1 Daily Mail and General Trust Plc Half Yearly Financial Report for the Si

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Daily Mail and General Trust plc

Half Yearly Financial Report for the six months ended 1st April, 2012

Financial Highlights Adjusted results* Adjusted Statutory results 2012 2011 Change† 2012 2011 Revenue £973m £991m -2% £973m £991m Operating profit £133m £144m -8% £73m £98m Profit before tax £105m £121m -14% £46m £73m Earnings per share 19.5p 23.6p -17% 15.8p 13.0p Dividend per share 5.6 p 5.3p

SOLID UNDERLYING PERFORMANCE; FULL YEAR OUTLOOK UNCHANGED

• Solid Group revenue performance, up 3% on an underlying basis.

• Underlying operating profit flat; reported Group profits in line with expectations.

• Good performance from B2B; underlying revenue up 9% and underlying profit* up 14%.

• Resilient revenues at Associated: strong digital advertising (up 21%) and circulation (up 4%), offsetting print advertising decline (down 10%)

• Northcliffe operating profit* up 34%.

• Profit before tax lower due to various one-off items.

• Active portfolio management; targeted acquisitions and disposal of non-core assets.

• Net debt up £90m to £809m, but is expected to reduce in the second half.

• Outlook for the year remains unchanged.

• Dividend increased by 6%.

Martin Morgan, Chief Executive, said: “We have delivered a solid underlying performance in the first half reflecting the strength of our B2B companies and the resilience of our national consumer titles. As expected, disposals and certain one- off factors have led to lower reported half year results.

Our international B2B companies have increased their underlying revenues and profits* by 9% and 14% respectively. Their reported results were lower due to the impact of disposals and a low biennial half year for the events business. Our UK consumer businesses have experienced more challenging 1

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 conditions, although underlying revenues were only slightly down. Within Associated, circulation and digital revenue growth largely offset print advertising weakness. Consumer first half profits were also affected by increased digital promotional activity which we expect to be less pronounced in the second half.

We have continued actively to manage our portfolio of businesses and have made several acquisitions and disposals during the period and into the second half, to improve the overall quality and growth prospects of the Group. The continued growth of our B2B companies and more positive momentum expected within our consumer operations in the second half of the year means that we expect to achieve growth in earnings* for the full financial year, compared to the equivalent figure last year.”

A live webcast of the Half Year Results presentation to City analysts will be available on our website at 9.30 a.m. on 24th May, 2012 at http://www.dmgt.com. ______

Enquiries Stephen Daintith, Finance Director Tel: +44 20 3615 2907 Nicholas Jennings, Company Secretary Tel: +44 20 3615 2905 Kim Fletcher / Will Carnwath, Brunswick Group LLP Tel: +44 20 7404 5959

Notes to Editors DMGT is an international group quoted on the London Stock Exchange. It operates in more than 40 countries, with a portfolio of businesses in media, information and digital markets that serve both business and consumer audiences.

Our B2B arm comprises Risk Management Solutions, dmg information, dmg events and Euromoney Institutional Investor. Our consumer media business, A&N Media, comprises Mail Newspapers, our free newspaper business, principally Metro, Northcliffe Media and various digital businesses.

Our strategy is to remain the owner of high-quality, sustainable, market-leading media and information assets across both the B2B and consumer sectors and to become a more global growth company with sustainable earnings and dividend growth.

Notes *before exceptional items, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations.

#Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates. For RMS, underlying percentage movements exclude RMSI and for dmg information Sanborn. For dmg events, the comparison is between events held in the year and the same events held the previous time. For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes its CAP charges in both periods. For A&N Media: Associated underlying advertising excludes the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year. Northcliffe underlying advertising and circulation revenue excludes the effects of the sale and closure of titles last year, adjusts for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year.

† Percentages are calculated on actual numbers to one decimal place.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Contents Page

Interim Management Report 4-21

Independent review report by the external auditors 22-23

Shareholder Information 24

Condensed Consolidated Income Statement 25

Condensed Consolidated Statement of Comprehensive Income 26

Condensed Consolidated Statement of Changes in Equity 27

Condensed Consolidated Statement of Financial Position 28 - 29

Condensed Consolidated Cash Flow Statement 30 - 31

Notes to the Condensed Consolidated Financial Statements 32 - 46

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Interim Management Report This interim management report focuses principally on the adjusted results to give a more comparable indication of the Group's underlying business performance. All year on year comparisons are on a like- for-like basis.

An explanation of restructuring and impairment charges and other items included in the statutory results is set out after the divisional performance review and in the segmental note. The adjusted results are summarised below: Half Year Half Year Change† Full Year Adjusted results* 2012 2011 2011 £m £m £m Revenue 973 991 -2% 1,990

Operating profit 133 144 -8% 286 Income from joint ventures and associates 3 1 5 Net finance costs (31) (24) -31% (54) Profit before tax 105 121 -14% 237

Tax charge (18) (20) +10% (35) Minority interest (12) (11) - 9% (22) Group profit 75 90 -17% 180

Adjusted earnings per share 19.5p 23.6p -17% 47.0p Notes *Adjusted results are stated before exceptional items, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

#Underlying revenue or profit* is revenue or profit* on a like-for-like basis, adjusted for acquisitions, disposals, closures and non-annual events in the current and prior year and at constant exchange rates; see pages 15 and 16. For RMS, underlying percentage movements exclude RMSI and for dmg information Sanborn. For dmg events, the comparison is between events held in the year and the same events held the previous time. For Euromoney the comparisons exclude Ned Davis Research and underlying profit excludes its CAP charges in both periods. For A&N Media: Associated underlying advertising excludes the effects of the sale of Teletext Retail last year and Teletext Holidays and motors.co.uk this year. Northcliffe underlying advertising and circulation revenue excludes the effects of the sale and closure of titles last year, adjusts for the move of several titles from daily to weekly publishing frequency and the move to a wholesale circulation model last year.

† Percentages are calculated on actual numbers to one decimal place.

The average £: US$ exchange rate for the year was £1: $1.57 (against £1:$1.59 last year). The rate at the half year end was $1.60 (2011 $1.60), compared to $1.56 at the previous year end.

All references to profit or margin in this interim management report are to adjusted profit or margin, except where reference is made to statutory profit.

Summary Group revenue for the six months to 1st April, 2012 was £973 million, compared with £991 million for the prior half year. This represents an underlying increase of 3%, but a decrease of 2% on a reported basis. There was good underlying growth in several revenue categories, particularly subscriptions, digital advertising and events, conferences & training. Whilst advertising revenue declined largely in the newspaper businesses, there was good growth elsewhere. Circulation revenue rose slightly due to the benefit of cover price increases.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Operating profit* was down 8% at £133 million on the figure for the previous half year, but unchanged on an underlying basis. The decrease was due to the expected reduced profitability of dmg::events, following the disposal of George Little Management (GLM) and a low biennial first half. There were no biennial events in this half year, compared with two in the first half of the prior year. In addition, lower profits from Associated reflect lower print advertising revenues and additional promotional activity in respect of its digital businesses.

The Group’s B2B companies’ profits* were down 1% on a reported basis, an underlying increase of 14%. Within consumer media, the profits* of A&N Media were down 24%, 28% on an underlying basis. As a consequence, 75% of this half year’s operating profit* was generated from B2B and 25% from consumer media, compared to 70% and 30% for the prior half year. These percentages have all been calculated after allocating head office costs on the basis of revenues. More than half of the Group’s operating profits* were again derived from outside the UK with the share from North America at 53%, up from 45% in the prior half year.

Adjusted profit* before tax fell by 14% to £105 million, reflecting the changes in operating profit* described above and higher net finance costs due mainly to a one-off £6 million charge for the premium on redemption of £110 million of 7.5% Bonds due 2013. The statutory profit before tax for the period was £46 million, after charging £23 million of amortisation and impairment and £36 million of net exceptional charges. Adjusted Group profit* after tax and minority interests was down 17% to £75 million. Statutory profit after non-controlling interests was £61 million, up from £50 million after the write back of tax provisions.

Active portfolio management The principal strategic acquisitions during the period were Hobsons’ acquisitions of Intelliworks, a provider of relationship management solutions for higher education, and PrepMe, which delivers adaptive learning technologies and test preparation programs, Genscape’s purchase of SpringRock, a provider of dynamic production forecasts for the oil and gas industry and Euromoney’s purchase of Global Grain Geneva and Global Grain Asia, international grain trading conferences.

In April, the Office of Fair Trading gave clearance for the proposed merger between the Digital Property Group and Zoopla to go ahead and this is expected to complete on 31st May. Also in April, A&N Media acquired Jobrapido, one of the world’s largest job search engines, for an initial completion consideration of €30 million. In May, dmg::information made a strategic investment in Xceligent Inc, one of only two companies in the US that provide fully researched property and listing information to the commercial real estate community.

Outlook The Group expects to benefit from the continuing strength across our B2B companies with the net effect of non-recurring events within dmg::events being much less pronounced in the second half. Within A&N Media, whilst trading since the start of April has seen advertising revenues below last year, Associated expects to achieve profit growth due to the benefit of previous cover price increases, some advertising and circulation revenue benefit from the Olympics, a strong digital performance and a continued focus on costs. Northcliffe’s improved profitability is expected to be maintained in the second half.

As a consequence, the outlook for the full year remains unchanged and the Board expects to see growth in earnings for the full financial year, compared to the equivalent figure for last year.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Business Review

Business to business (B2B)

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 431 433 0% 892 Operating profit* 100 101 -1% 211 Operating margin* 23% 23% 24% These results are stated after allocating Group head office costs on the basis of B2B’s share of Group revenues.

Revenues from the B2B group totalled £431 million, in line with the prior half year, with an underlying increase of 9%. Operating profits* were 1% lower at £100 million with increases from RMS, dmg:: information and Euromoney offsetting the expected reduction at dmg::events due to the sale of GLM and the low biennial half year. The underlying operating profit increase was 14% and the overall B2B margin* was unchanged at 23%.

Risk Management Solutions

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 81 79 +3% 159 Operating profit* 30 21 +43% 47 Operating margin* 36% 26% 30%

RMS increased its revenues by 3%, on a reported basis and by 8% on an underlying basis. Operating profit* rose by 43%, an underlying increase of 22% after reflecting the disposal of RMSI in August 2011. The increase in operating margin reflects both the disposal of loss-making RMSI and the capitalisation of expenditure on the new software platform.

The majority of the underlying revenue increase came from the Natural Catastrophe and Underwriting Solutions businesses through contract renewal increases and product additions as a result of continuing strong demand. Offsetting this, Capital Markets revenues declined in the first half, but are expected to be flat for the year as a whole due to expected increased activity in the second half.

Outlook RMS is on track to deliver high single digit underlying revenue growth for the full year with operating margins of around 30%.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 dmg:: information

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 116 105 +10% 238 Operating profit* 17 15 +15% 47 Operating margin* 15% 14% 20% dmg::information had a good first half, with underlying revenues up by 12%, 10% on a reported basis. Underlying operating profit increased by 24%, 15% on a reported basis with growth being driven by the particularly good performances from the Education and Property information companies.

Property information

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 50 40 +25% 89 Operating profit* 10 10 +3% 21

Our Property Information companies grew underlying revenues by 11% despite market conditions remaining largely unchanged from last year. Landmark achieved double digit growth in both revenues and profits, with our German business growing particularly strongly. In the UK, Landmark revenues also grew despite house transaction volumes continuing to be at approximately half of their historical levels. In the US, Environmental Data Resources produced solid revenue growth in the period. In May, dmg::information made a strategic investment in Xceligent Inc., which provides fully researched property and listing information to the commercial real estate community in the US.

Education, Energy and Financial

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue Continuing 66 56 +17% 133 Discontinued - 9 - 16 Total 66 65 - 149 Operating profit* 9 7 +12% 30 Underlying revenues grew by 13%, with each of the three sectors (Education, Energy and Financial) contributing positively to the growth in the period.

Hobsons, serving the Education sector, continued its strong growth with underlying revenues increasing by 29%. Hobsons also successfully completed two bolt-on acquisitions in the period – Intelliworks, a leading provider of relationship management solutions, and PrepMe, a leader in adaptive learning technologies and test preparation programs.

Our Energy information company, Genscape, is the market leader in real-time collection, analysis and distribution of production data in the energy markets. Revenues grew in the first half and momentum

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 continues to build. A small bolt-on acquisition called SpringRock, a cutting-edge provider of dynamic production forecasts and analytics for the oil and gas industry, was completed in early April.

The Financial information market remains turbulent, as participants enter and exit the Commercial Mortgage-Backed Securities (CMBS) market served by Trepp and the broader Asset-Backed Securities market served by Lewtan. In a challenging environment we are pleased that both Trepp and Lewtan were able to increase underlying revenues and that profits grew from this sector.

Outlook For the full year, dmgi remains on course to achieve high single digit revenue growth and to deliver an operating margin of around 20%.

dmg:: events

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 45 81 -45% 132 Operating profit* 11 29 -60% 39 Operating margin* 26% 35% 29% dmg::events reported revenues were down, as expected, by 45% due to the sale of GLM in September 2011 and the absence of the two largest biennial events, ADIPEC and Gastech, which took place in the first half of last year. As a consequence, dmg::events’ operating profit* fell by 60% on a reported basis.

Adjusting for these factors, underlying revenue increased by an encouraging 12% with good growth across all sectors. Underlying profits* were up 28%.

Outlook dmg::events continues to expect to achieve high single digit underlying revenue growth for the full year and deliver an operating margin* of around 20%. As previously indicated, reported revenues and profits will be lower year on year for the reasons outlined above. Forward bookings for the major event in the second half, the biennial Global Petroleum Show to be held in June, are strong.

Euromoney Institutional Investor

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 189 168 +13% 363 Operating profit* 52 45 +15% 93 Operating margin* 27% 27% 26%

Euromoney announced its first half results last week. Revenue increased by 13%, an underlying increase of 5%. This good performance was particularly due to Euromoney’s subscription revenues which increased by 22% and accounted for 53% of its revenues for the period. The underlying increase

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 in subscription revenues was 7%, continuing the good momentum from 2011. Once again, this growth was driven largely by electronic information services such as BCA Research and CEIC Data.

The performance of advertising (down 9%) and sponsorship revenues (unchanged) reflects the continuing uncertainty and volatility in financial markets, with global financial institutions exerting tighter controls over headcount and marketing costs. Pressure on these revenue streams was first felt in the final quarter of financial year 2011 and has continued, although an improvement in advertising revenues at the end of the second quarter of the current year reversed the negative trend. Delegate revenues increased by 19% due mostly to timing differences on events in the second quarter and the impact of the political unrest in the Middle East on delegate bookings last year.

Operating profit* rose 15% to £52 million after charging the cost of Euromoney’s management incentive Capital Appreciation Plan. Costs, particularly headcount, have been tightly controlled. At the same time, Euromoney has continued to invest in technology and new products as part of its online growth strategy.

Outlook The outlook for financial markets still looks tough, particularly in the Eurozone. For Euromoney, recent sales trends suggest the outlook for advertising and sponsorship revenues remains challenging but forward revenue visibility its events businesses is encouraging. The rate of growth in subscription revenues is expected to fall in the second half, albeit only gradually, as growth comparisons become tougher. Overall trading remains in line with Euromoney’s expectations.

Consumer media

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 542 558 -3% 1,098 Operating profit* 33 43 -24% 75 Operating margin* 6% 8% 7% These results are stated after allocating Group head office costs on the basis of consumer media’s share of Group revenues.

A&N Media’s revenues for the period fell by 3%, an underlying decrease of 1%. Adjusted operating profits* decreased by £10 million (24%) due to lower print advertising revenues and additional promotional activity within the digital businesses, offset partly by the effect of cover price increases and further cost savings.

Costs were 1% lower across A&N Media. Overall headcount was reduced by 593 to 6,280 during the period, 9% lower than at the start of the financial year. Restructuring has resulted in an exceptional charge of £32 million (of which around £14 million are cash items) for reorganisation costs and accelerated depreciation of property, plant and equipment, principally relating to the move of printing facilities to Thurrock and closure of the Derby print facility in January.

There was further refinement of the A&N Media portfolio in the period with the sale of controlling interests in Top Consultant, motors.co.uk and Teletext.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Associated Newspapers

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 435 438 -1% 862 Operating profit* 34 46 -26% 76 Operating margin* 8% 10% 9% These results are stated before the allocation of Group head office costs.

Summary Underlying revenues were similar to the prior half year despite the continued challenging conditions for the UK consumer media industry. The resilient revenue performance reflects the benefit of cover price rises at the Daily Mail and further strong growth from Metro, Mail Online and the recruitment and property digital businesses. These factors offset the weakness in print advertising revenues at the Mail titles and the cessation of marginally profitable external print contracts. In total, reported revenues were down by 1%. Total underlying advertising revenue fell by 4% in the period (quarter 1 – down 1%, quarter 2 – down 5%), though March saw an improvement in trading with advertising revenues up 1%.

Operating profit* for the period fell by 26% to £34 million due to the lower print advertising revenues and additional promotional activity and other investment in our growing digital businesses, particularly Wowcher and the Digital Property Group. Continued control of costs and the cover price increases helped to mitigate these adverse factors.

UK Newspaper-related operations Underlying circulation revenues rose by 4% to £183 million due to the effect of cover price increases at the Daily Mail in July and October 2011. Whilst the circulations of the Daily Mail and of The Mail on Sunday fell slightly, both titles maintained their market share. The market shares of the Daily Mail and of The Mail on Sunday’s were higher in March 2012 than in March 2011 and early indications are that the launch of the Sun’s Sunday edition has had little impact on the performance of the latter.

Underlying advertising revenues from Associated’s newspaper-related operations were down 7% to £171 million, with print down by 10%, although there was growth in Metro, and with digital up 55% to £12 million. The two largest revenue categories, retaiI (down 9%) and travel (down 16%), were the drivers of the overall newspaper-related 7% year-on-year decline, reflecting the weak consumer spending environment. Other categories were below last year by a more modest 3%.

Mail Online continues to grow strongly with 94 million average monthly unique visitors in the quarter to March 2012, 63% higher than for the corresponding period to March 2011, and total revenues 75% higher than the prior half year. In December 2011, it became the most popular newspaper owned website in the world (Source: ComScore).

Digital-only businesses The underlying revenues of Associated’s digital-only businesses grew by 15% to £41 million. Strong growth was seen in recruitment, together with a solid performance delivered by property. There was a continued investment in products and marketing. A&N Media disposed of its controlling interests in the challenged motors and travel sectors.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

Central Europe A&N International’s operating profits* were unchanged at £2 million on revenues down 2% to £14 million. On a constant currency basis, strong revenue growth was seen from its digital and contract printing activities.

Outlook Trading during April and the first three weeks of May has seen reported revenues up 1%, assisted by the acquisition of Jobrapido, but with underlying advertising revenues 0.5% below last year. Overall for the full year, Associated now expects underlying revenues to be slightly below those of the prior year despite the benefit of the Daily Mail cover price increases, the Olympics and a strong digital performance. These factors, coupled with stable newsprint prices and a continuous focus on costs, should offset most of the decline in print advertising revenues and lead to operating margins in the region of 10%.

Northcliffe Media

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Revenue 107 120 -10% 236 Operating profit* 11 8 +34% 17 Operating margin* 10% 7% 7% These results are stated before the allocation of Group head office costs.

Northcliffe’s operating profits* increased by £3 million to £11 million reflecting the early benefits of the transformation plan. This profit growth was delivered despite a reduction in total reported revenues of 10% to £107 million, an underlying revenue decrease of 6%.

Reported advertising revenues were down by 11% to £75 million (quarter one - down 10%, quarter two - down 12%), an underlying decline of 7% (print 9% lower with digital 2% higher). By category, underlying recruitment revenues were 15% lower, motors 9% lower and retail revenues 6% lower; other categories were, in total, 6% below last year. A decline in national advertising revenues of 20% was the key factor in the worsening second quarter position. A new national advertising partnership with Trinity Mirror began in May and is expected to deliver improvements.

Circulation revenues fell by 5% to £29 million, driven entirely by the move of four titles from daily to weekly frequency and the transfer to wholesale distribution last year. Cover price increases have mitigated copy sale declines of 8% and there was an underlying circulation revenue increase of 2%.

Northcliffe’s cost base continues to be reduced with publishing costs 13% lower than last year. Headcount fell by a further 6% during the period to 2,366, compared with 2,530 at the beginning of October 2011.

Outlook Trading during April and the first three weeks of May has seen total underlying revenues improve to 6% below last year, with underlying advertising revenues down 9% and underlying circulation revenues

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 up 3%. We expect a small improvement in advertising trends and further cost reductions in the second half, improving overall operating margins.

Other income statement items

• Net finance costs

Half Year Half Year Movement Full Year 2012 2011 % 2011 £m £m £m Net interest payable and similar charges (31) (33) +7% (69) Premium on bond buy back (6) - - Pension finance item 4 6 12 Investment income 2 3 3 Total (31) (24) -31% (54)

Net finance costs rose by £7 million to £31 million after charging the acceleration of interest of £6 million, being the premium on redemption of £110 million of 7.5% Bonds due 2013, purchased in December 2011.

There was a £2 million reduction in the pension finance credit due to the increase in the pension fund deficit over the year to 2nd October, 2011. Other investment revenue fell by £1 million due to the absence of last year’s dividend from an internet investment fund.

Net interest payable and similar charges fell by £2 million to £31 million due to lower average net debt.

• Other items The Group’s share of the results* of its joint ventures and associates increased by £2 million to £3 million. It includes income from dmg radio Australia, offset by our share of the losses of Mail Today, the Delhi-based daily newspaper.

The Group has charged £39 million as exceptional operating costs. This charge includes reorganisation, redundancy and consultancy costs of £22 million, principally at A&N Media, and accelerated depreciation and impairment of property, plant and equipment of £17 million relating to the closure of its printing facility in Derby and the move to Thurrock.

The charge for amortisation of intangible assets fell by £5 million to £20 million. The Group also made an impairment charge of £3 million, principally relating to computer software at Associated Newspapers.

The Group recorded other net gains of £Nil, compared to £1 million in the prior period.

• Taxation The adjusted tax charge of £18 million (2011 £20 million) is stated after adjusting for the effect of exceptional items. The adjusted tax rate for the half year is 16.4% (2011: 16.3%). The continued low rate reflects tax reductions from tax-efficient financing and tax deductible amortisation in the USA that are expected to be in place for the next few years.

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012

There were net exceptional tax credits of £42 million, due to the write back of provisions of £39 million and relief of £3 million on operating exceptional costs and the accelerated depreciation of property and equipment.

Pensions The deficit on the Group’s defined benefit pension schemes increased from £336 million at the beginning of the year to £370 million at the half year (calculated in accordance with IAS 19). This change is due largely to a fall in corporate bond yields over the period, with a corresponding reduction in the discount rate used (from 5.2% to 4.8%) which results in a higher value on the defined benefit obligation. This has been partly offset by an increase in the schemes’ assets and funding payments into the main schemes of £37 million in early October 2011 in accordance with funding agreements with the Trustees.

These schemes are closed to new employees and measures were introduced in April 2011 to reduce costs and risks to the business to help secure their financial health into the future. All new employees of A&N Media are now being offered a defined contribution pension plan, in line with our other newer and more internationally focused divisions where we have long considered this type of pension plan to be the most appropriate.

Net debt and cash flow Net debt at the end of the period was £809 million, an increase of £90 million since the year end. The Group generated operating cash flows of £96 million, a 72% conversion rate of operating profits*. These funded net acquisitions of £38 million, capital costs at Thurrock of £17 million, capitalised software of £8 million, taxation £10 million, interest £37 million, pension funding of £37 million and dividends totalling £51 million. Operating cash flows are stated after capital expenditure of £22 million, excluding that on Thurrock. The change in value of derivatives gave rise to a decrease in net debt of £13 million.

Net debt is usually at its peak around the half year due to the timing of dividend and other annual payments. Notwithstanding acquisitions made since the start of April, a steady reduction in net debt is expected in the second half of the year. It is expected to reduce to approximately twice EBITDA by the year end assuming no significant new acquisitions.

In December 2011, DMGT repurchased £110 million of its £157 million 7.5% Bonds due March 2013 through a tender, leaving £47 million outstanding. Most of the Group’s remaining debt comprises long- term bonds.

The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly report.

Financing The Group acquired 7.5 million ‘A’ Ordinary shares for £30 million in order to meet obligations to provide shares under its incentive plans. It also utilised 7.0 million shares out of Treasury to provide shares under various incentive plans valued at £32 million. Following these transfers, DMGT has 382.7

Report for the half year ended 1st April, 2012 Not for public release until 7am on 24th May, 2012 million shares in issue, together with 10.2 million ‘A’ Ordinary shares held in Treasury to meet further obligations that may arise.

DMGT took its share of the final dividend for the prior full year from Euromoney in the form of a scrip. During the first half year, DMGT slightly increased its interest in Euromoney to 67.9% at a cost of £14 million. These actions were taken in order to enable it to offset the dilutive effect of the vesting of Euromoney’s CAP.

Dividend The Board has declared an interim dividend of 5.6 pence per Ordinary and ‘A’ Ordinary Non-Voting share (2011 5.3 pence) which will be paid on 6th July, 2012 to shareholders on the register at the close of business on 1st June, 2012.