Half Yearly Financial Report for the Six Months Ended 31 March 2015

21 May 2015

Daily Mail and General Trust plc (‘DMGT’) Half Yearly Financial Report for the six months ended 31 March 2015

First Half performance in line with expectations

Adjusted Results* Statutory Results (from continuing and discontinued operations) Half Year Half Year Reported Underlying# Half Year Half Year 2015 2014 Change~ Change~ 2015 2014 Revenue £922m £931m -1% +1% £919m £894m Operating profit £150m £160m -6% -7% £113m £129m Profit before tax £146m £151m -4% £127m £82m Earnings per 31.4p 29.4p +7% 40.4p 21.6p share Dividend per 6.5p 6.2p share

Half Year Financial Highlights:

 DMGT underlying# revenue up 1%; reported revenue down 1%

 Underlying operating profit* down 7%; operating margin of 16%

 B2B underlying revenue up 2% and underlying profit down 20%; margin impacted as expected by investment in RMS(one)

 dmg media underlying revenue decline of 2%; improved profit margin driven by cost efficiencies, resulting in underlying profit up 22%

 Adjusted profit before tax of £146m, down 4%; adjusted earnings per share up 7%

 Active portfolio management continued; acquisitions for dmg information and dmg media, disposals of Jobsite and Lewtan completed

 Net debt up £151m to £754m; net debt:EBITDA ratio of 1.9

 Bond buy-back of £149 million in October 2014; £40 million premium on early redemption

 Good progress with £100 million share buy-back programme; £71 million now acquired

 Interim dividend increased by 5%

 Outlook for the Full Year in line with previous guidance and market expectations†; earnings per share anticipated to be above market expectations

Page 1

Martin Morgan, Chief Executive, commented: “DMGT’s performance in the first half was in line with our expectations. The Group has continued to deliver underlying revenue growth overall, driven by our B2B companies, and within dmg media there was a good improvement in the operating margin.

Our international B2B companies increased their underlying revenues by 2% although underlying profits declined by 20%, primarily due to the expected investment in the new risk management platform, RMS(one). The underlying revenues of our consumer business, dmg media, declined by 2%, with the growth from digital advertising revenues partially offsetting the decline in print advertising and circulation revenues. There was, however, a 22% underlying increase in dmg media’s operating profit as a result of previously implemented and ongoing cost saving measures.

Adjusted profit before tax declined by 4% and earnings per share increased by 7%, reflecting the benefits of the ongoing £100 million share buy-back programme and a reduced effective tax charge in the period.

We have continued to actively manage our portfolio of businesses and have made several acquisitions and disposals during the period, in line with our strategy to improve the overall quality and growth prospects of the Group.

Relative to last year, the first half was, as expected, adversely impacted by the investment in RMS(one) and the absence of the Gastech event this year, although there was some benefit from the stronger US dollar relative to sterling. We expect the year-on-year performance to improve during the second half, particularly within the B2B portfolio. Overall, therefore, the outlook for the Group remains in line with previous guidance and with market expectations, with earnings per share ahead of current market expectations due to a reduced tax charge.”

For further information

For analyst and institutional enquiries: Stephen Daintith, Finance Director +44 20 3615 2902 Adam Webster, Head of Management Information and Investor Relations +44 20 3615 2903

For media enquiries: Kim Fletcher/Charlie Potter, Brunswick Group +44 20 7404 5959

Half Year Results presentation A presentation of the Half Year Results will be given to investors and analysts at 9.30am on 21 May 2015, at J.P. Morgan, 1 John Carpenter Street, London, EC4Y 0JP. There will also be a live webcast available on our website, www.dmgt.com/HY15.

Next trading update The Group’s next scheduled announcement of financial information is its third quarter trading update on 23 July 2015.

Page 2

About DMGT DMGT is an international business built on entrepreneurship and innovation. We bring together leading companies and talented people to provide businesses and consumers with high-quality analysis & insight, information, news and entertainment.

Notes

* Unless otherwise stated, all profit and profit margin figures in this Interim Management Report refer to adjusted results and not statutory results. Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

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

# Underlying revenue or profit* is revenue or profit on a like-for-like basis, adjusted for constant exchange rates, disposals, closures, non-annual events occurring in the current and prior year and acquisitions; see pages 17 and 18. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions and excludes disposals. For dmg events, the comparisons are between events held in the year and the same events held the previous time. For Euromoney, no adjustments are made for the timing of events but acquisitions are completely excluded. Euromoney’s underlying profit excludes the benefit of the historic acceleration of its CAP incentive plan charge and the benefit of the release of the prior year CAP accrual. For dmg media, underlying comparisons exclude Villarenters, Metro Play and Evenbase, which were disposed of during the prior and current years, and distribution services, which ceased last year. dmg media’s underlying revenue growth includes the year-on-year organic growth from acquisitions and underlying revenues only include the profit but not the gross- up, equivalent to the cost of sales, from low margin newsprint resale activities.

† Current City analyst expectations of adjusted profit before tax for Full Year 2015 range from £274 million to £289 million and adjusted basic earnings per share from 53.5 pence to 56.1 pence with a consensus of £282 million and 54.9 pence. Adjusted results are from continuing and discontinued operations and are before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges and amortisation of intangible assets arising on business combinations.

Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT www.dmgt.co.uk Registered in England and Wales No. 184594

Page 3

Contents Page

Interim Management Report 5 – 21

Independent review report by the external auditor 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

Notes to the Condensed Consolidated Financial Statements 31 – 51

Page 4

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 (Note 2). The adjusted results are summarised below:

Adjusted results* Half Year Half Year Change~ Full Year (from continuing and discontinued 2015 2014 2014 operations) £m £m £m Revenue 922 931 -1% 1,864

Operating profit 150 160 -6% 311 Income from joint ventures and associates 14 17 -14% 31 Net finance costs (19) (26) +28% (51) Profit before tax 146 151 -4% 291

Tax charge (21) (30) +31% (59) Minority interest (11) (12) +5% (25) Group profit 114 110 +4% 207

Adjusted earnings per share 31.4p 29.4p +7% 55.7p Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Notes * Unless otherwise stated, all profit and profit margin figures in this Interim Management Report refer to adjusted results and not statutory results. Adjusted results are stated before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9.

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

The average £: US$ exchange rate for the first half of the year was £1:$1.55 (against £1:$1.64 last year). The rate at the half year end was $1.48 (2014: $1.67), compared to $1.62 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.

Page 5

Summary Group revenue for the six months to 31 March 2015 was £922 million, compared with £931 million for the prior half year, representing an underlying# increase of 1%. Following the disposal of the Evenbase digital recruitment businesses during 2014 and the non-occurrence of the Gastech event this year, revenues declined by 1% on a reported basis. Good underlying growth was delivered in several revenue categories, particularly digital advertising, events and transactions, partly offset by the revenue decline in print advertising and circulation.

Performance across our B2B businesses and our consumer business, dmg media, on a reported and underlying basis is summarised below.

Revenue growth Reported Underlying Year-on-year change Group revenue -1% +1% B2B +3% +2% RMS +4% -2% dmg information +10% +6% dmg events -11% +13% Euromoney +1% -3% dmg media -6% -2% Adjusting for the timing of Euromoney’s events would result in underlying growth rates of +1% for DMGT Group, +4% for B2B and +1% for Euromoney.

Operating profit* of £150 million was down 7% on the figure for the previous half year on an underlying basis, albeit with strong performances from dmg media and dmg events. This was principally due to the expected reduced profits from RMS, as a result of the increased investment in RMS(one), and lower profits from Euromoney. After adjusting for the timing of Euromoney’s events, operating profit declined by 5% on an underlying basis. The absence of Gastech and the impact of disposals contributed to the reported 6% decline in operating profit despite a benefit from the stronger US dollar relative to sterling.

After including allocated central corporate costs, the Group’s B2B operating profits were down 16% on a reported basis, an underlying decrease of 20%, and the operating profits from consumer media businesses were up 21%, an underlying increase of 33%. B2B businesses generated 67% of this half year’s operating profit with 33% being generated by consumer media, compared to 74% and 26% for the prior half year. Half of the Group’s operating profit was generated from outside the UK, although a smaller proportion was from the US than in the prior year, largely due to the investment in RMS(one).

Adjusted profit before tax* decreased by 4% to £146 million. This reflected the reduction in operating profit described above and a decrease in income from joint ventures and associates* following the IPO of Zoopla Property Group in June 2014. Finance charges decreased by 28% to £19 million due to lower levels of bond debt. The adjusted tax charge declined by 31% to £21 million, benefitting from the change in the geographical mix of profits and from previously unrecognised historic losses. Adjusted Group profit after tax and minority interests* was up 4% to £114 million, and adjusted earnings per share* increased by 7% to 31.4p.

The statutory profit before tax for the period was £127 million, an increase of £45 million on the prior year, including the benefit of gains on disposals.

Page 6

Active portfolio management Active portfolio management has continued throughout the period with acquisitions totalling £75 million and disposals totalling £129 million. During the period, Hobsons, dmg information’s education business, acquired Starfish Retention Solutions, the US-based provider of higher education student support and advising systems. The acquisition further strengthens Hobsons’ position in the growing US higher education retention market. Genscape, dmg information’s energy business, acquired Energy Fundamentals, an analytics provider for the European power market, as well as a controlling stake in Petrotranz, the Canadian provider of communication and collaboration tools to automate processes in the oil and natural gas industries. dmg events acquired Gulf Glass and GulfSol, two small Middle East events targeting the glass and solar energy markets. In December, Euromoney acquired a 15.5% stake in a new company incorporated to acquire Dealogic Holdings plc, a leading provider of data and analytics to the global investment banking sector.

In January, dmg media acquired Elite Daily, the US-based news and entertainment website that is particularly popular with readers aged 18 to 34. While Elite Daily continues to operate as a separate website, the acquisition is expected to strengthen MailOnline’s offering to US- based advertising buyers due to the increased scale and breadth of audience.

In October, dmg information disposed of Lewtan, its financial information business. As part of the Dealogic transaction, Euromoney disposed of Capital Data and its interest in Capital Net. dmg media disposed of Jobsite, the final part of the digital recruitment business, Evenbase, in October 2014.

Outlook for the Group The Group’s first half performance has been in line with expectations, with RMS’s profits being adversely impacted by the ongoing investment in RMS(one) and the performance of dmg events being likewise affected by the timing of events. The Group outlook for the Full Year, as provided in November 2014, remains unchanged other than, due to the strengthening US dollar, dmg events’ reported revenues are expected to decline by around 5% rather than the 10% previously guided to. The Group outlook for the Full Year therefore remains in line with market expectations†, with earnings per share ahead of market expectations due to a reduced tax charge.

Business Review

Business to business (B2B)

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 548 532 +3% +2% 1,069 Operating profit* 100 119 -16% -20% 234 Operating margin* 18% 22% 22% These results are stated after allocating Group corporate costs on the basis of B2B’s share of Group revenues. Adjusting for the timing of Euromoney’s events would result in underlying revenue growth of +4% and an underlying decline of –17% in operating profit.

Revenues from the B2B group totalled £548 million, up 3% on the prior half year, with an underlying increase of 2%, or 4% if adjusted for the timing of Euromoney’s events. The beneficial impact of the stronger US dollar and acquisitions on the reported results offset the

Page 7

adverse impact of disposals and the timing of dmg events’ shows. Operating profits declined by 16% to £100 million, primarily due to an expected increase in RMS’s costs relating to RMS(one). The underlying operating profit, including allocated Group corporate costs, decreased by 20% and the overall B2B margin reduced to 18%.

Risk Management Solutions (RMS)

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 91 88 +4% -2% 172 Operating profit* 13 30 -57% -60% 45 Operating margin* 14% 34% 26% These results are stated before the allocation of Group corporate costs.

RMS’s revenues increased by 4% on a reported basis, including the benefit of the stronger US dollar, and declined by 2% on an underlying basis. The core business’s revenues were in line with last year, reflecting increased cost pressures in the reinsurance industry and the impact of consolidation within RMS’s client base. Service revenues related to RMS(one) were £1 million in the period, £1 million less than the prior year.

As expected, there was a significant increase in data centre costs for RMS(one) and a reduction in the capitalisation of expenditure in developing the product. Operating profit therefore declined by 57%, and by 60% on an underlying basis. The operating margin was 14%, in line with the 10% to 15% guidance given for the Full Year.

RMS continues to innovate in the catastrophe risk modelling market and, in April 2015, released RiskLink 15, including updated versions of the North Atlantic Hurricane and European Windstorm models. RMS’s pipeline of models is strong, reflecting a significant increase in model development resources over the past two years and a commitment to strengthening the business’s leading market position. RMS(one) remains on track to be released in stages, starting with the first high-definition model, European Flood, by the end of the calendar year. This is scheduled to be followed by the release of two additional high-definition models and the ‘Exposure Manager’ module in the first half of 2016, as well as the release of the ‘Risk Modeler’ module later in 2016.

Outlook for RMS Revenues from the core business, excluding RMS(one), are expected to increase during the second half of the year, delivering a low-single digit growth rate for the Full Year. Revenues from RMS(one) and related amortisation costs are not expected to commence until financial year 2016. The Full Year operating margin is expected to be around 10% to 15%.

dmg information

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 201 183 +10% +6% 391 Operating profit* 27 26 +4% -2% 68 Operating margin* 13% 14% 17% These results are stated before the allocation of Group corporate costs.

Page 8

dmg information delivered good growth in the first half, albeit at a lower rate than last year, with overall underlying revenues up 6%. The US property information and energy information businesses delivered double-digit underlying revenue growth, with more muted performances from the UK property information and education information businesses. Reported revenues, including the benefit of the stronger US dollar relative to sterling, were up 10%. While reported operating profit also increased, by 4%, there was a decline of 2% on an underlying basis, with growth from Hobsons (education) and Genscape (energy) exceeded by a decline in underlying profits from the property information portfolio. The operating margin declined slightly to 13%, from 14%, during the first half of the prior year, due to increased investment in property information businesses, notably Xceligent. Excluding Lewtan, which was disposed of in October 2014, and Xceligent, the operating margin was consistent year-on-year.

Property information

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 130 117 +12% +5% 250 Operating profit* 22 22 -2% -8% 51 Operating profits are stated after including the allocation of central dmg information costs but before the allocation of Group corporate costs. Property information includes Trepp, which was previously classified as a financial information business.

Our property information portfolio, which now includes Trepp, grew underlying revenues by 5%. While there was good growth from the US businesses, there was more muted growth from the European businesses, Landmark and SearchFlow, which were adversely affected by the weaker residential market in the UK, where the volume of mortgage approvals was 14% lower than the same period last year. Nevertheless, despite these difficult trading conditions, underlying revenues for the European businesses increased by 2%.

The five US-based property information businesses collectively delivered underlying revenue growth of 11%, despite volumes in the US commercial property market remaining relatively stable. The earlier-stage businesses, Xceligent, SiteCompli and BuildFax, grew particularly strongly during the period. Xceligent, which is one of relatively few providers of fully researched US property and listing information to the commercial real estate community, increased its investment as it continues to expand its coverage into more US cities. SiteCompli is the provider of property compliance monitoring, reporting and alerting technology, and was acquired in July 2014.

Operating profit declined by 8% on an underlying basis and by 2% on a reported basis. EDR delivered good profit growth, with the underlying decline in profits primarily due to increased investment in Xceligent and reduced margins for Trepp and the European businesses.

Education and energy information

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 71 66 +7% +9% 141 Operating profit* 5 4 +37% +40% 17 Operating profits are stated after including the allocation of central dmg information costs but before the allocation of Group corporate costs. Results include Lewtan, which was disposed of in October 2014, but exclude Trepp, which is now classified as a property information business.

Underlying revenues grew by 9%, with Genscape, the energy information business, continuing Page 9

to perform particularly strongly. Reported revenue growth of 7% benefited from the stronger US dollar relative to sterling, but was adversely impacted by the disposal of Lewtan in October 2014. Operating profit increased by 40% on an underlying basis and 37% on a reported basis with both Hobsons, the education business, and Genscape delivering margin improvement.

Hobsons’ underlying revenues increased by 5%, with continued good growth from the K-12 school business. Higher education revenues were adversely impacted by the completion, in September 2014, of a multi-year project for a major client, The Common Application, enabling them to deliver, in-house, services that were previously outsourced to Hobsons. If the discontinuation of services to The Common Application were adjusted for, underlying revenue growth for the period would have been 12%. Hobsons continues to improve its operating margin as higher education clients transition to its new platform, Radius, which has lower support costs. In February 2014, Hobsons acquired Starfish Retention Solutions, a business that helps higher education clients to provide personalised support for their students and to assess which services and interventions will keep students on track to graduating successfully.

Genscape increased underlying revenues by 17%, with particularly strong growth from its oil, North American gas and marine shipping products. In November 2014, Genscape increased its holding in Petrotranz, a Canadian business that provides clients in the oil and natural gas industries with a platform to automate inefficient processes. Genscape also continued its strategy of acquiring strategic bolt-on businesses, intended to act as catalysts for further organic growth, with the acquisition of Energy Fundamentals which provides analytical tools for the European power market.

Outlook for dmg information Underlying revenue growth rates are expected to improve during the second half of the year, notably for the European property information businesses. For the Full Year, dmg information expects to achieve underlying revenue growth of around 10%. The operating margin is expected to remain in the high teens.

dmg events

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 58 66 -11% +13% 100 Operating profit* 17 22 -19% +27% 27 Operating margin* 30% 33% 27% These results are stated before the allocation of Group corporate costs. dmg events’ underlying revenues increased by 13%, although reported revenues declined by 11% due to the absence of Gastech, which occurred in March 2014 and will next be held in October 2015. The two large events in the period, Big5 and ADIPEC, both performed particularly strongly with good increases in revenues and attendance volumes. At this stage, the lower oil price has had little adverse impact on client demand.

Underlying operating profit growth was 27% although the operating margin in the period was adversely affected by the absence of the Gastech event.

In November 2014, dmg events acquired Gulf Glass and GulfSol, two relatively small events in the construction and energy sectors, which together augment dmg events’ existing portfolio of Middle East events.

Page 10

Outlook for dmg events The Global Petroleum Show is the only major event during the second half of the year and will be held on a reduced scale compared to last year as it transitions from a biennial to an annual format. Underlying revenue growth for the Full Year is expected to be between 10% and 15%. Reported revenues, which are adversely impacted by the timing of events, notably Gastech, are expected to decline by around 5%, an improvement on the previous expectation of a 10% decline which is due to the stronger US dollar relative to sterling. The business is still anticipated to deliver an operating margin of between 20% and 25%.

Euromoney Institutional Investor

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue 198 196 +1% -3% 407 Operating profit* 53 54 -2% -17% 117 Operating margin* 27% 28% 29% These results are stated before the allocation of Group corporate costs. Adjusting for the timing of Euromoney’s events would result in underlying revenue growth of +1% and underlying decline of –10% in operating profit.

Euromoney announced its first half results on 14 May 2015. Revenue increased by 1% on a reported basis, benefiting from acquisitions and the stronger US dollar, and declined by 3% on an underlying basis. Subscriptions, which accounted for 53% of revenue in the period, grew by 2% on an underlying basis while advertising, which accounted for 10% of revenue in the period, declined by an underlying 11%.

Operating profit declined 17% on an underlying basis and by 2% on a reported basis, including the benefit of acquisitions, the release of £3 million of previously accrued CAP incentive plan costs and the stronger US dollar. The operating margin of 27% was adversely impacted by increased property and investment costs, as well as the disposal of Capital Data.

The timing of events had an adverse impact on the financial results and, if adjusted for, revenue grew by an underlying 1% and operating profit declined by an underlying 10% in the period.

In December, Euromoney acquired a 15.5% stake in Dealogic Holdings plc and, as part of the transaction, disposed of its interests in Capital Data and Capital Net. Dealogic is included in Associates and is excluded from Euromoney’s operating profit.

Outlook for Euromoney Market conditions remain challenging, particularly in the investment banking sector and in the metals and commodities markets. In contrast, Euromoney’s businesses serving the asset management industry have remained robust while emerging markets present opportunities for growth. The second half as started as expected and the challenging trading conditions are expected to continue for the foreseeable future.

Page 11

Consumer media dmg media

Half Year Half Year Change~ Underlying# Full Year 2015 2014 Change~ 2014 £m £m £m Revenue: Daily Mail / The Mail on Sunday 260 278 -6% 536 MailOnline 36 30 +20% 62 Mail Businesses 296 308 -4% 598 Metro, 7 Days 39 38 +4% 75 Wowcher 15 11 +32% 24 Sub-total 350 357 -2% -2% 696 Evenbase 3 38 -93% 53 Other 22 5 +357% 46 Total Revenue 374 399 -6% -2% 796

Operating profit*: Mail Businesses 46 38 +21% 71 Metro, 7 Days, Wowcher & Elite Daily 10 7 +39% 14 Sub-total 56 45 +24% +22% 85 Evenbase 1 8 15 Other discontinued - (3) (4) Total Operating profit 57 50 +13% +22% 95

Operating margin* 15% 13% 12% These results are stated before the allocation of Group corporate costs. Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Summary Underlying revenues declined by 2% compared to the first half of the prior year. Reported revenues declined by 6%, primarily due to the disposal of dmg media’s digital recruitment business, Evenbase, during 2014.

The underlying increase in digital advertising revenues across the dmg media portfolio continued to exceed the ongoing decline in print advertising revenues, with total underlying advertising revenues increasing by 2%. Circulation revenues were 4% lower due to the continued decline in circulation volumes of the Daily Mail and the Mail on Sunday.

Operating profit for the period increased by 13% to £57 million, an underlying increase of 22%, supported by previously implemented and ongoing cost measures. The reduced cost base of the Mail newspaper businesses and an increase in profits from Metro and Wowcher contributed to the increase in operating margin from 13% to 15%.

Mail Businesses Revenue for the combined newspapers and website businesses (Daily Mail, The Mail on Sunday and MailOnline) declined by 4% to £296 million. An 8% decline in print advertising revenue and the 4% decline in circulation revenue were partly offset by the 20% revenue growth for MailOnline in the period. Circulation volumes continued to decline, although the strength of the Mail brand enabled a continued increase in the Daily Mail’s market share to

Page 12

23.1% in March 2015, compared to 22.4% in March 2014. The Mail on Sunday also increased market share, to 21.9% in March 2015, compared to 21.4% in March 2014 ∞.

Total advertising revenues across the Mail Businesses were £131 million. This was a decrease of £2 million, 2% on the same period last year as the £8 million, 8% decline in print advertising revenue was largely offset by the £6 million, 20% increase in MailOnline’s advertising revenue.

MailOnline continues to grow strongly, with 226 million monthly unique browsers and 14.0 million average global daily unique browsers in March 2015. These represent increases of 26% and 24% respectively on March 2014. The business continues to invest in growing its US revenues and audience, with several initiatives to strengthen advertiser relationships and channel partnerships successfully implemented.

The Mail Businesses increased operating profit by 21% to £46 million in the period, with increased digital investment in MailOnline more than offset by lower costs, notably production, distribution, editorial, marketing and central support services at the Daily Mail and The Mail on Sunday.

Other dmg media businesses Metro delivered a strong performance in print advertising revenues and grew revenues by 4% to £39 million. Wowcher, the daily deals and online discounts business, continues to deliver substantial growth, with revenues increasing 32% to £15 million in the period. Wowcher has developed a database of 7.0 million customers, 43% more than March 2014.

In January 2015, dmg media acquired Elite Daily, the news and entertainment website. The business is still relatively small and is expected to make a small loss this year. The site attracted 3.5 million average daily unique browsers during March 2015, more than double the daily average in March 2014, and is particularly popular with readers in the 18 to 34 age range. Elite Daily will continue to operate as a separate business, but the acquisition is expected to strengthen MailOnline’s offering to US-based advertising buyers due to the increased scale and breadth of the combined audience.

Operating profits for Metro, Wowcher and Elite Daily combined increased by 39%, or 30% on an underlying basis, to £10 million, reflecting Wowcher’s transition to profitability and improved profits from Metro.

The disposal of Jobsite, in October 2014, completed dmg media’s exit from the digital recruitment market, following the disposal of the other Evenbase businesses earlier in the year.

Other revenues benefited, on a reported basis, from the inclusion of £19 million of low margin sales of newsprint to other publishers. Only the profit was recognised during the first half of last year, and newsprint resale revenues for the Full Year are expected to be marginally more than the £38 million recognised in September 2014.

Outlook for dmg media Compared to the prior year, for the seven weeks to 17 May 2015, dmg media’s underlying advertising revenues decreased by 5% and circulation revenues decreased by 4%. Circulation revenues are expected to benefit marginally from The Mail on Sunday’s cover price increase on 5 April 2015 from £1.50 to £1.60.

Overall for the Full Year, dmg media expects to deliver stable underlying total revenues, in the -2% to +2% range, with underlying digital advertising growth across the portfolio expected to broadly offset circulation and print advertising declines. Reported revenues will be adversely impacted by the disposal of Evenbase. Operating margins for the Full Year are expected to Page 13

be around 12%, not as high as the 15% delivered in the first half due to declining circulation and print advertising revenues.

Joint Ventures & Associates

Half Year Half Year Change~ Full Year 2015 2014 2014 £m £m £m Zoopla Property Group 7 10 17 Local World 8 7 15 Other joint ventures and associates - - (1) Total joint ventures and associates 14 17 -14% 31 Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

The Group’s share of the operating profits* of its joint ventures and associates decreased by 14% to £14 million. The share of operating profits from Zoopla Property Group (ZPG) declined due to DMGT owning a reduced 32% stake in the period, compared to 52% last year, following the IPO of the business in June 2014. ZPG released its Half Year results on 20 May 2015. The share of profits from Local World, in which DMGT owns a 39% stake, was £8 million in the period compared to £7 million in the prior year, reflecting an improved profit margin.

In December, Euromoney acquired a 15.5% stake in Dealogic Holdings plc. Dealogic provides data and analytics, market intelligence and capital markets software solutions to investment banks to help them manage their workflows, assist with deal origination and execution, and optimise productivity across their equity capital markets, fixed income, investment banking and research, sales and trading businesses. The investment fits Euromoney’s strategy of expanding the scope of its activities in the global financial information and analytics sector.

For the Full Year, the share of operating profits from joint ventures and associates is expected to be at least £30 million.

Net finance costs Half Year Half Year Change~ Full Year 2015 2014 2014 £m £m £m Net interest payable and similar charges (19) (26) +28% (51)

Following the redemption of bonds in December 2013 and October 2014, net interest payable and similar charges declined by 28% to £19 million. There was negligible investment income in either the period or the prior year.

The pension finance charge, which is excluded from adjusted results, was £4 million for the period, compared to £4 million for the same period last year and £8 million for the prior Full Year.

Exceptional finance costs also included a £40 million charge for the premium on the early redemption of bonds in October 2014 when DMGT redeemed £93 million of 10.0% Bonds, due

Page 14

2021, and £56 million of 5.75% Bonds, due 2018. The prior year included a £24 million charge for the premium on the early redemption of bonds in December 2013.

Outlook for net finance costs Due to the benefit of reduced bond debt, and assuming our normal level of M&A activity, Full Year net finance costs are expected to be around £40 million.

Other income statement items

 Exceptional items and amortisation Exceptional operating costs were £14 million in the period (HY 2014: £10 million) including £11 million of reorganisation, redundancy and consultancy costs (HY 2014: £12 million). Exceptional operating costs were primarily incurred at dmg media and included £4 million of property costs related to vacant office space, following the reduction in London-based employee headcount.

The charge for amortisation of intangible assets arising on business combinations decreased by £1 million to £19 million. The Group also made an impairment charge against goodwill and acquired intangible assets of £8 million in respect of Euromoney’s HedgeFund Intelligence and CIE businesses.

The Group recorded other net gains on disposal of businesses and investments of £128 million (HY 2014: £42 million). The gains primarily related to the disposal of dmg media’s digital recruitment business, Jobsite, and the disposals of Capital Data and Capital Net as part of Euromoney’s Dealogic transaction.

 Taxation The adjusted tax charge of £21 million (HY 2014: £30 million) is stated after adjusting for the effect of exceptional items. The adjusted tax rate for the half year declined from 20.1% in the Full Year 2014 to 14.1%. The decrease reflects the smaller proportion of the Group’s profits derived from US businesses and also the benefit of previously unrecognised historic losses. Due to the mix of profits, the effective tax rate is expected to be marginally higher for the Full Year and to increase over the next three years, as per previous guidance, towards 20%, as the proportion of US-generated profits increases.

The statutory tax charge for the period, excluding £2 million of tax charges in respect of joint ventures and associates, was £7 million. There were tax credits of £2 million in respect of the amortisation and impairment of intangible fixed assets and tax credits of £9 million in respect of exceptional finance charges and other adjusting items.

Pensions The deficit on the Group’s defined benefit pension schemes decreased from £212 million at the beginning of the year to £210 million at the half year (calculated in accordance with IAS 19 (Revised)), with the increase in the value of assets exceeding the increase in the value of the defined benefit obligation. Funding payments into the main schemes during the period were £38 million, including contributions in respect of the share buy-back programme. The defined benefit schemes are closed to new entrants.

Page 15

Net debt and cash flow Net debt at the end of the period was £754 million, an increase of £151 million since the start of the year, and the net debt:EBITDA ratio was 1.9. Cash outflows included dividends of £59 million, share buy-back programme purchases of £51 million, a £40 million premium on the early redemption of bonds, pension funding payments of £38 million, interest payments of £22 million and taxation of £13 million. Net proceeds from disposals, including expenditure on acquisitions, was £54 million. The Group generated operating cash flows of £71 million in the period. Operating cash flows include exceptional operating items of £12 million and capital expenditure of £33 million, excluding £14 million of expenditure in respect of RMS(one). The strengthening of the US dollar, relative to sterling, also contributed to an increase in net debt due to the revaluation of US dollar denominated debt.

Net debt is usually at its peak around the half year due to the timing of the prior year’s final dividend and other annual payments. Allowing for further planned investment activity, the ratio of net debt to EBITDA is expected to be 2.0 or less at the year end.

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.

Share buy-back programme DMGT announced a £100 million share buy-back programme in September 2014 and, during the period, acquired 6.2 million ‘A’ Ordinary Shares for £51 million under the programme. As at 20 May 2015, a total of £71 million of shares had been acquired, including £11 million purchased in September 2014, £51 million during the half year and £9 million in the period from 1 April 2015 to 20 May 2015.

Financing During the first half of the year, the Group acquired 2.3 million ‘A’ Ordinary Shares for £19 million in order to meet obligations to provide shares under its incentive plans and utilised 1.8 million shares out of Treasury and the Employee Benefit Trust, valued at £15 million, to provide shares under various incentive plans. As at 31 March 2015, DMGT had 359.9 million shares in issue, including 19.9 million Ordinary Shares, and a further 8.5 million ‘A’ Ordinary Shares held in Treasury and the Employee Benefit Trust∂.

Dividend The Board has declared an interim dividend of 6.5 pence per Ordinary and ‘A’ Ordinary Non- Voting share (2014 6.2 pence) which will be paid on 3 July 2015 to shareholders on the register at the close of business on 5 June 2015.

Page 16

Underlying analysis – Revenues

HY 2015 HY 2014 £ millions % Underlying M&A Other Reported Underlying M&A Exchange Other Reported

B2B RMS -2% 91 - - 91 93 - 5 - 88 dmg information +6% 202 2 - 201 190 4 4 - 183 dmg events +13% 58 - - 58 51 - 3 (17) 66 Euromoney -3% 189 (9) - 198 194 (7) 5 - 196 +2% 540 (8) - 548 529 (3) 17 (17) 532 Consumer dmg media -2% 353 (1) (19) 374 360 (38) - (1) 399

DMGT Group +1% 894 (9) (19) 922 889 (41) 17 (18) 931

Notes: M&A adjustments are for disposals, including dmg media’s digital recruitment business, Evenbase, and acquisitions, including SearchFlow. Acquisitions are excluded from Euromoney’s underlying results whereas the underlying results of dmg information, dmg events and dmg media include the post-acquisition organic growth from acquired entities. ‘Other’ adjustments include the gross-up, equivalent to the cost of sales, on the low margin resale of newsprint activities as well as discontinued low margin distribution activities.

If underlying revenues were adjusted for the timing of events at Euromoney, the underlying growth rates would be +1% for Euromoney, +4% for B2B and +1% for DMGT Group.

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Page 17

Underlying analysis – Adjusted operating profit*

HY 2015 HY 2014 £ millions % Underlying M&A Other Reported Underlying M&A Exchange Other Reported

B2B RMS -60% 13 - - 13 32 - 2 - 30 dmg information -2% 27 - - 27 27 - 1 - 26 dmg events +27% 17 - - 17 13 - 1 (9) 22 Euromoney -17% 45 (6) (3) 53 54 (2) 3 (1) 54 -20% 101 (6) (3) 110 127 (2) 7 (10) 131 Consumer dmg media +22% 55 (2) - 57 45 (5) - - 50

Corporate costs +21% (17) - - (17) (21) - - - (21) Operating profit -7% 139 (8) (3) 150 150 (7) 7 (10) 160

Notes: B2B and Consumer underlying figures are stated pre the allocation of Corporate costs. Including Corporate costs, the underlying growth rates for B2B and Consumer were –20% and +33% respectively. ‘Other’ includes adjustments for the timing of shows at dmg events and to exclude the benefit in FY 2014 from the historic acceleration of Euromoney’s CAP costs and the benefit in FY 2015 from the release of previously accrued CAP costs.

If underlying revenues were adjusted for the timing of events at Euromoney, the underlying decline in operating profits would be 10% for Euromoney, 17% for B2B and 5% for DMGT Group.

Amounts are stated rounded to the nearest million pounds, consequently totals may not equal the sum of the component integers.

Page 18

Principal risks and uncertainties The UK Listing Authority's Disclosure and Transparency Rules requires a description of the principal risks and uncertainties for the remaining six months of the financial year.

The principal risks facing DMGT, summarised below, arise from the competitive and rapidly changing nature of our markets, the increasingly technological nature of our products and services, the international reach of our businesses, legislative, fiscal and regulatory developments, and economic conditions in our markets. Certain businesses could also be affected by the impact of declining advertising revenue streams and traditional print circulation.

The principal risks and uncertainties that affect the Group on an ongoing basis are described in our 2014 Annual Report at www.dmgt.com. These are still considered to be the most relevant risks and uncertainties at this time. These are summarised below:

Strategic Risks  Market disruption. New technologies and products, globalisation of markets, freely available information and content, changing behaviours and demands of customers (e.g. millenials, online adoption, digital vs. print, software vs. platform and social media usage) and competitor innovation.  Management of the portfolio and allocation of capital in relation to both organic growth opportunities and acquisition targets.  New product launches and developments do not yield expected returns.  Securing and retaining the right people for senior and business critical roles.  Economic downturn which would affect advertising revenue, property and financial markets in the UK and US, the investment banking sector and growth potential in key markets.  US dollar earnings. A significant portion of the Group profits arise in US dollar. The strength of the British pound compared to the US dollar directly impacts earnings reported in British pounds.

Operational Risks  Failure or significant delay to a major change project.  Information security breach or cyber-attack.  Reliance on third parties and key commercial relationships (data centre, cloud software and service providers, IT development support and design of RMS(one), data providers, events venues, newsprint suppliers, distributors and wholesalers).  Data regulation, particularly the provision of proprietary information.  Failure of a major change project.  Pension scheme deficit within our UK newspaper business.

Statement of Directors’ responsibilities The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations.

Page 19

The Directors confirm that to the best of their knowledge: a) this condensed set of financial statements which should be read in conjunction with the annual financial statements for the year ended 30 September 2013 and has been prepared in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the European Union; and b) the interim management report includes a fair review of the information required by the Financial Services Authority’s Disclosure and Transparency Rules 4.2.7R and 4.2.8R.

By order of the Board of Directors

The Viscount Rothermere Chairman 20 May 2015

# Underlying revenue or profit* is revenue or profit on a like-for-like basis, adjusted for constant exchange rates, disposals, closures, non-annual events occurring in the current and prior year and acquisitions; see pages 17 and 18. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions and excludes disposals. For dmg events, the comparisons are between events held in the year and the same events held the previous time. For Euromoney, no adjustments are made for the timing of events but acquisitions are completely excluded. Euromoney’s underlying profit excludes the benefit of the historic acceleration of its CAP incentive plan charge and the benefit of the release of the prior year CAP accrual. For dmg media, underlying comparisons exclude Villarenters, Metro Play and Evenbase, which were disposed of during the prior and current years, and distribution services, which ceased last year. dmg media’s underlying revenue growth includes the year-on-year organic growth from acquisitions and underlying revenues only include the profit but not the gross-up, equivalent to the cost of sales, from low margin newsprint resale activities.

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

∞ Daily Mail achieved 23.2% in February 2015, a record level since ABC figures were first compiled in 1932. Circulation market share figures are calculated using ABC’s March 2015, February 2015 and March 2014 National Newspapers Reports and excluding digital subscribers.

∂ The cancellation of 1,819,832 ‘A’ Ordinary Shares currently held in Treasury is expected to take place today, 21 May 2015. As at the end of 20 May 2015 and prior to the cancellation of shares, there were 6,819,832 ‘A’ Ordinary Shares held in Treasury. There are also 2,646,280 ‘A’ Ordinary Shares held by the DMGT Employee Benefit Trust. Following the cancellation of shares and including shares held in Treasury and by the DMGT Employee Benefit Trust there will be 346,632,936 ‘A’ Ordinary Shares in issue. There are also 19,890,364 Ordinary Shares in issue, which are held by Rothermere Continuation Limited.

Page 20

For further information

For analyst and institutional enquiries: Stephen Daintith, Finance Director, DMGT +44 20 3615 2902

Adam Webster, Head of Management + 44 20 3615 2903 Information and Investor Relations, DMGT

For media enquiries Kim Fletcher / Charlie Potter, Brunswick Group +44 20 7404 5959

Next trading update The Group’s next scheduled announcement of financial information is its third quarter trading update on 23 July 2015.

This Interim Management Report (‘IMR’) is prepared for and addressed only to the Company’s shareholders as a whole and to no other person. The Company, its Directors, employees, agents and advisers accept and assume no liability to any person in respect of this IMR save as would arise under English law. Statements contained in this IMR are based on the knowledge and information available to the Group’s Directors at the date it was prepared and therefore facts stated and views expressed may change after that date.

This document and any materials distributed in connection with it may include forward-looking statements, beliefs, opinions or statements concerning risks and uncertainties, including statements with respect to the Group’s business, financial condition and results of operations. Those statements and statements which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Group's Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and which may cause results and developments to differ materially from those expressed or implied by those statements and forecasts. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this IMR. The Group undertakes no obligation to release any update of, or revisions to, any forward- looking statements, opinions (which are subject to change without notice) or any other information or statement contained in this IMR. Furthermore, past performance of the Group cannot be relied on as a guide to future performance.

No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per DMGT share for the current or future financial years would necessarily match or exceed the historical published earnings per DMGT share.

Nothing in this document is intended to constitute an invitation or inducement to engage in investment activity. This document does not constitute or form part of any offer for sale or subscription of, or any solicitation of any offer to purchase or subscribe for, any securities nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. This document does not constitute a recommendation regarding any securities.

Page 21

Independent review report to Daily Mail and General Trust plc

Report on the condensed consolidated interim financial statements

 Our conclusion We have reviewed the condensed consolidated interim financial statements, defined below, in the half-yearly financial report of the Daily Mail and General Trust plc for the six months ended 31 March 2015. Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

This conclusion is to be read in the context of what we say in the remainder of this report.

 What we have reviewed The condensed consolidated interim financial statements, which are prepared by Daily Mail and General Trust plc, comprise: · the condensed consolidated statement of financial position as at 31 March 2015; · the condensed consolidated income statement and statement of comprehensive income for the period then ended; · the condensed consolidated statement of cash flows for the period then ended; · the condensed consolidated statement of changes in equity for the period then ended; and · the explanatory notes to the condensed consolidated interim financial statements. As disclosed in note 1, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

The condensed consolidated interim financial statements included in the half-yearly financial report have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 What a review of condensed consolidated financial statements involves We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Page 22

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed consolidated interim financial statements.

Responsibilities for the condensed consolidated interim financial statements and the review

 Our responsibilities and those of the directors The half-yearly financial report, including the condensed consolidated interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express to the company a conclusion on the condensed consolidated interim financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure and Transparency Rules of the Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP Chartered Accountants 20 May 2015 London

Page 23

Shareholder Information

Financial Calendar (provisional)

2015

21 May Half yearly financial report released 4 June Interim ex-dividend date 5 June Interim record date 3 July Payment of interim dividend 23 July Trading update 24 September Pre-close trading update 30 September Year end 30 September Payment of interest on loan notes 25 November Preliminary annual results and final dividend announced 3 December Ex-dividend date 4 December Record date

Contacts

Daily Mail and General Trust plc Auditor Northcliffe House PricewaterhouseCoopers LLP 2 Derry Street, 1 Embankment Place London London W8 5TT WC2N 6RH Telephone: +44 20 7938 6000 Email: [email protected]

Stockbrokers Registrars Credit Suisse Securities (Europe) Limited Equiniti One Cabot Square Aspect House London Spencer Road E14 4QJ Lancing West Sussex BN99 6DA Numis Securities Limited The London Stock Exchange Building 10 Paternoster Square London EC4M 7LT

For further investor information and contacts, please visit the Company's website at: www.dmgt.com

Copies of this Half Yearly Financial Report are available electronically from the Company's website at www.dmgt.com or from the Secretary upon request.

Page 24 DMGT plc Condensed Consolidated Income Statement For the 6 months ended 31 March 2015 Unaudited 6 months Unaudited 6 months Audited year ended ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m £m CONTINUING OPERATIONS Revenue 2 919.1 893.6 1,811.2

Operating profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of acquired intangible 2 148.6 152.0 296.2 assets arising on business combinations and impairment of property, plant and equipment and investment property

Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and 2 (13.5) (12.1) (71.9) investment property

Amortisation and impairment of acquired intangible assets arising on 2 (26.9) (18.4) (40.3) business combinations, and impairment of goodwill

Operating profit before share of results of joint ventures and associates 2 108.2 121.5 184.0

Share of results of joint ventures and associates 3 4.5 7.8 14.3 Total operating profit 112.7 129.3 198.3

Other gains and losses 4 78.2 4.2 138.9 Profit before investment revenue, net finance costs and tax 190.9 133.5 337.2

Investment revenue 5 0.5 0.3 10.1 Net finance costs 6 (64.7) (52.2) (80.3)

Profit before tax 126.7 81.6 267.0 Tax 7 (7.3) (22.6) (18.3) Profit after tax from continuing operations 119.4 59.0 248.7

DISCONTINUED OPERATIONS 20 Profit from discontinued operations 50.4 30.3 34.3 Profit for the period 169.8 89.3 283.0

Attributable to: Owners of the Company 146.9 80.7 262.9 Non-controlling interests * 22.9 8.6 20.1 Profit for the period 169.8 89.3 283.0

Earnings per share 10 From continuing operations Basic 26.5p 13.5p 61.4p Diluted 25.9p 13.3p 60.2p From discontinued operations Basic 13.9p 8.1p 9.2p Diluted 13.6p 8.0p 9.1p From continuing and discontinued operations Basic 40.4p 21.6p 70.6p Diluted 39.5p 21.3p 69.3p Adjusted earnings per share Basic 31.4p 29.4p 55.7p Diluted 30.7p 28.9p 54.6p * All attributable to continuing operations

Page 25 DMGT plc Condensed Consolidated Statement of Comprehensive Income For the 6 months ended 31 March 2015 Unaudited 6 months Unaudited 6 months Audited year ended ended ended 30 September 2014 31 March 2015 31 March 2014

£m £m £m Profit for the period 169.8 89.3 283.0

Items that will not be reclassified to Consolidated Income Statement Actuarial (loss)/gain on defined benefit pension schemes (34.2) 5.3 (49.9) Tax relating to items that will not be reclassified to Consolidated Income Statement 6.8 (1.1) 9.9

Total items that will not be reclassified to Consolidated Income Statement (27.4) 4.2 (40.0)

Items that may be reclassified subsequently to Consolidated Income Statement (Losses)/gains on hedges of net investments in foreign operations (24.0) 12.8 1.8 Cash flow hedges: (Losses)/gains arising during the period (6.6) 0.9 (1.6) Transfer of loss on cash flow hedges from translation reserve to 1.9 0.2 1.2 Consolidated Income Statement Translation reserves recycled to Consolidated Income Statement on disposals (5.3) – (1.9) Foreign exchange differences on translation of foreign operations 41.2 (11.8) 12.4 Tax relating to items that may be reclassified to Consolidated Income Statement 0.7 (0.3) –

Total items that may be reclassified subsequently to Consolidated Income Statement 7.9 1.8 11.9

Other comprehensive (loss)/income for the period (19.5) 6.0 (28.1)

Total comprehensive income for the period 150.3 95.3 254.9

Attributable to: Owners of the Company 122.0 89.3 237.8 Non-controlling interests 28.3 6.0 17.1

150.3 95.3 254.9

Page 26 DMGT plc Condensed Consolidated Statement of Changes in Equity For the 6 months ended 31 March 2015 Called-up Share Capital Own Translation Retained Total Non- Total share premium redemption shares reserve earnings controlling equity capital account reserve interests

£m £m £m £m £m £m £m £m £m At 30 September 2013 49.2 16.3 1.1 (116.6) (37.0) 310.1 223.1 113.6 336.7 Profit for the period – – – – – 80.7 80.7 8.6 89.3 Other comprehensive income for the period – – – – 4.4 4.2 8.6 (2.6) 6.0 Total comprehensive income for the period – – – – 4.4 84.9 89.3 6.0 95.3 Issue of share capital – 1.2 – – – – 1.2 0.3 1.5 Expenses incurred in relation to scheme of arrangement – – – – – 0.2 0.2 – 0.2 Dividends – – – – – (49.6) (49.6) (6.5) (56.1) Own shares acquired in the period – – – (40.0) – – (40.0) (5.5) (45.5) Own shares transferred on exercise of share options – – – 22.0 – – 22.0 – 22.0 Exercise of acquisition put option commitments – – – – – 0.1 0.1 (0.1) – Other transactions with non-controlling interests – – – – – – – (1.0) (1.0) Adjustment to equity following increased stake in controlled entity – – – – – 2.3 2.3 (2.3) – Adjustment to equity following decreased stake in controlled entity – – – – – (2.9) (2.9) 2.9 – Credit to equity for share-based payments – – – – – 3.4 3.4 – 3.4 Settlement of exercised share options of subsidiaries – – – – – (1.0) (1.0) – (1.0) Corporation tax on share-based payments – – – – – 2.0 2.0 1.0 3.0 Deferred tax on other items recognised in equity – – – – – (0.3) (0.3) (0.7) (1.0)

At 31 March 2014 49.2 17.5 1.1 (134.6) (32.6) 349.2 249.8 107.7 357.5

At 30 September 2013 49.2 16.3 1.1 (116.6) (37.0) 310.1 223.1 113.6 336.7 Profit for the year – – – – – 262.9 262.9 20.1 283.0 Other comprehensive income for the year – – – – 14.3 (39.4) (25.1) (3.0) (28.1) Total comprehensive income for the year – – – – 14.3 223.5 237.8 17.1 254.9 Issue of share capital – 1.5 – – – – 1.5 0.8 2.3 Expenses incurred in relation to scheme of arrangement – – – – – 0.2 0.2 – 0.2 Dividends – – – – – (72.8) (72.8) (9.7) (82.5) Own shares acquired in the year – – – (105.9) – – (105.9) (6.9) (112.8) Closed period commitment to purchase treasury shares – – – (20.0) – – (20.0) – (20.0) Own shares transferred on exercise of share options – – – 23.4 – – 23.4 – 23.4 Exercise of acquisition put option commitments – – – – – 0.1 0.1 (0.1) – Other transactions with non-controlling interests – – – – – – – 0.2 0.2 Adjustment to equity following increased stake in controlled entity – – – – – 2.3 2.3 (2.3) – Adjustment to equity following decreased stake in controlled entity – – – – – (2.9) (2.9) 2.9 – Credit to equity for share-based payments – – – – – 9.6 9.6 0.7 10.3 Settlement of exercised share options of subsidiaries – – – – – (5.7) (5.7) – (5.7) Initial recording of put options granted to non-controlling interests in subsidiaries – – – – – (19.6) (19.6) – (19.6) Non-controlling interest recognised on acquisition – – – – – – – 0.9 0.9 Corporation tax on share-based payments – – – – – 1.8 1.8 0.9 2.7 Deferred tax on other items recognised in equity – – – – – (0.1) (0.1) (0.3) (0.4) At 30 September 2014 49.2 17.8 1.1 (219.1) (22.7) 446.5 272.8 117.8 390.6 Profit for the period – – – – – 146.9 146.9 22.9 169.8 Other comprehensive income/(loss) for the period – – – – 2.3 (27.2) (24.9) 5.4 (19.5) Total comprehensive income for the period – – – – 2.3 119.7 122.0 28.3 150.3 Cancellation of 'A' ordinary shares (3.2) – 3.2 173.7 – (173.7) – – – Issue of share capital – – – – – – – 0.7 0.7 Dividends – – – – – (51.7) (51.7) (7.0) (58.7) Own shares acquired in the period – – – (70.4) – – (70.4) – (70.4) Movement in closed period commitment to purchase treasury shares – – – 4.8 – – 4.8 – 4.8 Own shares transferred on exercise of share options – – – 12.8 – – 12.8 – 12.8 Exercise of acquisition put option commitments – – – – – 0.8 0.8 (0.8) – Adjustment to equity following increased stake in controlled entity – – – – – (5.7) (5.7) 5.7 – Adjustment to equity following decreased stake in controlled entity – – – – – (0.2) (0.2) 0.2 – Credit to equity for share-based payments – – – – – 10.6 10.6 (0.6) 10.0 Settlement of exercised share options of subsidiaries – – – – – (19.0) (19.0) – (19.0) Initial recording of put options granted to non-controlling interests in subsidiaries – – – – – (21.2) (21.2) – (21.2) Non controlling interest recognised on acquisition – – – – – – – 5.8 5.8 Deferred tax on other items recognised in equity – – – – – 6.0 6.0 – 6.0

At 31 March 2015 46.0 17.8 4.3 (98.2) (20.4) 312.1 261.6 150.1 411.7

Page 27 DMGT plc Condensed Consolidated Statement of Financial Position At 31 March 2015 Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

Note £m £m £m ASSETS Non-current assets Goodwill 11 865.8 764.4 764.6 Other intangible assets 11 407.4 379.3 360.7 Property, plant and equipment 12 188.9 208.2 197.7 Investment property 3.0 5.3 4.3 Investments in joint ventures 2.4 142.6 0.5 Investments in associates 154.9 59.3 138.6 Available-for-sale investments 3.9 3.6 6.8 Trade and other receivables 13.4 9.2 6.8 Derivative financial assets 24.0 20.6 20.0 Retirement benefit assets 23 18.0 – 6.4 Deferred tax assets 199.7 147.0 180.4 1,881.4 1,739.5 1,686.8 Current assets Inventories 25.7 20.5 23.9 Trade and other receivables 336.3 353.1 289.0 Current tax receivable 9.9 15.0 9.4 Derivative financial assets 2.8 6.4 2.9 Cash and cash equivalents 6.4 28.2 28.5 Total assets of businesses held-for-sale 21 4.1 23.4 75.5 385.2 446.6 429.2

Total assets 2,266.6 2,186.1 2,116.0

LIABILITIES Current liabilities Trade and other payables (634.0) (663.5) (659.5) Current tax payable (20.3) (15.1) (12.4) Acquisition put option commitments 17 – (2.6) (2.1) Borrowings 15 (3.6) (2.4) (156.3) Derivative financial liabilities (3.4) (0.7) (4.1) Provisions (72.1) (61.6) (82.5) Total liabilities of businesses held-for-sale 21 (4.8) (17.5) (23.4) (738.2) (763.4) (940.3)

Non-current liabilities Trade and other payables (3.7) (1.5) (1.9) Acquisition put option commitments 17 (52.7) (12.9) (32.2) Borrowings 15 (754.3) (822.9) (475.7) Derivative financial liabilities (29.5) (20.5) (13.9) Retirement benefit obligations 23 (228.1) (162.2) (218.2) Provisions (25.7) (23.0) (22.0) Deferred tax liabilities (22.7) (22.2) (21.2) (1,116.7) (1,065.2) (785.1)

Total liabilities (1,854.9) (1,828.6) (1,725.4)

Net assets 411.7 357.5 390.6

Page 28 DMGT plc Condensed Consolidated Statement of Financial Position (continued) At 31 March 2015 Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

Note £m £m £m SHAREHOLDERS' EQUITY Called-up share capital 46.0 49.2 49.2 Share premium account 17.8 17.5 17.8 Share capital 22 63.8 66.7 67.0

Capital redemption reserve 4.3 1.1 1.1 Own shares (98.2) (134.6) (219.1) Translation reserve (20.4) (32.6) (22.7) Retained earnings 312.1 349.2 446.5

Equity attributable to owners of the Company 261.6 249.8 272.8 Non-controlling interests 150.1 107.7 117.8

411.7 357.5 390.6

Approved by the Board of Directors on 20 May 2015.

Page 29 DMGT plc Condensed Consolidated Cash Flow Statement For the 6 months ended 31 March 2015 Unaudited 6 months Unaudited 6 months Audited year ended ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m £m Cash generated by operations 13 65.4 58.7 242.5 Taxation paid (16.1) (16.0) (27.3) Taxation received 2.7 3.5 3.2 Net cash from operating activities 52.0 46.2 218.4

Investing activities Interest received 0.5 0.7 2.3 Dividends received from joint ventures and associates 25.0 6.4 25.2 Dividends received from available-for-sale investments – – 9.4 Purchase of property, plant and equipment 12 (18.1) (13.1) (29.4) Expenditure on internally generated intangible fixed assets 11 (26.4) (41.4) (71.8) Expenditure on other intangible assets 11 (2.2) (4.6) (4.6) Purchase of available-for-sale investments (1.3) (0.9) (4.1) Proceeds on disposal of property, plant and equipment 12 16.7 11.0 12.5 Purchase of subsidiaries 18 (62.5) (93.9) (146.8) Proceeds from disposal of non-controlling interest – – 0.2 Treasury derivative activities (9.1) 22.6 15.0 Investment in joint ventures and associates (9.7) (18.7) (20.5) Loans advanced to joint ventures and associates (2.1) – (1.6) Loans to joint ventures and associates repaid – 0.1 0.1 Proceeds on disposal of businesses 19 106.2 16.4 62.3 Proceeds on disposal of joint ventures and associates 6.0 – 177.8 Net cash generated by/(used in) investing activities 23.0 (115.4) 26.0

Financing activities Purchase of additional interests in controlled entities 18 (0.1) (0.2) (0.4) Equity dividends paid 8 (51.7) (49.6) (72.8) Dividends paid to non-controlling interests (7.0) (6.5) (9.7) Issue of share capital 22 – 1.2 1.5 Issue of shares by Group companies to non-controlling interests 0.7 0.3 0.8 Purchase of own shares 22 (70.4) (28.9) (91.3) Purchase of own shares in Euromoney – (14.6) (21.5) Net (payment)/receipt on (settlement)/exercise of subsidiary share (6.2) 17.9 17.7 options Interest paid (22.7) (26.6) (55.5) Premium on redemption of bonds 6, 15 (39.9) (24.4) (24.4) Bonds redeemed 6, 15 (153.2) (106.8) (106.7) Loan notes repaid (0.1) (0.6) (1.7) Increase in bank borrowings 15 253.1 250.7 61.3 Net cash used in financing activities (97.5) 11.9 (302.7)

Net decrease in cash and cash equivalents (22.5) (57.3) (58.3)

Cash and cash equivalents at beginning of period 29.0 88.5 88.5 Exchange gain/(loss) on cash and cash equivalents 0.3 (0.8) (1.2)

Net cash and cash equivalents at end of period 14 6.8 30.4 29.0

Page 30 DMGT plc For the 6 months ended 31 March 2015 NOTES 1 BASIS OF PREPARATION The information for the 6 months ended 31 March 2015 and 31 March 2014 and for the year ended 30 September 2014 does not constitute statutory accounts for the purposes of section 435 of the Companies Act 2006. A copy of the accounts for the year ended 30 September 2014 has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.

Other than the Daily Mail, The Mail on Sunday, Metro and Wowcher businesses, the Group prepares accounts for a 6 month period ending on 31 March. The Daily Mail, The Mail on Sunday, Metro and Wowcher businesses prepare financial statements for a 26 or 27 week financial period ending on a Sunday near to the end of March and do not prepare additional financial statements corresponding to the Group's financial period for consolidation purposes as it would be impracticable to do so. The Group considers whether there have been any significant transactions or events between the end of the financial period of these businesses and the end of the Group's financial period and makes any material adjustments as appropriate.

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the interim management report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the condensed financial statements and notes. After making enquiries, the Directors have a reasonable expectation 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.

The Annual Report and Accounts of DMGT plc are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as adopted by the European Union. These condensed financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union.

Although not required by IAS 34, comparative figures for the Condensed Consolidated Income Statement for the year ended 30 September 2014 and the Condensed Consolidated Statement of Financial Position at 31 March 2014 have been included on a voluntary basis.

These Group Condensed Financial Statements have been prepared in accordance with the accounting policies set out in the 2014 Annual Report and Accounts, as amended, where appropriate by the application of certain new or amended accounting standards in the period, described below. These policies are expected to be followed in the preparation of the full financial statements for the financial year ending 30 September 2015.

Impact of new accounting standards

Amendments to IAS 32 Financial Instruments: Presentation, relating to Offsetting Financial Assets and Financial Liabilities

The above amendment has not had any significant impact on the Group’s financial statements.

The Group has not yet adopted certain new standards, amendments and interpretations to existing standards, which have been published but are only effective for the Group's accounting periods beginning on or after 1 October 2015. These new pronouncements are listed below:

Amendment to IAS 19 Defined Benefit Plans: Employee Contributions (effective 1 February 2015) * Annual Improvements 2010-2012 and 2011-2013 cycles (effective 1 February 2015) * Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations (effective 1 January 2016)* Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation (effective 1 January 2016)* Amendments to IFRS 10 and IAS 28 Accounting for the sale or contribution of assets between an investor and its associate or joint venture (effective 1 January 2016) * Annual improvements 2012-2014 (effective 1 January 2016) * IFRS 15 Revenue from Contracts with Customers (effective 1 January 2017)* IFRS 9 Financial Instruments (effective 1 January 2018)*

* Not yet endorsed for use in the EU.

The Directors are currently evaluating the impact of the adoption of these standards, amendments and interpretations.

Page 31 DMGT plc For the 6 months ended 31 March 2015 NOTES 1 BASIS OF PREPARATION (Continued) Critical accounting judgements and key sources of estimation uncertainty In addition to the judgement taken by management in selecting and applying the accounting policies set out above, management has made the following judgements concerning the amounts recognised in the consolidated financial statements:

Forecasting The Group prepares medium-term forecasts based on Board approved budgets and three year outlooks. These are used to support judgements made in the preparation of the Group's financial statements including the recognition of deferred tax assets in different jurisdictions, the Group's going concern assessment and for the purposes of impairment reviews. Longer-term forecasts use long-term growth rates applicable to the relevant businesses.

Impairment of goodwill and intangible assets Determining whether goodwill and intangible assets are impaired or whether a reversal of impairment of intangible assets should be recorded requires an estimation of the value in use of the relevant cash-generating unit ("CGU"). The value in use calculation requires management to estimate the future cash flows expected to arise from the CGU and compare the net present value of these cash flows using a suitable discount rate to determine if any impairment has occurred. A key area of judgement is deciding the long-term growth rate of the applicable businesses and the discount rate applied to those cash flows. The carrying amount of goodwill and intangible assets at 31 March 2015 was £1,273.2 million (31 March 2014 £1,143.7 million, 30 September 2014 £1,125.3 million) after an impairment loss on continuing operations of £7.8 million (6 months to 31 March 2014 £0.3 million, 12 months to 30 September 2014 £49.5 million) was recognised during the period (note 2).

Acquisitions and intangible assets The Group's accounting policy on the acquisition of subsidiaries is to allocate purchase consideration to the fair value of identifiable assets, liabilities and contingent liabilities acquired with any excess consideration representing goodwill. Determining the fair value of assets, liabilities and contingent liabilities acquired requires significant estimates and assumptions, including assumptions with respect to cash flows and unprovided liabilities and commitments, including in respect to tax, to be used. The Group recognises intangible assets acquired as part of a business combination at fair value at the date of the acquisition. The determination of these fair values is based upon management's judgement and includes assumptions on the timing and amount of future cash flows generated by the assets and the selection of an appropriate discount rate. Additionally, management must estimate the expected useful economic lives of intangible assets and charge amortisation on these assets accordingly.

Contingent consideration payable Estimates are required in respect of the amount of contingent consideration payable on acquisitions, which is determined according to formulae agreed at the time of the business combination, and normally related to the future earnings of the acquired business. The Directors review the amount of contingent consideration likely to become payable at each period end date, the major assumption being the level of future profits of the acquired business. At 31 March 2015 the Group had outstanding contingent consideration payable amounting to £13.0 million (31 March 2014 £20.8 million, 30 September 2014 £20.2 million).

Contingent consideration payable is discounted to its fair value in accordance with applicable International Financial Reporting Standards with the movement in fair value of these liabilities being recorded in the Consolidated Income Statement in Financing.

Contingent consideration receivable Estimates are required in respect of the amount of contingent consideration receivable on disposals, which is determined according to formulae agreed at the time of the disposal and is normally related to the future earnings of the disposed business. The Directors review the amount of contingent consideration likely to be receivable at each period end date, the major assumption being the level of future profits of the disposed business. At 31 March 2015 the Group had outstanding contingent consideration receivable amounting to £3.0 million (31 March 2014 £1.2 million, 30 September 2014 £2.7 million). During the period the Group received £0.1 million of previously unrecognised contingent consideration.

Contingent consideration receivable is discounted to its fair value in accordance with applicable International Financial Reporting Standards.

Adjusted profit The Group presents adjusted earnings by making adjustments for costs and profits which management believe to be exceptional in nature by virtue of their size or incidence or those having a distortive effect on current year earnings. Such items would include costs associated with business combinations, one-off gains and losses on disposal of businesses, properties, finance costs and similar items of a non-recurring nature together with reorganisation costs and similar charges, tax and by adding back impairment of goodwill and amortisation and impairment of intangible assets arising on business combinations. See note 9 for a reconciliation of profit before tax to adjusted profit.

EBITDA

The Group defines EBITDA as adjusted operating profit before exceptional operating costs, amortisation and impairment of goodwill and intangible assets, depreciation and impairment of property, plant and equipment and investment property. EBITDA is broadly used by analysts, rating agencies, investors and the Group's banks to assess the Group's performance. A reconciliation of EBITDA from operating profit is shown in note 13 and the ratio of net debt to EBITDA is disclosed in note 16.

Page 32 DMGT plc For the 6 months ended 31 March 2015 NOTES 1 BASIS OF PREPARATION (Continued) Share-based payments The Group makes share-based payments to certain employees. These payments are measured at their estimated fair value at the date of grant, calculated using an appropriate option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of the number of shares that will eventually vest. The key assumptions used in calculating the fair value of the options are the discount rate, the Group's share price volatility, dividend yield, risk free rate of return, and expected option lives. Management regularly performs a true-up of the estimate of the number of shares that are expected to vest; this is dependent on the anticipated number of leavers.

Taxation Being a multinational Group with tax affairs in many geographic locations inherently leads to a highly complex tax structure which makes the degree of estimation and judgement more challenging. The resolution of issues is not always within the control of the Group and is often dependent on the efficiency of legal processes. Such issues can take several years to resolve. The Group accounts for unresolved issues based on its best estimate of the final outcome, however, the inherent uncertainty regarding these items means that the eventual resolution could differ significantly from the accounting estimates and, therefore, impact the Group's results and future cash flows. As described above, the Group makes estimates regarding the recoverability of deferred tax assets relating to losses based on forecasts of future taxable profits which are, by their nature, uncertain.

Retirement benefit obligations The cost of defined benefit pension plans is determined using actuarial valuations prepared by the Group's actuaries. This involves making certain assumptions concerning discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. The assumptions and the resulting estimates are reviewed annually and, when appropriate, changes are made which affect the actuarial valuations and, hence, the amount of retirement benefit expense recognised in the Condensed Consolidated Income Statement and the amounts of actuarial gains and losses recognised in the Condensed Consolidated Statement of Changes in Equity. The carrying amount of the retirement benefit obligation at 31 March 2015 was a deficit of £210.1 million (31 March 2014 £162.2 million, 30 September 2014 £211.8 million). Further details are given in note 23.

Page 33 DMGT plc For the 6 months ended 31 March 2015 NOTES 2 SEGMENT ANALYSIS The Group's business activities are split into five operating divisions: RMS, dmg information, dmg events, Euromoney and dmg media. These divisions are the basis on which information is reported to the Group's Chief Operating Decision Maker, which has been determined to be the Group Board. The segment result is the measure used for the purposes of resource allocation and assessment and represents profit earned by each segment, including share of results from joint ventures and associates but before exceptional operating costs, amortisation of acquired intangible assets arising on business combinations, impairment charges, other gains and losses, net finance costs and taxation.

Details of the types of products and services from which each segment derives its revenues are included within the business review on pages 7 to 14. The results from the Group’s dmg events segment are impacted by the seasonality of exhibitions and conferences held in each accounting period. The impact of this seasonality is discussed on pages 10 and 11 of this Interim Management Report. The accounting policies applied in preparing the management information for each of the reportable segments are the same as the Group's accounting policies described in note 1. Unaudited 6 months ended External Inter-segment Total revenue Segment result Less operating Operating profit 31 March 2015 revenue revenue profit/(loss) of joint before exceptional ventures and operating costs, associates impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of property, plant and equipment and investment property

Note £m £m £m £m £m £m RMS 91.3 0.4 91.7 12.8 – 12.8 dmg information 200.9 – 200.9 26.3 (0.6) 26.9 dmg events 58.2 – 58.2 17.4 – 17.4 Euromoney 197.7 – 197.7 54.2 1.2 53.0 dmg media 373.7 – 373.7 70.4 13.8 56.6 921.8 0.4 922.2 181.1 14.4 166.7 Corporate costs (i) (17.0) Discontinued operations 20, (ii) (2.7) (1.1) 919.1 Operating profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of 148.6 property, plant and equipment and investment property Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property (13.5) Impairment of goodwill and acquired intangible assets arising on business combinations (7.8) Amortisation of acquired intangible assets arising on business combinations (19.1) Operating profit before share of results of joint ventures and associates 108.2 Share of results of joint ventures and associates 3 4.5 Total operating profit 112.7 Other gains and losses 4 78.2 Profit before net finance costs and tax 190.9 Investment revenue 5 0.5 Net finance costs 6 (64.7) Profit before tax 126.7 Tax 7 (7.3) Profit from discontinued operations 20 50.4 Profit for the period 169.8

(i) Included within corporate costs is a credit of £0.7 million which adjusts the pensions charge recorded in each operating segment from a cash rate to the net service cost in accordance with IAS 19 (Revised), Employee Benefits.

(ii) Revenue and Group profit before exceptional operating costs, amortisation of acquired intangible assets arising on business combinations and impairment of goodwill and intangible assets relating to the discontinued operations of dmg media's digital recruitment businesses have been deducted in order to reconcile total segment result to Group profit before tax from continuing operations. An analysis of the amortisation and impairment of goodwill and intangible assets, exceptional operating costs and impairment of property, plant and equipment and investment property by segment is as follows:

Unaudited 6 months ended Amortisation of Amortisation of Impairment of Exceptional Impairment of 31 March 2015 intangible intangible goodwill and operating costs property, plant and assets not assets arising intangible equipment and arising on on business assets arising investment property business combinations on business combinations combinations

£m £m £m £m £m RMS (1.7) – – – – dmg information (4.9) (8.7) – – – dmg events – (1.2) – – – Euromoney (1.4) (9.0) (7.8) (1.6) – dmg media (2.1) (0.2) – (10.3) (1.6) Continuing operations (10.1) (19.1) (7.8) (11.9) (1.6)

In Euromoney exceptional operating costs comprise restructuring and other exceptional costs following the reorganisation of certain businesses, office move costs and CIE legal costs.

In the dmg media segment exceptional costs comprise £3.7m severance, £3.3m consultancy costs, office move costs of £2.1m and £1.2m relating to contingent consideration required to be treated as remuneration.

The Group's tax charge includes a related credit of £1.8 million in relation to these items.

An analysis of the depreciation of property, plant and equipment and investment property, research costs, investment revenue, and finance costs by segment is as follows: Unaudited 6 months ended Depreciation Research costs Investment revenue Net finance 31 March 2015 of property, costs plant and equipment and investment property £m £m £m £m RMS (3.2) (18.9) 0.1 – dmg information (4.0) (0.2) 0.2 (0.4) dmg events (0.3) – – – Euromoney (1.3) (6.0) 0.2 3.4 dmg media (6.5) – – (0.7) (15.3) (25.1) 0.5 2.3 Corporate costs (0.1) – – (67.0) Total and continuing operations (15.4) (25.1) 0.5 (64.7)

Page 34 DMGT plc For the 6 months ended 31 March 2015 NOTES 2 SEGMENT ANALYSIS - CONTINUED Unaudited 6 months ended 31 March 2014 External Inter-segment Total revenue Segment result Less operating Operating profit revenue revenue profit/(loss) of joint before exceptional ventures and operating costs, associates impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of property, plant and equipment and investment property

Note £m £m £m £m £m £m0.0 RMS 88.0 0.7 88.7 29.4 (0.2) 29.6 dmg information 182.9 – 182.9 26.0 0.2 25.8 dmg events 65.6 – 65.6 21.6 – 21.6 Euromoney 195.8 – 195.8 54.4 0.2 54.2 dmg media 398.9 0.2 399.1 66.8 16.5 50.3 931.2 0.9 932.1 198.2 16.7 181.5 Corporate costs (i) (21.4) Discontinued operations 20, (ii) (37.6) (8.1) 893.6 Operating profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of 152.0 property, plant and equipment and investment property Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property (12.1) Amortisation of acquired intangible assets arising on business combinations (18.4) Operating profit before share of results of joint ventures and associates 121.5 Share of results of joint ventures and associates 3 7.8 Total operating profit 129.3 Other gains and losses 4 4.2 Profit before net finance costs and tax 133.5 Investment revenue 5 0.3 Net finance costs 6 (52.2) Profit before tax 81.6 Tax 7 (22.6) Profit from discontinued operations 20 30.3 Profit for the period 89.3

(i) Included within corporate costs is a credit of £0.6 million which adjusts the pensions charge recorded in each operating segment from a cash rate to the net service cost in accordance with IAS 19 (Revised), Employee Benefits. (ii) Revenue and Group profit before exceptional operating costs, amortisation of acquired intangible assets arising on business combinations and impairment of goodwill and intangible assets relating to the discontinued operations of dmg media's digital recruitment businesses have been deducted in order to reconcile total segment result to Group profit before tax from continuing operations. An analysis of the amortisation and impairment of goodwill and intangible assets, exceptional operating costs and impairment of property, plant and equipment and investment property by segment is as follows:

Unaudited 6 months ended 31 March 2014 Amortisation of Amortisation of Impairment of Impairment of Exceptional operating intangible intangible goodwill and internally generated costs assets not assets arising intangible and acquired arising on on business assets arising computer software business combinations on business combinations combinations

Note £m £m £m £m £m RMS (0.7) – – – – dmg information (2.7) (7.7) – – (0.3) dmg events – (1.6) – – – Euromoney (0.7) (9.2) – – (1.3) dmg media (2.9) (1.1) (14.0) (0.3) (8.0) (7.0) (19.6) (14.0) (0.3) (9.6) Corporate costs – – – – (0.8) (7.0) (19.6) (14.0) (0.3) (10.4) Relating to discontinued operations 20 – 1.2 14.0 – (1.4) Continuing operations (7.0) (18.4) – (0.3) (11.8)

The Group's exceptional operating costs in the business information segment of £0.3 million relate to contingent consideration required to be treated as remuneration.

In Euromoney exceptional operating costs comprised acquisition related costs of £0.7 million in connection with the acquisition of Infrastructure Journal and expenses of £0.6 million for the disposal of MIS Training which completed on 1 April 2014.

In the dmg media segment reorganisation and restructuring charges of £10.0 million, including consultancy charges of £3.4 million, following a delayering project together with a write back of £2.0 million relating to contingent consideration required to be treated as remuneration have been treated as exceptional.

The Group's tax charge includes a related credit of £nil in relation to these items.

Note £m £m £m0.0 £m0.0 RMS (2.7) (9.8) – – dmg information (3.5) (1.7) 0.1 0.8 dmg events (0.2) (0.2) 0.1 – Euromoney (1.4) (5.1) – (0.9) dmg media (9.0) (0.4) – (0.7) (16.8) (17.2) 0.2 (0.8) Corporate costs (0.1) – 0.1 (51.4) (16.9) (17.2) 0.3 (52.2) Relating to discontinued operations 20 0.6 – – – Continuing operations (16.3) (17.2) 0.3 (52.2)

Page 35 DMGT plc For the 6 months ended 31 March 2015 NOTES 2 SEGMENT ANALYSIS - CONTINUED Audited year ended 30 September 2014 External Inter-segment Total revenue Segment result Less operating Operating profit revenue revenue profit/(loss) of joint before exceptional ventures and operating costs, associates impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of property, plant and equipment and investment property

Note £m £m £m £m £m £m RMS 171.7 1.1 172.8 45.1 (0.3) 45.4 dmg information 390.8 – 390.8 68.3 0.4 67.9 dmg events 99.8 – 99.8 27.3 – 27.3 Euromoney 406.5 0.1 406.6 117.7 0.3 117.4 dmg media 795.6 0.3 795.9 126.1 30.8 95.3 1,864.4 1.5 1,865.9 384.5 31.2 353.3 Corporate costs (i) (42.6) Discontinued operations 20, (ii) (53.2) (14.5) 1,811.2 Operating profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of 296.2 property, plant and equipment and investment property Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property (71.9) Impairment of goodwill and acquired intangible assets arising on business combinations (3.6) Amortisation of acquired intangible assets arising on business combinations (36.7) Operating profit before share of results of joint ventures and associates 184.0 Share of results of joint ventures and associates 3 14.3 Total operating profit 198.3 Other gains and losses 4 138.9 Profit before net finance costs and tax 337.2 Investment revenue 5 10.1 Net finance costs 6 (80.3) Profit before tax 267.0 Tax 7 (18.3) Profit from discontinued operations 20 34.3 Profit for the period 283.0

(i) Included within corporate costs is a credit of £0.9 million which adjusts the pensions charge recorded in each operating segment from a cash rate to the net service cost in accordance with IAS 19 (Revised), Employee Benefits. (ii) Revenue and Group profit before exceptional operating costs, amortisation of acquired intangible assets arising on business combinations and impairment of goodwill and intangible assets relating to the discontinued operations of dmg media's digital recruitment businesses have been deducted in order to reconcile total segment result to Group profit before tax from continuing operations. An analysis of the amortisation and impairment of goodwill and intangible assets, exceptional operating costs and impairment of property, plant and equipment and investment property by segment is as follows:

Audited year ended 30 September 2014 Amortisation of Amortisation of Impairment of Impairment of Exceptional Impairment of intangible intangible goodwill and internally operating costs property, plant and assets not assets arising intangible generated and equipment and arising on on business assets arising acquired investment property business combinations on business computer combinations combinations software

Note £m £m £m £m £m £m RMS (1.7) – – (44.6) (4.0) – dmg information (6.6) (15.8) – – (0.7) – dmg events – (3.2) – – – – Euromoney (2.0) (17.6) – – (3.8) – dmg media (4.0) (1.5) (18.8) (1.3) (18.5) – (14.3) (38.1) (18.8) (45.9) (27.0) – Corporate costs – – – – 1.5 (0.6) (14.3) (38.1) (18.8) (45.9) (25.5) (0.6) Relating to discontinued operations 20 0.5 1.4 15.2 – 0.1 – Continuing operations (13.8) (36.7) (3.6) (45.9) (25.4) (0.6)

Exceptional operating costs in RMS comprise £4.0 million redundancy costs. The impairment charge of £44.6 million relates to the internally generated intangible asset RMS(one).

In the dmg information segment exceptional operating costs of £0.7 million relate to contingent consideration required to be treated as remuneration.

In Euromoney exceptional operating costs comprised acquisition related costs of £0.9 million, reorganisation costs of £1.3 million and £1.6 million in relation to property move costs.

In the dmg media segment exceptional costs include reorganisation and restructuring charges of £20.5 million, including consultancy charges of £4.9 million, following a management delayering project, together with a write back of £2.0 million relating to contingent consideration required to be treated as remuneration.

The Group's tax charge includes a related credit of £23.6 million in relation to these items.

An analysis of the depreciation of property, plant and equipment and investment property, research costs, investment revenue, and finance costs by segment is as follows: Audited year ended 30 September 2014 Depreciation Research costs Investment revenue Net finance of property, costs plant and equipment and investment property

Note £m £m0.0 £m0.0 RMS (5.5) (39.0) 0.1 – dmg information (8.0) (3.3) 0.2 1.1 dmg events (0.5) (0.4) 0.1 – Euromoney (2.9) (9.8) 0.2 (1.0) dmg media (17.6) (2.0) – (1.4) (34.5) (54.5) 0.6 (1.3) Corporate costs (0.3) – 9.5 (79.0) (34.8) (54.5) 10.1 (80.3) Relating to discontinued operations 20 0.7 – – – Continuing operations (34.1) (54.5) 10.1 (80.3)

Page 36 DMGT plc For the 6 months ended 31 March 2015 NOTES 2 SEGMENT ANALYSIS - CONTINUED The Group's revenue comprises sales excluding value added tax, less discounts and commission, where applicable, and is analysed as follows: Unaudited 6 months ended 31 March 2015 Total Discontinued Inter-segment Continuing operations operations Note 20 £m £m £m £m Sale of goods 352.9 (2.7) – 350.2 Rendering of services 569.3 – (0.4) 568.9 922.2 (2.7) (0.4) 919.1

Unaudited 6 months ended 31 March 2014 Total Discontinued Inter-segment Continuing operations operations Note 20 £m £m £m £m Sale of goods 354.8 (37.6) – 317.2 Rendering of services 577.3 – (0.9) 576.4 932.1 (37.6) (0.9) 893.6

Audited year ended 30 September 2014 Total Discontinued Inter-segment Continuing operations operations Note 20 £m £m £m £m Sale of goods 703.1 (53.2) – 649.9 Rendering of services 1,162.8 – (1.5) 1,161.3 1,865.9 (53.2) (1.5) 1,811.2

The Group includes circulation and subscriptions revenue within sales of goods, the remainder of the Group's revenue, excluding investment revenue is included within rendering of services. Investment revenue is shown in note 5 and finance income in note 6.

By geographic area The majority of the Group's operations are located in the United Kingdom, North America, rest of Europe, and Australia.

The analysis below is based on the location of companies in these regions. Export sales and related profits are included in the areas from which those sales are made.

Unaudited 6 months ended 31 March 2015 Total Discontinued Continuing operations operations Note 20 £m £m £m UK 527.8 (2.7) 525.1 North America 296.9 – 296.9 Rest of Europe 19.5 – 19.5 Australia 7.8 – 7.8 Rest of the World 69.8 – 69.8 921.8 (2.7) 919.1

Unaudited 6 months ended 31 March 2014 Total Discontinued Continuing operations operations Note 20 £m £m £m UK 541.0 (22.8) 518.2 North America 284.4 (1.6) 282.8 Rest of Europe 36.5 (12.8) 23.7 Australia 7.8 (0.4) 7.4 Rest of the World 61.5 – 61.5 931.2 (37.6) 893.6

Audited year ended 30 September 2014 Total Discontinued Continuing operations operations Note 20 £m £m £m UK 1,109.9 (38.5) 1,071.4 North America 582.4 (1.5) 580.9 Rest of Europe 54.6 (12.8) 41.8 Australia 18.5 (0.4) 18.1 Rest of the World 99.0 – 99.0 1,864.4 (53.2) 1,811.2

The analysis below is based on the geographic location of customers in these regions.

Unaudited 6 months ended 31 March 2015 Total Discontinued Continuing operations operations Note 20 £m £m £m UK 475.3 (2.7) 472.6 North America 263.4 – 263.4 Rest of Europe 81.0 – 81.0 Australia 11.6 – 11.6 Rest of the World 90.5 – 90.5 921.8 (2.7) 919.1

Unaudited 6 months ended 31 March 2014 Total Discontinued Continuing operations operations Note 20 £m £m £m UK 483.9 (22.1) 461.8 North America 244.9 (2.1) 242.8 Rest of Europe 103.8 (12.0) 91.8 Australia 11.5 (0.4) 11.1 Rest of the World 87.1 (1.0) 86.1 931.2 (37.6) 893.6

Audited year ended 30 September 2014 Total Discontinued Continuing operations operations Note 20 £m £m £m UK 991.9 (37.8) 954.1 North America 473.2 (2.1) 471.1 Rest of Europe 186.2 (11.8) 174.4 Australia 24.0 (0.5) 23.5 Rest of the World 189.1 (1.0) 188.1 1,864.4 (53.2) 1,811.2

Page 37 DMGT plc For the 6 months ended 31 March 2015 NOTES

3 SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m £m Share of profits from operations of joint ventures (i) (0.3) 9.4 11.7 Share of profits from operations of associates (ii) 14.7 7.3 19.5 Share of profits before exceptional operating costs, amortisation, impairment of goodwill, interest and tax 14.4 16.7 31.2 Share of exceptional operating costs of joint ventures – (0.8) (0.8) Share of exceptional operating costs of associates (1.8) (1.1) (3.9) Share of amortisation of intangibles arising on business combinations of joint ventures (0.1) (1.6) (2.1) Share of amortisation of intangibles arising on business combinations of associates (4.2) (1.5) (3.7) Share of joint ventures' interest payable – – (0.1) Share of associates' interest payable (0.2) (0.2) (0.3) Share of joint ventures' tax – (2.2) (3.0) Share of associates' tax (1.8) (0.8) (2.2) Impairment of carrying value of joint ventures (iii) (1.8) (0.7) (0.4) Impairment of carrying value of associates (iv) – – (0.4) Share of results of joint ventures and associates 4.5 7.8 14.3

Share of results from operations of joint ventures (0.4) 4.8 5.7 Share of results from operations of associates 6.7 3.7 9.4 Impairment of carrying value of joint venture (1.8) (0.7) (0.4) Impairment of carrying value of associates – – (0.4) Share of results of joint ventures and associates 4.5 7.8 14.3

(i) Share of operating profits from joint ventures includes £nil (2014 £9.8 million) from the Group's interest in Zoopla in the dmg media segment.

Following the IPO of Zoopla during the prior year the Group disposed of 38.9% of its 52.1% holding in Zoopla. The Group's remaining 31.8% holding is now classified within associates.

(ii) Share of operating profits from associates includes £6.8 million (2014 £nil) from the Group's interest in Zoopla and £7.8 million (2014 £7.4 million) from the Group's interest in Local World in the dmg media segment.

(iii) Represents a write down in the carrying value of Artirix in the dmg media segment. In the prior periods, relates to a write down in the carrying value of Mail Today in the dmg media segment. (iv) In the prior year represents a write down in the carrying value of the Group's investment in Global Grain Pte Ltd in the Euromoney segment.

4 OTHER GAINS AND LOSSES Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m £m Profit/(loss) on disposal of available-for-sale investments (i) 45.2 – (0.4) Impairment of available-for-sale assets (1.0) – – Profit on disposal of property, plant and equipment 3.4 – 1.3 Amounts released against contingent consideration receivable on disposal – – 4.0 Profit/(loss) on disposal of businesses 19, (ii) 6.1 (0.6) 5.1 Recycled cumulative translation differences 19, (ii) 5.3 – 0.5 Gain on change in control (iii) 15.5 4.8 4.6 Profit on disposal of joint ventures and associates (iv) 3.7 – 123.8 78.2 4.2 138.9

(i) Principally relates to a £45.5 million profit on disposal of Capital DATA Ltd within the Euromoney segment. The consideration received was £13.5 million zero coupon preference shares, together with £37.8 million ordinary shares (representing 15.5%) in Diamond TopCo Ltd ("Dealogic"). The consideration received in the form of ordinary shares is restricted by £5.8 million, representing an adjustment for the percentage of Euromoney's 15.5% ownership in Dealogic. The original investment in Capital DATA Ltd was accounted for as an available-for-sale investment with a carrying value of £nil.

(ii) Principally relates to a £7.6 million profit on disposal of Lewtan in the dmg information segment, together with a £2.5 million profit on disposal of various newsletter publications and website services titles within the Euromoney segment, inclusive of recycled cumulative translation differences.

(iii) During the period the Group increased its interests in Petrotranz Inc. and Commodity Vectors Ltd, both held by the dmg information segment, and obtained control. During the prior period the Group increased its interest in Xceligent Inc., also held by the dmg information segment and obtained control. In accordance with IFRS 3, Business Combinations, the difference between the fair value of these investments and their carrying value at the date control passed to the Group has been treated as a gain during the relevant period.

(iv) Principally relates to a £2.9 million profit on disposal of Capital NET Ltd within the Euromoney segment, together with a £0.6 million profit on disposal of Cougar Software Pty Ltd in the dmg information segment. In the prior year, following the IPO of Zoopla the Group disposed of 38.9% of its 52.1% holding in Zoopla. The Group's remaining 31.8% holding is now classified within associates.

Page 38 DMGT plc For the 6 months ended 31 March 2015 NOTES

5 INVESTMENT REVENUE Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m0 £m0 Dividend income - Other – – 0.1 Dividend income - Press Association (i) – – 9.3 Interest receivable from short-term deposits 0.5 0.3 0.7 0.5 0.3 10.1

(i) Relates to a distribution following the Press Association's disposal of its investment in MeteoGroup.

6 NET FINANCE COSTS Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m0 £m0 Interest, arrangement and commitment fees payable on bonds, bank loans and loan notes (16.9) (25.4) (50.9) Premium on bond redemption (i) (39.9) (24.4) (24.4) Loss on derivatives, or portions thereof, not designated for hedge accounting (1.5) – – Finance charge on defined benefit pension schemes (4.1) (4.0) (7.6) Change in fair value of derivative hedge of bond 4.9 (1.1) (0.8) Change in fair value of hedged portion of bond (4.9) 1.1 0.8 Finance charge on discounting of contingent consideration payable (ii) (0.5) (0.9) (1.4) Fair value movement of undesignated financial instruments (5.9) – – Fair value movement of contingent consideration receivable (0.2) – (0.4) Fair value movement of contingent consideration payable (0.8) – – Change in fair value of acquisition put options – (0.3) – Finance costs (69.8) (55.0) (84.7)

Profit on derivatives, or portions thereof, not designated for hedge accounting – 0.4 1.0 Finance income on discounting of contingent consideration receivable (ii) 0.1 – 0.1 Fair value movement of contingent consideration payable – 1.5 1.1 Fair value movement of undesignated financial instruments – 0.9 0.9 Change in fair value of acquisition put options 5.0 – 1.3 Finance income 5.1 2.8 4.4

Net finance costs (64.7) (52.2) (80.3)

(i) On 22 September 2014 the Company announced its invitation to holders of its outstanding £165.0 million 2021 bonds and its outstanding £349.7 million 2018 bonds to tender their bonds for purchase by the Company for cash. On 30 September 2014 the Company announced the results and cash price payable of validly tendered 2018 and 2021 bonds. The total cash price payable by the Company amounted to £193.1 million, including a premium of £39.9 million, which was paid on 1 October 2014.

In December 2013 the Group bought back £49.7 million notional of its 2018 bonds and £149.2 million notional of its 2021 bonds incurring a premium of £24.4 million. The total cash price paid by the Company amounted to £131.2 million.

(ii) The finance income/(charge) on the discounting of contingent consideration arises from the requirement under IFRS 3, Business Combinations, to record contingent consideration at fair value using a discounted cash flow approach.

7 TAX Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m0 £m0 The charge on the profit for the period consists of: UK tax Corporation tax at 20.5 % (2014 22.0 %) (5.0) (3.0) (3.1) Adjustments in respect of prior years – 1.7 2.5 (5.0) (1.3) (0.6) Overseas tax Corporation tax (13.1) (7.3) (25.4) Adjustments in respect of prior years (0.3) (0.2) 0.5 (13.4) (7.5) (24.9) Total current tax (18.4) (8.8) (25.5) Deferred tax Origination and reversals of temporary differences 11.3 (16.8) 4.1 Adjustments in respect of prior years (0.2) 1.1 (0.1) Total deferred tax 11.1 (15.7) 4.0

Total tax charge (7.3) (24.5) (21.5) Tax charge relating to discontinued operations 20 – 1.9 3.2 (7.3) (22.6) (18.3)

Adjusted tax on profits before amortisation and impairment of intangible assets, restructuring costs and non-recurring items (adjusted tax charge) amounted to a charge of £20.5 million (2014 £29.5 million) and the resulting effective rate is 14.1% (2014 19.5%). The differences between the tax charge and the adjusted tax charge are shown in the reconciliation below:

Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

£m £m0.0 £m0.0 Total tax charge on the profit for the year (7.3) (24.5) (21.5) Share of tax in joint ventures and associates (1.8) (3.0) (5.2) Deferred tax on intangible assets (2.4) (5.2) (5.3) Tax on other adjusting items (9.0) 3.2 (26.6) Adjusted tax charge on the profit for the year (20.5) (29.5) (58.6)

In calculating the adjusted tax rate, the Group excludes the potential future deferred tax effects of intangible assets (other than internally generated and acquired computer software) as it prefers to give the users of its accounts a view of the tax charge based on the current status of such items.

Page 39 DMGT plc For the 6 months ended 31 March 2015 NOTES

8 DIVIDENDS PAID Unaudited 6 Unaudited 6 Unaudited 6 Unaudited 6 Audited year ended Audited year ended months ended months ended months ended months ended 30 September 2014 30 September 2014 31 March 2015 31 March 2015 31 March 2014 31 March 2014

Pence per Pence per share £m share £m Pence per share £m Amounts recognisable as distributions to equity holders in the period Ordinary shares - final dividend for the year ended 30 September 2014 14.2 2.8 – – – – ‘A’ Ordinary Non-Voting shares - final dividend for the year ended 30 September 2014 14.2 48.9 – – – – Ordinary shares - final dividend for the year ended 30 September 2013 – – 13.3 2.6 13.3 2.6 ‘A’ Ordinary Non-Voting shares - final dividend for the year ended 30 September 2013 – – 13.3 47.0 13.3 47.0 51.7 49.6 49.6 Ordinary shares - interim dividend for the year ended 30 September 2014 – – – – 6.2 1.3 ‘A’ Ordinary Non-Voting shares - interim dividend for the year ended 30 September 2014 – – – – 6.2 21.9 – – 23.2 51.7 49.6 72.8

The Board has declared an interim dividend of 6.5 p per Ordinary / 'A' Ordinary Non-Voting share (2014 6.2 p) which will absorb an estimated £23.6 million (2014 £23.2 million) of shareholders' equity for which no liability has been recognised in these financial statements. It will be paid on 3 July 2015 to shareholders on the register at the close of business on 5 June 2015.

9 ADJUSTED PROFIT Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

£m £m0.0 £m0 Profit before tax - continuing operations 126.7 81.6 267.0 Profit/(loss) before tax - discontinued operations 1.1 (5.7) (2.2) Adjust for: Amortisation of intangible assets in Group profit from operations arising on business combinations - continuing operations 19.1 18.4 36.7 Amortisation of intangible assets in Group profit from operations arising on business combinations - discontinued operations – 1.2 1.4 Amortisation of intangible assets in joint ventures and associates arising on business combinations - continuing operations 4.3 3.1 5.8 Impairment of goodwill and intangible assets arising on business combinations - continuing operations 7.8 – 3.6 Impairment of goodwill and intangible assets arising on business combinations - discontinued operations – 14.0 15.2 Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property - 13.5 12.1 71.9 continuing operations Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property - – (1.4) 0.1 discontinued operations Share of exceptional operating costs of joint ventures – 0.8 0.8 Share of exceptional operating costs of associates 1.8 1.1 3.9 Impairment of carrying value of joint ventures - continuing operations 1.8 0.7 0.4 Impairment of carrying value of associates - continuing operations – – 0.4 Other gains and losses: (Profit)/loss on disposal of available-for-sale investments (45.2) – 0.4 (Profit) on disposal of property, plant and equipment (3.4) – (1.3) Amounts released against contingent consideration receivable on disposal – – (4.0) (Profit)/loss on disposal of businesses and recycled cumulative translation differences (11.4) 0.6 (5.6) Gain on change in control (15.5) (4.8) (4.6) Impairment of available-for-sale assets 1.0 – – (Profit) on disposal of joint ventures and associates (3.7) – (123.8) Investment revenue: Dividend income - Press Association – – (9.3) Finance costs: Premium on bond redemption 39.9 24.4 24.4 Finance charge on defined benefit pension schemes 4.1 4.0 7.6 Fair value movement of undesignated financial instruments 5.9 (0.9) (0.9) Change in fair value of acquisition put options (5.0) 0.3 (1.3) Fair value movement of contingent consideration payable 0.8 (1.5) (1.1) Fair value movement of contingent consideration receivable 0.2 – 0.4 Tax: Share of tax in joint ventures and associates - continuing operations 1.8 3.0 5.2 Adjusted profit before tax and non-controlling interests 145.6 151.0 291.1 Total tax charge on the profit for the year (7.3) (24.5) (21.5) Adjust for: Share of tax in joint ventures and associates (1.8) (3.0) (5.2) Deferred tax on intangible assets (2.4) (5.2) (5.3) Tax on other adjusting items (9.0) 3.2 (26.6) Non-controlling interests (11.1) (11.7) (25.1) Adjusted profit after taxation and non-controlling interests 114.0 109.8 207.4

The adjusted non-controlling interests' share of profits for the period of £11.1 million (2014 £11.7 million) is stated after eliminating a charge of £11.8 million (2014 credit £3.1 million), being the non-controlling interests' share of adjusting items.

Page 40 DMGT plc For the 6 months ended 31 March 2015 NOTES

10 EARNINGS PER SHARE Basic earnings per share of 40.4 p (2014 21.6 p) and diluted earnings per share of 39.5 p (2014 21.3 p) are calculated, in accordance with IAS 33, Earnings per share, on Group profit for the financial period of £96.5 million (2014 £50.4 million) as adjusted for the effect of dilutive ordinary shares of £0.2 million (2014 £0.1 million) and earnings from discontinued operations of £50.4 million (2014 £30.3 million) and on the weighted average number of ordinary shares in issue during the period, as set out below.

As in previous years, adjusted earnings per share have also been disclosed since the Directors consider that this alternative measure gives a more comparable indication of the Group's underlying trading performance. Adjusted earnings per share of 31.4 p (2014 29.4 p) are calculated on profit for continuing and discontinued operations before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business combinations, other gains and losses and exceptional financing costs after taxation and non-controlling interests associated with those profits, of £114.0 million (2014 £109.8 million), as set out in note 9 above, and on the basic weighted average number of ordinary shares in issue during the period.

Unaudited 6 Unaudited 6 Audited year Unaudited 6 Unaudited 6 months Audited year ended months ended months ended ended months ended ended 30 September 2014 31 March 2015 31 March 2014 30 September 31 March 2015 31 March 2014 2014

Diluted earnings Diluted0.0 Diluted0 Basic earnings Basic earnings0.0 Basic earnings0 earnings earnings

£m £m £m £m £m £m Earnings from continuing operations 96.5 50.4 228.6 96.5 50.4 228.6 Effect of dilutive ordinary shares (0.2) (0.1) (0.7) – – – Earnings from discontinued operations 50.4 30.3 34.3 50.4 30.3 34.3 146.7 80.6 262.2 146.9 80.7 262.9

Adjusted earnings from continuing and discontinued operations 114.0 109.8 207.4 114.0 109.8 207.4 Effect of dilutive ordinary shares (0.2) (0.1) (0.7) – – – 113.8 109.7 206.7 114.0 109.8 207.4

Diluted Diluted0.0 Diluted0 Basic Basic0.0 Basic0 pence pence pence pence pence pence per share per share per share per share per share per share Earnings per share from continuing operations 26.0 13.3 60.4 26.5 13.5 61.4 Effect of dilutive ordinary shares (0.1) – (0.2) – – – Earnings per share from discontinued operations 13.6 8.0 9.1 13.9 8.1 9.2 Earnings per share from continuing and discontinued operations 39.5 21.3 69.3 40.4 21.6 70.6

Adjusted earnings per share from continuing and discontinued operations 30.8 28.9 54.8 31.4 29.4 55.7 Effect of dilutive ordinary shares (0.1) – (0.2) – – – Adjusted earnings per share from continuing and discontinued operations 30.7 28.9 54.6 31.4 29.4 55.7

The weighted average number of ordinary shares in issue during the period for the purpose of these calculations is as follows: Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Number m Number m Number m Number of Ordinary shares in issue 378.0 393.7 393.8 Own shares held (14.4) (20.3) (21.4) Basic earnings per share denominator 363.6 373.4 372.4 Effect of dilutive share options 7.0 6.3 5.8 Dilutive earnings per share denominator 370.6 379.7 378.2

11 GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill Other Intangibles Note £m £m Cost At 30 September 2013 796.3 753.9 Additions from business combinations 59.2 61.4 Other additions – 4.6 Internally generated – 41.4 Disposals (3.5) (19.6) Classified as held-for-sale (10.9) (23.4) Reclassifications – 0.4 Exchange adjustment (12.0) (13.2) At 31 March 2014 829.1 805.5 At 30 September 2013 796.3 753.9 Additions from business combinations 95.3 90.1 Other additions – 4.6 Internally generated – 71.8 Disposals (14.5) (48.3) Classified as held-for-sale (58.7) (29.2) Reclassifications – (1.6) Exchange adjustment (1.1) 0.1 At 30 September 2014 817.3 841.4 Additions from business combinations 18 72.2 27.2 Other additions – 2.2 Internally generated – 26.4 Adjustment to previous year estimate of contingent consideration (0.4) – Disposals (9.9) (14.7) Exchange adjustment 38.3 44.3 At 31 March 2015 917.5 926.8

Page 41 DMGT plc For the 6 months ended 31 March 2015 NOTES

11 GOODWILL AND OTHER INTANGIBLE ASSETS - CONTINUED

Goodwill Other Intangibles £m £m Accumulated amortisation and impairment At 30 September 2013 64.8 428.6 Amortisation – 26.6 Impairment 6.6 7.7 Disposals – (18.0) Classified as held-for-sale (6.6) (13.1) Reclassifications – 0.1 Exchange adjustment (0.1) (5.7) At 31 March 2014 64.7 426.2 At 30 September 2013 64.8 428.6 Amortisation – 52.4 Impairment 11.6 53.1 Disposals (8.1) (35.9) Classified as held-for-sale (15.6) (17.7) Reclassifications – (1.1) Exchange adjustment – 1.3 At 30 September 2014 52.7 480.7 Amortisation – 29.2 Impairment 7.8 – Disposals (9.9) (14.2) Exchange adjustment 1.1 23.7 At 31 March 2015 51.7 519.4 Net book value – 30 September 2013 731.5 325.3 Net book value – 31 March 2014 764.4 379.3 Net book value – 30 September 2014 764.6 360.7 Net book value – 31 March 2015 865.8 407.4

The Group tests goodwill annually for impairment, or more frequently if there are indicators that goodwill might be impaired. Intangible assets, all of which have finite lives, are tested separately from goodwill only where impairment indicators exist. The total impairment charge recognised for the period was £7.8 million relating to certain businesses in the Euromoney segment. There is no tax credit associated with this impairment charge.

The total impairment charge recognised for the prior period was £14.3 million which related largely to certain recruitment businesses in the dmg media segment. There was a £2.3 million tax credit associated with this impairment charge.

When testing for impairment, the recoverable amounts for all of the Group's cash-generating units ("CGUs") are measured at the higher of value in use and fair value less costs to sell. Value in use is calculated by discounting future expected cash flows. These calculations use cash flow projections based on management approved budgets and projections which reflect management's current experience and future expectations of the markets in which the CGU operates. Risk adjusted pre-tax discount rates used by the Group in its impairment tests range from 9.5% to 21.7% (2014 7.5% to 17.2%), the choice of rates depending on the risks specific to that CGU. The Group's estimate of the weighted average cost of capital is 9.5% (2014 8.5%). The cash flow projections consist of Board approved budgets for the following year, three year plans and long-term growth rates beyond this period. The long-term growth rates range between 0.0% and 3.0% (2014 0.0% and 3.0%) and vary with management's view of the CGU's market position, maturity of the relevant market and do not exceed the long-term average growth rate for the market in which the CGU operates.

12 PROPERTY, PLANT AND EQUIPMENT During the period the Group spent £18.1 million (2014 £13.1 million) on property, plant and equipment and disposed certain of its property, plant and equipment with a carrying value of £14.9 million for proceeds of £16.7 million (2014 £11.0 million).

13 EBITDA AND NET CASH FROM OPERATING ACTIVITIES

Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

Note £m £m £m Continuing operations Operating profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of property, plant and equipment and investment property 2 148.6 152.0 296.2

Non exceptional depreciation charge 2 15.4 16.3 34.1 Amortisation of internally generated and acquired computer software 2 10.1 7.0 13.8 Operating profits from joint ventures and associates 3 14.4 16.7 31.2 Dividend income 5 – – 0.1 Discontinued operations Operating profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of acquired intangible assets arising on business combinations and impairment of property, plant and equipment and investment property 20 1.1 8.1 14.5

Non exceptional depreciation charge 20 – 0.6 0.7 Amortisation of internally generated and acquired computer software 20 – – 0.5 EBITDA 189.6 200.7 391.1

Adjustments for: Share-based payments 10.0 3.4 10.3 Loss on disposal of property, plant and equipment 1.6 – 5.3 Pension charge less than cash contributions 2 (0.7) (0.6) (0.9) Share of profits from joint ventures and associates (14.4) (16.7) (31.2) Exceptional operating costs (11.9) (10.4) (25.5) Dividend income – – (0.1)

(Increase)/decrease in inventories (0.8) 4.2 1.1 Increase in trade and other receivables (23.3) (17.8) (3.2) Decrease in trade and other payables (46.3) (53.2) (48.2) Decrease in provisions (0.4) (7.2) (6.3) Additional payments into pension schemes (38.0) (43.7) (49.9) Cash generated by operations 65.4 58.7 242.5

Taxation paid (16.1) (16.0) (27.3) Taxation received 2.7 3.5 3.2 Net cash from operating activities 52.0 46.2 218.4

Page 42 DMGT plc For the 6 months ended 31 March 2015 NOTES

14 ANALYSIS OF NET DEBT The analysis of net debt below is calculated using period end exchange rates. The Group's bank facilities require net debt to be measured using average rates for the period, resulting in net debt for bank covenant purposes of £735.7 million (2014 £802.1 million).

Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Net debt at start of period (603.0) (587.8) (587.8) Cash flow (122.3) (200.6) (11.2) Arising with acquisitions – (1.2) (3.0) Fair value hedging arrangements (4.9) 1.1 0.8 Foreign exchange movements (19.3) (5.1) 0.2 Other non-cash movements (1.2) (1.3) (2.0) Net debt at period end (750.7) (794.9) (603.0)

Analysed as: Cash and cash equivalents 6.4 28.2 28.5 Cash and cash equivalents included within assets held for resale 0.8 2.2 0.5 7.2 30.4 29.0 Bank overdrafts (0.4) – – Cash and cash equivalents in the Condensed Consolidated Cash Flow Statement 6.8 30.4 29.0 Debt due within one year: Bonds – – (153.2) Loan notes (3.0) (2.2) (2.9) Finance lease obligations (0.2) (0.2) (0.2) Debt due in more than one year: Bonds (421.7) (567.7) (415.6) Bank loans (332.4) (255.0) (59.9) Finance lease obligations (0.2) (0.2) (0.2) Net debt at period end (750.7) (794.9) (603.0) Effect of derivatives on bank loans (3.2) 2.0 0.2 Net debt including derivatives - closing rate (753.9) (792.9) (602.8) Net debt including derivatives - average rate (735.7) (802.1) (597.4)

The net cash outflow of £122.3 million (2014 £200.6 million) includes a cash outflow of £6.4 million (2014 £15.5 million) in respect of operating exceptional items.

15 BORROWINGS Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Current liabilities Bank overdrafts 0.4 – – Bonds (i) – – 153.2 Loan notes 3.0 2.2 2.9 Finance lease obligations 0.2 0.2 0.2 3.6 2.4 156.3

Non-current liabilities Bonds (i) 421.7 567.7 415.6 Bank loans 332.4 255.0 59.9 Finance lease obligations 0.2 0.2 0.2 754.3 822.9 475.7

Page 43 DMGT plc For the 6 months ended 31 March 2015 NOTES

16 BANK LOANS During the period the Group increased its committed bank facilities by £50.0 million on terms which are substantially the same as those of existing facilities.

The Group's total committed bank facilities amount to £572.0 million. Of these facilities £195.0 million are denominated in Sterling and £377.0 million (US$ 558.0 million) are denominated in US dollars. Drawings are permitted in all major currencies.

The Group's bank loans bear interest charged at LIBOR plus a margin. The margin varies by bank and is based on the Group's ratio of net debt to EBITDA or the Group's credit rating. Additionally each facility contains a covenant based on a minimum interest cover ratio. EBITDA for these purposes is defined as the aggregate of the Group's consolidated operating profit including share of results of joint ventures and associates before deducting depreciation, amortisation and impairment of goodwill, intangible and tangible assets, before exceptional items and before interest and finance charges and is calculated in note 13 above. These covenants were met at the relevant test dates during the period.

The Group's internal target of Net Debt to EBITDA cover is no greater than 2.0 times whilst the limit imposed by its bank covenants is no greater than 3.75 times. The bank covenant ratio uses the average exchange rate in the calculation of net debt. On a bank covenant basis, using average exchange rates to calculate net debt and EBITDA, the Group's net debt to EBITDA ratio as at 31 March 2015 was 1.94 times (31 March 2014 2.04 times, 30 September 2014 1.53 times).

The Group's committed bank facilities and their maturity dates are as follows: Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Expiring in more than three years but not more than four years 572.0 – – Expiring in more than four years but not more than five years – 479.5 489.4 Total bank facilities 572.0 479.5 489.4

The following undrawn committed borrowing facilities were available to the Group in respect of which all conditions precedent had been met: Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Expiring in more than three years but not more than four years 237.5 – – Expiring in more than four years but not more than five years – 223.3 429.5 Total undrawn committed bank facilities 237.5 223.3 429.5

17 FINANCIAL ASSETS AND LIABILITIES The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable:

Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Unaudited at 31 March 2015 Level 1 Level 2 Level 3 Total Note £m £m £m £m Financial assets Available-for-sale financial assets – – 3.9 3.9 Fair value through profit and loss Derivative instruments not designated in hedge accounting relationships – 2.0 – 2.0 Provision for contingent consideration receivable – – 3.0 3.0 Derivative instruments in designated hedge accounting relationships – 24.8 – 24.8 – 26.8 6.9 33.7 Financial liabilities Fair value through profit and loss Acquisition put options (i) – – (52.7) (52.7) Derivative instruments not designated in hedge accounting relationships – (19.2) – (19.2) Provision for contingent consideration – – (13.0) (13.0) Derivative instruments in designated hedge accounting relationships – (13.7) – (13.7) – (32.9) (65.7) (98.6)

Unaudited at 31 March 2014 Level 1 Level 2 Level 3 Total £m £m £m £m Financial assets Available-for-sale financial assets – – 3.6 3.6 Fair value through profit and loss Derivative instruments not designated in hedge accounting relationships – 1.4 – 1.4 Provision for contingent consideration receivable – – 1.2 1.2 Derivative instruments in designated hedge accounting relationships – 25.6 – 25.6 – 27.0 4.8 31.8 Financial liabilities Fair value through profit and loss Acquisition put options – – (15.5) (15.5) Derivative instruments not designated in hedge accounting relationships – (13.4) – (13.4) Provision for contingent consideration – – (20.8) (20.8) Derivative instruments in designated hedge accounting relationships – (7.8) – (7.8) – (21.2) (36.3) (57.5)

(i) During the period £21.2 million (2014 £nil) representing the fair value of written put options were granted to non-controlling interests and this has been recorded as a reduction in equity on initial recognition, as the arrangement represents a transaction with equity holders. Changes in fair value after initial recognition are recorded in the Consolidated Income Statement.

Page 44 DMGT plc For the 6 months ended 31 March 2015 NOTES

17 FINANCIAL ASSETS AND LIABILITIES (Continued) Audited at 30 September 2014 Level 1 Level 2 Level 3 Total £m £m £m £m Financial assets Available-for-sale financial assets – – 6.8 6.8 Fair value through profit and loss Derivative instruments not designated in hedge accounting relationships – 1.1 – 1.1 Provision for contingent consideration receivable – – 2.7 2.7 Derivative instruments in designated hedge accounting relationships – 21.8 – 21.8 – 22.9 9.5 32.4 Financial liabilities Fair value through profit and loss Currency derivatives held for trading Acquisition put options – – (34.3) (34.3) Derivative instruments not designated in hedge accounting relationships – (13.3) – (13.3) Provision for contingent consideration – – (20.2) (20.2) Derivative instruments in designated hedge accounting relationships – (4.7) – (4.7) – (18.0) (54.5) (72.5)

There were no transfers between categories in the period. The key input into the significant level 3 financial liabilities is the future profitability of the businesses to which the acquisition put options relate. The range of possible outcomes for the fair value of these options is £36.3 million to £150.8 million (2014 £1.2 million to £101.1 million).

A one percentage point increase or decrease in the growth rate used in estimating the expected profits, results in the acquisition commitment and deferred consideration liability at 31 March 2015 increasing or decreasing by £0.5 million and £0.5 million respectively (2014: £0.3 million and £0.4 million) with the corresponding change to the value at 31 March 2015 charged or credited to the Income Statement in future periods.

Reconciliation of level 3 fair value measurement of financial liabilities: Note £m Audited at 30 September 2013 (42.0) Cash paid to settle contingent consideration in respect of acquisitions 18 4.3 Cash paid on exercise of acquisition put option commitments 18 0.2 Change in fair value of contingent consideration in income 6 1.5 Change in fair value of acquisition put option commitments in income 6 (0.3) Finance charge on discounting of contingent consideration 6 (0.9) Additions to contingent consideration (2.4) Contingent consideration owned by subsidiaries acquired (0.8) Owned by subsidiaries disposed 3.3 Exchange adjustment 0.8 Unaudited at 31 March 2014 (36.3) Audited at 30 September 2013 (42.0) Cash paid to settle contingent consideration in respect of acquisitions 18 5.1 Cash paid on exercise of acquisition put option commitments 18 0.4 Change in fair value of contingent consideration in income 6 1.1 Change in fair value of acquisition put option commitments in income 6 1.3 Finance charge on discounting of contingent consideration 6 (1.4) Additions to contingent consideration (2.6) Initial recording of put options granted to non-controlling interests in subsidiaries (19.9) Contingent consideration owned by subsidiaries acquired (0.8) Release of contingent consideration payments made in advance in prior year 4.5 Exchange adjustment (0.2) Audited at 30 September 2014 (54.5) Cash paid to settle contingent consideration in respect of acquisitions 18 14.2 Cash paid on exercise of acquisition put option commitments 18 0.1 Change in fair value of contingent consideration in income 6 (0.8) Change in fair value of acquisition put option commitments in income 6 5.0 Finance charge on discounting of contingent consideration 6 (0.5) Additions to contingent consideration 18 (5.4) Initial recording of put options granted to non-controlling interests in subsidiaries (21.2) Adjustment to goodwill 11 0.4 Exchange adjustment (3.0) Unaudited at 31 March 2015 (65.7)

Page 45 DMGT plc For the 6 months ended 31 March 2015 NOTES

18 SUMMARY OF THE EFFECTS OF ACQUISITIONS On 30 January 2015, the dmg media segment acquired 100% of Elite Daily, Inc. ("Elite Daily") for US$27.4 million. Elite Daily operates elitedaily.com, a news and entertainment website focusing on the 18-34 demographic.

Provisional fair value of net assets acquired with Elite Daily: Book value Provisional fair value Provisional fair value adjustments

£m £m £m Goodwill – 18.7 18.7 Intangible assets – 5.0 5.0 Trade and other receivables 1.1 – 1.1 Trade and other payables (5.1) – (5.1) Deferred tax – (2.0) (2.0) Group share of net assets acquired (4.0) 21.7 17.7

Cost of acquisition: Non-cash Cash paid in current Total period

£m £m £m Contingent consideration 1.8 – 1.8 Cash – 15.9 15.9 Total consideration at fair value 1.8 15.9 17.7

Elite Daily contributed £0.8 million to the Group's revenue, a loss of £0.3 million to the Group's operating profit and a loss of £0.3 million to the Group's profit after tax for the period between the date of acquisition and 31 March 2015.

On 6 November 2014, the dmg information segment acquired an additional 17.1% of the preferred equity in Petrotranz, Inc. for consideration of C$18.2 million. The Group now owns 50.4% of the preferred equity and having obtained control has treated the difference between the fair value and the carrying value of the investment at the point of obtaining control as a gain during the period (note 4)

Provisional fair value of net assets acquired with Petrotranz, Inc.: Book value Provisional fair value Provisional fair value adjustments £m £m £m Goodwill – 26.9 26.9 Intangible assets – 10.4 10.4 Trade and other receivables 1.4 – 1.4 Cash and cash equivalents 0.9 – 0.9 Trade and other payables (0.9) – (0.9) Deferred tax – (3.9) (3.9) Net assets acquired 1.4 33.4 34.8 Non-controlling interest share of net assets acquired (5.8) Group share of net assets acquired 29.0

Cost of acquisition: Non-cash Cash paid in current Total year £m £m £m Fair value of investment in associate on acquisition of control 19.1 – 19.1 Cash – 9.9 9.9 Total consideration at fair value 19.1 9.9 29.0

Petrotranz, Inc contributed £1.8 million to the Group's revenue, £1.0 million to the Group's operating profit and £0.7 million to the Group's profit after tax for the period between the date of acquisition and 31 March 2015.

Page 46 DMGT plc For the 6 months ended 31 March 2015 NOTES

18 SUMMARY OF THE EFFECTS OF ACQUISITIONS (Continued) On 18 February 2015 the dmg information segment acquired 100% of Starfish Retention Solutions, Inc. ("Starfish") for consideration of US$38.0 million. Starfish provides software as a service solutions which enable higher education institutions to leverage student data.

Provisional fair value of net assets acquired with Starfish: Book value Provisional fair value Provisional fair value adjustments £m £m £m Goodwill – 21.7 21.7 Intangible assets – 8.1 8.1 Trade and other receivables 0.6 – 0.6 Cash and cash equivalents 3.9 – 3.9 Trade and other payables (7.6) – (7.6) Deferred tax – (2.2) (2.2) Group share of net assets/(liabilities) acquired (3.1) 27.6 24.5

Cost of acquisition: Cash paid in current Total year £m £m Cash 24.5 24.5 Total consideration at fair value 24.5 24.5

Starfish contributed £0.5 million to the Group's revenue, £nil to the Group's operating profit and £nil to the Group's profit after tax for the period between the date of acquisition and 31 March 2015.

A summary of all notable acquisitions completed during the period is as follows: Name of acquisition Segment Business description % voting rights Date of Consideration Intangible assets Goodwill arising acquired acquisition acquired

£m £m £m Petrotranz Inc. dmg information Operator of web-based 50.4% November 2014 29.0 10.4 26.9 platform providing automation to the oil and natural gas industries

Energy Fundamentals GmbH dmg information Provider of energy market 100.0% November 2014 3.4 2.2 1.8 analysis

Elite Daily Inc. dmg media News and entertainment 100.0% January 2015 17.7 5.0 18.7 website publisher

Starfish Retention Solutions Inc. dmg information Provider of education 100.0% February 2015 24.5 8.1 21.7 services and information

Page 47 DMGT plc For the 6 months ended 31 March 2015 NOTES

18 SUMMARY OF THE EFFECTS OF ACQUISITIONS (Continued) Provisional fair value of net assets acquired with all acquisitions: Book value Provisional fair value Provisional fair value adjustments

Note £m £m £m Goodwill (i) – 72.2 72.2 Intangible assets – 27.2 27.2 Property, plant and equipment 0.1 – 0.1 Trade and other receivables (ii) 3.1 – 3.1 Cash and cash equivalents 4.8 – 4.8 Trade and other payables (14.1) – (14.1) Deferred tax 1.0 (9.8) (8.8) Net assets acquired (5.1) 89.6 84.5 Non-controlling interest share of net assets acquired (iii) (5.8) Group share of net assets acquired 78.7

Cost of acquisitions: Non-cash Cash paid in current Total period Note £m £m £m Cash – 53.1 53.1 Fair value of investment in associate on acquisition of control (iv) 19.1 – 19.1 Fair value of investment in joint venture on acquisition of control (v) 1.1 – 1.1 Contingent consideration (vi) 5.4 – 5.4 Total consideration at fair value 25.6 53.1 78.7

(i) The amount of goodwill which is deductible for the purposes of calculating the Group's tax charge amounts to £nil. Goodwill arising on these acquisitions is principally attributable to the anticipated profitability relating to the distribution of the Group's products in new and existing markets and anticipated operating synergies from the business combinations.

(ii) The fair value of trade and other receivables includes trade receivables with a fair value of £1.8 million. The gross contractual amount of trade receivables due is £1.8 million, of which £nil is expected to be uncollectible.

(iii) The non-controlling interest arising during the period relates to the acquisition of Petrotranz Inc. The value of the non-controlling interest was measured using the share of net assets acquired method.

(iv) During the period the Group increased its interest in Petrotranz held by the dmg information segment and obtained control. (v) During the period the Group increased its interest in Commodity Vectors Inc. held by the dmg information segment and obtained control. (vi) The contingent consideration recognised during the period relates mainly to the acquisitions of Elite Daily, Commodity Vectors Ltd and Energy Fundamentals GmbH. It is based on future business valuations and profit multiples and has been estimated on an acquisition by acquisition basis using available data forecasts. The contingent consideration is expected to fall due as follows: £1.9 million within one year, £1.8 million between one and two years, and £1.7 million between two and five years.

If all acquisitions had been completed on the first day of the period, Group revenues for the period would have been £929.1 million and Group profit attributable to equity holders of the parent would have been £146.2 million. This information takes into account the amortisation of acquired intangible assets together with related income tax effects but excludes any pre-acquisition finance costs and should not be viewed as indicative of the results of operations that would have occurred if the acquisitions had actually been completed on the first day of the period.

Total losses attributable to equity holders of the parent since the date of acquisition for companies acquired during the period amounted to £0.1 million.

Purchase of additional shares in controlled entities Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Cash consideration 0.1 0.2 0.4

During the period, the Group acquired additional shares in controlled entities amounting to £5.8 million (2014 £0.2 million), of which £5.7 million was non-cash. In the prior period the Group's interest in Euromoney increased by 0.7% following Euromoney's acquisition of 1.3 million of its own shares during the period. Under the Group's accounting policy for the acquisition of shares in controlled entities, no adjustment is recorded to the fair value of assets and liabilities already held on the Condensed Consolidated Statement of Financial Position. The difference between the cost of the additional shares and the carrying value of the non-controlling interests share of net assets is adjusted in retained earnings. The adjustment to retained earnings in the period was a charge of £5.7 million (2014 £2.3 million credit).

Reconciliation to purchase of subsidiaries as shown in the Condensed Consolidated Cash Flow Statement: Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Cash consideration 53.1 96.1 153.4 Cash paid to settle contingent consideration in respect of acquisitions 14.2 4.3 5.1 Cash and cash equivalents acquired with subsidiaries (4.8) (6.5) (11.6) Bank overdrafts acquired with subsidiaries – – (0.1) 62.5 93.9 146.8

Page 48 DMGT plc For the 6 months ended 31 March 2015 NOTES

19 SUMMARY OF THE EFFECTS OF DISPOSALS In October 2014 the dmg media segment sold Jobsite, its remaining digital recruitment asset, for consideration of £92.1 million. In October 2014 the dmg information segment disposed of Lewtan to Moody's Corporation for consideration of £19.1 million. Lewtan provides analytical tools and data for the structured finance market. The net assets disposed in relation to these businesses were as follows: Jobsite Lewtan £m £m Goodwill 34.8 8.2 Intangible assets 3.1 8.9 Property, plant and equipment 1.1 0.6 Trade and other receivables 8.8 7.3 Cash at bank and in hand – 3.0 Trade and other payables (5.2) (8.2) Corporation tax – 0.2 Deferred tax 0.2 (3.3) Net assets disposed 42.8 16.7 Profit on sale 49.1 7.6 91.9 24.3

Satisfied by: Cash received 92.1 19.1 Working capital adjustment 0.4 – Recycled cumulative translation differences – 5.3 Directly attributable costs paid (0.6) (0.1) 91.9 24.3

During the period Jobsite generated £2.2 million of the Group's net operating cash flows, paid £nil in respect of investing activities and paid £nil in respect of financing activities.

During the period Lewtan absorbed £0.3 million of the Group's net operating cash flows, paid £nil in respect of investing activities and paid £nil in respect of financing activities.

A summary of notable disposals completed during the period is as follows: Name of disposal Segment Date of Fair value of disposal consideration

£m Jobsite dmg media October 2014 92.1 Lewtan dmg information October 2014 19.1

The impact of the disposal of all businesses completed during the period on net assets is as follows: Prior year Adjustment on Other current year Total assets held for sale disposals sale disposed in current year Notes £m £m £m £m Goodwill 43.1 – – 43.1 Intangible assets 11.5 0.5 – 12.0 Property, plant and equipment 1.9 – – 1.9 Trade and other receivables 15.5 0.5 – 16.0 Cash at bank and in hand 0.1 2.9 – 3.0 Trade and other payables (12.9) (0.5) (0.3) (13.7) Bank overdrafts – (0.1) – (0.1) Corporation tax (2.8) 3.0 – 0.2 Deferred tax (3.2) 0.1 – (3.1) Net assets disposed 53.2 6.4 (0.3) 59.3 Profit on disposal of discontinued operations including recycled cumulative translation differences 20 49.3 Profit on disposal of businesses including recycled cumulative translation differences 4 11.4 120.0

Satisfied by: Cash received 112.9 Contingent consideration receivable 0.3 Working capital adjustment 2.8 Recycled cumulative translation differences 5.3 Directly attributable costs paid (1.3) 120.0

The Group's tax charge includes £nil (2014 £2.9 million) in relation to these disposals.

In addition, the Group's interest in Euromoney was diluted during the period by 0.05% (2014 0.88%). Under the Group's accounting policy for the disposal of shares in controlled entities, no adjustment has been recorded to the fair value of assets and liabilities already held on the Condensed Consolidated Statement of Financial Position. The difference between the Group's share of net assets before and after this dilution is adjusted in retained earnings. The adjustment to retained earnings in the period was a charge of £0.2 million (2014 £2.9 million).

Reconciliation to disposal of businesses as shown in the Condensed Consolidated Cash Flow Statement: Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Cash consideration net of disposal costs 111.6 17.2 65.1 Cash costs paid in the current year relating to businesses sold in the prior year (2.4) – – Cash and cash equivalents disposed with subsidiaries (3.0) (0.8) (2.8) 106.2 16.4 62.3

The businesses disposed of during the period generated £1.9 million of the Group's net operating cash flows, had £nil attributable to investing and £nil attributable to financing activities.

Page 49 DMGT plc For the 6 months ended 31 March 2015 NOTES

20 DISCONTINUED OPERATIONS On 31 October 2014, Jobsite, the Group's remaining digital recruitment asset was sold for consideration of £92.1 million. In March 2014 the Group disposed of its recruitment businesses Broadbean and Oilcareers within the dmg media segment, followed by the disposal in April 2014 of Jobrapido, for which the fair value of total consideration received amounted to £60.4 million. The results of these digital recruitment businesses up to the point of disposal are included in discontinued operations for the current and prior periods.

The Group's Condensed Consolidated Income Statement includes the following results from these discontinued operations: Unaudited 6 Unaudited 6 months Audited year ended months ended ended 30 September 2014 31 March 2015 31 March 2014

£m £m £m Revenue 2.7 37.6 53.2 Expenses (1.6) (28.9) (37.5) Depreciation – (0.6) (0.7) Amortisation of intangible assets not arising on business combinations – – (0.5) Operating profit before exceptional operating costs, impairment of goodwill and intangible assets and amortisation of acquired intangible assets arising on 1.1 8.1 14.5 business combinations Exceptional operating income/(costs) – 1.4 (0.1) Impairment of goodwill and intangible assets – (14.0) (15.2) Amortisation of intangible assets arising on business combinations – (1.2) (1.4) Profit/(loss)/ before tax 1.1 (5.7) (2.2) Tax charge – 1.0 (0.3) Profit/(loss) after tax attributable to discontinued operations 1.1 (4.7) (2.5) Profit on disposal of discontinued operations 49.3 37.9 38.3 Recycled cumulative translation differences on disposal of discontinued operations – – 1.4 Tax charge on profit on disposal of discontinued operations – (2.9) (2.9) Profit attributable to discontinued operations 50.4 30.3 34.3

Cash flows associated with discontinued operations comprises operating cash flows of £2.2 million (2014 £2.7 million), investing cash flows of £nil (2014 £nil) and financing cash flows of £nil (2014 £nil).

21 TOTAL ASSETS AND LIABILITIES OF BUSINESSES HELD-FOR-SALE At 31 March 2015, the assets and liabilities held for sale represent those of 7 Days in the dmg media segment.

At 31 March 2014 the assets and liabilities held for sale represent those of Jobrapido, a digital recruitment business within the dmg media segment and MIS Training an audit and information security training business in the Euromoney segment. At 30 September 2014, the assets and liabilities held for sale represent those of Lewtan in the dmg information segment and the remaining digital recruitment assets in the dmg media segment.

Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

£m £m £m Goodwill 0.3 4.3 43.4 Intangible assets – 10.3 11.5 Deferred tax – – 0.2 Property, plant and equipment 0.1 0.2 2.0 Trade and other receivables 2.9 6.4 17.9 Cash and cash equivalents 0.8 2.2 0.5 Total assets associated with businesses held-for-sale 4.1 23.4 75.5

Trade and other payables (4.4) (13.2) (16.9) Current tax – (0.7) (2.8) Deferred tax – (3.2) (3.4) Provisions (0.4) (0.4) (0.3) Total liabilities associated with businesses held-for-sale (4.8) (17.5) (23.4)

Net (liabilities)/assets of the disposal group (0.7) 5.9 52.1

22 SHARE CAPITAL AND RESERVES Share capital at 31 March 2015 amounted to £46.0 million (2014 £49.2 million).

During the period the Company disposed of 1.8 million 'A' Ordinary Non-Voting shares, in order to satisfy incentive schemes. This represented 0.5% of the called up 'A' Ordinary Non-Voting share capital at 31 March 2015.

The Company also purchased 2.3 million 'A' Ordinary Non-Voting shares having a nominal value of £0.3 million to match obligations under incentive plans. This represented 0.6% of the called up 'A' Ordinary Non-Voting share capital at 31 March 2015.

During the period the Company cancelled 25.5 million 'A' Ordinary shares held in treasury.

At 31 March 2015 options were outstanding under the terms of the Company's 1997 and 2006 Executive Share Option Schemes, together with nil cost options, over a total of 2,298,242 (2014 2,837,653) 'A' Ordinary Non-Voting shares.

Page 50 DMGT plc For the 6 months ended 31 March 2015 NOTES

23 RETIREMENT BENEFIT OBLIGATIONS The Group operates a number of pension schemes under which contributions are paid by the employer and employees.

The schemes include funded defined benefit pension arrangements, providing service-related benefits, in addition to a number of defined contribution pension arrangements. The defined benefit schemes in the UK, together with some defined contribution plans, are administered by trustees or trustee companies.

The total net pension charge of the Group for the period ended 31 March 2015 was £13.5 million (2014 £14.3 million).

The defined benefit obligation is calculated on a year-to-date basis, using the latest actuarial valuation at 31 March 2015. The assumptions used in the valuation are summarised below:

Unaudited at 31 Unaudited at 31 Audited at 30 March 2015 March 2014 September 2014

% pa % pa % pa Price inflation 2.9 3.3 3.1 Salary increases 2.8 3.1 3.0 Pension increases 2.8 3.1 3.0 Discount rate 3.3 4.5 4.0

The net deficit as at the end of the period amounted to £210.1 million (as at 30 September 2014 £211.8 million, as at 31 March 2014 £162.2 million).

24 CONTINGENT LIABILITIES There have been no material changes in contingent liabilities since 30 September 2014. The Group is exposed to libel claims in the ordinary course of business and vigorously defends against claims received. The Group makes provision for the estimated costs to defend such claims when incurred and provides for any settlement costs when such an outcome is judged probable. Four writs claiming damages for libel were issued in Malaysia against the Euromoney and three of its employees in respect of an article published in one of the company’s magazines, International Commercial Litigation, in November 1995. The writs were served on Euromoney Institutional Investor PLC (Euromoney) on 22 October 1996. Two of these writs have been discontinued. The total outstanding amount claimed on the two remaining writs is Malaysian Ringgits 82.4 million (£15.0 million) (2014 Malaysian Ringgits 82.6 million (£15.2 million)). No provision has been made for these claims in these interim financial statements as the Directors do not believe Euromoney has any material liability in respect of these writs.

25 ULTIMATE HOLDING COMPANY The Company’s ultimate holding company and immediate parent company is Rothermere Continuation Limited, a company incorporated in Bermuda.

26 RELATED PARTY TRANSACTIONS Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. The transactions between the Group and its joint ventures and associates are disclosed below.

The following transactions and arrangements are those which are considered to have had a material effect on the financial performance and position of the Group for the period.

Ultimate Controlling Party The Company’s ultimate controlling party is the Viscount Rothermere, the Company’s Chairman. Transactions with Directors There were no material transactions with Directors of the Company during the period, except for those relating to remuneration. For the purposes of IAS 24, Related Party Disclosures, Executives below the level of the Company's Board are not regarded as related parties. Transactions with joint ventures and associates Daily Mail and General Holdings Limited (DMGH) has a 15.6% shareholding in The Press Association. During the period the Group received services amounting to £1.5 million (2014 £1.1 million). The net amount due from The Press Association at 31 March 2015 was £0.2 million (2014 £0.2 million).

DMGH has a 38.7% shareholding in Local World Limited (Local World). During the period, the Group received revenue of £9.1 million (2014 £12.3 million) and incurred charges of £25.5 million (2014 £28.3 million). The net amount due by the Group to Local World at 31 March 2015 was £3.6 million (2014 £3.7 million). During the period, Local World were charged £0.4 million (2014 £0.2 million) by the Group for rent and service charges in relation to leasehold and investment properties. The net amount due to the Group from Local World at 31 March 2015 was £nil (2014 £0.1 million). During the period, the Group received dividends of £23.2 million (2014 £nil) from Local World.

Northcliffe Media Holdings Limited has a 25.0% shareholding in Hold the Front Page.co.uk Limited. The net amount due by the Group at 31 March 2015 amounted to £nil (2014 £0.1 million).

Associated Newspapers Limited (ANL) has a 33.0% shareholding in Fortune Green Limited. During the period the Group received revenue for newsprint, computer and office services of £0.1 million (2014 £0.3 million). The amount due from Fortune Green Limited at 31 March 2015 was £nil (2014 £0.2 million).

ANL has a 12.5% shareholding in the Newspapers Licensing Agency (NLA) from which royalty revenue of £1.3 million was received (2014 £1.2 million). Commissions paid on this revenue total £0.2 million (2014 £0.2 million). The amount due to the NLA on 31 March 2015 was £nil (2014 £nil). Interest bearing loans totalling £0.4 million (2014 £0.4 million) are due to ANL at 31 March 2015.

ANL has a 31.8% shareholding in Zoopla Property Group plc (Zoopla). During the period, a dividend of £1.4 million was received from Zoopla (2014 £6.4 million).

During the period, Landmark Limited charged management fees of £0.2 million (2014 £0.2 million) to Point X Limited, a joint venture. At 31 March 2015 Point X owed £nil to Landmark Limited (2014 £0.1 million).

At 31 March 2015, Ochresoft Technologies Limited, a 30.0% associate, owed £0.4 million (2014 £nil) to Landmark Information Group Limited. At 31 March 2015, Decision First Limited, a 50.0% joint venture owed £0.1 million (2014 £0.2 million) to Decision Insight Information Group (Europe) Limited, a 100.0% owned subsidiary of DMG Information Limited.

During the period, On-Geo Gmbh, a subsidiary of DMG Information Limited charged costs of £3.2 million (€4.2 million) (2014 £3.6 million (€4.4 million)) to Hypoport On-Geo Gmbh, a 50.0% German joint venture and recharged costs of £nil (€nil) (2014 £0.1 million (€0.1 million)) to Instant Service AG. At 31 March 2015, Hypoport On-Geo Gmbh owed £0.9 million (€1.2 million) (2014 £nil (€nil)) to On-Geo Gmbh. Instant Service AG provided services of £5.5 million (€7.2 million) (2014 £4.0 million (€4.8 million)) and owed £nil (€nil) (2014 £nil (€nil)) to On-Geo Gmbh at 31 March 2015.

In the period to 31 March 2015, Trepp Holdings Inc., a DMG Information Inc. subsidiary charged services to and incurred costs of £0.5 million ($0.8 million) (2014 £0.1 million ($0.2 million)) from Trepp Port LLC, a 50.0% joint venture. This is due to the 100.0% revenue paid back to Trepp Port LLC by Trepp LLC. At 31 March 2015, Trepp Port LLC owed £nil ($nil) (2014 £nil ($nil)) to Trepp LLC.

At 31 March 2015, Trepp LLC held a note receivable of £0.3 million ($0.5 million) (2014 £nil ($nil)) from Mercatus Inc., an 18.8% associate.

In the period to 31 March 2015, Genscape Inc., a DMG Information Inc. subsidiary charged services of £1.5 million ($2.4 million) (2014 £nil ($nil)) to The Petro Chemical Standard Inc., a 45.0% associate. At 31 March 2015, The Petro Chemical Standard Inc. owed Genscape Inc. a total of £2.6 million ($3.8 million) (2014 £nil ($nil)), which included interest of £0.1 million ($0.1 million) (2014 £nil ($nil)).

During the period, the Group received a dividend of £0.2 million (2014: £nil) from Cougar Software Pty Ltd, an associate. The Group disposed of its investment during the period (note 4).

AN Mauritius Limited holds a 26.0% shareholding in Mail Today. During the period, additional share capital of £0.2 million (2014 £1.1 million) was invested in Mail Today by AN Mauritius Limited.

ANL has a 50.0% shareholding in Artirix Limited (Artirix). At 31 March 2015 Artirix owed £nil to DMGH (2014 £1.6 million). In January 2015, £1.9 million loan balance was converted into a preference share investment.

ANL has a 50.0% shareholding in Northprint Manchester Limited. The net amount due to ANL of £5.8 million (2014 £5.8 million) has been fully provided.

ANL has a 50.0 % (2014 nil %) interest in Daily Mail.com Australia Pty Limited ("Mail Online Australia"), a joint venture. During the year, ANL provided services amounting to £0.4 million (2014 £nil). At 31 March 2015, Mail Online Australia owed the Group £0.6 million (2014 £nil).

During the period, the Group received a dividend of £0.2 million (2014: £nil) from Capital NET Ltd, an associate. The Group disposed of its investment during the period (note 4).

The Group recharges its principal pension schemes with costs of investment management and advisory fees. The total amount recharged during the period was £0.5 million (2014 £nil) relating to investment advisory fees.

Other related party disclosures At 31 March 2015, the Group owed £1.1 million (2014 £1.0 million) to the pension schemes which it operates. This amount comprised employees’ and employer’s contributions in respect of March 2015 payrolls which were paid to the pension schemes in April 2015. The Group has accrued rent and service charges payable to the Harmsworth Pension Scheme amounting to £0.5 million (2014 £0.6 million) under an agreement to guarantee the income generated from certain property assets held by the Harmsworth Pension Scheme which were purchased from the Group in a prior period.

In July 2012, the Group entered into a contingent asset partnership whereby a £150.0 million Loan Note guaranteed by certain companies in the Group has been used to commit £10.8 million of interest funding per annum to Harmsworth Pension Scheme. Interest payable to DMG Pensions Partnership Limited Liability Partnership during the period totalled £5.5 million (2014 £5.6 million).

27 POST BALANCE SHEET EVENTS There were no material post balance sheet events.

Page 51