Full Year Results th April 2002 Independent News & Media PLC

GLOBAL VISION LOCAL CONTENT GLOBALISATION DELIVERING GROWTH Global Portfolio of Leading Brands Market Leaders Strong Cost Management Highly CASH generative business

Circulation Revenue UP + 7.2% Newspaper Advertising Revenue only down (1.6%) But UP in constant currency by + 4.5% Operating Costs down despite Newsprint Price increase Operating Margins maintained at 2000 levels Successful €105m share placement Successful restructuring of Australasian assets 2001 HIGHLIGHTS

RESTRUCTURING OF AUSTRALASIAN ASSETS Sale of Wilson & Horton to APN News & Media Total cash gain on sale of €53.7m, with €32.5m recognised in P&L (39.5% deferred as inter-group) Cash received by Group of €455m less re-investment in APN of €241m; net inflow €214m Increased shareholding in APN to 44.55% EPS enhancing for both Independent & APN Opens new opportunities in Australasia

PEER GROUP COMPARISON – 2001

PEER GROUP EXCEPTIONAL CHARGES – 2001

2001 HEADLINE NUMBERS

2001 SUMMARY BALANCE SHEET

2001 SUMMARY CASH FLOWS

GROUP TURNOVER BY MARKET: €1,341.4m

GROUP PROFIT BY MARKET: €229.6m * * Excluding exceptional items

10 Year C.A.G.R. Turnover + 21% Operating Profit * + 27% Pre-Tax Profit + 21% Earnings Per Share * + 12% Dividends Per Share + 14% Earnings per Share (€) (Fully diluted before exceptionals & goodwill amortisation) * Excluding exceptional items EARNINGS PER SHARE: 10 YEAR PERFORMANCE

Revenue up, driven by cover price and advertising rate increases Continuing strong cost management Strong performance from Radio Expansion of security printing to Australia Acquired by APN in Dec & achieved targets in APN Explanatory Memorandum Revenues strengthening into 2002 No. 1 NEWSPAPER publisher No. 1 REGIONAL publisher No. 1 RADIO operator No. 1 COMMERCIAL PRINTER No. 1 SECURITY PRINTER No. 1 News Website Turnover by Activity COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK NEW ZEALAND DIVISION

Tough advertising market in 2001 Continuing tight cost control Achieved 2001 targets set out in APN Explanatory Memorandum Key tender & license wins for Outdoor & Radio Expansion into fast-growing Asian market 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

Revenue growth from both circulation & advertising Circulations: 10 out of 14 titles UP – all competitors significantly down Strong cost management Outdoor Acquisition - EPS enhancing Realisation of Pension Fund surplus No. 1 METROPOLITAN/ NATIONAL publisher (14 out of 25 titles) No. 1 OUTDOOR operator (55% share) through acquisition of JV with Clear Channel No. 1 News Current Affairs Website Turnover by Activity COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK SOUTH AFRICAN DIVISION

Core circulations UP Aggressive cover pricing Attractive advertising readership profiles Strong cost control – headcount down 8.5% Newsprint price reductions achieved for 2002 Leading NATIONAL titles in G.B. No. 1 PUBLISHER in Northern Ireland No. 2 London REGIONAL publisher No. 1 RECRUITMENT mag. Publisher No. 1 EDUCATIONAL mag. Publisher Turnover by Activity COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK UNITED KINGDOM DIVISION

Successful commissioning of CITYWEST Strong ADVERTISING growth & significant gains in MARKET SHARE Strong CIRCULATION growth - Irish Independent achieves 19 year high -The Star achieves all-time high Strong cost management & Newsprint price reduction No. 1 NATIONAL publisher No. 1 REGIONAL publisher No. 1 COMMERCIAL PRINTER No. 1 WHOLESALER/ DISTRIBUTOR Turnover by Activity COMPANY PROFILE 2001 PERFORMANCE & OUTLOOK IRISH DIVISION

NEW MEDIA PRUDENT New Media strategy and execution Extension of CORE brands Pro-active cost management – Headcount down 43% from high point during 2001 Significant REDUCTION in losses, as forecasted Minimal investment exposure - €11.5m, excl. iTouch & Chorus

Excellent 2001 – 260% revenue growth on 2000 Six consecutive quarters of good growth Controlling costs Cash outflow, excluding acquisitions, only Stg£7.7m Key acquisitions during 2001 Growth continuing into 2002 Well positioned for mobile future with:- Fully funded business model – Stg£36.1m in hand Powerful international relationships Carrying value supported by current market value iTOUCH PLC

GEOGRAPHICALLY diversified - with tight focus on core competencies Unique BRAND leadership positions - dominant in 4 out of 5 markets Major capital expenditure programme now COMPLETED HIGHLY cash generative business Significantly REDUCED exposure to New Media Clear strategy for operating margin ENHANCEMENTS SUMMARY

OUTLOOK CORE businesses performing well CIRCULATION revenues trending UP ADVERTISING showing signs of vitality Continued focus on COSTS – ‘run rate’ down Interest costs DOWN GLOBAL diversity underpinning growth Cautiously optimistic for IMPROVEMENT on 2001

GLOBAL VISION LOCAL CONTENT Independent News & Media PLC Full Year Results th April 2002