Results Presentation Half Year Ended 31 March 2017

Results Presentation Half year ended 31 March 2017

Thursday 25 May 2017 Agenda

1. Highlights Paul Zwillenberg, CEO 2. Financial Performance Tim Collier, CFO 3. Strategy and Business Update Paul Zwillenberg, CEO 4. Q&A

3 Half Year 2017 – Performance broadly in line with expectations

Group underlying revenues +1%; underlying operating profit -11%

B2B: mixed performance

Consumer: encouraging dmg media performance

Euromoney reduction in stake

Continued real dividend growth

Ongoing operational execution improvements: • Strengthened management team • RMS(one) Risk Modeler launch • MailOnline’s good progress on path to profitability

Increasing portfolio focus: Euromoney and Elite Daily

Enhanced financial flexibility: stronger balance sheet

6 Financial Summary Adjusted numbers £ million HY 2016 HY 2017 Change Underlying Revenue 950 890 (6%) +1% Operating profit 138 100 (27%) (11%) Profit before tax 129 105 (18%) Operating margin 15% 11% Earnings per share 27.9 p 24.6 p (12%) Dividend per share 6.7 p 6.9 p +3%

Revenue dynamics: underlying growth in B2B (+1%) and stable dmg media (+0%) Operating profit down 11% underlying: RMS and dmg information Operating margin of 11%: (adjusting for Euromoney, 13% HY16 → 11% HY17) Euromoney transaction particularly impacted revenues and operating profit EPS down 12%, Dividend up 3%

Two stage process: share placing and Euromoney share buy-back in December 2016 Reduced stake from c.67% to c.49% Total consideration of £317m, exceptional profit on disposal of £509m - Profit includes revaluation of the remaining c.49% stake De-coupling of balance sheets: increased financial flexibility for Euromoney Subsidiary for three months to December 2016: - Consolidate 100% of revenue and 100% of operating profit - Minority interest equivalent to c.33% of post tax profits - Consolidate 100% of operating cash flow Associate for three months to March 2017: - Include c.49% share of operating profit in JV’s and Associates - Include c.49% of finance charge and tax - Cash flow from dividends received

£ million HY 2016 HY 2017 Change Underlying Revenue 846 890 +5% +1% Operating profit 109 100 (8%) (11%) Profit before tax 115 105 (8%) Operating margin 13% 11% Earnings per share 26.7 p 24.6 p (8%) Dividend per share 6.7 p 6.9 p +3%

Euromoney c.67% subsidiary during Q1 and c.49% associate during Q2 Underlying performance unchanged since excludes Euromoney completely

Transaction contributed to lower net debt:EBITDA ratio of 1.6x as at 31 March 2017 (2.0x Mar’16)

Note: HY 2016 revenues, operating profit, share of profits from associates, finance charge, tax charge and minority interests have been restated to treat Euromoney as a c.67% subsidiary for the three months to December 2015 but as a c.49% associate for the three months to March 2016. These changes impact earnings per share.

Revenue: £1.5bn PBIT*: £249m

RMS RMS Euromoney dmg media Associate 12% 13% 21% B2B B2B 47% ZPG 68% 53% 9% Consumer 25% Consumer Associate 33% 47% 32% dmg information 23% 10% 7% dmg information dmg media dmg events dmg events Note: * PBIT is profit before tax, adjusted to exclude finance charges. Corporate costs are allocated to RMS, dmg information, dmg events and dmg media on a revenue basis.

11 RMS Performance in line with expectations £ million HY 2016 HY 2017 Change Underlying Total Revenue 96 117 +21% +1% Operating Profit 19 16 (20%) (40%) Operating Margin 20% 13%

Continued underlying revenue growth: benefit from model enhancements offsetting client consolidation RMS(one) costs: amortisation and no capitalisation in HY 2017 - RMS’s ‘EBITDA’* margin increased from 17% HY 2016 to 24% HY 2017 RMS(one) Risk Modeler: launched April 2017 RiskLink17: released April 2017 with 5 model updates & 3 new models; strong model pipeline Outlook Full Year 2017 - Unchanged: - Low-single digit underlying revenue growth - Operating margin in low teens

Note: * ‘EBITDA’ has been adjusted to exclude benefit of capitalisation of RMS(one) development costs from HY 2016, as well as excluding depreciation and amortisation costs. © 2017 DMGT 12 dmg information Mixed revenue performance – specific challenges for some businesses £ million HY 2016 HY 2017 Change Underlying Property - European 89 89 +1% (4%) Property - US 58 72 +24% +4% Property 146 161 +10% (1%) Education 48 54 +13% +3% Energy 35 44 +26% +2% dmg information 230 259 +13% +0%

European property: Landmark & Searchflow - challenging market volumes, UK mortgage approvals down –3% US property: Trepp, EDR, Xceligent, SiteCompli & Buildfax - good growth from early-stage businesses Education: Hobsons - good growth for Naviance, Intersect & Starfish; challenging trading for Admissions Energy: Genscape - growth partly offset by challenging market conditions for solar business, Locus Energy

£ million HY 2016 HY 2017 Change Underlying Revenue 230 259 +13% +0% Operating Profit 25 24 (6%) (17%) Operating Margin 11% 9%

Stable underlying revenues: varied performance across portfolio Investment in Xceligent: year-on-year margin improvement excluding Xceligent Outlook Full Year 2017 – downward pressure - Low-single digit underlying revenue growth - Operating margin in mid-teens: now expected to be less than FY 2016 reflecting adverse impact from lower revenue growth and Xceligent investment

£ million HY 2016 HY 2017 Change Underlying Revenue 72 69 (5%) +3% Operating Profit 25 21 (15%) +2% Operating Margin 35% 31%

Continued underlying revenue growth Gastech: H2 FY 2017 but H1 FY 2016 – timing impact on H1 FY 2017 reported results and margin Outlook Full Year 2017: - Strong Gastech event in Tokyo in April 2017 - Challenging market conditions for Canadian energy sector - Changes to phasing of launch programme - Mid-single digit underlying revenue growth; absolute revenues in line with market expectations* - Operating margin of c.25%

£ million HY 2016 HY 2017 Change Revenue 194 95 (51%) Operating Profit 47 19 (59%) Operating Margin 24% 20%

HY 2017 only includes 3 months to December 2016

£ million Q1 FY 2016 Q1 FY 2017 Change Revenue 90 95 +6% Operating Profit 18 19 +6% Operating Margin 20% 20%

17 dmg media Encouraging performance

£ million HY 2016 HY 2017 Change Underlying Revenue 358 350 (2%) +0% Operating Profit 39 36 (9%) +5% Operating Margin 11% 10%

Resilient underlying revenues: digital growth, consistent circulation revenues, declining print advertising Underlying operating profit growth: MailOnline’s good progress on path to profitability and continued management of newspaper cost base Outlook Full Year 2017 - Unchanged: - Stable underlying revenues (-2% to +2%) - Absence of 53rd week, Wowcher and Elite Daily from H2 2017 - Stable operating margin (FY 2016 11%)

£ million HY 2016 HY 2017 Change Underlying Circulation 153 155 +2% +2% Advertising print 113 103 (9%) (8%) (1%) Advertising digital 57 64 +12% +12% Other 35 28 (21%) (13%) Revenue 358 350 (2%) +0%

Note: Excluding Elite Daily, total advertising revenues were in line with last year on an underlying basis.

© 2017 DMGT 19 dmg media Revenue £ million HY 2016 HY 2017 Change Underlying Daily Mail / The Mail on Sunday 242 234 (3%) (3%) circulation 153 155 +2% +2% advertising 80 71 (12%) (12%) other 10 8 (18%) (18%) MailOnline 44 60 +35% +19% Mail Businesses 286 293 +2% +0% Metro 34 34 +1% +1% Elite Daily 5 4 (22%) (35%) Newsprint & other 24 18 (25%) Total Continuing 349 349 +0% +0% Wowcher & 7 Days 9 1 (88%) Total Revenue 358 350 (2%) +0%

£ million HY 2016 HY 2017 Change Underlying Mail Businesses 34 35 +4% +12% Metro 8 5 (35%) (35%) Elite Daily (4) (4) +3% +16% Total Continuing 38 37 (4%) +5% Wowcher & 7 Days 1 (1) (162%) Total dmg media 39 36 (9%) +5%

Strong underlying growth from Mail businesses, driven by MailOnline’s good progress on path to profitability Expanded circulation at Metro, increased production and distribution costs

£ million HY 2016 HY 2017 Change Underlying B2B RMS 96 117 +21% +1% dmg information 230 259 +13% +0% dmg events 72 69 (5%) +3% Euromoney 90 95 +6% N/A 488 540 +11% +1% Consumer dmg media 358 350 (2%) +0% Total Revenue 846 890 +5% +1%

Note: HY 2016 figures are on a Pro Forma basis, treating Euromoney as a c.49% owned associate during Q2 FY 2016.

Events, Conferences 11% & Training 17% Circulation

Subscriptions 33%

Percentages represent share of revenues in HY 2017. Arrows represent underlying revenue growth trajectories during the period.

£ million HY 2016 HY 2017 Change Underlying B2B RMS 19 16 (20%) (40%) dmg information 25 24 (6%) (17%) dmg events 25 21 (15%) +2% Euromoney 18 19 +6% N/A 88 80 (9%) (20%) Consumer dmg media 39 36 (9%) +5%

Group corporate costs (18) (15) (14%) +14% Total operating profit 109 100 (8%) (11%)

Note: HY 2016 figures are on a Pro Forma basis, treating Euromoney as a c.49% owned associate during Q2 FY 2016.

£ million HY 2016 HY 2017 ZPG Plc 11 12 Euromoney 14 16 Other - (1) Total JV's & Associates 25 26

ZPG Plc: Continued strong performance; revenue +22%, adjusted basic EPS +3% Euromoney: Q2 results, reflecting c.49% stake; $125m acquisition of RISI in April 2017 Full Year 2017 guidance: c.£65m, including benefit of 9 months’ of Euromoney being an associate

Note: HY 2016 figures are on a Pro Forma basis, treating Euromoney as a c.49% owned associate during Q2 FY 2016.

£ million HY 2016 HY 2017 Change Adjusted operating profit 109 100 (8%) Joint ventures and associates 25 26 Net finance costs (20) (21) Adjusted profit before tax 115 105 (8%) Taxation (16) (15) Minorities (4) (3) Adjusted earnings 95 87 (8%) Adjusted EPS 26.7 p 24.6 p (8%) Adjusted tax rate 14.2% 14.6%

Note: HY 2016 figures are on a Pro Forma basis, treating Euromoney as a c.49% owned associate during Q2 FY 2016. Please see slide 49 for the adjustments.

© 2017 DMGT 26 Exceptional items and amortisation £ million HY 2016 HY 2017 Reorganisation, redundancy and consultancy (6) (17) Other cash items (6) (3) Sub-total of cash items (12) (20) Accelerated depreciation and impairment of plant - (35) Exceptional operating costs 1 (12) (55) Amortisation, Impairment & other (30) (14) Profit on sale of assets 110 530 Pre-tax exceptional credit 68 461 Closure of Didcot printing plant: £35m non-cash impairment and £5m of restructuring and redundancy Reorganisation at dmg information: £9m of reorganisation, redundancy and consultancy costs Profit on sale of assets includes £509m gain on disposal of Euromoney

Notes: 1 – Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property: continuing and discontinued operations.

900

850

800 96 750

700 18 54 299 13 13 £m 650 37

600 14 550 679 500 551 450

400 Opening net debt Operating cash Taxation Pensions Interest Dividends Deconsolidate M&A FX adjustment Closing net debt flow Euromoney

Operating cash flow is stated after capex of £41m and exceptional operating items of c.£27m Pre exceptional operating cash conversion 63% (vs. 41% HY 2016) Usual seasonal cash flows: incentive plan, pension and dividend payments

FY 2016 Outlook FY 2017 Underlying revenue Revenue Margin Margin growth B2B RMS £205 m 18% Low-single digit % Low-teens % dmg information £498 m 15% Low-single digit % Mid-teens % dmg events £105 m 28% Mid-single digit % ¹ Around 25% Consumer dmg media £706 m 11% Stable ² Stable

Corporate costs c.£35m JV’s & Associates (pre tax) c.£65m Net finance costs c.£40m

Notes: 1 – Underlying revenue guidance for dmg events reduced from high-single digit to mid-single digit but outlook for absolute revenues in line with market expectations (consensus £119m, range £112m to £128m) 2 - Stable underlying revenues for dmg media means -2% to +2%. dmg media’s FY 2016 revenues were £677m excluding Wowcher, the benefit of the 53rd week and Elite Daily

H1 performance broadly in line with expectations: • B2B - mixed • Consumer – encouraging dynamics

H2 Considerations: • Gastech event in April 2017 • US$ / £ FX rate (FY 2016 $1.42 average)

DMGT well positioned for the long-term: • Stronger balance sheet • Good long-term growth potential

31 Strategy and Business Update

Progress on key strategic priorities • Improving operational execution • Increasing portfolio focus • Enhancing financial flexibility

Summary

High-potential markets Content and proprietary data

Home for entrepreneurs Long-term perspective

Diversified portfolio

4.0: Embedded AI 3.0: Decision & • Machine learning on big data Workflow • Exhaust data monetisation Support • Ecosystems • Embedded in the enterprise 2.0: Digital • Data synthesis • Artificial intelligence Publishing • Licensing • Systems make decisions 1.0: • Platforms • Predictive analytics • Embedded in the workflow • Cloud Publishing • Data & visualisation • Benchmarking • Subscriptions • Delivered insights • Electronic delivery Customisable analytics • Raw data • • Basic analytic tools • Hybrid on-premise & cloud • Advertising • On-premise • Print delivery • Customer-derived insights Horizons of technology-enabled evolution

1 2 3 Improving operational Increasing portfolio Enhancing financial execution focus flexibility

Delivering on our potential

‘Signature moves’ Performance Faster, fitter and more across the portfolio management agile

Product Targets & KPI’s Reorganisation initiatives

Pricing Focused priorities Faster decision making

Go-to-market Incentive plans New Executive Committee

Value creation across the portfolio Delivering on our investments

H1 progress

Strengthened management team

- RMS(one) Risk Modeler launch - Strong model launch programme

Path to profitability

Average viewers per day ¹ April 2017 (millions) MailOnline: continued growing engagement, direct to the site 49m total ¹ Other³ Snapchat: MailOnline key channel within Snapchat Facebook: video engagement Facebook 24m daily viewers¹ c.45 million de-duplicated average daily viewers¹ +349%² DailyMail.com TV: future platform – autumn 2017

Snapchat 10m daily viewers¹ +698%² Notes: 1 - Average viewers per day are unique viewers per platform during April 2017, as defined by platform source. The estimated total daily unique viewers after adjusting for duplication MailOnline branded across platforms was c.45 million. 15m daily viewers¹ +8%² 2 - Growth rates compare average viewers per day¹ in April 2017 to April 2016.

3 - Other includes Pinterest and Apple: 0.3m average viewers, 1.1 average minutes. 1 4 9 Source: MailOnline’s Omniture data, Snap Inc, Facebook Average minutes per viewer per day

H1 progress H2 priorities

Strengthened management team

- RMS(one) Risk Modeler launch - Strong model launch programme

Path to profitability

Investment criteria What we consider

Attractive and value Expected future revenue, profit and cash flow creating to deliver value End market size, growth rate and competitive Scalability position Long-term competitive Value of proprietary data and services advantage

Affordability Investment to achieve full potential

Ability and resources of current business to Achievability execute

Diversified portfolio, with more focused investment approach

H1 progress H2 priorities

Euromoney → Associate Continuing portfolio review

Elite Daily disposal & 7 Days closure Prioritise growth initiatives

Hobsons focus on growth Active portfolio management

Improved operational Invest in market execution and leading positions cash flow Enhanced financial flexibility

Increase Increased shareholder portfolio focus returns

H1 progress H2 priorities

Lower net debt and improved Continue to invest in selected growth initiatives net debt:EBITDA ratio

Improved RMS cash flow dynamics Improvement in business cash flows

Incorporating cash flow into remuneration Further improve net debt:EBITDA ratio by year end

H1 performance broadly in line with expectations

We are starting to deliver against clear strategic priorities: • Improving operational execution • Increasing portfolio focus • Enhancing financial flexibility

Priority is to deliver on long-term potential of DMGT

45 5 Appendix

46 H1 2017 Adjusted PBT HY 2016 to HY 2017 Bridge

140.0

130.0

(14) 120.0 dmg events (4) dmg information £m 110.0 (2) RMS 0 (4) 2 (2) 129 (4) 3 100.0 115 105 90.0

80.0 HY 2016 Euromoney Revised HY 2016 B2B dmg media Corporate costs Euromoney Other JV's & Interest HY 2017 revision trading Associates

Notes: The HY 2017 adjusted PBT benefited by c.£[14]m from FX rates (Average rate of $1.24 vs. $1.48 in HY 2016)

29.0

28.0 (1.2) 27.0

26.0 (2.2) 25.0 0.1

24.0

Pence 27.9 23.0 26.7 22.0 24.6 21.0

20.0

19.0 HY 2016 Euromoney revision Revised HY 2016 PBT Trading Other items HY 2017

£ million Reported Revisions Pro Forma Adjusted operating profit 138 (29) 109 Joint ventures and associates 11 14 25 Net finance costs (20) - (20) Adjusted profit before tax 129 (15) 115 Taxation (19) 3 (16) Minorities (12) 8 (4) Adjusted earnings 99 (4) 95 Adjusted EPS 27.9 p (1.2) p 26.7 p Adjusted tax rate 14.8% 14.2%

This slide reclassifies Euromoney from being a c.67% owned subsidiary during Q2 FY 2016, to being a c.49% owned associate.

© 2017 DMGT 49 B2B & Consumer diversity £ million HY17 share HY 2016 HY 2017 Change Underlying Revenues B2B 61% 488 540 (9%) +1% Consumer 39% 358 350 (2%) +0% 100% 846 890 (6%) +1% Profits* B2B 70% 77 71 (33%) (20%) Consumer 30% 32 30 (9%) +10% 100% 109 100 (27%) (11%)

* Profits include Corporate costs, allocated on a revenue basis.

HY 2017 Revenues HY 2017 Profits

47% 43% UK UK 33% 31% North America North America 20% 26% Rest of World Rest of World

Revenues by destination and profits by source Rest of World revenues, 20%: 10% Rest of Europe, 2% Australia, 8% Asia, Middle East, Caribbean, Africa and Latin America

© 2017 DMGT 51 Revenue dynamics Weak print advertising £ million % of total HY 2016 HY 2017 Change Underlying Advertising - print 12% 128 110 (14%) (8%) (1%) - digital 8% 68 74 +10% +10% Circulation 17% 153 155 +2% +2% Subscriptions 33% 293 290 (1%) +4% Events, conferences and training 11% 135 94 (30%) +3% Transactions & other 19% 174 166 (5%) (4%) Total Revenue 100% 950 890 (6%) +1%

- Reported print advertising, subscriptions and events growth impacted by the deconsolidation of Euromoney - Reported events growth impacted by the non-occurrence of the Gastech event

Share of revenues shown to nearest whole percentage.

HY 2016 HY 2017 £ million % Underlying M&A Exchange Other Actual Underlying M&A Other Actual B2B RMS +1% 115 - 19 - 96 117 - - 117 dmg information +0% 258 (1) 29 - 230 259 (0) - 259 dmg events +3% 66 - 10 (16) 72 69 - - 69 Euromoney N/A - (194) - - 194 - (95) - 95 +1% 440 (195) 58 (16) 592 444 (95) - 540 Consumer dmg media +0% 333 (7) 4 (23) 358 332 (1) (17) 350 Underlying results are adjusted for constant exchange rates, the exclusion of disposals and closures and for the inclusion of the year-on-year organic growth Totalfrom acquisitions. +1% 772 (202) 62 (39) 950 776 (96) (17) 890

For events, the comparisons are between events held in the year and the same events held the previous time. For dmg media, underlying revenues exclude low margin newsprint resale activities.

Amounts are stated rounded to the nearest £1m, consequently totals may not equal the sum of the component integers.

B2B RMS (40%) 26 - 7 - 19 16 - - 16 dmg information (17%) 29 1 2 - 25 24 - - 24 dmg events +2% 21 - 4 (8) 25 21 - - 21 Euromoney N/A - (47) - - 47 - (19) - 19 (20%) 75 (46) 13 (8) 116 60 (19) - 80 Consumer dmg media +5% 35 (2) (2) - 39 36 1 - 36

Corporate costs +14% (18) - - - (18) (15) - - (15) Operating profit (11%) 92 (48) 11 (8) 138 81 (19) - 100 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 +10% respectively.

‘Other’ includes adjustments for the timing of shows at dmg events.

Amounts are stated rounded to the nearest £1m, consequently totals may not equal the sum of the component integers.

£ million RMS dmgi dmge Euromoney dmg media Total Revenue UK 27 77 2 9 301 416 North America 67 155 3 44 24 292 Rest of World 23 27 64 42 25 181 117 259 69 95 350 890

This table shows the revenues based on the location of the client receiving the goods or services

£ million RMS dmgi dmge Euromoney dmg media Total Revenue UK - 75 1 31 340 447 North America 116 159 1 51 4 329 Rest of World 1 25 66 14 6 113 117 259 69 95 350 890

This table shows the revenues based on the location of the DMGT company that is providing the goods or services to the clients

£ million RMS dmgi dmge Euromoney dmg media Total Advertising - print - - - 7 103 110 - digital - 8 - 2 64 74 Circulation - - - - 155 155 Subscriptions 113 114 - 63 - 290 Events, conferences - - 69 25 - 94 and training Transactions & other 4 137 - (2) 27 166 117 259 69 95 350 890

£ million % of total HY 2016 HY 2017 Change Underlying UK National newspapers 56% 113 103 (9%) (8%) Euromoney 4% 15 7 (53%) N/A Total print 60% 128 110 (14%) (8%) News websites (MailOnline & Metro) 32% 45 60 +32% +17% Consumer websites 2% 12 4 (65%) (31%) Euromoney 1% 3 2 (44%) N/A Other 5% 7 8 +18% +0% Total digital 40% 68 74 +10% +10% Total advertising 100% 196 185 (6%) (1%)

£ million HY 2016 HY 2017 Net interest payable pre JV's and Associates 18 19 Share of JV's and Associates finance costs 1 2 Net interest payable 20 21

Items excluded from adjusted results: IAS19(Revised) finance costs 2 3

Net interest payable adversely impacted by stronger US Dollar Increased share of associates’ interest payable Outlook Full Year 2017: net finance costs c.£40m

© 2017 DMGT 59 Exceptional items and amortisation £ million HY 2016 HY 2017 Reorganisation, redundancy and consultancy (6) (17) Supplier voluntary administration (5) - Legal fees - (3) Earn-out / deferred consideration charges (1) - Sub-total of cash items (12) (20) Accelerated depreciation and impairment of plant - (35) Exceptional operating costs 1 (12) (55) Amortisation of intangible assets (23) (26) Impairment of intangible assets & goodwill (13) (14) Profit on sale of assets 110 530 Other non-operating items 6 26 Pre-tax exceptional credit 68 461 Notes: 1 – Exceptional operating costs, impairment of internally generated and acquired computer software, property, plant and equipment and investment property: continuing and discontinued operations.

© 2017 DMGT 60 Adjusting items Reconciliation from statutory PBT to adjusted PBT £ million HY 2016 HY 2017 Statutory Profit Before Tax - continuing operations 195 41 Add: Statutory PBT - discontinued operations - 14 Add: Profit on disposal of discontinued operations ¹ - 509 Statutory PBT including discontinued operations 195 564 Reverse: Pre-tax exceptional credit (slide 60) ¹ (68) (461) Remove: IAS19(Revised) finance costs (slide 59) 2 3 Adjusted Profit Before Tax 129 105

¹ The £530m profit on disposals in HY 2017 shown on slide 27 includes the profit on disposal of discontinued operations, which is excluded from statutory PBT as well as from adjusted PBT (since statutory results exclude discontinued operations). The profit on disposal of discontinued operations is effectively added in and then reversed back out in this reconciliation.

© 2017 DMGT 61 Balance Sheet £ million 31 Mar'16 31 Mar'17 Movement Goodwill & Intangible assets 1,376 916 (460) Other non-current assets 566 1,055 489 Current assets (excl. cash) 369 359 (10) Net debt (719) (551) 168 Pension deficit (85) (43) 42 Other liabilities (880) (661) 219 Net assets 627 1,075 448

Equity attributable to owners of DMGT 466 1,060 595 Non-controlling interests 162 15 (147) Shareholders' equity 627 1,075 448

£ million Obligations Assets Deficit As at 30 September 2016 (2,999) 2,753 (246) Benefit payments 50 (50) 0 Interest (cost) / income (32) 29 (3) Company contributions 0 13 13 Actuarial movement 87 105 192 Disposal 71 (70) 1 As at 31 March 2017 (2,823) 2,780 (43)

Bank facilities Facility Drawings Undrawn Expiring March 2019 658 (135) 523

60 Total £Xm Recovery £50m £48m 50 Plan Amounts £13m 40 £34m Total £19m £19m £Xm Actual £8m £5m 30 £5m Payments

£ millions Northcliffe disposal 20 H1 FY17 £13m £29m £29m £29m £13m £13m £13m Share buy-back / 10 Other Minimum recovery 0 payments FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

• Funding plan agreed in Sep’16: c.£13m p.a. to FY 2019 and c.£16m p.a. from FY 2020 to FY 2027. • Additional £15-30m payable in FY 2022, dependent upon DMGT’s cash generation performance in FY 2020-22, less any contributions related to any future share buy-backs. • Contributions cease once actuary agrees schemes are not in deficit. • IAS19 deficit at 31 March 2017 = £43m (£246m at 30 September 2016) • Future payments in excess of £13m p.a. of minimum recovery plan payments to FY 2019 are dependent on share buy-backs plus other minor contributions. • Agreed to contribute 20% of any future share buy-backs.

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Event H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Gastech B 18M 18M 18M 18M 18M Big 5 Dubai A A A A A A A A ADIPEC B A A A A A A A

FY13 FY14 FY15 FY16 Revenues £m £m £m £m Total for major events 39 42 36 61 Key Other events 48 58 59 44 A Annual 87 100 95 105 18M 18 Months

© 2017 DMGT 66 Underlying advertising revenue trends £ million % Q1 Q2 Half Year Newspapers 62% 52 51 102 % v last year (11%) (4%) (8%) Newspaper websites 36% 32 28 60 % v last year +16% +20% +18% Subtotal 98% 84 78 162 % v last year (2%) +3% +0% Digital businesses 2% 2 1 4 % v last year (37%) (42%) (39%) Total 100% 86 80 166 % v last year (4%) +2% (1%) Percentages show underlying variances. ‘Newspaper websites’ includes revenues from the Metro app for tablets and mobile devices, these are excluded from MailOnline’s revenues.

© 2017 DMGT 67 Advertising revenue quarterly trends % of total Q1 v PY Q2 v PY HY17 v PY Retail 23% (11%) (31%) (19%) Travel 11% +11% +7% +8% Entertainment 11% (22%) +14% (6%) Finance 6% (27%) (25%) (26%) Telecoms 6% (13%) +29% +5% Motors 3% (44%) +0% (24%) Mail Order 4% +0% +8% +4% Others 36% +21% +17% +19% Total 100% (2%) +1% +0%

UK newspaper titles, including companion websites. Excludes Daily Mail Australia and other digital businesses such as Elite Daily.

Release Provisional Date Q3 Trading update 27 July 2017 Pre-close trading update 29 September 2017 Preliminary full year results 30 November 2017

FY 2017 Interim dividend of 6.9 pence, up +3%

DMGT ‘A’ Shares

FTSE ‘All Share’ Jul-00 Jul-05 Jul-10 Jul-15 Jan-98 Jan-03 Jan-08 Jan-13 Oct-01 Oct-06 Oct-11 Oct-16 Jun-98 Jun-03 Jun-08 Jun-13 Sep-99 Sep-04 Sep-09 Sep-14 Feb-00 Feb-05 Feb-10 Feb-15 Dec-00 Dec-05 Dec-10 Dec-15 Apr-99 Apr-04 Apr-09 Apr-14 Nov-98 Nov-03 Nov-08 Nov-13 Aug-97 Aug-02 Aug-07 Aug-12 Mar-97 Mar-02 Mar-07 Mar-12 Mar-17 May-01 May-06 May-11 May-16

Certain statements in this presentation are forward looking This presentation does not constitute or form part of any statements. By their nature, forward looking statements offer or invitation to sell, or any solicitation of any offer to involve a number of risks, uncertainties or assumptions purchase any shares in the Company, nor shall it or any that could cause actual results or events to differ materially part of it or the fact of its distribution form the basis of, or from those expressed or implied by the forward looking be relied on in connection with, any contract or statements. These risks, uncertainties or assumptions commitment or investment decisions relating thereto, nor could adversely affect the outcome and financial effects of does it constitute a recommendation regarding the shares the plans and events described herein. Forward looking of the Company. Past performance cannot be relied upon as statements contained in this presentation regarding past a guide to future performance. trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward looking statements, which apply only as of the date of this presentation.

Operating profit is stated before exceptional items, other Underlying revenue or profit is revenue or profit on a like- gains and losses, impairment of goodwill and intangible for-like basis. Underlying results are adjusted for constant assets, pension finance charges, premiums on bond exchange rates, the exclusion of disposals and closures and redemptions and amortisation of intangible assets arising for the inclusion of the year-on-year organic growth from on business combinations. These adjusted results include acquisitions. For events, the comparisons are between results from discontinued operations, specifically the events held in the year and the same events held the Euromoney subsidiary. previous time. For dmg media, underlying revenues exclude low margin newsprint resale activities. Percentages are calculated on actual numbers to one decimal place.

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