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Australia

                          Merrill Lynch International                          

           United Business Media plc - Repurchase Offer for B Shares           

In accordance with the circular to B shareholders dated 8 September 2003,
Merrill Lynch International hereby makes the Repurchase Offer, acting as
principal, to purchase the 1,274,157 B Shares in respect of which valid
acceptances of the Repurchase Offer have been received. Accordingly such offer
is to purchase those shares for 245 pence each, free of all dealing expenses
and commissions, in an on-Exchange transaction on the terms set out in the
above mentioned circular to shareholders.

Cheques and sale advices are expected to be despatched and assured payments
made through CREST by 13 October 2003 in respect of B Shares purchased under
the Repurchase Offer.

Notes :

All definitions used in the circular to shareholders of United dated 8
September 2003 apply to this announcement.

This announcement has been issued by Merrill Lynch International, which is
regulated by the Financial Services Authority.

Enquiries:

Edward Knight

Merrill Lynch International

020 7628 1000

Anne Siddell

United Business Media

020 7921 5000



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