INM issues pre-close trading update & announces newspaper investment in India

This statement is intended to update investors on the Group’s significant operational achievements during 2004. This pre-close trading update is made in advance of the Group’s preliminary full year results announcement planned for Wednesday 16th March 2005.

In addition, the Group is pleased to announce that it has entered into a sale and purchase agreement to acquire 26% of Indian newspaper publisher, Jagran Prakashan Private Limited [‘JPPL’], for a consideration of Rupees 1,500 million (€25.5 million). This transaction is subject to Indian Government approval and is expected to complete in early 2005.

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