Preliminary Results Presentation 12 months to 31 December 2003

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 2 Agenda Preliminary results  Operational highlights  Financial highlights  Divisional highlights Track record  Highlights since flotation  7 year record Current trading and outlook  The investment case Appendix  Company history  Strategy  Revenue and profit bridge  Revenue by division and by source

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 3 Operational highlights Good performance despite brutal market conditions  Robust performance from market leading brands Swift integration of Risk Waters Leading position in general insurance market reinforced with the acquisition of Insurance Age Acquisition of outstanding 50% in DWT Conferences Ltd Continued organic growth by launching new titles - Wealth, US Credit and other brand extensions

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 4 Financial highlights 46% increase in turnover to £35.37m 61% increase in profit before goodwill and tax to £6.65m, after non- recurring rationalisation costs Operating margin improved to 23.3% from 18.8% 24% improvement in diluted earnings per share to 6.62p Final dividend of 1.0p, giving 28% increase in total dividend for the year to 1.60p

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 5 Financial highlights Profit and loss account - operations

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 6 Financial highlights Profit and loss account - financing

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 7 Financial Highlights Profit and loss account – performance per share

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 8 Financial highlights Balance sheet

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 9 Financial highlights Cash flow

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 10 Divisional structure Five core divisions Risk Waters Group Incisive Media Retail Investment Investment Week International Investment IFAOnline Bloomberg Money Multi Manager Protected Investments Your Money Wealth Risk Management Risk Management Risk Asia Risk Credit Energy Risk Operational Risk Hedge Funds Review US Credit Insurance Post Reinsurance Professional Broking Cover Insurance Age Insurance Window Mortgage Your Mortgage Mortgage Edge Mortgage Solutions Your Mortgage.com Incisive Communications Financial IT/ Market Data Waters Trading Technology Week Inside Market Data FX Week Hedge Fund IT DWT Photographic British Journal of Photography

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 11 Divisional highlights Retail investment (£10.1m 29% of group revenues (2002:46%)) K ey brands: Investment Week, Multi-Manager, Bloomberg Money Revenues for the division declined by 9% Despite a fall in advertising of 17% Events revenue up 7%  Investment Week Nordic European Forum Growth opportunities through new brands  Launch of Wealth and new research product Incisive Research Strengthening of positions in markets

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 12 Divisional highlights Insurance (£7.4m 21% of group revenues (2002:27%)) Key brands: Post, Insurance Age, Professional Broking, Reinsurance Like for like revenue improved by 9%, total improvement of 16%  Boosted by acquisition of Insurance Age, full benefits to be seen in 2004  Good performance from Post Magazine Successful extension of brands through creation of new platforms  Like for like event revenue up 27% Good progress in other parts of the division  Re-launched Reinsurance revenue up 31%  Revenues for Professional Broking up 41%

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 13 Divisional highlights Risk management (£10.9m, 31% of group revenues) Key brands: Risk, Credit, Energy Risk, Hedge Funds Review, US Credit Difficult first half, but real recovery in 4 th quarter with record advertising revenues for Risk EPRM re-launched as Energy Risk - outlook encouraging Hedge Funds Review’s revenue up 38%  Launched delegate paid conference Launched US Credit

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 14 Divisional highlights Mortgage (£4.3m 12% of group revenues (2002:19%)) Key brands: Your Mortgage, Mortgage Solutions, Mortgage Edge Magazine brands revenue, including events, up 8% Total divisional revenue declined by 6%  Due to loss of specialist publishing contract Strong growth from Mortgage Solutions  Publication revenue up 24%  Events revenue up 50%

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 15 Divisional highlights Financial IT and market data (£1.5m, 4% of group revenues) Key brands: Waters, Inside Market Data, FX Week Revenues for IMD and FX Week strong in last quarter Encouraging signs of further recovery with Waters return to profitability forecast in 2004 Photographic (£1.1m, 3% of group revenues (2002: 4%)) Key brand: British Journal of Photography 4% increase in revenues

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 16 Swift integration of Risk Waters Group Annualised cost savings of ~£1.5m, higher than anticipated  Office move – completed 24 th May  Production  Personnel Business fully integrated  Merged accounts, marketing, personnel, IT and online departments Rationalisation cost approximately £314k (H1 - £100k) Full benefits to be seen in 2004

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 17 Highlights since flotation Turnover doubled from £16.5m to £35.4m Increased diluted earnings per share before goodwill by 85% to 6.62p Improved operating margins from 15.7% to 23.3% Achieved during a major downturn in the advertising cycle The performance is a testament to the quality of our brands and our staff who have implemented the strategy that we adopted at the inception of the group in 1994

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 18 Revenue change by source £35,365,000£16,582, AdvertisingSubs & other publicationEventsInternet and other revenue

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 19 7 year track record

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 20 Current trading and outlook Advertising revenue recovery  Positive growth in all divisions The group is continuing to expand organically  Wealth, US Credit, Incisive Research and range of conferences and events Highly geared to recovery Will receive the full year benefits of cost savings introduced in 2003 Well positioned to make more acquisitions

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 21 The investment case Superior industry margins of 23% with future growth  Each division headed by robust brand leader Excellent organic growth track record with a proven business model  Launched 16 new magazine brands in 9 years  Low risk events model  Events are domestic with limited exposure to international travel Highly geared to advertising recovery  46% of revenues from sponsorship and advertising ahead of peers Well positioned to make more acquisitions  Management team has a proven track record of swiftly integrating acquisitions Nine years of unbroken EPS growth

Appendix

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 23 Corporate history City Financial Communications established in 1994 Company re-branded as Incisive Media in July 2000 following the acquisition of Timothy Benn Publishing Group Incisive Media floated in December 2000 Matching Hat acquired in August 2001 Acquired Risk Waters for £35.1million in May 2003 Acquired Insurance Age for £1.05million in July 2003 Acquired final 50% of DWT Conferences December 2003

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 24 Incisive Media strategy To provide the preferred media for companies to communicate effectively with their target audience through a variety of platforms To be the preferred source of information in our chosen markets To apply the business model to growth sectors  Apply market focused approach to developing brands  “Slice and dice” to deliver key information to defined target audiences  Extend brands across a variety of platforms  Develop close relationships with both buyers and sellers of products to maintain preferred channel status To respond to new market opportunities and develop valuable brands in those markets To make value enhancing acquisitions that will accelerate our growth and complement existing brands

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 25 Acquisitions criteria Quality brands and assets with strong market positions Serving growing vertical industry sectors Robust earnings from the core assets Earnings enhancing in the short to medium term

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 26 Future growth strategy Growth through the application of a proven business model  Extend the brand to a variety of platforms  ConferencesForums Awards  Exhibitions alerts PDF Bulletins  TrainingResearchData and information sales Launch new magazine brands Specialist publishing and contract event management Cyclical upside from advertising recovery – high operational gearing By acquisition  Good cash inflow  Strong balance sheet  Ability to manage acquisitions

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 27 Financial highlights Operating revenue bridge

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 28 Financial highlights Operating profit bridge

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 29 Divisional highlights Revenue by source 2002/2003

Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating 30 Divisional highlights Revenue by division 2002/2003