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2	Chairman Sir Victor Blank
3	Finance Director Vijay Vaghela
4	Financial highlights
5	Financial highlights 26 weeks to 29^th June 2003
6	Consolidated net assets 26 weeks to 29^th June 2003
7	Strong cash flow 26 weeks to 29^th June 2003
8	Regionals division (including Metros and Digital Media) (£m)
9	Nationals division (£m)
10	Sports division (£m)
11	Magazines and exhibitions (£m)
12	Current trading and outlook Advertising continues to be volatile and uncertain Difficult trading conditions to continue for remainder of year Satisfactory outturn for the year underpinned by Group strategies
13	Finance Director Vijay Vaghela
14	Chief Executive Sly Bailey
15	Overview Vision Recent history Key findings & actions Performance expectations
16	Vision Regionals division Close performance gap Create a business with stronger margin potential Robust growing cash flows Cyclically resistant performance Best in class work place
17	Vision National newspapers Leading portfolio of great media brands Clearly positioned & differentiated Quality of journalism Innovation record Customer focus Generate strong profit and cashflows
18	Vision Group Benefits of scale, yet to be realised Interventionist approach Co-ordinated management Drive innovation Transformation – whole greater than sum of parts
19	Recent history Initial courtship Momentum slowed Separation No central control Unfulfilled potential
20	Recognised risk Risk business might under perform in ‘03 Over ambitious revenue targets and lack of focus on costs First action to strip out costs Implemented a more focused publishing approach Deliver satisfactory year for ‘03 P On track
21	Key findings Regionals division Strong brands Steady profit growth ‘From Biggest to Best’ good, but can do even better Significant potential
22	Actions Regionals division Improve circulation performance Aggressive cover price management Driving revenue out of core business Innovate - products and services Cost reduction Accelerate pace of change of ‘from Biggest to Best’
23	Key findings National newspapers Nationals need to be stronger Changes to management Improve publishing skills Redirect resources
24	Actions National newspapers Closed ‘M’ Saturday magazine Product, Promotion, Price and Place Portfolio management Daily Mirror, Daily Record Differentiate brands - Sundays
25	Actions Daily Mirror Tone and content evolved Seriously good popular journalism ‘What matters’
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27	Actions National newspapers Closed ‘M’ Saturday magazine Product, Promotion, Price and Place Portfolio management Daily Mirror, Daily Record Differentiate brands - Sundays Consistent delivery
28	Key findings Group Potential for improvement Role ill defined Risk averse culture Costs too high
29	Actions Group Strengthen key management processes Maximising benefits of scale Manufacturing, procurement, supply chain, content sharing, cross promotion and ad sales Effective and efficient provision of key functional services
30	Stabilisation Appointed new management team P On track Reduce costs P On track Centralise ‘expert’ functions P On track Headcount reduction of 550 POn track Dispose of titles in Ireland POn track Sharpen title propositions POn track Improved strategic planning and budgeting processes POn track
31	Revitalisation Refreshing our brands Driving innovation to build profitability Growth in core business Leverage brands in new ways Central innovation fund Revitalise internal approaches Realise merger benefits
32	Growth
33	Performance expectations
34	Summary Benefit from our size and scale Embrace radical transformation – stabilise, revitalise, grow Commitment; cost reduction and dividends Focus on margins, profit growth and debt reduction Stronger and highly performing company
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36	Financial summary 26 weeks to 29^th June 2003
37	Analysis of revenue by activity 26 weeks to 29^th June 2003
38	Analysis of revenue by type 26 weeks to 29^th June 2003
39	Analysis of revenue by activity & type 26 weeks to 29^th June 2003
40	Analysis of revenue Regionals division ⁽¹⁾26 weeks to 29^th June 2003
41	Analysis of revenue UK nationals 26 weeks to 29^th June 2003
42	UK nationals Advertising volumes – Daily market 26 weeks to 29^th June 2003
43	UK nationals Advertising volumes – Sunday market 26 weeks to 29^th June 2003
44	UK nationals Advertising market share (volumes) 26 weeks to 29^th June 2003
45	Analysis of revenue by activity & type Scottish nationals 26 weeks to 29^th June 2003
46	Group operating profit by activity 26 weeks to 29^th June 2003
47	Share of group operating profit by activity 26 weeks to 29^th June 2003 Excludes central costs and exceptional items Like for like
48	Margins by activity 26 weeks to 29^th June 2003
49	Operating costs 26 weeks to 29^th June 2003