Acquisition of ALM Completed.

NEW YORK -- Apax Summer LLP, the partnership vehicle owning Incisive Media Ltd ("Incisive Media"), a leading business information provider, today announced that it has completed the previously announced acquisition of ALM Media from U.S. Equity Partners, L.P. for a total value of $630 million (approximately PS315 million) in cash.

ALM is a leading integrated media company, focused on the legal and business communities. ALM publishes 33 national and regional magazines and newspapers, including The American Lawyer, Corporate Counsel, The National Law Journal and Real Estate Forum. Its leading Web sites include Law.com for legal professionals and GlobeSt.com for the commercial real estate industry. The company is one of North America's largest producers of conferences and trade shows for business leaders and the legal profession. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, professional educational seminars, market research and content distribution. Headquartered in New York City, ALM was formed in 1997. More information on ALM is available at www.alm.com.

Apax was advised by Greenhill and Co., Simpson Thacher & Bartlett LLP and PricewaterhouseCoopers. Financing for the transaction has been underwritten by the Royal Bank of Scotland. ALM was advised by Credit Suisse and Skadden, Arps, Slate, Meagher & Flom LLP.

About Incisive Media

Incisive Media is a rapidly growing provider of specialist business information, operating in four principal markets: financial services, risk management, professional services and marketing services. The London-based company delivers key information to defined target audiences across a variety of platforms: in print, through magazines; in person, via conferences, exhibitions and training programs; and online, through various Web sites. Incisive Media's market leading brands include Investment Week, Post Magazine, Risk, Search Engine Strategies, Accountancy Age and Legal Week.

Incisive Media was founded in 1995 by the current management team, headed by Tim Weller, with the launch of Investment Week. The company was floated on the main market of the London Stock Exchange in December 2000. In December 2006, Apax Partners backed the public-to-private management buyout of Incisive Media (valued at approximately $550 million). Since the completion of the management buyout, Incisive Media has acquired three separate businesses. For more information, visit www.incisivemedia.com.

About Apax Partners

Apax Partners (www.apax.com) is one of the world's leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total in excess of $20 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services Over the past ten years, Apax has been one of the most active investors in media and communications with over $5.8 billion of equity invested. Recent investments include TDC ($17.6 billion), Thomson Learning ($7.8 billion), Intelsat ($5.0 billion), CME ($3.0 billion), Yell Group ($3.0 billion), Trader Media Group ($2.7 billion), VNU World Directories ($2.6 billion) and Hit Entertainment ($1.0 billion).