New Zealand subsidiary company results

On 24 December 2001 Wilson & Horton Holdings Limited sold its investment in Wilson & Horton Limited and its subsidiaries to APN News & Media Limited in Australia. As a result the company now no longer has any direct connection with its former operating subsidiaries. Under New Zealand GAAP where all the subsidiaries of a holding company are sold during the year no group accounts need to be produced. Consequently the annual accounts to 31 December 2001 relate to the holding company, whose name has subsequently been changed to Independent News & Media NZ Limited ("INM NZ Limited").

The directors of the Company are pleased to report an operating surplus before tax of $314.3m, which includes $285.7m from the sale of mastheads and shares in Wilson & Horton Limited.

Unusual items of $1.3m represent realised and unrealised foreign currency exchange losses for the year.

INM NZ Limited continues to be a wholly owned subsidiary of Independent News & Media PLC ("INM") which is a global newspaper and media company with leading market positions in New Zealand, Australia, Ireland, South Africa and the United Kingdom. Upon maturity in 2003, holders of INM NZ Limited's cumulative exchangeable preference shares ("CEPS") may elect to exchange one preference share for either $8.00 cash, or two INM ordinary shares. As a result the underlying value and performance of the CEPS is determined by the consolidated performance of INM. At 13 March 2002, INM's ordinary shares were quoted on the Irish Stock Exchange at .2.08 (i.e. an exchange value of $4.235) which translates to $8.47 for each CEPS.

Following the sale of Wilson & Horton group to APN News & Media Limited, INM NZ Limited has adequate investment income to meet its obligations to the CEPS shareholders. The terms of the CEPS will remain unchanged through to their exchange date of 30 November 2003 and dividend payments will continue to be fully imputed.

A dividend of 20 cents per share will be paid on the company's CEPS, in accordance with the issue documents. The payment date will be 31 May 2002, with this dividend fully imputed for taxation purposes.

Consistent with prior years, a meeting will be held on 21 June 2002 in Auckland to fully brief INM NZ Limited shareholders on the 2001 performance of INM, and specifically INM NZ Limited.

JH Maasland Chairman

Ends Thursday, 14th March 2002

For Reference:

James Parkinson, Group Finance Director, Independent News & Media PLC, Tel: +353 - 1 - 466 3200

Gavin O'Reilly, Chief Operating Officer, Independent News & Media PLC, Tel: +353 - 1 - 705 5455

Pat Walsh, Murray Consultants Ltd, Tel: +353 - 1 - 663 3318