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					Preliminary Results Presentation
12 months to 31 December 2004


Another year of strong growth -
driven by multi-platform strategy



Tim Weller
Chief Executive
Jamie Campbell-Harris
Finance Director
         Agenda

         •   Preliminary results
                  Operational highlights
                  Financial highlights
                  Divisional structure
                  Divisional highlights


         •   Track record 2000-2004

         •   Outlook
                Current trading
                IFRS


         •   Appendices



                                                                                                                2
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         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



                                                                                                                3
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         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




                                                                                                                4
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
        Financial highlights
        Profit and loss account - operations

                                                               2004             2003               Change
                                                               £'000            £'000           £'000           %


             Turnover
             - existing                                       43,953           35,365            8,588       24.3%
             - acquisition                                     2,539                -                -            -
             Total turnover                                  46,492           35,365           11,127       31.5%


             Operating profit*
             - existing                                       10,824            8,223            2,601       31.6%
             - acquisition                                     1,269                -                -            -
             Total operating profit*                         12,093            8,223            3,870       47.1%

             Operating margin*                                 26.0%           23.3%


             Notes
             *= before goodwill




                                                                                                                      5
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
        Financial highlights
        Profit and loss account - financing
                                                                     2004       2003                  Change
                                                                     £'000      £'000             £'000              %


        Total operating profit*                                     12,093      8,223             3,870         47.1%

        Interest                                                    (2,355)     (1,573)            (782)         49.7%
        Profit before tax*                                           9,738       6,650            3,088         46.4%

        Interest cover                                                5.14        5.23

        Goodwill                                                    (4,434)     (3,096)          (1,338)         43.2%
        Minority interests                                                6           -                6              -
        Taxation
         - on ordinary activities                                   (2,532)     (1,809)            (723)         -40.0%
         - ex/rate diff. on deferred tax liability on US goodwill     (255)           -            (255)               -
        Profit after tax                                             2,523       1,745              778         44.6%

        Average tax rate*                                           26.0%       27.2%


        Notes
        *= before effect of goodwill


                                                                                                                           6
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
        Financial Highlights
        Profit and loss account – performance per share
                                                            2004               2003                 Change
                                                            pence              pence             pence            %

        Earnings per share*
        - basic                                               8.13               6.72              1.41         21.0%
        - fully diluted                                       7.96               6.62              1.34         20.2%

        Dividend per share                                    2.00               1.60              0.40         25.0%

        Dividend cover
        - basic                                                4.1                4.2
        - fully diluted                                        4.0                4.1

        Shares in issue

        Actual at 31 December                          91,393,093         82,937,793

        Average to 31 December
         - basic                                       88,659,460         72,071,983
         - fully diluted                               90,548,646         73,113,606

        Notes
        *=before effect of goodwill
                                                                                                                        7
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
        Financial highlights
        Cash flow
                                                                    2004                2003               Change
                                                                    £'000               £'000               £'000

        Cash from operating activities                              11,932                5,163                  6,769

        Net interest and financing items                            (2,507)             (1,906)                  (601)

        Taxation                                                    (1,843)               (786)             (1,057)

        Net capital expenditure                                       (422)               (405)                   (17)

        Acquisitions                                               (16,851)            (39,334)                 22,483

        Equity dividends paid                                       (1,514)               (873)                  (641)

        Issue of share capital                                      10,987              16,228              (5,241)

        Increase in bank debt                                         3,919             20,817             (16,898)

        Net cash flow                                               3,701             (1,096)               4,797

        Cash conversion rate of operating activities                 99%                 63%




                                                                                                                         8
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
        Financial highlights
        Balance sheet
                                                           31-Dec-04       31-Dec-03              Change
                                                               £'000           £'000           £'000             %
        Fixed assets
        Goodwill and other intangible assets                    86,806          69,754         17,052        24%
        Tangible fixed assets                                      841             741            100        13%
                                                               87,647          70,495         17,152        24%

        Working capital
        Stock                                                     467              306            161           53%
        Debtors                                                10,235           10,470          (235)           -2%
        Trade creditors, deferred income, accruals and
        other provisions                                      (15,649)        (13,478)         (2,171)      -16%
                                                              (4,947)         (2,702)         (2,245)      -83%

        Net debt
        Cash                                                     5,334           1,633           3,701      227%
        Bank debt                                             (29,735)        (23,744)         (5,991)      -25%
        Loan notes                                             (4,150)         (6,269)           2,119       34%
        Deferred consideration                                 (4,200)           (553)         (3,647)     -659%
                                                             (32,751)        (28,933)         (3,818)      -13%

        Total net assets                                       49,949          38,860         11,089        29%




                                                                                                                      9
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Divisional structure.
         Proven record of new product innovation and value enhancing acquisitions
                   Risk Management                   Retail Investment                           Insurance

          Risk                                  Investment Week                       Post
          Asia Risk                             International Investment              Reinsurance
          Energy Risk                           Multi Manager                         Professional Broking
          Operational Risk                      IFAOnline                             Insurance Age
          Hedge Funds Review                    Bloomberg Money                       Cover
          Credit                                Your Money                            Insurance Window
          US Credit                             Wealth Magazine
          FX Week                               Incisive Research
          Structured Products                   Conjecture


                        Mortgage                 Financial IT/ Market Data                    Private Equity

          Your Mortgage                         Waters                                Unquote
          Mortgage Solutions                    Dealing with Technology               Private Equity Europe
          Mortgage Edge                         Inside Market Data                    High Growth Investor
          Your Mortgage.com                     Hedge Fund IT                         DAT
          Incisive Communications                                                     RII
                                                                                      LP Congress
                                                                                      Customised Research Consultancy




                                                                                                                        10
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Divisional highlights
         Risk 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



                                                                                                                11
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         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




                                                                                                                12
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Divisional highlights
         Insurance (£8.2m - 18% of group revenues [2003: 21%])
         Key brands: Post, Insurance Age, Professional Broking, Reinsurance, Cover


         •    Revenue up 10% boosted by acquisition of Insurance Age

         •    Post Magazine publication revenue up 6%

         •    Strong publication growth on COVER, Reinsurance and Professional Broking

         •    Divisional events revenue flat




                                                                                                                13
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Divisional highlights
         Mortgage (£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




                                                                                                                14
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Divisional highlights
         Financial 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




                                                                                                                15
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Divisional highlights
         Private 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




                                                                                                                16
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
       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




                                                                                                                17
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
       Track record of Incisive Media
       10 year track record of revenue and profit growth


                                     Turnover (£’m)                                                 Profit before tax and goodwill (£’m)

           50                                                                         10.0


           40
                                                                                       7.5

           30

                                                                                       5.0
           20


                                                                                       2.5
           10



            0                                                                          0.0
                1995   1996   1997   1998   1999   2000   2001   2002   2003   2004          1995   1996   1997   1998   1999   2000   2001   2002   2003   2004




                                                                                                                                                                   18
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
       Track record of Incisive Media
       10 year track record of EPS growth

                                                 Diluted earnings per share (pence)



                            10.0


                             8.0


                             6.0


                             4.0


                             2.0


                             0.0
                                   1995   1996    1997   1998   1999   2000   2001   2002   2003   2004


                                   CAGR 2000 to 2004 = 22.2%




                                                                                                                19
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
       Track record of Incisive Media
       Consistent organic growth delivery
                                   Revenue breakdown – organic vs acquisition
       50.0

       45.0

       40.0

       35.0

       30.0

       25.0

       20.0

       15.0

       10.0

         5.0

         0.0
                1995      1996       1997      1998       1999      2000       2001      2002      2003         2004


                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
                                                                                                                       20
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Track record of Incisive Media
         Change in spread of revenues – 2000 to 2004


                              2000                                                    2004

                                2%                                                   6%
                     23%
                                                                   26%
                                                                                                            44%



               10%
                                                  65%

                                                                               24%




             Advertising             Subs & other publication                Events              Internet




                                                                                                                  21
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Outlook
         Current 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




                                                                                                                22
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Outlook
         International 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


                                                                                                                23
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Appendix
         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



                                                                                                                25
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Background on Incisive Media
         An experienced management team


                                                                             Tim Weller
                                                                          Chief Executive
                                                                          22 yrs experience
                                                                            VNU, Centaur
                                                                     Reuters, Incisive Media 1994



                                                                          James Hanbury
                                                                                                                 Chris Stibbs
           Jamie Campbell-Harris                                      Chief Operating Officer
                                                                                                            Development Director
              Finance Director                                            17 yrs experience
                                                                                                                    E&Y, ICI
            PwC, Saatchi & Saatchi                                             Centaur
                                                                                                             Pearson, Timothy Benn
             Incisive Media 1998                                         Holmes & Marchant
                                                                                                              Incisive Media 2000
                                                                        Incisive Media 1994



                                        Tony Gibson
             Nick Rapley                                     Bharat Sagar
                                     Managing Director                                 Jonathaon Whiteley
          Managing Director                                Managing Director
                                      21 yrs experience                                 Managing Director
           19 yrs experience                                20 yrs experience                                                         Market Data
                                          Euromoney                                      10 yrs experience                Insurance
             VNU, Centaur                                      Brass Tacks
                                        Global Finance                                      FT Business
          Incisive Media 1994                                 Matching Hat
                                         Risk Waters                                    Incisive Media 1996
                                                           Incisive Media 2001
                                     Incisive Media 2003




              Investment              Risk Management          Mortgage                    Private Equity




                                                                                                                                                    26
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Incisive Media strategy
         •   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




                                                                                                                27
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Delivery platforms
                                      Newspapers/magazines/newsletters
                                                Books/Journals/Guides
                                                                                       Conferences/forums
                     Training
                                                                                       round tables/exhibitions




               Research                                                                        List-based products
                                                  Integrity,Trust
                                                   and Authority



             Customer magazines                                                         Electronic/ online services


                                                      Consultancy
                                                                                                                      28
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         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




                                                                                                                29
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Margin delivery
         How 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




                                                                                                                30
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
         Margin delivery
         How we achieve and maintain high margins

         •   Management of cost base
                  Publishers accountable for own P&L
                  Publishers incentivised on bottom line growth
                  Editorial and commercial integration
                  Controlled recruitment
                  Swift integration of acquisitions




                                                                                                                31
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
           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




                                                                                                                32
                   Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating
Incisive (in-sy-siv) adj. mentally sharp; acute; clear and effective; cutting; penetrating

				
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