Full Year Results 2001

17th April 2002

Independent News & Media PLC

GLOBAL VISION LOCAL CONTENTGLOBALISATION DELIVERING GROWTHGlobal Portfolio of Leading BrandsMarket LeadersStrong Cost ManagementHighly 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 placementSuccessful restructuring of Australasian assets2001 HIGHLIGHTS

RESTRUCTURING OF AUSTRALASIAN ASSETSSale 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 214mIncreased shareholding in APN to 44.55%EPS enhancing for both Independent & APNOpens new opportunities in Australasia

PEER GROUP COMPARISON 2001

Sheet1

NewspaperNewspaper

TotalAdvertisingCirculationOperating

RevenueRevenueRevenueProfit

Independent News & Media *-0.1%-1.6%+7.2%+0.0%

Trinity Mirror - Nationals-2.4%-4.2%-0.1%-0.19%

Hollinger - UK Newspapers-9.0%-10.6%-1.2%-49.9%**

Pearson - Financial Times-5.1%-20.0%n/a-27.0%

John Fairfax Holdings ***-10.7%-10.8%n/a-47.2%

West Australia Newspapers ***-15.4%-12.0%-3.1%-30.6%

New York Times Company-10.6%-15.7%+3.1%-39.3%

Knight-Ridder Inc-9.7%-10.1%-2.2%-30.9%

* Excluding exceptionals and share of results of JV's & associates

** 12 months EBITDA

*** 6 months ended 31 December 2001

PEER GROUP EXCEPTIONAL CHARGES 2001

Sheet1

Exceptional Charge

millions

Independent News & Media(90.1)

Trinity Mirror(268.3)

Hollinger(348.3)

Pearson(360.3)

News Corporation *(903.6)

Telewest(1,817.6)

AOL Time Warner(2,833.7)

Vivendi(12,640.0)

* 6 months

2001 HEADLINE NUMBERS

Sheet1

20012000Change

millions millions%

(as restated)

Group Turnover1,341.41,342.5-0.1%

Operating Profit *218.4218.40.0%

Net Exceptional Items(57.6)3.0

Profit Before Tax61.8155.3-60.2%

Net Profit3.180.8-96.2%

Earnings per Share (EPS) **12.5015.92-21.5%

Dividend per Share (DPS)7.757.503.3%

Weighted Shares Outstanding (m)532.7514.43.6%

Operating Margins *16.28%16.27%0.08%

* Excluding exceptionals and share of results of JV's & associates

** Before exceptional items and amortisation

2001 SUMMARY BALANCE SHEET

Sheet1

31 Dec. 200131 Dec. 2000Change

millions millions millions

(as restated)

Fixed Assets *2,9252,584341

Other Net Assets/ (Liabilities)(2)53(55)

Net Bank Debt(1,056)(1,493)437

Capital Lease Liabilities(249)(7)(242)

Total Shareholders' Funds1,6181,137481

Interest Cover (EBITDA/Interest)2.7x3.7x

Total Net Debt ** to EBITDA4.8x5.7x

* Including the revalued elements of mastheads

** Net Bank Debt plus Capital Lease Liabilities

2001 SUMMARY CASH FLOWS

Sheet1

20012000Change

millions millions millions

Operating Cash Flow227.3246.5(19.2)

Interest & Minority Dividends(138.3)(111.8)(26.5)

Taxation(20.5)(37.7)17.2

Capex & Financial Investment(120.1)(220.1)100.0

Acquisition of Subsidiaries(32.7)(504.3)471.6

Equity Dividends(38.1)(33.1)(5.0)

Share & Note Issues325.47.2318.2

FX Movement & Other(7.6)22.7(30.3)

Reduction/(Increase) in Net Debt195.4(630.6)826.0

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 itemsEARNINGS PER SHARE: 10 YEAR PERFORMANCE

Revenue up, driven by cover price and advertising rate increases Continuing strong cost managementStrong performance from RadioExpansion of security printing to AustraliaAcquired by APN in Dec. 2001 & achieved targets in APN Explanatory MemorandumRevenues strengthening into 2002No. 1 NEWSPAPER publisherNo. 1 REGIONAL publisherNo. 1 RADIO operator No. 1 COMMERCIAL PRINTERNo. 1 SECURITY PRINTERNo. 1 News Website

Turnover by Activity

COMPANY PROFILE

2001 PERFORMANCE & OUTLOOKNEW ZEALAND DIVISION

Sheet1

'm (constant FX)20012000Change

Turnover292.7282.43.6%

EBITDA79.072.09.7%

Operating Profit61.655.411.2%

Operating Margin21.0%19.6%

Tough advertising market in 2001 Continuing tight cost controlAchieved 2001 targets set out in APN Explanatory MemorandumKey tender & license wins for Outdoor & RadioExpansion into fast-growing Asian market on-trackNo. 1 REGIONAL publisherNo. 1 OUTDOOR operatorNo. 1 Australasian RADIO operator JV in Pan TVs World MoviesGrowing Asian OUTDOOR business

Turnover by Activity

COMPANY PROFILE

2001 PERFORMANCE & OUTLOOKAUSTRALIAN DIVISION

Sheet1

'm (constant FX)20012000Change

Turnover306.9325.1-5.6%

EBITDA78.187.0-10.2%

Operating Profit63.271.9-12.1%

Operating Margin20.6%22.1%

Revenue growth from both circulation & advertising Circulations: 10 out of 14 titles UP all competitors significantly down Strong cost managementOutdoor Acquisition - EPS enhancingRealisation of Pension Fund surplusNo. 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 & OUTLOOKSOUTH AFRICAN DIVISION

Sheet1

'm (constant FX)20012000Change

Turnover194.9189.03.1%

EBITDA31.128.78.4%

Operating Profit27.124.311.5%

Operating Margin13.9%12.9%

Core circulations UP Aggressive cover pricingAttractive advertising readership profilesStrong cost control headcount down 8.5%Newsprint price reductions achieved for 2002Leading 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 & OUTLOOKUNITED KINGDOM DIVISION

Sheet1

'm (constant FX)20012000Change

Turnover253.8210.020.9%

EBITDA25.416.157.8%

Operating Profit17.612.441.9%

Operating Margin6.9%5.9%

Successful commissioning of CITYWESTStrong ADVERTISING growth & significant gains in MARKET SHAREStrong CIRCULATION growth-Irish Independent achieves 19 year high-The Star achieves all-time highStrong cost management & Newsprint price reduction

No. 1 NATIONAL publisherNo. 1 REGIONAL publisherNo. 1 COMMERCIAL PRINTERNo. 1 WHOLESALER/ DISTRIBUTOR

Turnover by Activity

COMPANY PROFILE

2001 PERFORMANCE & OUTLOOKIRISH DIVISION

Sheet1

'm20012000Change

Turnover370.9335.910.4%

EBITDA83.974.113.2%

Operating Profit73.266.310.4%

Operating Margin19.7%19.7%

NEW MEDIAPRUDENT New Media strategy and executionExtension of CORE brandsPro-active costmanagement Headcountdown 43% from high pointduring 2001Significant REDUCTIONin losses, as forecastedMinimal investment exposure - 11.5m, excl. iTouch & Chorus

Sheet1

NEW MEDIA STATS

'm20012000

Turnover7.47.7

Operating Losses(6.8)(10.0)

Group Web Stats:

No. of Web Sites5148

Page Impressions / month95m100m

Headcount158203

Excellent 2001 260% revenue growth on 2000Six consecutive quarters of good growthControlling costs Cash outflow, excluding acquisitions, only Stg7.7mKey acquisitions during 2001Growth continuing into 2002Well positioned for mobile future with:-

Fully funded business model Stg36.1m in handPowerful international relationshipsCarrying value supported by current market valueiTOUCH 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 businessSignificantly REDUCED exposure to New MediaClear strategy for operating margin ENHANCEMENTSSUMMARY

OUTLOOKCORE businesses performing wellCIRCULATION revenues trending UPADVERTISING showing signs of vitalityContinued focus on COSTS run rate downInterest costs DOWNGLOBAL diversity underpinning growthCautiously optimistic for IMPROVEMENT on 2001

GLOBAL VISION LOCAL CONTENTIndependent News & Media PLCFull Year Results 2001

17th April 2002