Broad Based Revenue Progress and Good Profit Growth

    LONDON, December 15 /PRNewswire-FirstCall/ --
    GROUP SUMMARY
    UBM has continued to make good progress in the second half of 2004. Broad
based strength in exhibitions, publishing, news distribution and syndicated
market research has been driving solid year on year growth in underlying
operating profit. Revenue has been boosted by the success of acquisitions and
by investments in new products. The overall profit performance has been
towards the higher end of our expectations.
    OPERATING HIGHLIGHTS OF THE SECOND HALF OF 2004
    PROFESSIONAL MEDIA
    Underlying revenue from the publications and events businesses in Asia
and UK, is ahead of the same period last year. CMPi has continued to take
display market share from its US and UK competitors. UK classified revenues
are in line with last year, with increased levels of investment to develop
online functionality and to boost circulation levels.
    In the US, healthcare publishing and technology online are both showing
strong growth and technology events and custom marketing solutions are also
making good progress. Our market share of technology publishing grew, but
overall technology revenues were down as US print publishing continues to lag
behind the other channels.
    US healthcare publishing is benefiting from a strong performance by the
Oncology Group and Cliggott publishing, acquired in 2003. US medical
education continues to be negatively impacted by regulatory issues, although
much of the revenue effect has been mitigated by action on costs. Multi
sponsor events are performing robustly with the impact of the regulatory
issues largely confined to single sponsor events.
    The integration of CMPMedica (the drug information and trade press
business - acquired in July of this year), is on track with sales and profits
achieving the acquisition plan. CMPMedica recently invested in a joint
venture in France to purchase Axilog, a leading doctors' practice management
software supplier.
    Throughout 2004, UBM has been highlighting a structural change in
customers' allocation of their advertising and marketing budgets - especially
in US technology. "Return on Investment" and lead generating strategies are
driving the growth of electronic and other multi-channel platforms for
marketing programmes. Since 2000, UBM has been investing in these new media
channels to offer a range of multi-channel marketing solutions. UBM has
increased the level of this investment in the second half of 2004 and will
continue doing so in 2005. This investment is driving growth and should
enable UBM to perform ahead of trend.
    NEWS DISTRIBUTION
    PR Newswire continues to grow strongly. Year on year volumes and yields
increased in the second half due to longer messages and to increasing demand
for wider distribution services.
    PR Newswire's wide range of media intelligence products increased
revenues, with targeted contacts data lists performing particularly well.
    PR Newswire's businesses outside of the US improved revenues and are
expected to achieve their breakeven target in 2004.
    MARKET RESEARCH
    Year to date, overall revenues at NOP World are growing in line with the
market. In the second half of the year, NOP's syndicated and continuous
businesses have again delivered strong performances but conditions in ad hoc
and healthcare remaining challenging. Eurisko, acquired in 2003, has
delivered a strong operating performance.
    OPERATING EFFICIENCIES
    Following the major improvements in operating efficiencies over the last
two years, the group is accelerating a major programme of offshoring and
outsourcing which is expected to improve operating margins over the next two
years.
    INVESTMENTS
    The acquisitions made in 2003 and 2004 are performing well and are on
track to generate the returns targeted. Organic investments continue to drive
revenue growth. We have increased new product investment in 2004 and plan to
do so again in 2005.
    FIXED ASSET INVESTMENT
    Five continues to perform well, delivering year on year increases in its
share of advertising and its share of audience, and growing its operating
profits. Notably five's share of market on the fastest growing platform -
Freeview - is a particularly strong 9.5 per cent, compared with 9.2 per cent
for Channel 4 and 17.5 per cent for ITV.
    CEO SUCCESSION
    As advised in September, UBM plans to announce its next CEO before the
end of December.
    (1)UBM is scheduled to announce its preliminary results for 2004 on 25
February 2005. This announcement is the routine update prior to entering the
January and February close season associated with the preliminary results
    This press release includes statements which are not historical facts and
are considered "forward-looking" within the meaning of Section 27 of the
Securities Act of 1933, as amended. These forward-looking statements reflect
UBM's current views about future events, business and growth strategy and
financial performance. These forward-looking statements are identified by
their use of terms and phrases such as "believe," "expect," "plan,"
"anticipate," "on target" and similar expressions identifying forward-looking
statements. Investors should not rely on forward-looking statements because
they are subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from UBM's expectations. UBM
expressly does not undertake any duty to update forward-looking statements.
Management does not attempt to update forecasts unless conditions materially
change.

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