* Before amortisation of intangible assets, non-recurring items and including discontinued operations. ** Before amortisation of intangible assets, non-recurring items, other financial income other than interest and including discontinued operations.         David Levin, Chief Executive of United Business Media, said “UBM delivered a strong overall performance in the first half of 2005, including the first time impact of the mid 2004 acquisition of CMPMedica. CMP Asia and PR Newswire both performed well – at both the revenue and operating profit levels. CMPi (excluding UAP) delivered a solid revenue growth performance and investment in new product development was stepped up. UAP saw some impact from the slowdown in the UK markets but achieved positive momentum in online. Integration of these CMPi and UAP businesses is progressing well with good prospects across the UAP titles being brought into CMPi. CMPMedica’s performance was split by geography, with strength in its important French market but softness in Asia-Pacific trade press. CMP Media saw little change in its recent performance trends. In order to focus the business and to crystallise value created for investors, UBM has either sold, or agreed to sell, three major assets in 2005 – and we are working on the sale of our UK auto titles. This makes UBM an increasingly focused business. UBM is now a leading global provider of news distribution and specialist information services for the professional and enthusiast markets, actively bringing buyers and sellers together across targeted media channels – publications, events and online. Following the disposals UBM has returned over £310m of capital to shareholders – via a special dividend and also an open market buyback programme. In 2005 UBM has invested £67m in seven acquisitions, building the business by significantly strengthening positions in attractive end markets. Integration of the acquisitions is progressing well and they are performing according to plan. Internally 38 new organic product development initiatives are underway and 20 underperforming products have been closed down. The business has been further reshaped by changes in the management reporting structure designed to align the structure of UBM’s management and UBM’s cost base with the geographical needs of customers and their marketplaces. UBM is a great business with many strong market positions in specific verticals. We are steadily working at making those positions even stronger. In my first four months I have been directly engaging with many of our major customers. I have been encouraged both by the strength of the existing relationships and also by the evident potential UBM has to add more value. Outlook The overall operating profit performance outlook for the second half is broadly in line with the first half – subject to the first half weighting of CMPMedica. Solid booking levels and new investment are encouraging us to expect higher levels of underlying revenue growth. This will be offset at the operating profit level by measured increases in development spend – around the upper end of the £5m to £10m previously announced for 2005. While print remains challenged, the events businesses in particular have strong forward bookings and are looking healthy, and CME bookings have improved in the US. Online revenue is set to continue to increase.”           27 July 2005

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