1. 2002 Interim Results 30 June 2002 September 2002

2. June 2002 June 2001 $HKm Total Revenue 669.9917.3 Operating Costs (before dep) 542.3654.5 EBITDA 127.6262.8 Depreciation (39.5) (44.1) Exceptionals 11.2 (90.6) Other Revenue 4.8 15.4 Finance Cost - (0.5) Operating Profit 104.1143.0 Net Profit 86.1 92.5 EPS 4.96 cents 5.34 cents EBITDA Margin 19.0% 28.6% Results Summary

3. June 2002 June 2001 $HKm $HKm Newspapers & Other Publishers 402.8 577.4 Retail 204.6 197.0 Investment Properties 38.7 42.0 Video & Film Post-Production 10.7 19.4 Entertainment Recreation & Education 13.1 81.5 -------- Total 669.9 917.3 ===== Revenue

4. % $HKm $HKm Change Staff Cost 207.1 256.2 19.2 Cost of Sales 208.1 243.3 14.5 Rental & Utilities 51.4 70.8 27.4 Advertising & Promotion 14.5 20.6 29.6 Other Operating Expenses 61.2 63.6 3.8 Operating Cost (before dep) 542.3 654.5 17.1 Depreciation 39.5 44.1 10.4 Total 581.8 698.6 16.7 Operating Costs & Expenses

5. Staff costs – costs 19.2% – disposal of Recreation Club and Education businesses – suspension of Capital Artists and several magazine titles – overall headcount reduction Jun 2001Dec 2001Jun 2002 Newspaper & Internet : 54% Retail : 26 % Magazine & Other Publications : 9% Video Film : 4 % Management & Corp. Services : 7% Head Count Operating Costs & Expenses

6. Cost of sales 14.5% – newsprint cost down 20.1%, US$545 pmt vs. US$675 last year – newsprint usage 22.1% Rental costs 27.4% – disposal of the club and education businesses Advertising promotion 29.6% Other operating expenses 3.8% Operating Costs & Expenses

7. June 2002 June 2001 $HKm Total Revenue 402.8 577.4 EBITDA 87.8 206.0 Operating Profit 57.0 139.3 EBITDA Margin 21.8% 35.7% Newspaper & Other Publications

8. Jan - June July - Dec *Unaudited Newspaper Circulation 199920002001199920002001 * * 2002 WeekdaysSunday Circulation revenue 3.9% 1H2002 Weekdays 5.5%, Sunday 1.6% – lower hotel/airline sales following September 11 – lower street sales from depressed economy

9. Display Advertising Revenue 22.8%, volume 4.3% and lower yield Growing potential of Mainland advertisers – increase in corporate announcements from Mainland companies – more focus on Mainland related special reports, 6 reports in 1H2002 vs 2 reports year-on-year. Since July 2002, 3 reports on Energy, Pearl River Delta and Shanghai Property Newspaper

10. Classified Advertising Revenue 47.7%, volume 41.6% and lower yield Saturday Classified pages averaged 45 pages in 1st Half 2002 compared with 86 pages year-on-year (51 pages in July - Dec 2001) Growing traction of Classifiedpost.com – over 7 million monthly page views – over 200,000 unique visitors – 37% growth in revenue 1H2002 vs 2H 2001 – 42% pure online jobs, print plus revenue continues to grow

11. Jul 01 AugSepOctNovDecJan 02 FebMarAprMayJun Jul Page Views '000 6,786,000 7,571, 000 552,000 1,622,000

12. June 2002 June 2001 $HKm RetailRevenue 204.6 197.0 EBITDA 0.9 1.0 Operating Profit (0.5)(1.1) InvestmentRevenue 38.7 42.0 PropertiesEBITDA37.637.3 Operating Profit37.6 (6.7) Video & Film PostRevenue 10.719.4 ProductionEBITDA (0.4) 2.6 Operating Profit (2.2) 1.2 Entertainment,Revenue 13.181.5 Recreation &EBITDA 1.715.9 EducationOperating Profit 12.2 10.3 Other Businesses

13. Retailing Revenue3.8% from additional Daily Stop outlets, though per shop sales is lower 75 Daily Stop outlets from 72 in December 2001 24 Health Plus shops from 27 in December 2001, continue to close unprofitable shops Property holding Revenue 7.8% due to expiry of a lease Other Businesses

14. Video & film Production Revenue 44.8% Decrease in documentary tape income Lower profit margins due to keen competition Entertainment, Recreation and Education Entertainment and recreation businesses discontinued in 2001 Education business sold in March 2002, gain on sale of HK$11.2m Other Businesses

15. Capital Expenditure System hardware & software Other businesses Colour press Replacement 2nd Half 2002 : HK$68m HK$8m HK$49m HK$7m HK$4m 1st Half 2002 : HK$35m HK$4m HK$19m HK$4m HK$8m

16. Looking forward..  Advertising remains weak, overall difficult to see an improvement in business environment in 2nd Half 2002 Some stability seen in recruitment advertising Jiu Jik in MTR stations from 5 July  180,000 copies distributed on MTR (120,000 on Friday, 60,000 on Tuesday)  pick up rate at MTR stations over 95%  additional distribution at 24 Daily Stop outlets and 21 education centres  Significant increase in revenue post MTR distribution

17. Looking forward.. Launch separate sale of Classified Post on 3 August  12,000 copies distributed through Daily Stop, 7-Eleven, newstands  targeted at job seekers who are not regular readers of the newspaper Growth potential from mainland advertisers through Special Reports (albeit from a low base) New colour presses in operation - greater flexibility and choice, higher revenue with improved advertising market

18. Looking forward.. Continue to upgrade  restructuring of Editorial team to better define and deploy resources  ensure more accountability and improvement to quality and focus of our products Challenging but stable