2002 PRELIMINARY RESULTS Financial Results Twelve months

2002 PRELIMINARY RESULTS

Financial Results Twelve months to 31 December 2002 2001 Change % 793. 4 930. 5 (14. 7) Continuing operating profit* (£m) 64. 9 81. 7 (20. 6) EPS * (p) 16. 5 17. 9 (7. 8) 7. 0 12. 0 (41. 7) 93. 5 49. 3 89. 7 Continuing turnover (£m) Dividend per share (p) Net cash (£m) *before exceptionals and amortisation of intangibles 2

2002 Review Strong performances in CMP Asia, CMP Information, UAP and NOP UK Profit up 32. 3 per cent to £ 44. 9 m CMP Media revenues stabilising Profit in Q 4 Profit from US businesses down 58. 1 per cent to £ 20. 0 m Continuing revenue and margin pressure at PRN and NOP Margins 8. 2 per cent (8. 8 per cent) H 2 7. 2 per cent (5. 0 per cent) United Business Media

2002 Review Further major action on costs £ 180 m annualised cost savings since 2000 Market share gains, and yields holding up relatively well Cash conversion around 140% Tight controls of working capital and capex Stronger balance sheet, £ 94 m net cash positive Continuing commitment to organic investment £ 20 m on new product development Over 40 major launches United Business Media

Trading Outlook Continued tough trading conditions Jan/Feb revenue generally following late ’ 02 trends Professional media margins to benefit from cost savings News distribution still under pressure Market research underpinned by continuous businesses Revenue outlook clouded by geopolitical concerns Managing costs in line with revenues United Business Media

2003 Performance and Growth Group margin boosted by efficient cost base 10 per cent target Maintaining new product investment Targeting further market share Strong cash generation Building value in investment portfolio Share buyback programme United Business Media

FINANCIAL REVIEW

Financial Results Twelve months to 31 December 2002 2001 Change 793. 4 930. 5 (14. 7) 64. 9 81. 7 (20. 6) - (20. 1) - Total operating profit* (£m) 64. 9 61. 6 5. 4 Net Interest (£m) 10. 1 35. 8 - Other finance expense (FRS 17) (2. 1) (1. 5) - PBT * (£m) 72. 9 95. 9 (24. 0) (16. 0) (25. 0) 36. 0 16. 5 17. 9 (7. 8) 7. 0 12. 0 Continuing turnover (£m) Continuing operating profit* (£m) Discontinued operating profit* (£m) Taxation* (£m) EPS * (p) Dividend per share (p) *before exceptionals and amortisation of intangibles United Business Media %

Cash Conversion Twelve months to 31 December 2002 £m Operating profit (before goodwill & exceptionals) 64. 9 Depreciation 23. 2 Capex (10. 9) Working capital/other 13. 8 Operating cash inflow 91. 0 Cash conversion 140. 2% United Business Media

Further Cash Flows Twelve months to 31 December Operating cash inflow Dividends paid 2002 £m 91. 0 (14. 4) B shares (7. 4) Tax refunded 15. 3 Net interest received 4. 4 Investments (including channel five) (13. 6) Payments relating to property and redundancy (35. 1) Payments relating to prior year disposals (19. 0) Foreign exchange 24. 0 Other (1. 0) Increase in cash in the period 44. 2 10

Breakdown of Net Cash and Interest 31 Dec 2002 £m Interest % Interest £m £ Cash 245 4. 0 11. 0 £ Debt (16) 3. 8 (2. 1) $ Cash (in £) 480 2. 2 16. 9 $ Debt (in £) (637) 3. 0 (24. 4) Other 22 1. 0 0. 1 Net Cash 94 Channel five 156 Net Interest 8. 8 10. 1 (2. 1) Other financial expenses - FRS 17 P&L Interest 8. 0 11

Exceptional Items 2002 £m’s Impairment provisions CMP Media £ 60 m NOP World £ 37 m PR Newswire £ 17 m Property Payments relating to prior year disposals 114. 2 30. 0 14. 0 158. 2 United Business Media

Segmental Analysis Twelve months to 31 December Operating Profit Group Turnover 2002 Change Underlying £m % % % 252. 4 (31. 9) (28. 7) (9. 4) (20. 5) (16. 4) 51. 1 4. 3 5. 2 13. 7 2. 2 6. 5 113. 4 (13. 3) (4. 2) 12. 7 84. 1 187. 5 58. 1 1. 2 1. 9 12. 7 35. 1 35. 4 PR Newswire 105. 4 (17. 7) (13. 8) 17. 3 (51. 7) (44. 4) NOP World 213. 0 9. 3 (10. 6) 17. 9 (25. 4) (21. 0) Total Continuing 793. 4 (14. 7) (16. 1) 64. 9 (20. 6) (8. 9) CMP Media CMP Asia CMP Information UAP United Business Media

Margin Performance H 1 2001 % H 1 2002 % H 2 2001 % H 2 2002 % TOTAL 12. 2 9. 1 5. 0 7. 2 CMP Media 6. 5 (6. 2) (14. 6) (0. 9) CMP Asia 34. 0 30. 2 20. 9 23. 4 CMPi 0. 7 11. 9 10. 2 10. 4 UAP 16. 3 23. 4 16. 5 20. 3 PR Newswire 29. 7 21. 4 25. 7 10. 4 NOP World 13. 9 11. 3 5. 7 United Business Media

Investment Net debt capacity around £ 400 m minimum interest cover of 5 times conservative approach to financing Acquisition financial criteria cost of capital 8% generally eps enhancing first full year Review buy backs and special dividends Investment targets 2 to 4 year payback United Business Media

Investment Performance Mixed performance from acquisitions cost synergies delivered revenues impacted by general US economic weakness £ 124 m acquisitions in 2001 Roper. ASW (Custom) under performed Allison-Fisher (Auto) strong performance KSS in line with acquisition plan New product initiatives Started well in a difficult market – steady pipeline for 2003 United Business Media

Pensions Introduced FRS 17 Pension deficit of £ 90. 9 m (£ 41. 0 m) 2002 £ 6. 8 m (£ 4. 2 m) charge Currently forecast to be around £ 12 m in 2003 Approx 50: 50 split between bonds and equities United Business Media

Trade Investments : Five Twelve months to 31 December - Unaudited 2002 £m 2001 £m Change % 244. 8 Operating profit 198. 1 23. 6 (4. 5) Turnover (48. 3) 90. 6 Audience share up to 6. 5% (5. 9%) Advertising share up to 7. 5% (6. 4%) Net book values: Five Other investments £ 120 m £ 50 m United Business Media

OPERATIONAL REVIEW

Performance Scorecard 2002 Against UBM internal targets COST REDUCTIONS MARKET SHARE NEW PRODUCT DEVELOPMENT CMP Media CMP Asia CMPi UAP PR Newswire NOP World United Business Media

Constantly Improving Operational Efficiency Cost savings Vs 2000 fixed cost base £ 165 m 1900 Staff £ 180 m 2150 Staff £ 110 m 1400 Staff £ 60 m 700 Staff August 2001 March 2002 August 2002 February 2003 21

Shares of Major Markets CMP Media – strong growth Ad page volume 28. 4% Vs 24. 9% in 2001 NOP World – assessment of market share trends UK - holding share US custom and healthcare – lost ground US media – robust, all major contracts renewed Worldwide automotive – solid growth PR Newswire – gaining ground Global wire volumes: gained 2. 2% to 40. 0% US: holding firm YOY at 52% of earnings release volumes UK: from zero to over 10% of regulatory releases United Business Media

Product Developments News Distribution Netseminars Professional Real Time CME OMA Media Rental & Staging e. Watch OMA Beauty Japan Hispanic Optimize Ifsec Intra Shanghai Multi. Vu Thomson Daltonsbusiness. com Alliance Xinhua Communications PR Audit Financial Design Conf News Matech Databases CME Leather Prof. Net NOP China Shared Services Health Tbutton Tech Confidence Barometer Life. Matrix Scripdriver Roper. ASW Consumer Online Panel MRI National Study - Hispanic Automotive Intentions Europe Influential Americans Market NOP Consulting Disclose Research

Professional Media: CMP Media Twelve months to 31 December 2002 £m Turnover Operating Profit 2001 £m Change % Underlying % 252. 4 370. 4 (31. 9) (28. 7) (9. 4) (7. 8) (20. 5) (16. 4) United Business Media

CMP Media 2002 Review Delivered August revenue forecasts Moved into operating profit in Q 4 Ad page volumes down 20 per cent Yield impact held to only a 6 per cent decline Market share up to 28. 4 per cent (from 24. 9 per cent) Revival in reseller titles, some stability in other markets Healthcare grew 3 per cent despite market conditions Marketing spend up and client consolidation unwound New products: £ 7 m investment and £ 7 m revenue United Business Media

CMP Media Actions and outlook Not planning on tech revenue growth Aiming to hold yields Further cost savings to flow through Targeting margin improvements Ongoing commitment to new product development United Business Media

Professional Media: CMP Asia Twelve months to 31 December 2002 £m 2001 £m Change % Underlying % Turnover 51. 1 49. 0 4. 3 5. 2 Operating Profit 13. 7 13. 4 2. 2 6. 5 Solid progress on revenue, profit and margins Launches (£ 2. 3 m) boosted sq meterage, up 12. 6 per cent Upgraded sales and marketing programme Integration of KSS in Japan strengthened portfolio Further 12 launches scheduled for 2003 United Business Media

Professional Media: CMP Information Twelve months to 31 December 2002 £m Turnover Operating Profit 2001 £m Change % Underlying % 113. 4 130. 8 (13. 3) (4. 2) 12. 7 6. 9 84. 1 187. 5 Revenue down due to ad market weakness and closures Profits up 84% and margins doubled Extensive continuous improvement programme Significant cost reductions and repositioning of products 7 new products developed Events business stronger - saw positive growth

Professional Media: UAP Twelve months to 31 December 2002 £m 2001 £m Change % Underlying % Turnover 58. 1 57. 4 1. 2 1. 9 Operating Profit 12. 7 9. 4 35. 1 35. 4 Modest revenue growth Profit boosted by over 30 per cent Substantial cost saving programme Every title delivered a profit increase United Business Media

PR Newswire - News Distribution Twelve months to 31 December Turnover 2002 £m 2001 Change Underlying £m % % 95. 6 116. 3 (17. 8) (11. 8) 9. 8 11. 7 (16. 2) (31. 1) 105. 4 128. 0 (17. 7) (13. 8) US 18. 6 35. 8 (48. 1) (38. 9) Ro. W (1. 3) 0. 0 - - 17. 3 35. 8 (51. 7) (44. 4) US Ro. W Operating profit Margin 16. 4% United Business Media

News Distribution 2002 Review US message volume down 11 per cent Revenue per message up 4 per cent H 1 market conditions continued Earnings releases down 15 per cent, M&A down 24 per cent Regulatory releases length up 10 per cent Discretionary products under pressure but Multi. Vu, OMA and other launches generated £ 6 m revenue United Business Media

News Distribution Actions and outlook Impact from Sarbanes-Oxley and Corporate Governance Further product developments Already launched Premium Disclose – with US distribution Target private organisations as well as listed Develop ‘policy newswire’ Sales force restructuring – prioritise resources to major clients Holding rate card Adding functionality and holding prices United Business Media

NOP World - Market Research Twelve months to 31 December Turnover 2002 £m 2001 Change Underlying £m % % 125. 3 10. 2 (16. 8) 74. 9 69. 6 7. 6 (1. 7) 194. 9 9. 3 (10. 6) 12. 5 19. 9 (37. 1) (36. 9) 5. 4 4. 1 30. 9 42. 4 17. 9 Ro. W 138. 1 213. 0 US 24. 0 (25. 4) (21. 0) Operating profit US Ro. W Margin 8. 4% United Business Media

NOP World 2002 Review Deterioration in US healthcare and custom markets action on cost revitalised product line SMC improvement in Q 4 Strength in US syndicated media and in automotive Strength in UK financial and healthcare UK market slowing in H 2 Continuing rapid growth in online from $7 m to $30 m in healthcare alone introduced 80, 000 strong Roper. ASW panel New launches including Life. Matrix already generated £ 1 m revenue United Business Media

NOP World Actions and outlook Further cost containment and improved productivity Healthcare sector stabilising No major syndicated media contracts up for renewal in 2003 Grow market share Product development • Backed by detailed client research • e. g. launch of Scripdriver Aggressive new marketing campaign • New CMO appointed United Business Media

United Business Media Strategic Priorities Improving performance Margin target 10 per cent Maintaining yields Growing market share Financial Strength Delivering high cashflow Building and monetising investment portfolio Investment in growth Continuing investment in new products Monitoring acquisitions United Business Media