Acquisition of IIR -in line with strategy -highly complementary

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                          Acquisition of IIR
                         - in line with strategy
                       - highly complementary
              - enhances earnings and growth prospects
               Important Notice

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Agenda

 Transaction Summary   (Peter Rigby)
 Strategic Context     (Peter Rigby)
 Overview of IIR       (Peter Rigby)
 Rationale             (David Gilbertson)
 IIR Financials        (Anthony Foye)
 Conclusion            (Peter Rigby)
Transaction Summary

      Cash acquisition of IIR for $1.4bn (£768m) (1)
      New debt facility of £1.25bn
      Fully underwritten £311m rights issue on 2 for 5 basis at 265p (35%
      discount)
      Significant earnings enhancement in first full year
      Acquisition return covers T&F Informa’s cost of capital in first full year
      Acquisition requires shareholder approval




Note: (1) Exchange rate $1.823: £1 at 31 May 2005
Strategic Context
In-line With T&F Informa Strategy
  Acquisition of IIR fits with T&F Informa’s strategy (as outlined in 2004
  annual report) to:
   •   Provide high value information in specialist sectors utilising multiple media
       formats
   •   Exploit synergies between events and publications
   •   Develop and acquire strong brands
   •   Develop distance and e-learning capabilities
   •   Maintain balanced revenue and profit streams across operationally geared
       and non-cyclical, more resilient businesses
   •   Develop US presence and further extend into other high growth economies


        IIR represents a unique opportunity to advance
                    T&F Informa’s strategy
Overview of IIR
Highly Complementary to T&F Informa

  Strong track record, established since 1973
  Two divisions
   •   Events (revenues 49%)
   •   Performance Improvement (revenues 51%)
  Repeating revenue streams – strong levels of repeat business (approx.
  75% p.a.)
  Substantial growth over last five years
  Valuable market positions & leading brands
  Good geographic scale & spread – 70 countries
   •   North America (51% of revenues)
   •   Continental Europe (17%)
   •   UK (17%)
   •   Middle East & South Africa (9%)
  Clear growth opportunities
Overview of IIR
Events

  Substantial global portfolio
   •   1,400 conferences and 23 industry leading exhibitions
   •   Covers 54 industries, in 30 countries
   •   Database of 12 million names
  Focus on larger scale, ‘must attend’ industry events
   •   Approx 56% revenues from large scale ‘must attend’ events
   •   Higher repeat delegates, greater sponsorship, good revenue predictability and
       growth
  Key sectors - Finance, Telecoms, Life Sciences, Pharma & IT
  Key locations - UK, US, Germany and Dubai
  Highly respected annual branded events
Overview of IIR
Events (cont’d)

  Leading industry exhibitions serving the Print, Healthcare, Power &
  Electricity, Super Yachts and Commercial Property markets
  Large trade exhibition in UK – IPEX; held every four years; next 2006
  High visibility of revenues, strong exhibitor repeat rates
Overview of IIR
Performance Improvement
       Provision of performance analysis, diagnostics and customised
       training solutions to corporations and governments

                                                     Program and project management
                                                     acquired in July 2004; 83% of revenue from US
                                                     government agencies



                                                     Project and contract management training, 27% of
                                                     revenue from US government agencies



                                                     Developing skills of employees in sales
                                                     performance, customer service, leadership
                                                     and teamwork




Note: (1) IIR acquired Robbins-Gioia in July 2004.
Overview of IIR
Performance Improvement (cont’d)
        Global capability to deliver performance improvement programmes to
        multi-nationals and governments
        Blue chip client base – c.60% of Fortune 250 and c.50% of Fortune
        500
        Good defensive qualities – around 30% revenues from US
        government agencies with long-term, embedded relationships
        Strong brand names, market reputation and high quality IP
        Leader in high growth performance improvement market
           •      US skills training and e-learning market in 2004 est. at $5.1bn, up c.11%
                  vs. 2003
           •      7.5% p.a. Growth 2004 – 2008(1)
        Major expansion opportunity into other US government departments
        and corporates
        Geographic expansion outside core US market, particularly in Europe
        and Asia



Note: (1) Stated in Corporate Training Market 2005: Forecast & Analysis published by Simba Information, a Bowker Company
Rationale
Clear Strategic and Commercial Logic
         Highly complementary geographic and sector fit with T&F Informa’s
         existing conference operation
         Entry into high growth and resilient performance improvement market
         Acquiring strong, well-respected brands
         Significant marketing opportunity – doubling T&F Informa’s database to
         over 20m names(1)
         Maintenance of well-balanced portfolio of both operationally-geared
         and non-cyclical more resilient business
         Significant opportunity to exploit cross-promotional synergies between
         publications and events and distance and e-learning
         Transforms T&F Informa’s US presence and gains further access to
         several high growth economies
         Enhances growth prospects of enlarged group



Note: (1) Prior to de-duplication
Rationale
Complementary Events Operations
  T&F Informa and IIR operating in same market for 30 years
  Similar business models and management styles
   •   Highly incentivised local management
   •   Close supervision by senior management
  Significantly extends group’s capability in Finance, Telecoms, Life
  Sciences, Pharma and IT
  Increases scale in key markets of US, UK and Germany
   •   IIR provides T&F Informa with major US events presence
  Extends further into faster growing markets: Russia and Eastern
  Europe, China, Middle East and Latin America
Rationale
Entry into Performance Improvement Market
  Entry into high value customised performance improvement market
   •   Immediate critical mass and market leadership
   •   Logical extension and highly complementary to T&F Informa’s existing
       publication and events business
  Strong established business model with high revenue visibility
   •   Well respected brand names
   •   Varied and loyal customer base – US government (around 30% of PI
       revenue)
   •   Long-term embedded relationships
   •   Excellent proprietary and licensed IP
   •   High levels of repeating and predictable revenues
Rationale
Maintenance of Well-balanced Portfolio
        Continue strategy of having a well-balanced and robust portfolio of assets
           •      Operationally geared events businesses with attractive growth prospects in
                  economic upturns; balanced by
           •      Non-cyclical subscription and performance improvement businesses giving
                  resilience in economic downturn
        Enlarged group 2004 revenues – T&F Informa £504m and IIR $573m
        (£313m)



                                                     Subscriptions                                                    ROW 16%
                    Events                               26%
                     33%

                                                                                                                                                     North America
                                                                                                            Continental                              40%
                                                                                                            Europe 26%

                Advertising
                   4%
                                                     Performance
                       Copy Sales                    Improvement                                                                            UK 18%
                         15%                             22%



        Enlarged group employees around 7,000

Note: Financial information extracted from the audited accounts of T&F Informa for the year ended 31 December 2004 and from the unaudited
management accounts of IIR for the year ended 31 December 2004
Rationale
Integration Process

  T&F Informa has an excellent track record in integrating businesses
  T&F Informa has experience and sound understanding of IIR’s operations
  IIR and T&F Informa have similar business structures and management
  styles
  IIR has a well established management structure and highly experienced
  team (average length of service 12 years)
  Lord Laidlaw, Chairman, stepping down. Chris Maybury, CEO, full time
  until September 2005, part time thereafter
  Full product range to be maintained - intention to keep IIR’s existing brands
  and operating structure
IIR Financials
Financial Characteristics of IIR

  Well balanced revenues and profits




  Performance                                  Performance
                                      Events   Improvement
  Improvement                                                Events
                                       49%         50%
      51%                                                     50%




  Cash conversion of c.100% - comparable to T&F Informa
  Track record of integrating acquisitions - businesses acquired include:
  Robbins-Gioia in July 2004 (price paid $80m), Forum in 2003 ($11m) and
  AchieveGlobal in 2000 ($100m)


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IIR Financials
IIR Financial Performance
 Year ended 31 December                                                     2003                   2004                    ACTUAL                          ORGANIC
                                                                                                                          GROWTH                           GROWTH
 Revenue
 Events                                                                  $230.8m                 $278.0m                       20.5%                               18.3%
 Performance Improvement                                                 $245.5m                 $294.6m                       20.0%                                 2.7%
 Total                                                                   $476.3m                 $572.6m                       20.2%                               10.2%
 EBITA
 Events                                                                  $16.3m                  $44.3m                      171.6%                             168.1%
 Performance Improvement                                                 $26.5m                  $43.5m                        64.4%                               38.3%
 Total                                                                   $42.8m                  $87.8m                      105.3%                                87.8%
 EBITA MARGIN
 Events                                                                     7.1%                 15.9%
 Performance Improvement                                                 10.8%                   14.8%
 Total                                                                      9.0%                 15.3%



Note: (1) IIR acquired Robbins-Gioia in July 2004, for the period from acquisition to 31 December 2004 it contributed revenue of $43m and EBITA of $7m
       (2) Financial information regarding IIR has been extracted from the audited consolidated financial statements of IIR Holdings Limited and adjusted to reflect businesses and assets
that will be transferred out of IIR prior to completion of the Acquisition Agreement. This financial information is subject to further adjustment to present it on a basis consistent with T&F
Informa’s accounting policies and International Financial Reporting Standards (IFRS). It is not anticipated that these adjustments will be material except as set out in the press
announcement. A circular containing a prospectus will be posted to shareholders in due course which will include adjusted financial information on IIR
IIR Financials
Financial Impact

       Strong cash flow generation and enhanced growth prospects
       Significant earnings enhancement in first full year of ownership(1)
       Covers cost of capital in first full year of ownership
       Net debt/LTM pro forma EBITDA at acquisition estimated at 4.4x falling
       to around 4.0x by year end
       Efficiency savings of £8m in 2006 and £11m by 2007 and thereafter
       One-off costs of £7.7m in financial year ending 31 December 2006
       Savings expected to be derived from:
          •      Property
          •      IT systems
          •      Procurement
          •      Central overheads



Note: (1) This statement should not be interpreted to mean that the future earnings per share of T&F Informa will necessarily match or exceed
          its historical published earnings per share
Transaction Summary and Key Dates

  Cash price of $1.4bn (£768m)
  New debt facility of £1.25bn
  Fully underwritten rights issue on 2 for 5 basis at 265p (35%
  discount) raising £311m net of expenses
  Acquisition conditional on shareholder and regulatory approvals
  Acquisition and rights issue not inter-conditional
  Key dates:
   •   Shareholder documentation posted within 2-3 weeks
   •   EGM within 4-5 weeks
   •   Acquisition expected to be completed end June / early July 2005
   •   Rights issue expected to be completed end-July 2005
Conclusion

  Unique opportunity to transform T&F Informa’s business
  Both companies combining from strong financial positions
   •   T&F Informa – current year started well
   •   IIR – strong Q1
  Maintains group’s balanced revenue profile
  Strong earnings enhancement
  High visibility of repeating revenues
  Strong cash flow generation – c.100% cash conversion
  Positions the enlarged group well for strong medium term organic growth
Appendices
Appendix – Combined Group Worldwide Locations




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Appendix – IFRS

  Key Areas Impacted
                                                            T&F Informa   IIR
  Basis of consolidation for 2004 (merger to acquisition)                 na
  Goodwill and intangible fixed assets
  Share based payments
  Pension costs and associated liabilities
  Deferred tax
  Dividends                                                               na

  IIR Holdings Limited has produced financial statements that have been audited
  under IFRS for the years to 31 December 2004 and 31 December 2003.
  However, in order to make these statements consistent with T&F Informa’s future
  IFRS accounting policies adjustments highlighted above will need to be made
  T&F Informa intends to publish its IFRS re-stated 31 December 2004 results by 9
  June 2005
  IIR’s adjusted financials under IFRS accounting policies on a basis consistent
  with T&F Informa will be disclosed in the circular to shareholders

				
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