INDEPENDENT NEWS MEDIA PLC 2000 Full Year

INDEPENDENT NEWS & MEDIA PLC 2000 Full Year Results 21 st March, 2001 All figures in Euros unless otherwise stated

2000 HIGHLIGHTS • Strong performances in all markets • Underlying circulations / readerships positive • New € 60 m full-colour Irish production facility operational • Successful integration of the Belfast Telegraph Group • Chorus launches Ireland’s first Digital service • i. Touch exceeds 1 st year targets, after successful IPO

GROUP PROFILE Listing Information • Leading international media group with 5 main geographic markets • PLC listed on the Dublin, London and New Zealand Stock Exchanges • Market Capitalisation: € 1. 5 bn (IR£ 1. 2 bn) • Shareholder Profile: Turnover by Activity Publishing 82% Electronic 9% Outdoor Advertising 9%

2000 FULL YEAR RESULTS

HEADLINE NUMBERS Operating Margin * * Continuing activities before exceptionals ** Before exceptional items and amortisation 16. 3% 15. 6%

SUMMARY BALANCE SHEET * Including the revalued elements of mastheads

SUMMARY CASH FLOWS * Excluding restructuring payments

GROUP TURNOVER BY MARKET Turnover by Market -- 2000 Total: € 1, 342. 5 m

GROUP PROFITS BY MARKET Operating Profit by Market -- 2000 Total: € 224. 1 m

10 YEAR PERFORMANCE Earnings per Share (€) (Fully diluted before exceptionals & goodwill amortisation) 10 Year C. A. G. R. • Turnover + 24% • Operating Profit * + 31% • Pre-Tax Profit + 36% • Earnings Per Share + 16% • Dividends Per Share + 16% * Excluding exceptional items

OPERATIONS REVIEW

NEW ZEALAND COMPANY PROFILE • No. 1 newspaper publisher New Zealand Herald 210, 436 (+0. 3%) 57% national daily market share Readership up 5. 9% on last year • No. 1 regional newspaper publisher 8 paid for dailies/ 34 non-dailies • No. 1 commercial / magazine printer • No. 1 radio operator (66 stations) • No. 1 security printer (web/ plastics) • Turnover by Activity 2000 PERFORMANCE DRIVERS • Exceptionally strong Q 1 - America’s Cup • Increased market share & tight cost control • Strong performance from Regional division • 48% Radio share and 55% audience reach • Trans-Tasman expansion of Security Printing

Wilson & Horton 2001 PROSPECTS • Economic indicators positive: - forecast economic growth for 2001 +2. 5% - forecast inflation falling to +1. 1% - forecast interest rates falling to 5. 9% • Herald to benefit from full year cover price increase and lower distribution costs • Business Herald re-launch attracting new brand advertisers • Newsprint prices / supply fixed for 2001 • Full year impact of Security Printing’s Australian acquisitions and potential to expand Asian export market • Exports from regional New Zealand remain very buoyant

AUSTRALIA COMPANY PROFILE • No. 1 regional publisher in Australia Queensland Northern NSW, comprising 14 paid dailies/ +50 nondailies • No. 1 outdoor advertising company Supersites, transit, billboards and street furniture with 65% coverage • No. 1 radio operator with 11 metro-politan stations with 4. 5 m listeners • JV in Pan TV’s World Movies 177, 000 subscribers • Turnover by Activity 2000 PERFORMANCE DRIVERS • Good revenue growth in 1 st half & strong cost control in 2 nd half • Exceptional performance from outdoor - strong occupancies and yields • Full year of Shared Services benefits • Broad base of activities

APN News & Media 2001 PROSPECTS • Economic indicators positive: - Forecast economic growth for 2001 +2. 0% Forecast inflation continuing at subdued levels of 3. 0% Forecast interest rates falling to 5. 0% • Forecast advertising industry growth rates for 2001: Publishing Broadcasting Outdoor + 3% + 4% + 5% • Low Australian dollar boosting exports and Regional markets • Asian outdoor expansion to deliver immediate profits

SOUTH AFRICA COMPANY PROFILE • No. 1 newspaper publisher / printer The Star 163, 746 (+0. 6%) Saturday Star 135, 936 (+0. 3%) Sunday Independent 40, 875 (+1. 0%) Cape Argus 77, 418 (+0. 2%) Weekend Argus 108, 474 (+0. 2%) Cape Times 48, 690(+0. 2%) Daily News 65, 476(+1. 7%) Independent on Saturday 73, 668 (+0. 8%) Sunday Tribune 108, 339(+1. 8%) All other titles reported circulation increases • Turnover by Activity 2000 PERFORMANCE DRIVERS • Good growth in circulation - ALL titles up Competitors generally down • Increasing readership market share (68%) • Increasing advertising market share Display market share up to 41% Classified market share up to 50% • Cost increases held at half the inflation rate • Conde Nast magazine JV above expectations

Independent News & Media (SA) 2001 PROSPECTS • Economic indicators positive: - Forecast economic growth for 2001 +3. 5% - Forecast inflation falling to +7. 0% Forecast interest rates falling marginally to 14. 0% • Forecast advertising industry growth rates for 2001: - Newspapers + 8. 5% • Newsprint prices/ supply fixed for 2001 • On-going focus on extending strong circulation and advertising market positions • Continued positive impact of reduced cost base following successful restructuring in 1999 and tight cost focus in 2000

UNITED KINGDOM COMPANY PROFILE • No. 4 quality broadsheet newspaper publisher The Independent 240, 000 Independent on Sunday 270, 000 • No. 1 newspaper publisher in Northern Ireland • No. 2 paid-for regional newspaper publisher in Greater London area • No. 1 recruitment magazine publisher • No. 1 educational courses publisher • Turnover by Activity 2000 PERFORMANCE DRIVERS • Nationals Highest circulation level & market share (9. 6%) since 1997 Good growth in advertising (up 12%) New premises with significant cost savings • Regionals Margins at top-end of industry Circulation stabilised following market decline • Magazines Advertising maintained growth & market share

BELFAST COMPANY PROFILE TELEGRAPH FUTURE PROSPECTS • Acquired from Trinity Mirror in August 2000 for STG£ 292 m • Unique metropolitan franchise • Earnings enhancing in 1 st year • Excellent track record • No. 1 newspaper publisher Belfast Telegraph 112, 000 Sunday Life 95, 000 • No. 1 contract printer 2 Goss Metroliners (double-width) • Turnover by Business Type Proven management / editorial team • Advertising growth despite overall UK slowdown Strong recruitment advertising enabling significant yield increases • Successful re-formatting of The Belfast Telegraph and Sunday Life Halted decline in circulation Enabled cover price increase • New product development • Group editorial resource • Enhanced printing resource

Independent News & Media (UK) 2001 PROSPECTS • Economic indicators positive: - Forecast economic growth for 2001 +2. 0% to 2. 5% Forecast inflation falling to +2. 4% Forecast interest rates 5. 75% and possibly lower • Forecast newspaper advertising industry growth rates for 2001: - Nationals Regionals + 3. 2% + 1. 0% • Full year impact of Belfast Telegraph acquisition • New centralised London operations and termination of out-sourced services

IRELAND COMPANY PROFILE • No. 1 newspaper publisher Irish Independent 168, 200 The Star Evening Herald Sunday World Sunday Independent 308, 600 95, 171 101, 200 314, 022 • No. 1 regional newspaper publisher 11 titles with weekly circulation of 107, 499 2000 PERFORMANCE DRIVERS • Growing circulation & readership Market share of 51% (including imports) • No. 1 newspaper / magazine wholesaler • Strong growth in advertising • Turnover by Business Type • Successful transition / implementation of € 60 m Citywest development Revenue up 19%

Independent News & Media (Ire) 2001 PROSPECTS • Economic indicators positive: - Forecast economic growth for 2001 +8. 0% - Forecast inflation falling to +4. 0% Forecast interest rates 4. 25% • Successful commissioning / operation of € 60 m Citywest development with full benefits achieved lower production headcount colour out-sourcing eliminated explosive growth in colour volumes/ yield reduction in newsprint usage • Chorus - digital services roll-out

NEW MEDIA REVIEW

Chorus (Ire)

DIGITAL e. VOLUTION e-Hype • strip away the Hype • don’t “bet the bank” • leverage content & marketing e-Basic • define strategic arenas • systems automation • cover downside - manage classified migration - enforce copyright/ regulatory e-Xecution • brand extension @ marginal cost • marketing cross-promotion • limit cash investment (Ads for Equity)

INDEPENDENT DIGITAL business 2 business internet - portals mobile information news sites sport classified entertainment financial travel e-commerce education / databases broadband - digital TV - telephony

SUMMARY • Geographically diversified - with tight focus on core competencies • Unique brand leadership positions - dominant in 4 out of 5 markets • Highly cash generative business • Clear strategy for operating margin enhancements • All divisions performing well • “Hype-Less” new media strategy • Increasing value of our Irish cable / telephony business

SUMMARY • Belfast Telegraph acquisition - EPS enhancing • Citywest development further enhancing Irish performance • Track record of unbeatable shareholder return SHAREHOLDER RETURN – Since 1973 ted es , 00 € 1 inv 0 € 336, 000 973 in 1 C. A. G. R. + 23%

OUTLOOK • Core businesses performing well • Too early for current year forecasts because of uncertainty in global markets • Focus on cost containment • Group well positioned for future growth

INDEPENDENT NEWS & MEDIA PLC