News

_{15 October 2007}
AAC Capital Partners acquires Ocean Media

AAC Capital Partners has agreed to acquire a majority stake in Ocean Media Limited, the magazine publisher
and exhibition organiser, from its current management team and institutional backers.

Ocean Media was formed in July 2006 to acquire Inside Communications Limited from Trinity Mirror plc in a
management buyout backed by Ion Equity.

Ocean is a well established and highly profitable UK magazine publisher and exhibition organiser. It has a core asset base comprising three market leading businesses: Social Housing, which includes Inside Housing magazine and the Chartered Institute of Social Housing Annual Conference, Weddings & Bridal, which comprises The British Bridal Exhibition, The National Wedding Shows and Bridal Buyer magazine; and
Leisure & Outdoor, comprising the National Boat and Caravan Outdoor Show. Ocean also has a portfolio of
other Trade and Consumer publishing assets including The Negotiator, the leading trade magazine for estate
agents, Geriatric Medicine and Build It, a magazine for the self build housing market.

Between 2005 and 2007 Ocean Media’s sales grew from £ 25.8 m to £ 28.6 m.

There has been no formal sale process and AAC Capital Partners negotiated an exclusive position to acquire
Ocean Media from its current management and institutional backers. AAC Capital Partners has put together a
highly experienced industry management team led by Trevor Barratt, former MD of Builder Group and a
Divisional MD of UBM plc. Tony Tillin, who chaired two of AAC's previous investments in the sector, Puzzler
Media and Quantum Business Media, has joined as Chairman.

Patrick Bulmer and Simon Tuttle will join the board of Ocean Media Group as non-executive directors.

Paul Southwell, Managing Partner of AAC Capital Partners’ UK buyout team, said: “2007 is proving to be a
successful year for AAC Capital Partners and I am delighted to be able to announce our first deal so soon
after gaining our independence. This is a highly attractive business for us. Ocean is very well-placed in its
niche markets having magazine and exhibition businesses which address both trade and consumer sectors.
There are significant growth opportunities which we believe the MBI team have the experience to take full
advantage of. We look forward to supporting Trevor Barratt and his team in their growth strategy.”

Trevor Barratt, on behalf of the buy-in team said: “AAC Capital Partners shares our vision for the development
of Ocean Media and is highly supportive of our plans. We intend to grow the company organically, drive
revenues in digital media and expand by selective acquisition. We are excited to be joining the business at
this stage and are very optimistic about the prospects for the future.”