2004 INTERIM RESULTS Continuing Strong Growth Continuing Strong Growth

United Business Media 2 *before amortisation of goodwill and intangible assets Financial Results Financial Results Six months to 30 June Turnover (£m) Profit before tax * (£m) EPS * (p) Operating margin * (%) Dividend per share (p) Net cash (£m) Change % Underlying %

United Business Media Review of first six months 2004 Review of first six months Overview Underlying revenue growth in all businesses Increases in volumes, yields and market shares 15 per cent margin target ahead of schedule Achieved 16.8 per cent operating margin Ongoing operational efficiency gains Investment programme on track 2003 acquisitions ahead of plan Healthcare offer extended by product and geography Increasing level of investment in new products

United Business Media Review of first six months 2004 Review of first six months Professional Media Growth in technology revenue and yields Healthcare acquisition performing well Regulatory changes slowing medical education Underlying trading above pre-SARS levels Active launch programme continues Further revenue, margin and market share gains Good performances from acquisitions Mixed Performance CMP Media CMP Asia CMPi UAP

United Business Media Review of first six months Strong increase in margin US volumes and yields up Revenue growth from new products RoW approaching break-even Revenues and profits up Syndicated business and Eurisko performing well Healthcare revenue growth Restructuring NOP World to improve margins PR Newswire NOP World

United Business Media 6Strategy A focused business information group Delivering superior operating performance Providing customers with innovative products Increasing level of investment in product development and building competitive advantage Leveraging existing content and platforms Acquisitions to add channels, products & geographies Building value and monetising investments

United Business Media 7 Healthcare in UBM Key sector: c25% of pro-forma revenues post-MediMedia Professional Media - Healthcare Publications in US, UK, Europe and Asia CME in US Exhibitions in Asia Drug information services in Europe and Asia NOP World Healthcare 25% of UBMs market research revenues PR Newswire - 16% of revenue News channel for pharmacos

United Business Media 8 Trading Outlook Continuing steady revenue improvement Publications and exhibitions Tech revenue and yields growing Healthcare publications strong Asia ahead of pre-SARS levels UK revenue growth and acquisition benefit News distribution Volumes and yields driving margin Eliminating losses in the Rest of the World Market research In line with industry revenue growth rates Syndicated strong, challenging healthcare environment Acquisitions and new products delivering Combination of revenue increases and operational efficiencies Delivering strong profit growth

FINANCIAL REVIEW

United Business Media 10 Turnover (£m) Operating profit * (£m) Net Interest (£m) Other finance expense (FRS17) PBT * (£m) Taxation * (£m) EPS * (p) Dividend per share (p) Financial Results Financial Results Six months to 30 June Change % *before amortisation of goodwill and intangible assets (2.7) 45.5 (10.0) (2.0) 65.0 (14.2)

Segmental Analysis Segmental Analysis Six months to 30 June 2004 Group Turnover Operating Profit TotalGrowth on Prior YearTotalGrowth £m Reported % Currency % Acquisition % Underlying %£m Reported % Underlying % CMP Media98.3(3.4)(11.7) CMP Asia (11.4) CMPi (3.2) UAP (24.7)(9.9) PR Newswire47.7(0.6)(10.4) NOP World (8.0) Total (8.1)

United Business Media 12 Underlying 2004 Revenue Change Underlying 2004 Revenue Change Six months to 30 June 2004 Acquisitions £39.0 m Biennials £3.6 m SARS £8.5m Forex (£27.8m) Underlying Increase £13.2m 4.2%

United Business Media 13 Investing in Growth Net debt capacity around £300m – post MediMedia Minimum interest cover of 5 times Conservative approach to financing $250m of debt retired in July, $125m in Sept Acquisition financial criteria 8% post tax hurdle rate Generally eps enhancing first full year Organic investment target paybacks Publishing and events in 1 to 2 years PRN and NOP in 3 to 5 years

United Business Media 14 Geographic Segmental Analysis Geographic Segmental Analysis Six months to 30 June 2004 US 55%UK 35% EMEA 5% Asia Pacific 5% Revenue Operating Profit UK 39% US 49% Asia Pacific 10% EMEA 2%

United Business Media 15 Investments Delivering Investments Delivering Six months to 30 June Acquisitions £129.9m invested in 2003 £2.9m profit contribution in 2003 Set to exceed targeted £13m operating profit in 2004 Operating profit/(loss) Turnover 2004 £m 2003 £m Change % 16.4 (2.8) Organic Initiatives

United Business Media £m 2003 £m Change % Turnover Operating profit Six months to 30 June - Unaudited Audience share up to 6.9% (6.6%) Advertising share up to 8.0% (7.8%) Net book values: five£129.6m Other investments £39.8m

United Business Media 17 Operating profit (before goodwill) Depreciation Capex Working capital/other Operating cash inflow Cash conversion 2004£m (2.9) (24.5) % Cash Conversion Cash Conversion Six months to 30 June

Cash Flows Cash Flows Six months to 30 June Operating cash inflow Dividends paid Tax paid Net interest paid Investments Payments relating to property and restructuring Foreign exchange Other Increase in cash in the period 2004£m 42.8 (19.7) (4.9) (0.9) (1.2) (6.8) 2.3 (6.5)

£ Cash £ Debt $ Cash (in £) $ Debt (in £) Other Net Cash Loans to five Other financial expenses - FRS17 P&L Interest Breakdown of Net Cash and Interest 30 June 2004 £m Interest £m (3.1) (518.2) (0.7) 4.7 (9.5) (2.0)

OPERATIONAL REVIEW

United Business Media 21 Margin Performance H % H % H % TOTAL CMP Media CMP Asia *- CMPi UAP PR Newswire NOP World * 31.3% excluding £3.8m insurance receipt

United Business Media 22 Operating Profit (£m) Operating Margin (%) Professional Media: CMP Media Professional Media: CMP Media Turnover (£m) 2004H H1 Reported Change % (3.4) Underlying Change %

United Business Media 23 CMP Media Tech Product Areas CMP Media Tech Product Areas Percentage $ revenue change* * Excluding discontinued titles

United Business Media 24 CMP Media CMP Media 2004 Interim Review – Technology Underlying technology revenue up 2 per cent Successfully leveraging content across multiple channels Growth in publishing, custom and events Online up over 30 per cent: tailored and targeted Publishing yields up 3.4 per cent Publishing market share up to 27.4% (26.5%) Further operating efficiency gains Growing organic investments: £5.3m revenue, £1.7m profit

United Business Media 25 CMP Media CMP Media 2004 Interim Review – Healthcare* Acquisition now fully integrated with good performance CMP Media Healthcare revenue up 71 per cent Continuing Healthcare revenue down 3 per cent Continuing Healthcare (excluding CME) up 10.3 per cent Psychiatric Times revenue growth particularly strong CME down 16.3 per cent to $7.2m Regulation separating education from marketing * Healthcare = 17% of revenue in CMP Media in H104

United Business Media 26 Expansion strategy - new platforms, products & geographies Acquired healthcare businesses from MediMedia Drug information in Europe and Asia Trade press in Germany, Benelux and Asia Pacific Pharma marketing solutions, patient education Extends geographical and product reach Strong and consistent growth trends Recurring revenues from directories, high quality earnings Products with #1 positions in their markets Potential revenue synergies with other UBM healthcare CMP Healthcare CMP Healthcare MediMedia Assets

United Business Media 27 Operating Profit (£m) Operating Margin (%) Professional Media: CMP Asia Professional Media: CMP Asia Turnover (£m) 2004H H1 Reported Change % 14.0 (0.7) Underlying Change %

United Business Media 28 CMP Asia CMP Asia 2004 Interim Review Strong recovery from SARS Leather fair back close to 2002 levels Jewellery fair at new record revenues Real underlying performance growth Active launch programme continues Growth from 02 / 03 launches Organic investment continuing into H204 Biennials positive H104, negative H204

United Business Media 29 Operating Profit (£m) Operating Margin (%) Professional Media: CMPi Professional Media: CMPi Turnover (£m) 2004H H1 Reported Change % Underlying Change %

United Business Media 30 CMP Information CMP Information 2004 Interim Review Acquisitions performing well Significant cost synergies achieved Delivering further margin improvement Underlying revenue and profit ahead Growing square footage and yields New launches boosting market share Biennials positive H104, negative H204

United Business Media 31 Operating Profit (£m) Operating Margin (%) Professional Media: UAP Professional Media: UAP Turnover (£m) 2004H H1 Reported Change % (24.7) (25.8) Underlying Change % 0.2 (9.9)

United Business Media 32 UAP UAP 2004 Interim Review Total revenue in line with 2003 Daltons Weekly strong ad volume growth Daltonsbusiness.com strong online revenue growth Exchange & Mart down Copy sales down Auto Exchange revenues up Success of multiple response channels sales strategy Margins impacted by Organic investments : E&M TV Restructuring costs (redundancies)

United Business Media 33 PR Newswire - News Distribution Six months to 30 June £m 2003 £m Reported Change % Turnover Americas RoW Operating profit Americas RoW Margin (0.3) Underlying Change % 1.4 (16.7) (0.6)

United Business Media 34 Quarterly Newswire Volumes Quarterly Newswire Volumes Core US News Distribution in thousands k->

United Business Media 35 PR Newswire – News Distribution PR Newswire – News Distribution 2004 Interim Review US wire volumes up 5.4 per cent Yields up 5.5 per cent Strong US1 sales (premium service/wide distribution) Attractiveness of First Call morning notes Organic initiatives delivering revenue growth Video news release and contact database products MultiVu and Online MediAtlas both strong RoW approaching breakeven Increasing overall PRN margins

United Business Media 36 NOP World – Market Research Six months to 30 June £m 2003 £m Reported Change % Turnover Americas RoW Operating profit Americas RoW Margin Underlying Change % (7.9) (6.8) (4.7)

United Business Media 37 NOP World – Market Research NOP World – Market Research 2004 Interim Review Total revenue growing in line with industry Syndicated US again very strong Eurisko acquisition performing well Healthcare market challenging Sector restructuring substantially completed To improve margin and drive revenue growth Development of global account management Ongoing commitment to organic investment

United Business Media 38 UBM: Delivering our strategy Strong operational performance Consistent implementation of strategy Revenue growth Strong cost control Good margin performance Successful acquisitions and organic investments Strong financial base