1. Preliminary Results Presentation 12 months to 31 December 2004 Another year of strong growth - driven by multi-platform strategy Tim Weller Chief Executive Jamie Campbell-Harris Finance Director

2. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 2 Agenda Preliminary results  Operational highlights  Financial highlights  Divisional structure  Divisional highlights Track record 2000-2004 Outlook  Current trading  IFRS Appendices

3. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 3 Operational highlights Underlying growth in all core divisions  underlying advertising revenues up 10%, overall underlying revenue up 8%  recovery being led by major brands Successful acquisition and swift integration of Initiative Europe Continued investment in existing products  Mortgage Solutions now published weekly  investment in Insurance Age, Energy Risk, Operational Risk and Asia Risk  Trading Technology Week re-branded as DWT Continued organic growth in new titles and other brand extensions  successfully launched Structured Products in autumn Launch of “Conjecture” and further developed Incisive Research

4. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 4 Financial highlights Turnover increased by 31% to £46.5m Profit before tax and goodwill up 46% to £9.7m Increased operating margin before goodwill to 26% Diluted earnings per share before goodwill up 20% to 7.96p 25% increase in total dividend to 2.00p

5. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 5 Financial highlights Profit and loss account - operations

6. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 6 Financial highlights Profit and loss account - financing

7. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 7 Financial Highlights Profit and loss account – performance per share

8. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 8 Financial highlights Cash flow

9. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 9 Financial highlights Balance sheet

10. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 10 Retail Investment Investment Week International Investment Multi Manager IFAOnline Bloomberg Money Your Money Wealth Magazine Incisive Research Conjecture Risk Management Risk Asia Risk Energy Risk Operational Risk Hedge Funds Review Credit US Credit FX Week Structured Products Insurance Post Reinsurance Professional Broking Insurance Age Cover Insurance Window Mortgage Your Mortgage Mortgage Solutions Mortgage Edge Your Mortgage.com Incisive Communications Financial IT/ Market Data Waters Dealing with Technology Inside Market Data Hedge Fund IT Divisional structure. Proven record of new product innovation and value enhancing acquisitions Private Equity Unquote Private Equity Europe High Growth Investor DAT RII LP Congress Customised Research Consultancy

11. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 11 Divisional highlights Risk management (£15.5m, 33% of group revenues [2003: 31%]) Key brands: Risk, Credit, US Credit, Energy Risk, Hedge Funds Review, Operational Risk, FX Week Reported growth of 43%, like for like revenue up 6% Growth from Risk, Operational Risk, Hedge Fund Review, Asia Risk and Risk Books Operational Risk re-launched in May 2004 Events and publications benefited from improved management and infrastructure in Asia Improved outlook for Energy Risk, Credit and US Credit

12. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 12 Divisional highlights Retail investment (£10.8m – 23% of group revenues [2003: 28%]) K ey brands: Investment Week, International Investment, Multi-Manager, Bloomberg Money Revenues up 8% Investment Week publication revenue up 18%, event revenue flat International Investment event revenue up 41% IFAOnline up 26% Launched Conjecture and further developed Incisive Research

13. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 13 Divisional highlights Insurance (£8.2m - 18% of group revenues [2003: 21%]) Key brands: Post, Insurance Age, Professional Broking, Reinsurance, Cover Revenue up 10% boosted by acquisition of Insurance Age Post Magazine publication revenue up 6% Strong publication growth on COVER, Reinsurance and Professional Broking Divisional events revenue flat

14. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 14 Divisional highlights Mortgage (£5.5m - 12% of group revenues [2003: 12%]) Key brands: Your Mortgage, Mortgage Solutions, Mortgage Edge Revenue up 26% Mortgage Solutions, Mortgage Edge and Your Mortgage benefited from regulatory changes affecting IFAs Mortgage Solutions revenues up 40%, weekly from June Your Mortgage Awards up 19% Better outlook for contract publishing

15. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 15 Divisional highlights Financial IT and market data (£2.9m - 6% of group revenues [2003: 4%]) Key brands: Waters, Inside Market Data Strong event revenue drove 6% improvement, particularly on IMD Improved financial IT market benefited Waters publication and events revenue Acquired outstanding 50% of Dealing with Technology (‘DWT’), and subsequently re-branded Trading Technology Week as DWT

16. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 16 Divisional highlights Private Equity (£2.5m, 6% of group revenues) Key brand: Unquote, DAT, RII 8 months of trading contributed 6% of group revenues Data driven business with subscription renewal rates very high with all products between 70%-95%. Unquote renewals running at 80% Cross selling opportunities to hedge fund customers First private equity conference held in January 2005, and other new events planned for 2005

17. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 17 Five year track record – 2000 to 2004 Margins grown from 16% to 26%  indicative of good portfolio management and greater degree of integration of platform execution teams  the business model is cash generative with the highest free cash to sales ratio in the sector Delivered 22% compound EPS growth  the highest four year earnings growth in the sector  fuelled by value enhancing deals and tight management  growth driven both by organic activity and acquisitions, the group has strong fundamentals Delivered 10% compound underlying organic revenue growth Significant step up in the quality of earnings  transformed both qualitatively and quantitatively

18. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 18 Track record of Incisive Media 10 year track record of revenue and profit growth Turnover (£’m)Profit before tax and goodwill (£’m)

19. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 19 Track record of Incisive Media 10 year track record of EPS growth Diluted earnings per share (pence) CAGR 2000 to 2004 = 22.2%

20. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 20 Track record of Incisive Media Consistent organic growth delivery Revenue breakdown – organic vs acquisition Organic (excluding discontinued Investor’s Week and related brand extensions) CAGR 2000-2004 = 10% Timothy Benn Publishing / Matching Hat / Risk Waters Group / Insurance Age / Initiative Europe

21. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 21 AdvertisingSubs & other publicationEventsInternet Track record of Incisive Media Change in spread of revenues – 2000 to 2004 2000 2004

22. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 22 Outlook Current trading Steady growth from strong core  positive start to 2005 across all divisions  full year benefit from acquired Private Equity division The group is continuing to expand organically  two magazine launches and further new events planned for 2005  opportunity to roll out of Conjecture and Incisive Research across other divisions  increase the frequency of a number of magazine brands Well positioned to make more acquisitions

23. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 23 Outlook International Financial Reporting Standards – effect on Incisive Media Reporting for 2005  including interims in September 2005 Impact on profit and loss account  no amortisation of goodwill – just annual impairment review  charge for share based payments  deferred tax treatment Mainly disclosure differences  segmental reporting  no adjusted EPS figures allowed on face of P&L System and operational changes  segmental balance sheet reporting by division

24. Appendix

25. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 25 Corporate history City Financial Communications established in 1994 Company re-branded as Incisive Media in July 2000 following the acquisition of Timothy Benn Publishing Group Incisive Media floated in December 2000 Matching Hat acquired in August 2001 Acquired Risk Waters for £35.1million in May 2003 Acquired Insurance Age for £1.05million in July 2003 Acquired final 50% of DWT Conferences December 2003 Acquired Initiative Europe in April 2004

26. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 26 Background on Incisive Media An experienced management team Tim Weller Chief Executive 22 yrs experience VNU, Centaur Reuters, Incisive Media 1994 Jamie Campbell-Harris Finance Director PwC, Saatchi & Saatchi Incisive Media 1998 James Hanbury Chief Operating Officer 17 yrs experience Centaur Holmes & Marchant Incisive Media 1994 Nick Rapley Managing Director 19 yrs experience VNU, Centaur Incisive Media 1994 Investment Tony Gibson Managing Director 21 yrs experience Euromoney Global Finance Risk Waters Incisive Media 2003 Risk Management Bharat Sagar Managing Director 20 yrs experience Brass Tacks Matching Hat Incisive Media 2001 Mortgage Jonathaon Whiteley Managing Director 10 yrs experience FT Business Incisive Media 1996 Private Equity Insurance Market Data Chris Stibbs Development Director E&Y, ICI Pearson, Timothy Benn Incisive Media 2000

27. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 27 Incisive Media strategy Our objective is to develop valuable market leading brands serving both large and growth sectors which deliver need to know information and provide measurable marketing solutions. We will achieve this both through organic growth and controlled acquisitions. The surround strategy we apply to achieve this objective is:  Apply market focused approach  Deliver high quality need to know information  Deliver to targeted information intensive communities  Publish narrow and deep  Extend brands across a variety of platforms  Develop close relationships to increase barriers to entry

28. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 28 Delivery platforms Newspapers/magazines/newsletters Books/Journals/Guides Training Research Customer magazines Consultancy Electronic/ online services List-based products Conferences/forums round tables/exhibitions Integrity,Trust and Authority

29. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 29 Acquisitions criteria Facilitating the business model Acquisitions accelerate organic growth Disciplined acquisition criteria are established to enable the business model to be rolled out  Quality brands / assets  Attractive vertical sectors  Extensive brand reach  Robust core earnings  Value of hard / soft synergies  Platform neutral  Earnings enhancing Learning experience can extend the business model Maintaining strategic integrity is key

30. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 30 Margin delivery How we achieve and maintain high margins Business model  Deliver focused “need to know” information to tightly defined communities  Enables small but focused print runs  Results in high gross margins - target 75-80%  Focus allows for premium advertising and subscription rates  Focus increases barriers to entry Surround strategy  Ensures we own relationships  Can quickly identify new opportunities  Reduced risk and low cost launches

31. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 31 Margin delivery How we achieve and maintain high margins Management of cost base  Publishers accountable for own P&L  Publishers incentivised on bottom line growth  Editorial and commercial integration  Controlled recruitment  Swift integration of acquisitions

32. Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 32 Investment case Experienced management team 10 year track record of growth Excellent organic growth track record  delivered via proven business model Controlled approach to acquisition  with proven experience of successful integration Each division headed by robust brand leader Superior industry margins  sustainable, with potential future growth