United News

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Key Financials Twelve months to 31 December
2001
2000
930.5m 81.1m 18.1p 49.3m
1,049.3m 161.4m 27.4p 1,553.0m

• Turnover
• Operating profit
• Earnings per share
• Net cash

Before exceptionals and amortisation of goodwill
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2001 Review

• 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

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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

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Progress on Strategy

• Focus on core professional and business markets
• Build market share
• Maximise growth potential through investment in
  innovation and acquisitions
• Focus on value

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2002 Outlook

• NOP World order book ahead
• UK recovering from difficult Q3
• US continued growth - healthcare
• PR Newswire
• Gradual recovery since September, regulatory
  strong
• 5m invested in evaluation products European
  network
• CMP Media
• Planning on revenue 40 down on 2000
• No recovery yet managing cost / revenue balance
• CMP Asia
• 2002 consolidation, building growth potential
• CMP Information
• Cost restructuring leading to recovery

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FINANCIAL REVIEW
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Financial Results Twelve months to 31 December
Change
2001
2000


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)
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)

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before exceptionals and amortisation of
intangibles
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ExceptionalsTwelve Months to 31 December
2001 ms
(370.0) (64.8) (51.5) (14.1) 500.4
Impairment of goodwill
professional media Restructuring charges (mainly
property)Provisions for losses on closures and
disposals Other, including acquisition
integration costs Total
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CashflowTwelve Months to 31 December
2001 ms
Opening cash Operating profit
Less return of capital Acquisitions Channel
5 Interest received Capex Depreciation Dividend
paid Tax paid Other Closing cash

1,553.0 61.0 (1,225.9) (131.8) (71.4) 23.6 (27.7
) 23.3 (93.2) (4.1) (57.5) 49.3
Cash conversion 100
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Balance Sheet 31 December 2001
m
Goodwill Investments (Ch 5, SIS, SDN, ITN,
PA) Net Cash Other net liabilities Net
assets
736.8 171.5 49.3 (343.6) 614.0
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Segmental AnalysisTwelve months to 31 December
Operating Profit
Group Turnover
2001 m
2001 m
Change
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)
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UBM by GeographyTwelve months to 31 December 2001
Turnover
Operating Profit
Asia 5 Europe 3
US 67
US 62
Asia 13 Europe 10
UK 25
UK 15
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Financial Objectives

• 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

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United Business Media
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Financial Objectives

• 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 c40m
• FRS 18 (Accounting Policies) implemented 2001
• Conservative revenue recognition
• FRS 19 (Deferred Tax) implementation planned for
  2002
• 5m write up in value

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United Business Media
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OPERATIONAL REVIEW
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Operational Objectives
Margin Targets

• Improve margins
• Gain market share
• Invest in innovation
• Deliver synergies across the group
• Re-engineering
• Shared services
• New products

14 / 15
Towards 10
8.7
Medium Term
2001
2002
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Volvo Ford Glaxo Smith Kline AOL Time Warner
British Telecom Compaq F. Hoffmann-La Roche Visa
International
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Market Research Twelve months to 31 December
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Target over 12 in 2002
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NOP WorldKey trends during 2001

• 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

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Market Research MarginsComparison with NOP World
Company ACNielsen IMS Health Kantar
Group TNS GFK IPSOS NOP World
EBIT Margins 2000 10.1 23.0
10.9 9.3 7.3 7.3
12.2 2001 EBIT Margin
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AcquisitionsRoper Starch, Allison-Fisher Cozint

• Smooth integration, are performing well
• Costs being taken out of RoperASW overlaps
• Revenue synergies beginning to flow
• New products
• Co-ordinated sales programme

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Bank of America Dupont Pfizer Walmart Johnson
Johnson
Microsoft Sun Microsystems Oracle Ford General
Motors
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PRN Strategy - The Way Ahead Serve the total
communication cycle of our core markets
Keys to Success Global Reach Product
Innovation Service Quality
Through
Target
Distribute
Evaluate
OVER 40,000 Clients
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News Distribution Twelve months to 31 December
2001 m
2000 m
Change
Underlying
Turnover US RoW



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)
Operating profit US RoW
Margins
US Margin target over 30 in 2002
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News Distribution Key trends during 2001

• 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

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News Distribution Long Term US Trends
No of Messages

Average message growth rate 10
Revenue per message
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News Distribution European opportunities

• Deregulation in London
• PRN Disclose starts April 2nd
• PRN in France, Spain and Holland
• Cyperus
• ANP
• EU proposals
• greater transparency uniform disclosure
  standards

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Innovations
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Novartis Eli Lilly Computer Associates AstraZeneca
Dell
Sony Microsoft IBM Compaq Hewlett Packard/Taylor
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Professional MediaTwelve months to 31 December
2001 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
Operating Profit CMP Media CMP Asia CMP
Information Total Post online margin 2.2
(13.0). Normal Target Margins 14 / 15
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CMP Asia CMP Information

• Very strong year
• Acquisition of KSS
• 6 launches planned in 2002

• Year of radical restructuring
• Resilient exhibitions
• 2002 margin benefitfrom cost programme

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CMP High Tech
Monthly Market Share Analysis By Ad Page Volumes
32.0 CMP
11.4 IDG
10.8 Cahners
9.6 Ziff
5.4 Penton
Jan 02
1/00
12/00
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Source IMS/Auditor
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CMP Media Monitoring key indicators

• Profitability of High Tech Corporates
• High Tech Capex
• Semiconductors

High Tech Capex and CMP Revenue
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Source CMP, Broker Research
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Operating 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
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United 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 innovation
• build on sector strengths
• Develop insight and evaluation products

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Supplementary Slides
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UBM Revenue TypeContinuing turnover - twelve
months to 31 December
2001
2000
17
51
Other Ad
59
Other Ad
16
32
Non Advertising
Non Advertising
High Tech Ad
High Tech Ad
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High Tech Advertising 8 profits (2001) was 30
in 2000
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Market Research Sector by of 2001 Turnover
Other
Field Marketing
Healthcare
Consumer
Automotive
Media
Business IT
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PR Newswire - Service Continuum
Evaluate
Sources (News Releases) Distribute
Destinations
Target Sources

• Satellite
• Internet
• FAX
• E-mail
• Archiving
• Microsites
• CNOC
• VIQ
• Databases
• WAP/PDAs
• Multimedia
• VNRs
• Digital Photos
• Conference Calls on the Web
• Streaming Video

• Internet (eWatch)
• Electronic
• Clipping
• E-Commerce
• Market Intelligence
• Usage Tracking
• Sentiment Analysis
• Measure (Tbutton)
• - quantitative
• --qualitative

Corporations Government Associations PR/IR
Agencies Expert Sources

• News Media
• Financial Markets
• Investors
• General Public
• (Consumers)

News ReleasesIndustry PublicationsGlobal
Media DataIR Data
Whos using the information and for what
purposes? Evaluate IR/PR programs Seek
Consumer Information
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US High Tech CompaniesQuarterly Earnings 2001
EPS Growth
Brokers Summary
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Semiconductor Worldwide MarketThree Month Moving
Average
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CMP 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
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Investments

• 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

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A leading global provider of market
information to high growth markets.