MediaHouse Limited (Formerly Island Press (Holdings) Limited) Issues Interim Six-Month Report

Hamilton, Bermuda: 29^th November 2005 - The Bermuda Stock Exchange (BSX) has received an interim six-month report from MediaHouse Limited for the period ending 31st March 2005.

In a statement issued with the report, Chairman and Chief Executive Officer Randolph French stated: "The period has been one of continued challenge for the Group.  The process of rebuilding the Grand Cayman head office of Caribbean Publishing Company following Hurricane Ivan in September 2004 occupied much of the focus.  Alternative premises were acquired which required build-out, new furnishings, computer and network systems.  Inevitably this disrupted operations in Grand Cayman and caused the deferral of some directories resulting in the decrease in turnover shown in the income statement.   Settlement was reached with the company's insurers which covered the book value of the assets destroyed but not the full replacement cost.  I would like to again pay tribute to all our management and company members in Grand Cayman whose determination, perseverance and tolerance enabled the company to fully recover. This all happened at the same time as many of our company members were trying to recover from significant, and in some cases devastating personal loss.

The consolidation of the Group's Bermuda based activities into its Elliott Street premises took place in May 2004, having a beneficial impact on our results by cutting overheads and increasing efficiencies.

Bermuda.com continues to improve and substantial work was completed on the web-site in preparation for the re-launch in April 2005, encompassing a re-design and an on-line reservation engine for tourists.    

Your board is encouraged by progress made during the period despite the temporary set back in Grand Cayman, believing the Group's prospects are promising and will produce long term profitability and growth.

On behalf of the board I would like to thank all our company members for their continued efforts on the Group's behalf during this period of challenge and development." 

Financial Highlights for the six months, ended 31 March 2005: