Interim Results th September, 2001 Independent News & Media PLC

GLOBAL VISION LOCAL CONTENT GLOBALISATION DELIVERS CONTINUED GROWTH Global Portfolio of Leading Brands Market Leaders Strong Cost Management Prudent New Media Strategy & Execution Independent News & Media PLC

Group Advertising Revenue Group Circulation Revenue Operating Costs tightly controlled Operating Margins €60m Irish production facility fully operational Successful integration of Belfast Telegraph Group 2001 HIGHLIGHTS Independent News & Media PLC

HEADLINE NUMBERS Independent News & Media PLC

2001 SUMMARY BALANCE SHEET Independent News & Media PLC

2001 SUMMARY OPERATING CASH FLOWS Independent News & Media PLC

H1 GROUP TURNOVER BY MARKET: €656.0m Independent News & Media PLC

H1 GROUP PROFIT BY MARKET: €109.3m Independent News & Media PLC

10 Year C.A.G.R. Turnover + 24% Operating Profit * + 26% Pre-Tax Profit + 23% Earnings Per Share + 17% Dividends Per Share + 15% Earnings per Share (€) (Fully diluted before exceptionals & goodwill amortisation) * Excluding exceptional items EARNINGS PER SHARE: 10 YEAR PERFORMANCE Independent News & Media PLC

Marginal revenue decline compared to strong H Compensated by strong cost management H Operating Profits + 7.9% Full year of Shared Services benefits Revenues strengthening into H No. 1 NEWSPAPER publisher No. 1 REGIONAL publisher No. 1 RADIO operator No. 1 COMMERCIAL PRINTER No. 1 SECURITY PRINTER Turnover by Activity: COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK NEW ZEALAND DIVISION Independent News & Media PLC

Tough advertising market in 1 st half Continued tight cost control Operating Profits down compared to a very strong H1 2000; Net Profit up Full year of Shared Services benefits Asian expansion on-track No. 1 REGIONAL publisher No. 1 OUTDOOR operator No. 1 Australasian RADIO operator JV in Pan TV’s World Movies Growing Asian OUTDOOR business Turnover by Activity: COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK AUSTRALIAN DIVISION Independent News & Media PLC

Revenue growth in 1 st half Strong cost management H Operating Profits +12.6% Pending acquisition of Corpcom - EPS enhancing Circulations: 10 out of 14 titles UP – all competitors significantly down No. 1 METROPOLITAN/ NATIONAL publisher (14 out of 25 titles) Acquisition of No. 1 OUTDOOR operator through new JV with Clear Channel pending No. 1 News & Current Affairs Website Turnover by Activity: COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK SOUTH AFRICAN DIVISION Independent News & Media PLC

Core circulations & readership UP - The Independent readership up 28.4% -Belfast Telegraph readership up 8.9% Aggressive cover pricing implemented Strong cost management Newsprint price reductions achieved in Q2 Leading NATIONAL titles in G.B. & Northern Ireland No. 1 PUBLISHER in Northern Ireland No. 2 London REGIONAL publisher No. 1 London RECRUITMENT magazine publisher No. 1 EDUCATIONAL COURSES magazine publisher Turnover by Activity: COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK UNITED KINGDOM DIVISION Independent News & Media PLC

Successful commissioning of CITYWEST Strong ADVERTISING growth & significant gains in MARKET SHARE Strong CIRCULATION growth -Irish Independent achieves 18 year high -The Star achieves all-time high Strong cost management No. 1 NATIONAL publisher No. 1 REGIONAL publisher No. 1 WHOLESALER/ DISTRIBUTOR Turnover by Activity: COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK IRISH DIVISION Independent News & Media PLC

NEW MEDIA Prudent New Media strategy and execution Extension of core brands Pro-active cost management -Headcount down 43% Significant reduction in Operating Losses, as forecasted Independent News & Media PLC

Excellent first half - 89% revenue growth on H Controlling costs – Q2 cash outflow only £1.8m, same as Q1 Growth continuing into 2 nd half Well positioned for mobile future with:- -Fully funded business model -Powerful international relationships -Strong cash position – Stg£44.2m in hand iTOUCH PLC Independent News & Media PLC

iTOUCH PLC - Global Spread Strategic alliances with local media providers and mobile network operators Media Partner:Independent News & Media PLC Network Operator:Eircell United Kingdom Media Partner:Independent News & Media (UK) Limited Network Operator:Vodafone, BT Cellnet Media Partner:Independent News & Media Network Operator:Vodacom and MTN Media Partner:Wilson & Horton Network Operator:Vodafone Media Partner:APN Network Operator:Vodafone, Optus, Telstra, Orange Media Partner:Globes/Monitin Network Operator:Cellcom, Pelephone, MIRS Media Partner:Netmed & M-Web (MIH) Network Operator:(Being negotiated) Media Partner:M-Web & Astrada (MIH) Network Operator:Excelcomindo Media Partner:UBC & M-Web (MIH) Network Operator:(Being negotiated) Ireland Thailand Indonesia South Africa Greece Israel New Zealand Australia Independent News & Media PLC

GEOGRAPHICALLY diversified - with tight focus on core competencies Unique BRAND leadership positions - dominant in 4 out of 5 markets Advertising UP in contrast to competitors Circulations UP in contrast to competitors Major capital expenditure programme now COMPLETED HIGHLY cash generative business Clear strategy for operating margin ENHANCEMENTS SUMMARY Independent News & Media PLC

OUTLOOK CORE businesses performing well ADVERTISING & CIRCULATION revenues trending UP Continued focus on COSTS GLOBAL diversity underpinning growth Independent News & Media PLC

GLOBAL VISION LOCAL CONTENT Independent News & Media PLC Interim Results th September, 2001