1. SCMP Group Limited Annual Results 2002 24 March 2003

2. SCMP Group 2002 2001 HK$ HK$ Total revenue 1,364.9m* 1,693.7m Profit after tax 102.5m 165.7m - pre revaluation deficit 177.5m206.4m EPS 6.02 cents 9.55 cents - pre revaluation deficit 10.42 cents11.90 cents EBITDA 256.7m387.4m EBITDA margin 18.8% 22.9% NAV per share0.98 1.24 Net debt 171.0m- Gearing 11.1%- No. of shares in issue ('000) 1,560,946 1,734,438 Weighted average no. of shares ('000) 1,704,448 1,734,160 Results Overview * Excludes certain businesses sold in 2002

3. SCMP Group 2002 2001 HK$m Total revenue 1,364.9* 1,693.7 Operating costs (before dep) 1,108.2 1,306.3 EBITDA 256.7387.4 Revaluation deficit (75.0) (40.7) Disposals / asset impairment 25.1 (49.7) Depreciation / amortisation (79.0) (88.1) Other revenue 8.8 25.3 Finance cost (1.1) (0.6) Operating profit 135.5233.6 Net profit 102.5 165.7 Results Summary * Excludes certain businesses sold in 2002

4. SCMP Group 2002 2001 HK$m HK$m Newspapers & other publications 831.8 1,014.1 Retail 418.6 414.5 Investment properties 79.7 77.3 Video & film post production 19.5 32.3 Entertainment recreation & education (ceased in 2002) 15.3 155.5 ______________ Total 1,364.9 1,693.7 ====== ====== Revenue

5. SCMP Group 2002 2001 % HK$m HK$m Change Staff cost 417.2 477.7 12.7 Cost of sales 427.6 499.0 14.3 Rental & utilities 98.0 143.3 31.6 Advertising & promotion 31.4 37.2 15.6 Other operating expenses 134.0 149.1 10.1 _______ ______ ____ Operating cost 1,108.2 1,306.3 15.2 Depreciation/ amortisation 79.0 88.1 10.3 _______ ______ ____ Total 1,187.21,394.4 14.9 ============ ==== Operating Costs & Expenses

6. SCMP Group Staff costs 12.7% Jun 2001Dec 2001Jun 2002 Newspaper & Internet : 54% Retail : 26 % Magazine & Other Publications : 8% Video Film : 4 % Management & Corp. Services : 8% Head Count Operating Costs & Expenses Dec 2002

7. SCMP Group Cost of sales 14.3% – newsprint cost down 26.4%, US$494 pmt vs. US$671 last year – newsprint usage 16.3% Rental costs 31.6% – disposal of the club and education businesses Advertising promotion 15.6% Other operating expenses 10.1% Operating Costs & Expenses

8. SCMP Group 2002 2001 HK$m Total revenue 831.8 1,014.1 EBITDA 176.1 283.8 Operating profit 109.8 192.6 EBITDA margin 21.2% 28.0% Newspaper & Other Publications

9. SCMP Group Jan - June July - Dec Newspaper Circulation 199920002001 2002 WeekdaysSunday Circulation revenue 4.7% Hotel/airline sales recovered following September 11 Lower subscription sales from record redundancies and business closure/downsizing 199920002001 2002

10. SCMP Group Newspaper Readership Maintains market share of English newspaper readership in Hong Kong Source: ACNielsen RARD Report (year end) %

11. SCMP Group 2002 2001 HK$m RetailRevenue 418.6 414.5 EBITDA 1.3 3.1 Operating profit (1.6)(0.4) InvestmentRevenue 79.7 77.3 propertiesEBITDA76.471.5 Operating profit17.225.4 Video & film postRevenue 19.532.3 productionEBITDA (0.5) 5.0 Operating profit (3.8) 2.1 Entertainment,Revenue 15.3 155.5 recreation &EBITDA 3.424.0 educationOperating profit 13.9 13.9 Other Businesses

12. SCMP Group Retailing Revenue from additional Daily Stop outlets, though per shop sales is lower 83 Daily Stop outlets from 72 in December 2002 18 Health Plus shops from 27 in December 2002 Investment Properties Revenue due to leasing of 21/F, BOA Tower Provision of $75m for revaluation deficit TV City lease to TVB expires 31 Dec 2003 TV City redevelopment approval process: TPB approval land exchange application assessment / negotiation of land premium = another 18 months Other Businesses

13. SCMP Group TV City BoA Leighton Rd HK$m HK$mHK$m Value as at 31 Dec 2001 575 155 100 Renovation cost - - 1 Revaluation deficit (65) (5) (5) ____________ Value as at 31 Dec 2002 510 150 96 ____________ Rental income pa 70.6 7.8 - Valuation on existing use basis BoA: 5000 sq ft still vacant Leighton Road: office space still vacant, 2002 income of HK$1.3m from billboards, 80% from new billboards in Oct-Dec 2002 Investment Properties

14. SCMP Group Impact of new SSAP 34 on Defined Benefit Plan: DB Plan's surplus assets of HK$37.9m capitalised in 2002 balance sheet Annual charge to P&L is a net composite of movement in value of DB Plan's assets and liabilities due. Charge in 2002 was HK$4.5m In view of surplus, Group has taken a contribution holiday for 3 years from 2003, which is positive for cash flow Employee Retirement Scheme

15. SCMP Group Capital Expenditure System hardware & software Replacement Colour press Other businesses 2003 Budget : HK$79m 2002 : HK$62m HK$12m HK$24m HK$5m HK$21m HK$15m HK$41 m HK$23m

16. SCMP Group Summary Cost controls in place Improvements in quality and presentation of the paper Major capex program close to completion:  two new colour presses installed  new editorial publishing system fully implemented by October  new advertising and circulation management systems by end of this year  digitization of 150,000 selected photos: photo.scmp.com

17. SCMP Group Summary China initiatives - co-operation in Shanghai for a print recruitment publication 10% share repurchase exercise completed, opportunities for on-market repurchase in future 2003 prospects difficult to predict with geopolitical events, to date revenues tracking 2002 Positioned for a rebound, to maximize revenue potential and profitability when market recovers