1

2United Business Media

Turnover

Operating profit*

Earnings per share*

Net cash

Key Financials Key Financials Twelve months to 31 December

* Before exceptionals and amortisation of goodwill

£930.5m

£81.1m

18.1p

£49.3m

£1,049.3m

£161.4m

27.4p

£1,553.0m

20012001 2000

3United Business Media

Very tough trading

CMP Media EBIT down from £101m to £11m

Resilience of PRN & NOPW

Market share gains across key businesses

£110m full year cost reduction over 2000

1,400 staff reduction in 2001

Leveraged for the upturn

Strong balance sheet and cash position

£1.25 billion returned

£370m goodwill impairment

£130m of acquisitions

2001 Review2001 Review

4United Business Media

2001 Divisional Trading 2001 Divisional Trading

NOPW: resilient but H2 weakness in UK

PRN: lower volumes but increasing revenue per message

CMP Media:

Market share up to 28%

Ad page volumes, market down 35%, CMP down 26%

Revenue running at down 40% since September

CMP Asia: strong performance, revenue & profit ahead

CMP Information: radical restructuring to boost

performance

5United Business Media

Focus on core professional and business markets

Build market share

Maximise growth potential through investment in innovation and acquisitions

Focus on value

Progress on StrategyProgress on Strategy

6United Business Media

NOP World order book aheadUK recovering from difficult Q3US continued growth - healthcare

PR Newswire Gradual recovery since September, regulatory strong£5m invested in evaluation products & European network

CMP MediaPlanning on revenue 40% down on 2000No recovery yet: managing cost / revenue balance

CMP Asia2002 consolidation, building growth potential

CMP InformationCost restructuring leading to recovery

2002 Outlook2002 Outlook

7

FINANCIAL REVIEW

Continuing turnover (£m)

Continuing operating profit* (£m)

Discontinued operating profit* (£m)

Total operating profit* (£m)

Interest (£m)

PBT * (£m)

EPS * (p)

Dividend per share (p)

Financial Results Financial Results Twelve months to 31 December

20012001 2000 Change %

*before exceptionals and amortisation of intangibles

930.5

81.1

(20.1)

61.0

35.8

96.8

18.1

12.0

1,049.3

161.4

77.3

238.7

(43.0)

195.7

27.4

22.2

(11.3)

(49.8)

-

(74.4)

-

(50.5)

(33.9)

(45.9)

8

Impairment of goodwill – professional

media

Restructuring charges (mainly property)

Provisions for losses on closures and

disposals

Other, including acquisition integration

costs

Total

ExceptionalsExceptionalsTwelve Months to 31 December

20012001£m’s£m’s

(370.0)

(64.8)

(51.5)

(14.1)

500.4

9

Opening cash

Operating profit

Less return of capitalAcquisitionsChannel 5Interest receivedCapexDepreciationDividend paid Tax paidOther

Closing cash

CashflowCashflowTwelve Months to 31 December 20012001

£m’s£m’s1,553.0

61.0(1,225.9)

(131.8)(71.4)

23.6(27.7)

23.3(93.2)

(4.1)(57.5)

49.3

10Cash conversion 100%

Goodwill

Investments (Ch 5, SIS, SDN, ITN, PA)

Net Cash

Other net liabilities

Net assets

Balance SheetBalance Sheet 31 December 2001

£m£m

736.8

171.5

49.3

(343.6)

614.011

Segmental AnalysisSegmental AnalysisTwelve months to 31 December

20012001£m£m

20012001£m£m

Group TurnoverGroup Turnover Operating Operating ProfitProfitChange

%Change

%Underlying

%Underlying

%

Market Research

News Distribution

Professional Media

Business Services

Consumer Media

Online

Total Continuing

Discontinued

194.9

125.5

533.0

853.4

56.9

20.2

930.5

2.0

20.2

3.2

(20.1)

(10.2)

(6.3)

(47.0)

(11.3)

3.2

(2.3)

(23.3)

(16.0)

(6.3)

(48.9)

(16.7)

23.8

35.1

32.2

91.1

11.1

(21.1)

81.1

(20.1)

5.3

(13.8)

(74.0)

(51.4)

(3.1)

43.6

(49.8)

(3.7)

(15.6)

(76.3)

(54.2)

(3.1)

45.5

(52.7)

12

UBM by GeographyUBM by GeographyTwelve months to 31 December 2001

Turnover Operating Profit

US67%

UK25%

Asia 5%Europe 3%

US62%

UK15%

Asia 13%Europe 10%

13

Financial ObjectivesFinancial Objectives

United Business Media

Net debt capacity around £400m

Minimum interest cover of 5 times

Acquisition financial criteria

Cost of capital 8%

Generally EPS enhancing first full year

Investment targets

Exhibitions - break even in year 2

Organic - 2 to 4 year payback

14

Financial ObjectivesFinancial Objectives

United Business Media

Margins: specific targets set for each division

Cash conversion target of 100%

Prudent financial policies

FRS 17 (Pensions):implementation planned for 2002

• Estimated balance sheet impact c£40m

FRS 18 (Accounting Policies): implemented 2001

• Conservative revenue recognition

FRS 19 (Deferred Tax): implementation planned for 2002

• £5m write up in value

15

16

OPERATIONAL REVIEW

Operational ObjectivesOperational Objectives

Improve margins

Gain market share

Invest in innovation

Deliver synergies

across the group

Re-engineering

Shared services

New products

Margin TargetsMargin Targets

2001 MediumTerm

2002

8.7%

Towards10%

14% / 15%

17

18

VolvoVolvo

FordFord

Glaxo Smith KlineGlaxo Smith Kline

AOL Time WarnerAOL Time Warner

British Telecom British Telecom

CompaqCompaq

F. Hoffmann-La F. Hoffmann-La

RocheRoche

Visa International Visa International

Market ResearchMarket Research Twelve months to 31 December

20012001£m£m

2000£m

Change%

Underlying%

Turnover

US

RoW

Operating profit

US

RoW

Margins

92.7

69.4

162.1

15.6

7.0

22.6

13.9

117.2

77.7

194.9

19.8

4.0

23.8

12.2

26.4

12.0

20.2

26.9

(42.9)

5.3

1.4

5.6

3.2

10.3

(34.3)

(3.7)

Target over 12% in 2002

19

20United Business Media

Strength in

Companies: MRI, ASW (profit level), MMI + SMC

Business areas: Healthcare, Financial, Syndicated

Pressure on

Companies: ASW (topline), NOP Research (UK)

Sectors: Technology, Consumer, Automotive, Ad Hoc

Trends

Strong H1, hard hit Q3, rebound Q4

NOP WorldNOP WorldKey trends during 2001

21United Business Media

Company

ACNielsen

IMS Health

Kantar Group

TNS

GFK

IPSOS

NOP World

Market Research Market Research MarginsMarginsComparison with NOP World

EBIT Margins 2000

10.1%

23.0%

10.9%

9.3%

7.3%

7.3%

12.2%

2001 EBIT Margin

22United Business Media

Smooth integration, are performing well

Costs being taken out of RoperASW overlaps

Revenue synergies beginning to flow

New products

Co-ordinated sales programme

AcquisitionsAcquisitionsRoper Starch, Allison-Fisher & Cozint

23

Bank of AmericaBank of America

DupontDupont

PfizerPfizer

WalmartWalmart

Johnson & Johnson &

JohnsonJohnson

MicrosoftMicrosoft

Sun MicrosystemsSun Microsystems

OracleOracle

Ford Ford

General MotorsGeneral Motors

24United Business Media

PRN PRN Strategy - The Way AheadStrategy - The Way Ahead

Serve the total communication cycle of our core marketsServe the total communication cycle of our core markets

Keys to Success

Global Reach Product Innovation Service Quality

Through

Target Evaluate

OVER 40,000 ClientsOVER 40,000 Clients

Distribute

News DistributionNews Distribution Twelve months to 31 December

20012001£m£m

2000£m

Change%

Underlying%

Turnover

US

RoW

Operating profit

US

RoW

Margins %

106.9

14.7

121.6

35.3

5.4

40.7

33.5

110.6

14.9

125.5

34.7

0.4

35.1

28.0

3.4

1.6

3.2

(1.7)

(92.6)

(13.8)

(2.1)

(3.9)

(2.3)

(6.6)

(77.8)

(15.6)

25US Margin target over 30% in 2002

26United Business Media

Market share

over 60% of Fortune 500

US message volume down 14%

Underlying growth in disclosure releases

US revenue per message up 6%

Evaluation products

now 16% (13%) of US revenue

News DistributionNews Distribution Key trends during 2001

27United Business Media

News DistributionNews Distribution Long Term US Trends

-

50,000

100,000

150,000

200,000

250,000

1993 1994 1995 1996 1997 1998 1999 2000 2001

0

100

200

300

400

500

600

700Average message growth rate 10%

No of MessagesNo of Messages

Revenue per message

$$

28United Business Media

Deregulation in LondonPRN Disclose starts April 2nd

PRN in France, Spain and Holland CyperusANP

EU proposals greater transparency + uniform disclosure standards

News DistributionNews DistributionEuropean opportunities

29United Business Media

Innovations Innovations

30

NovartisNovartis

Eli LillyEli Lilly

Computer Computer

AssociatesAssociates

AstraZenecaAstraZeneca

DellDell

SonySony

MicrosoftMicrosoft

IBMIBM

CompaqCompaq

Hewlett Hewlett

Packard/TaylorPackard/Taylor

Operating Profit

CMP Media

CMP Asia

CMP InformationTotal

Post online margin 2.2% (13.0%). Normal Target Margins 14% / 15%

Professional MediaProfessional MediaTwelve months to 31 December

20012001£m£m

2000£m

Change%

Underlying%

Turnover

CMP Media

CMP Asia

CMP Information

Total

495.6

40.7

130.5

666.8

101.4

13.9

8.7

124.0

(31.9)

17.1

(0.1)

(23.3)

(89.3)

11.8

(36.4)

(76.3)

(28.7)

20.1

0.2

(20.1)

(89.3)

5.0

(21.8)

(74.0)

353.3

48.9

130.8

533.0

10.8

14.6

6.8

32.2

31

32United Business Media

CMP Asia CMP CMP Asia CMP InformationInformation

Very strong year

Acquisition of KSS

6 launches planned in 2002

Year of radical restructuring

Resilient exhibitions

2002 margin benefitfrom cost programme

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Monthly Market Share AnalysisBy Ad Page Volumes

32.0%

CMP

9.6% Ziff

11.4% IDG10.8% Cahners

5.4% Penton

Source: IMS/Auditor

CMP – High TechCMP – High Tech

1/00 12/00 Jan 02

33

CMP Media CMP Media Monitoring key indicators

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

CMP Revenue High Tech Capex

Source: CMP, Broker Research 34

High Tech Capex and CMP Revenue

Profitability of High Tech Corporates

High Tech Capex

Semiconductors

35United Business Media

Operating Cost ReductionsOperating Cost Reductions

Saved against 2000

Operating Costs

2001

Further Savings in

2002

COSTS £M

CMP Media /

CMPi

PR Newswire

Total

42

7

49

53

8

61

503

92

595

36United Business Media

United Business MediaUnited Business MediaStrategic Priorities

Competitive and effective cost base

Market share gains, aiming for leadership

Build market research and information revenues

Cautiously acquire companies with good strategic fit

Invest in innovationbuild on sector strengths

Develop insight and evaluation products

37

Supplementary Slides

UBM Revenue TypeUBM Revenue TypeContinuing turnover - twelve months to 31 December

High Tech Advertising = 8% profits (2001) was 30% in 2000

25

16

59

HighTechAd’

Other Ad’

Non Advertising

32

1751

HighTechAd’

Other Ad’

Non Advertising

2001 2000

38

39United Business Media

Market Research Market Research Sector by % of 2001 Turnover

27%

13%

13%

16%

19%

7%5%

Field Marketing

Other

Healthcare

Automotive

Business IT

Media

Consumer

Satellite

Internet

FAX

E-mail

Archiving

•Microsites

•CNOC

•VIQ

Databases

WAP/PDA’s

Multimedia

•VNR’s

•Digital Photos

•Conference Calls on the Web

•Streaming Video

EvaluateEvaluate

Who’s using the information and for what purposes?

Evaluate IR/PR programs Seek Consumer Information

Internet (eWatch)

Electronic

Clipping

E-Commerce

Market Intelligence

Usage Tracking

Sentiment Analysis

Measure (Tbutton)

-- quantitative

--qualitative

Sources (News Releases) DistributeDistribute Destinations

Corporations

Government

Associations

PR/IR Agencies

Expert Sources

News Media

Financial Markets

Investors

General Public

•(Consumers)

TargetTarget Sources

News Releases

Industry Publications

Global Media Data

IR Data

PR Newswire - PR Newswire - Service Service ContinuumContinuum

40

41United Business Media

-25% -23%-17%

14%

-30%

-20%

-10%

0%

10%

20%

Q1'01 Q2'01 Q3'01 Q4'01

US High Tech CompaniesUS High Tech CompaniesQuarterly Earnings 2001 – EPS Growth

Brokers Summary

42United Business Media

Semiconductor Worldwide Semiconductor Worldwide MarketMarketThree Month Moving Average

0

5

10

15

20

Jan

Feb

Mar

Apr

May Jun

Jul

Aug Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Sep Oct

Nov

Dec

Month

$ B

illio

ns

Source: SIA

43United Business Media

CMP Media US RevenuesCMP Media US Revenues2000 restated to exclude ALL closures

2001$m

2000$m

As reported

Titles and events

closed

Continuing revenues

741

(88)

653

501

(43)

458

InvestmentsInvestments

Ownership % Business

Channel 5 35 Free to air T.V. with RTL (65%)

ITN 20 National provider of news to ITV

SIS 20 Internet / Horse Racing

SDN 33 Digital terrestrial television/multiplex

Paperloop 38 Pulp & Paper JV

Press Association 17 News Service

44

45

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to high growth markets.