Preliminary Results Presentation 12 months to 31 December 2004

1. Preliminary Results Presentation12 months to 31 December 2004 Another year of strong growth - driven by multi-platform strategy Tim Weller Chief Executive Jamie Campbell-Harris Finance Director

2. Agenda • Preliminary results • Operational highlights • Financial highlights • Divisional structure • Divisional highlights • Track record 2000-2004 • Outlook • Current trading • IFRS • Appendices

3. Operational highlights • Underlying growth in all core divisions • underlying advertising revenues up 10%, overall underlying revenue up 8% • recovery being led by major brands • Successful acquisition and swift integration of Initiative Europe • Continued investment in existing products • Mortgage Solutions now published weekly • investment in Insurance Age, Energy Risk, Operational Risk and Asia Risk • Trading Technology Week re-branded as DWT • Continued organic growth in new titles and other brand extensions • successfully launched Structured Products in autumn • Launch of “Conjecture” and further developed Incisive Research

4. Financial highlights • Turnover increased by 31% to £46.5m • Profit before tax and goodwill up 46% to £9.7m • Increased operating margin before goodwill to 26% • Diluted earnings per share before goodwill up 20% to 7.96p • 25% increase in total dividend to 2.00p

5. Financial highlightsProfit and loss account - operations

6. Financial highlightsProfit and loss account - financing

7. Financial HighlightsProfit and loss account – performance per share

8. Financial highlightsCash flow

9. Financial highlightsBalance sheet

10. Divisional structure. Proven record of new product innovation and value enhancing acquisitions Risk Management Retail Investment Insurance Risk Asia Risk Energy Risk Operational Risk Hedge Funds Review Credit US Credit FX Week Structured Products Investment Week International Investment Multi Manager IFAOnline Bloomberg Money Your Money Wealth Magazine Incisive Research Conjecture Post Reinsurance Professional Broking Insurance Age Cover Insurance Window Mortgage Financial IT/ Market Data Private Equity Your Mortgage Mortgage Solutions Mortgage Edge Your Mortgage.com Incisive Communications Waters Dealing with Technology Inside Market Data Hedge Fund IT Unquote Private Equity Europe High Growth Investor DAT RII LP Congress Customised Research Consultancy

11. Divisional highlightsRisk management (£15.5m, 33% of group revenues [2003: 31%])Key brands:Risk, Credit, US Credit, Energy Risk, Hedge Funds Review, Operational Risk, FX Week • Reported growth of 43%, like for like revenue up 6% • Growth from Risk, Operational Risk, Hedge Fund Review, Asia Risk and Risk Books • Operational Risk re-launched in May 2004 • Events and publications benefited from improved management and infrastructure in Asia • Improved outlook for Energy Risk, Credit and US Credit

12. Divisional highlights Retail investment(£10.8m – 23% of group revenues [2003: 28%])Key brands: Investment Week, International Investment, Multi-Manager, Bloomberg Money • Revenues up 8% • Investment Week publication revenue up 18%, event revenue flat • International Investment event revenue up 41% • IFAOnline up 26% • Launched Conjecture and further developed Incisive Research

13. Divisional highlightsInsurance (£8.2m - 18% of group revenues [2003: 21%])Key brands:Post, Insurance Age, Professional Broking, Reinsurance, Cover • Revenue up 10% boosted byacquisition of Insurance Age • Post Magazine publication revenue up 6% • Strong publication growth on COVER, Reinsurance and Professional Broking • Divisional events revenue flat

14. Divisional highlightsMortgage (£5.5m - 12% of group revenues [2003: 12%])Key brands:Your Mortgage,Mortgage Solutions, Mortgage Edge • Revenue up 26% • Mortgage Solutions, Mortgage Edge and Your Mortgage benefited from regulatory changes affecting IFAs • Mortgage Solutions revenues up 40%, weekly from June • Your Mortgage Awards up 19% • Better outlook for contract publishing

15. Divisional highlightsFinancial IT and market data(£2.9m - 6% of group revenues [2003: 4%])Key brands:Waters, Inside Market Data • Strong event revenue drove 6% improvement, particularly on IMD • Improved financial IT market benefited Waters publication and events revenue • Acquired outstanding 50% of Dealing with Technology (‘DWT’), and subsequently re-branded Trading Technology Week as DWT

16. Divisional highlightsPrivate Equity(£2.5m, 6% of group revenues) Key brand: Unquote, DAT, RII • 8 months of trading contributed 6% of group revenues • Data driven business with subscription renewal rates very high with all products between 70%-95%. Unquote renewals running at 80% • Cross selling opportunities to hedge fund customers • First private equity conference held in January 2005, and other new events planned for 2005

17. Five year track record – 2000 to 2004 • Margins grown from 16% to 26% • indicative of good portfolio management and greater degree of integration of platform execution teams • the business model is cash generative with the highest free cash to sales ratio in the sector • Delivered 22% compound EPS growth • the highest four year earnings growth in the sector • fuelled by value enhancing deals and tight management • growth driven both by organic activity and acquisitions, the group has strong fundamentals • Delivered 10% compound underlying organic revenue growth • Significant step up in the quality of earnings • transformed both qualitatively and quantitatively

18. Track record of Incisive Media 10 year track record of revenue and profit growth Turnover (£’m) Profit before tax and goodwill (£’m)

19. Track record of Incisive Media 10 year track record of EPS growth Diluted earnings per share (pence) CAGR 2000 to 2004 = 22.2%

20. Track record of Incisive MediaConsistent organic growth delivery Revenue breakdown – organic vs acquisition Organic (excluding discontinued Investor’s Week and related brand extensions) CAGR 2000-2004 = 10% Timothy Benn Publishing / Matching Hat / Risk Waters Group / Insurance Age / Initiative Europe

21. Track record of Incisive Media Change in spread of revenues – 2000 to 2004 2000 2004 Advertising Subs & other publication Events Internet

22. OutlookCurrent trading • Steady growth from strong core • positive start to 2005 across all divisions • full year benefit from acquired Private Equity division • The group is continuing to expand organically • two magazine launches and further new events planned for 2005 • opportunity to roll out of Conjecture and Incisive Research across other divisions • increase the frequency of a number of magazine brands • Well positioned to make more acquisitions

23. OutlookInternational Financial Reporting Standards – effect on Incisive Media • Reporting for 2005 • including interims in September 2005 • Impact on profit and loss account • no amortisation of goodwill – just annual impairment review • charge for share based payments • deferred tax treatment • Mainly disclosure differences • segmental reporting • no adjusted EPS figures allowed on face of P&L • System and operational changes • segmental balance sheet reporting by division

24. Appendix

25. 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 • Acquired Initiative Europe in April 2004

26. Background on Incisive MediaAn experienced management team

27. Incisive Mediastrategy • Our objective is to develop valuable market leading brands serving both large and growth sectors which deliver need to know information and provide measurable marketing solutions. We will achieve this both through organic growth and controlled acquisitions. • The surround strategy we apply to achieve this objective is: • Apply market focused approach • Deliver high quality need to know information • Deliver to targeted information intensive communities • Publish narrow and deep • Extend brands across a variety of platforms • Develop close relationships to increase barriers to entry

28. Delivery platforms Newspapers/magazines/newsletters Books/Journals/Guides Conferences/forums round tables/exhibitions Training Research List-based products Integrity,Trust and Authority Electronic/ online services Customer magazines Consultancy

29. Acquisitions criteria Facilitating the business model • Acquisitions accelerate organic growth • Disciplined acquisition criteria are established to enable the business model to be rolled out • Quality brands / assets • Attractive vertical sectors • Extensive brand reach • Robust core earnings • Value of hard / soft synergies • Platform neutral • Earnings enhancing • Learning experience can extend the business model • Maintaining strategic integrity is key

30. Margin deliveryHow we achieve and maintain high margins • Business model • Deliver focused “need to know” information to tightly defined communities • Enables small but focused print runs • Results in high gross margins - target 75-80% • Focus allows for premium advertising and subscription rates • Focus increases barriers to entry • Surround strategy • Ensures we own relationships • Can quickly identify new opportunities • Reduced risk and low cost launches

31. Margin deliveryHow we achieve and maintain high margins • Management of cost base • Publishersaccountable for own P&L • Publishers incentivised on bottom line growth • Editorial and commercial integration • Controlled recruitment • Swift integration of acquisitions

32. Investment case • Experienced management team • 10 year track record of growth • Excellent organic growth track record • delivered via proven business model • Controlled approach to acquisition • with proven experience of successful integration • Each division headed by robust brand leader • Superior industry margins • sustainable, with potential future growth