast in 2000 Significant benefits from restructuring Significant benefits from restructuring Growth in New Zealand Herald circulations Growth in New Zealand Herald circulations Strong start to 2000 Strong start to 2000

* Change * Change E m E m % E m E m % Turnover Turnover EBITDA EBITDA Operating Profit Operating Profit Margin (%) 22.1% 20.3% Margin (%) 22.1% 20.3% * including 100% of ARN

APN News & Media consolidated from 1999APN News & Media consolidated from 1999 Strongest performing media stock (EPS)Strongest performing media stock (EPS) Largest regional publisher with 60% + paid penetrationLargest regional publisher with 60% + paid penetration 2nd largest radio operator with 25% + market share2nd largest radio operator with 25% + market share Largest outdoor operator with 70% + market shareLargest outdoor operator with 70% + market sharePROSPECTS GDP growth of + 3% forecast in 2000 GDP growth of + 3% forecast in 2000 Organic growth across all divisions Organic growth across all divisions Exciting developments in APN Digital Exciting developments in APN Digital Syndey Olympics Syndey Olympics Strong start to 2000 Strong start to 2000

Change Change E m E m % E m E m % Turnover Turnover EBITDA EBITDA Operating Profit Operating Profit Margin (%) 13.1% 15.4% Margin (%) 13.1% 15.4%

Largest publisher with 14 metropolitan titles achieving 54% readership market share and 58% of total classified marketLargest publisher with 14 metropolitan titles achieving 54% readership market share and 58% of total classified market Ongoing circulation gains in Gauteng and CapeOngoing circulation gains in Gauteng and Cape New media R&D centre in CapeTownNew media R&D centre in CapeTown busiest newspaper sitewww.iol.co.za busiest newspaper site Successful magazine launches with Condé NastSuccessful magazine launches with Condé NastPROSPECTS GDP growth of + 3% forecast in 2000 GDP growth of + 3% forecast in 2000 Interest rates down to 14% - Rand stable Interest rates down to 14% - Rand stable Significant benefits from restructuring Significant benefits from restructuring Positive readership/ circulations Positive readership/ circulations Positive start to 2000 Positive start to 2000

* Change * Change E m E m % E m E m % Turnover Turnover EBITDA (3.3) (3.5) EBITDA (3.3) (3.5) Operating Profit (4.8) (4.9) Operating Profit (4.8) (4.9) Margin (%) (3.1%) (3.4%) Margin (%) (3.1%) (3.4%) * based on 100% of UK operation

PROSPECTS Strong advertising/ circulations Strong advertising/ circulations Rapid growth in new media - in top 20 content web sites Rapid growth in new media - in top 20 content web sites Belfast Telegraph integration Belfast Telegraph integration Overall strong start to 2000 Overall strong start to 2000 Significant publisher in national, regional press and magazinesSignificant publisher in national, regional press and magazines Regionals: operating margins at top end of UK peer groupRegionals: operating margins at top end of UK peer group Independent turnaround: Independent turnaround: –YOY volumes +4% and Circulation share up to 9.5% –Second-time Winner of “Editor of the Year” –Losses significantly reduced –Group synergies achieved –Breakeven on track for 2001

The Belfast TelegraphThe Belfast Telegraph – Northern Ireland’s leading daily newspaper – Circulates 117,000 Monday-Saturday – More than 50% home delivered The Sunday LifeThe Sunday Life – Northern Ireland's leading Sunday newspaper – Circulates 95,000 every Sunday Other TitlesOther Titles – Community Titles, Farm Trader Thriving new media businessThriving new media business Significant printing facilities and freeholdSignificant printing facilities and freehold

Earnings enhancing in first yearEarnings enhancing in first year Unique metropolitan franchise with strong growth prospectsUnique metropolitan franchise with strong growth prospects Excellent track record with proven management/ editorial teamExcellent track record with proven management/ editorial team Dynamic new media resourceDynamic new media resource Automatic referral to UK Competition’s CommissionAutomatic referral to UK Competition’s Commission – Likely timing 4-6 months – Legal advice positive – Trinity Mirror joint approach Acquisition price: £300m (less £5m debt)Acquisition price: £300m (less £5m debt)

* Change * Change E m E m % E m E m % Turnover Turnover EBITDA EBITDA Operating Profit Operating Profit Margin (%) 20.4% 19.3% Margin (%) 20.4% 19.3%

Largest publisher with 50% market share and 72% readership penetrationLargest publisher with 50% market share and 72% readership penetration No. 1 title in all 5 newspaper categoriesNo. 1 title in all 5 newspaper categories –Readership/ circulations up and Advertising market share up Largest regional publisher with 39% market shareLargest regional publisher with 39% market share 2nd largest cable/ MDS business (co-owned with TCI Liberty)2nd largest cable/ MDS business (co-owned with TCI Liberty) –Managing >250,000 subscribers PROSPECTS Continued strong economic growth forecast Continued strong economic growth forecast Significant benefits from restructuring Significant benefits from restructuring New “Citywest” production plant (Q42000) New “Citywest” production plant (Q42000) PHL - broadband network build PHL - broadband network build Strong start to 2000 Strong start to 2000

Gavin K. O’Reilly Chief Executive - Independent News & Media (Ireland) INDEPENDENT DIGITAL

GROUP STRATEGY TO OWN THE ONLINE MEDIASPACE CONTENT CHANNELMARKETING ENHANCE EXISTING REVENUE STREAMS BUILD NEW REVENUE STREAMS

Australia Ireland New Zealand South Africa United KingdomINTERNET Ireland U.S.A. WorldwideEDUCATION Premium DatabasePremium Database Distance LearningDistance Learning Software DevelopmentSoftware Development Ireland TELEPHONY PrePaid CardsPrePaid Cards ResidentialResidential SMESME Network ProvisionNetwork Provision ISP - Commercial/ Consumer ISP - Commercial/ Consumer INDEPENDENT DIGITAL WAP/ SMS CELLULAR Australia Israel Ireland New Zealand South Africa United Kingdom Worldwide SOPRANO Content Aggregation / PackagingContent Aggregation / Packaging Software Developmen t Software Developmen t Proprietorial SoftwareProprietorial Software Web “Back Office” Solutions Web “Back Office” Solutions E-Commerce Engines, Web Enabling, Web DesignE-Commerce Engines, Web Enabling, Web Design B2B Content Solutions B2B Content Solutions Software Development Software Development Proprietorial SoftwareProprietorial Software Worldwide Ireland Australasia Worldwide SOPRANOB2B

DIGITAL BRANDING Ireland’s largest consumer ISPIreland’s largest consumer ISP Set Top Box = market USP and market first.Set Top Box = market USP and market first. ISP offering broadband multi-mediaISP offering broadband multi-media PHL’s exclusive “home page” portal for their 250,000 existing subscribersPHL’s exclusive “home page” portal for their 250,000 existing subscribers Building substantial phone/ data traffic for PHL fixed and wireless broadband (2MB) networkBuilding substantial phone/ data traffic for PHL fixed and wireless broadband (2MB) network

Independent content Yellow page directory Ireland’s largest classified Shopping mall 27 non-group regional newspaper titles Horoscopes/ weather/ lifestyle/ entertainment/ chat... … CONTENT … CHANNEL / MARKETING Initial 10,000 STB give-away Annualised +£35m equivalent media spend in participating titles Channel promotion to 250,000 subscribers DIGITAL BRANDING

Delivering Earnings Growth Earnings Growth Capital Values Capital Values  Enhanced Revenues  New Revenue Streams  New Markets  Leading Brands  Core Expertise  Content  Channel  Marketing … powered by Independent Digital

Geographically diversified - with tight focus on core competenciesGeographically diversified - with tight focus on core competencies Brand leadership positions - dominant in 4 out of 5 marketsBrand leadership positions - dominant in 4 out of 5 markets Turnaround of UK IndependentTurnaround of UK Independent Belfast Telegraph - EPS enhancing Belfast Telegraph - EPS enhancing Increasing value of Irish cable/ telephony businessIncreasing value of Irish cable/ telephony business

Economic recovery in New Zealand and South AfricaEconomic recovery in New Zealand and South Africa Continuing strong growth in Australia, Ireland and United KingdomContinuing strong growth in Australia, Ireland and United Kingdom Returns enhanced through aggressive restructuringReturns enhanced through aggressive restructuring Revenue and profit enhancing new media strategyRevenue and profit enhancing new media strategy Strong Double-Digit Earnings Growth

TO DELIVERING DOUBLE-DIGIT EARNINGS GROWTH... TO DELIVERING DOUBLE-DIGIT EARNINGS GROWTH... CORE operational strengthsCORE operational strengths Unrivalled BRAND dominanceUnrivalled BRAND dominance COST RestructuringCOST Restructuring ExpansionistExpansionist CREATING REAL SHAREHOLDER VALUE... CREATING REAL SHAREHOLDER VALUE... PHL cable/ telephony network PHL cable/ telephony network Prudent new media strategy Prudent new media strategy iTouch iTouch

Independent News & Media PLC 1999 Preliminary Results 29th March, 2000