1. Interim Results September 6th, 2000

2. Australia No. 1 Regional Publisher No. 2 Radio Operator No. 1 Outdoor Operator LEADING MEDIA BRANDS Portugal No. 1 Newspaper Publisher Hong Kong No. 2 Transit Advertiser New Zealand No. 1 National Publisher No. 1 Regional Publisher No. 1 Radio Operator No. 1 Commercial/ Security Printer South Africa No. 1 Publisher Republic of Ireland No. 1 National Publisher No. 1 Regional Publisher No. 1 Newspaper/ Magazine Distributor No. 2 Cable Operator United Kingdom The Independent, Independent on Sunday No. 1 Publisher in Northern Ireland No. 1 Recruitment Magazine Publisher No. 1 Paid-For Regional Publisher in London

3. Dominant Media Company in 4 of 5 MarketsDominant Media Company in 4 of 5 Markets Market Share > 50%Market Share > 50% Over 200 Newspaper TitlesOver 200 Newspaper Titles Over 48m Readers per WeekOver 48m Readers per Week Largest Radio/ Outdoor Advertising Operator in AustralasiaLargest Radio/ Outdoor Advertising Operator in Australasia Fast-growing New Media DivisionFast-growing New Media Division LEADING MEDIA BRANDS

4. Strong Operating Performances from all DivisionsStrong Operating Performances from all Divisions –Advertising market share advances –Circulation market share advances Growth in Core Operating MarginsGrowth in Core Operating Margins Significant New Media DevelopmentsSignificant New Media Developments Successfully Acquired Belfast Telegraph GroupSuccessfully Acquired Belfast Telegraph Group - Financed out of Euro 1bn Syndicated Bank Facility Subsequent to Half Year HIGHLIGHTS 2000

5. * Continuing activities before exceptionals ** Before exceptional items and amortisation HEADLINE NUMBERS

6. * Including the revalued elements of mastheads SUMMARY BALANCE SHEET

7. SUMMARY CASH FLOWS * Excluding restructuring payments

8. UK13% Ireland 25% Ireland 25% South Africa 15% Australia 25% New Zealand 22% Zealand 22% Turnover by Market – H1 2000 Total: Euro 629.4m Ireland 36% Ireland 36% South Africa 9% Australia 31% New Zealand 24% New Zealand 24% EBIT by Market – H1 2000 Total: Euro 101.2m SEGMENTAL PROFILE

9. Gross Assets * (Euro’m) 5 YEAR PERFORMANCE – GROSS ASSETS * including mastheads C.A.G.R. + 28%

10. Group Turnover (Euro’m) 5 YEAR PERFORMANCE – TURNOVER C.A.G.R. + 28%

11. Operating Profit (Euro’m) 5 YEAR PERFORMANCE – OPERATING PROFIT C.A.G.R. + 30%

12. Earnings per Share (cents) (Fully diluted before exceptionals & goodwill amortisation) 5 YEAR PERFORMANCE – EARNINGS PER SHARE C.A.G.R. + 17%

13. Dividends per Share (cents) 5 YEAR PERFORMANCE – DIVIDENDS PER SHARE C.A.G.R. + 14%

14. DIVISIONAL PERFORMANCES

15. NEW ZEALAND

17. AUSTRALIA

18. AUSTRALIA

19. SOUTH AFRICA

21. UNITED KINGDOM

22. lam-online.com independenceavenue.com londoncareers.net careerworld.net mba-direct.com executives-direct.com H2 Developments: Belfasttelegraph.co.uk SME site Student site Joint sites with iTouch Classifieds online Key Statistics: Top 10 UK content Website 14 million combined page impressions per month for UK group UNITED KINGDOM - NEW MEDIA independent.co.uk

23. BELFAST TELEGRAPH ACQUISITION Background Founded in 1870 Northern Ireland’s leading daily newspaper Acquired from Trinity Mirror in July 2000 Competitive bid process – 17 1 st round & 5 2 nd round bidders Consideration of Stg£295m Earnings enhancing in 1 st year Moves IN&M into the top 10 UK regional publishers Publishing Belfast Telegraph circulation: 117,000 (Mon. – Sat.) Over 50% home delivered Sunday Life circulation: 95,000 Other titles: Communities, Farm Trader, Ads for Free Printing New Media Substantial contract printer 2 Goss Metroliners (double-width) Freehold premises No. 1 site with 4.5m page impressions

24. BELFAST TELEGRAPH ACQUISITION Key Characteristics Unique metropolitan franchise Excellent track record Proven management/editorial team Strong growth prospects Dynamic new media resource Future Prospects Significant revenue growth envisaged Double digit advertising growth New product development The weekend opportunity Group editorial resource Economies of scale Enhanced printing resource Further expansion opportunities

25. IRELAND

26. IRELAND

27. NEW MEDIA Independent Digital

28. DIGITAL eVOLUTION

29. Australia Ireland New Zealand South Africa United Kingdom Northern Ireland INDEPENDENT DIGITAL * Ireland Australia Ireland United Kingdom Australia Ireland United Kingdom Ireland * denotes country of origin/ not served markets telephony education business 2 business internet - portal wap/ sms cellular Ireland

30. CABLE DIVISION - PHL

31. iTOUCH PLC

32. * Before New Media losses ** Continuing activities before exceptionals *** Before exceptional items and amortisation HEADLINE NUMBERS

33. Track record of unbeatable shareholder returnTrack record of unbeatable shareholder return Geographically diversified - with tight focus on core competenciesGeographically diversified - with tight focus on core competencies Unique brand leadership positions - dominant in 4 out of 5 marketsUnique brand leadership positions - dominant in 4 out of 5 markets All divisions advancing well on 1999All divisions advancing well on 1999 Belfast Telegraph acquisition - EPS enhancing Belfast Telegraph acquisition - EPS enhancing Citywest development to further enhance Irish performanceCitywest development to further enhance Irish performance “Hype-Less” new media strategy delivering quantifiable results“Hype-Less” new media strategy delivering quantifiable results Increasing value of our Irish cable/ telephony businessIncreasing value of our Irish cable/ telephony business SUMMARY

34. Euro 1,000 invested in 1973 SHAREHOLDER RETURN – Since 1973 C.A.G.R. + 25%

35. Interim Results September 6th, 2000