1. INDEPENDENT NEWS & MEDIA PLC 2000 Full Year Results 21st March, 2001 All figures in Euros unless otherwise stated

2. Strong performances in all markets Underlying circulations / readerships positive New € 60m full-colour Irish production facility operational Successful integration of the Belfast Telegraph Group Chorus launches Ireland’s first Digital service iTouch exceeds 1st year targets, after successful IPO € 1 bn 5-year syndicated facility over-subscribed 2000 HIGHLIGHTS

3. Turnover by Activity Publishing 82% Electronic 9% Outdoor Advertising 9% GROUP PROFILE Listing Information Leading international media group with 5 main geographic markets PLC listed on the Dublin, London and New Zealand Stock Exchanges Market Capitalisation: € 1.5 bn (IR£1.2 bn) Shareholder Profile:

4. 2000 FULL YEAR RESULTS

5. * Continuing activities before exceptionals ** Before exceptional items and amortisation Operating Margin * 16.3% 15.6% HEADLINE NUMBERS

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

7. * Excluding restructuring payments SUMMARY CASH FLOWS

8. Turnover by Market -- 2000 Total: € 1,342.5m GROUP TURNOVER BY MARKET

9. GROUP PROFITS BY MARKET Operating Profit by Market -- 2000 Total: € 224.1m

10. 10 Year C.A.G.R. Turnover + 24% Operating Profit * + 31% Pre-Tax Profit + 36% Earnings Per Share + 16% Dividends Per Share + 16% Earnings per Share ( € ) (Fully diluted before exceptionals & goodwill amortisation) 10 YEAR PERFORMANCE * Excluding exceptional items

11. OPERATIONS REVIEW

12. No. 1 newspaper publisher New Zealand Herald 210,436 (+0.3%) 57% national daily market share Readership up 5.9% on last year No. 1 regional newspaper publisher 8 paid for dailies/ 34 non-dailies No. 1 commercial / magazine printer No. 1 radio operator (66 stations) No. 1 security printer (web/ plastics) Turnover by Activity Exceptionally strong Q1 - America’s Cup Increased market share & tight cost control Strong performance from Regional division 48% Radio share and 55% audience reach Trans-Tasman expansion of Security Printing COMPANY PROFILE 2000 PERFORMANCE DRIVERS NEW ZEALAND

13. Economic indicators positive: -forecast economic growth for 2001 +2.5% -forecast inflation falling to +1.1% -forecast interest rates falling to 5.9% Herald to benefit from full year cover price increase and lower distribution costs Business Herald re-launch attracting new brand advertisers Newsprint prices / supply fixed for 2001 Full year impact of Security Printing’s Australian acquisitions and potential to expand Asian export market Exports from regional New Zealand remain very buoyant 2001 PROSPECTS Wilson & Horton

14. Good revenue growth in 1 st half & strong cost control in 2 nd half Exceptional performance from outdoor - strong occupancies and yields Full year of Shared Services benefits Broad base of activities No. 1 regional publisher in Australia Queensland and Northern NSW, comprising 14 paid dailies/ +50 non-dailies No. 1 outdoor advertising company Supersites, transit, billboards and street furniture with 65% coverage No. 1 radio operator with 11 metro- politan stations with 4.5m listeners JV in Pan TV’s World Movies 177,000 subscribers Turnover by Activity AUSTRALIA COMPANY PROFILE 2000 PERFORMANCE DRIVERS

15. Economic indicators positive: - Forecast economic growth for 2001 +2.0% - Forecast inflation continuing at subdued levels of 3.0% - Forecast interest rates falling to 5.0% Forecast advertising industry growth rates for 2001: Publishing+ 3% Broadcasting+ 4% Outdoor+ 5% Low Australian dollar boosting exports and Regional markets Asian outdoor expansion to deliver immediate profits APN News & Media 2001 PROSPECTS

16. Good growth in circulation - ALL titles up Competitors generally down Increasing readership market share (68%) Increasing advertising market share Display market share up to 41% Classified market share up to 50% Cost increases held at half the inflation rate Conde Nast magazine JV above expectations No. 1 newspaper publisher / printer The Star 163,746 (+0.6%) Saturday Star 135,936 (+0.3%) Sunday Independent 40,875 (+1.0%) Cape Argus 77,418 (+0.2%) Weekend Argus 108,474 (+0.2%) Cape Times 48,690(+0.2%) Daily News 65,476(+1.7%) Independent on Saturday 73,668(+0.8%) Sunday Tribune 108,339(+1.8%) All other titles reported circulation increases Turnover by Activity SOUTH AFRICA COMPANY PROFILE 2000 PERFORMANCE DRIVERS

17. Economic indicators positive: - Forecast economic growth for 2001 +3.5% - Forecast inflation falling to +7.0% - Forecast interest rates falling marginally to 14. 0% Forecast advertising industry growth rates for 2001: - Newspapers+ 8.5% Newsprint prices/ supply fixed for 2001 On-going focus on extending strong circulation and advertising market positions Continued positive impact of reduced cost base following successful restructuring in 1999 and tight cost focus in 2000 Independent News & Media (SA) 2001 PROSPECTS

18. Nationals Highest circulation level & market share (9.6%) since 1997 Good growth in advertising (up 12%) New premises with significant cost savings Regionals Margins at top-end of industry Circulation stabilised following market decline Magazines Advertising growth & market share maintained No. 4 quality broadsheet newspaper publisher The Independent 240,000 Independent on Sunday 270,000 No. 1 newspaper publisher in Northern Ireland No. 2 paid-for regional newspaper publisher in Greater London area No. 1 recruitment magazine publisher No. 1 educational courses publisher Turnover by Activity UNITED KINGDOM COMPANY PROFILE 2000 PERFORMANCE DRIVERS

19. Acquired from Trinity Mirror in August 2000 for STG£292m Earnings enhancing in 1 st year No. 1 newspaper publisher Belfast Telegraph 112,000 Sunday Life 95,000 No. 1 contract printer 2 Goss Metroliners (double-width) Turnover by Business Type Unique metropolitan franchise Excellent track record Proven management / editorial team Advertising growth despite overall UK slowdown Strong recruitment advertising enabling significant yield increases Successful re-formatting of The Belfast Telegraph and Sunday Life Halted decline in circulation Enabled cover price increase New product development Group editorial resource Enhanced printing resource BELFAST TELEGRAPH COMPANY PROFILE FUTURE PROSPECTS

20. Economic indicators positive: - Forecast economic growth for 2001 +2.0% to 2.5% - Forecast inflation falling to +2.4% - Forecast interest rates 5.75% and possibly lower Forecast newspaper advertising industry growth rates for 2001: - Nationals+ 3.2% - Regionals+ 1.0% Full year impact of Belfast Telegraph acquisition New centralised London operations and termination of out-sourced services Independent News & Media (UK) 2001 PROSPECTS

21. Growing circulation & readership Market share of 51% (including imports) Strong growth in advertising Revenue up 19% Successful transition / implementation of € 60m Citywest development No. 1 newspaper publisher Irish Independent 168,200 The Star 95,171 Evening Herald 101,200 Sunday World 314,022 Sunday Independent 308,600 No. 1 regional newspaper publisher 11 titles with weekly circulation of 107,499 No. 1 newspaper / magazine wholesaler Turnover by Business Type IRELAND COMPANY PROFILE 2000 PERFORMANCE DRIVERS

22. Economic indicators positive: - Forecast economic growth for 2001 +8.0% - Forecast inflation falling to +4.0% - Forecast interest rates 4.25% Successful commissioning / operation of € 60m Citywest development with full benefits achieved lower production headcount colour out-sourcing eliminated explosive growth in colour volumes/ yield reduction in newsprint usage Chorus - digital services roll-out Independent News & Media (Ire) 2001 PROSPECTS

23. NEW MEDIA REVIEW

24. Chorus (Ire)

25. e-Hype e-Basic define strategic arenas systems automation cover downside - manage classified migration - enforce copyright/ regulatory e-Xecution brand extension @ marginal cost marketing cross-promotion limit cash investment (Ads for Equity) strip away the Hype don’t “ bet the bank ” leverage content & marketing    DIGITAL e-VOLUTION

26. business 2 business mobile information education / databases broadband - digital TV - telephony internet - portals INDEPENDENT DIGITAL news sites sport classified entertainment financial travel e-commerce

27. Geographically diversified - with tight focus on core competencies Unique brand leadership positions - dominant in 4 out of 5 markets Highly cash generative business Clear strategy for operating margin enhancements All divisions performing well “Hype-Less” new media strategy Increasing value of our Irish cable / telephony business SUMMARY

28. Belfast Telegraph acquisition - EPS enhancing Citywest development further enhancing Irish performance Track record of unbeatable shareholder return €1,000 invested in 1973 C.A.G.R. + 23% SHAREHOLDER RETURN – Since 1973 SUMMARY €336,000

29. Core businesses performing well Too early for current year forecasts because of uncertainty in global markets Focus on cost containment Group well positioned for future growth OUTLOOK

30. INDEPENDENT NEWS & MEDIA PLC