Final Results Presentation Full Year Ended 30 September 2017

Final Results Presentation Full Year ended 30 September 2017

Thursday 30 November 2017 Agenda

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

3 Completion of the strategic review – good progress

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

Group underlying revenues +1%; underlying operating profit –2%

Consumer: encouraging dmg media performance

B2B: mixed performance; some challenging market conditions and impairments

Continued real dividend growth

24 22.7p 22 20 18 16 14 12 10 8.5p 8 5.8p 6 4 2 0 1997 2017 Dividend Inflation

FY 2017 Full Year dividend of 22.7 pence, up +3%

8 Statutory results Pre adjustments

£ million FY 2016 FY 2017 Change Revenue 1,514 1,564 +3% Operating profit 91 (129) (242%) Profit before tax 202 (112) (156%) Profit for the year 214 342 +60% Earnings per share 57.8 p 97.8 p +69%

Revenue, operating profit and PBT exclude Euromoney (discontinued operations) Operating profit adversely affected by impairments of £273m Profit for the year and EPS include gain on disposals: Euromoney transaction

450

350

250 26 342 36 150 50 50 196 530 £ Millions £ 50 42

(50) 231

(150)

(250) Statutory profit for Gains on disposal Goodwill and Impairment of plant Acquired intangible Exceptional Other adjusting Tax Adjusted profit after the year intangible amortisation operating costs items tax impairment

Transactions & Other (4)% 21% 31% Subscriptions +5%

Print Advertising (5)% 12%

9% 19% Digital Advertising +16% 8% Circulation +0%

Events, Conferences & Training +2%

© 2017 DMGT 11 Percentages in the slices represent share of revenues in FY 2017. The +X% and (X)% percentages represent underlying growth rates during the year. Financial Summary Adjusted numbers £ million FY 2016 FY 2017 Change Underlying Revenue 1,917 1,660 (13%) +1% Operating profit 277 198 (28%) (2%) Profit before tax 260 226 (13%) Profit after tax 198 196 (1%) Earnings per share 56.0 p 55.6 p (1%) Dividend per share 22.0 p 22.7 p +3% Revenue dynamics: underlying growth in B2B (+2%) and dmg media (+1%) Operating profit down 2% underlying: dmg media growth offset by B2B decline Operating margin of 12%: down from 14%, reflecting Euromoney transaction Euromoney transaction particularly impacted revenues and operating profit EPS down 1%, 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 nine months to September 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

© 2017 DMGT 13 Euromoney impact Adjusted numbers: FY16 Pro Forma, revised in respect of Euromoney £ million FY 2016 FY 2017 Change Underlying Revenue 1,604 1,660 +3% +1% Operating profit 195 198 +2% (2%) Profit before tax 217 226 +4% Operating margin 12% 12% Earnings per share 52.1 p 55.6 p +7% Dividend per share 22.0 p 22.7 p +3%

Euromoney c.67% subsidiary during Q1 and c.49% associate during Q2-Q4 Underlying performance unchanged since excludes Euromoney completely

Transaction contributed to lower net debt:EBITDA ratio of 1.4x as at 30 September 2017 (1.8x Sep’16)

Note: FY 2016 revenues, operating profit, share of profits from associates, finance charge, tax charge, minority interests and earnings per share 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 nine months to September 2016, consistent with the ownership profile during FY 2017.

15 Insurance Risk: RMS Performance in line with expectations £ million FY 2016 FY 2017 Change Underlying Total Revenue 205 233 +14% +2% Operating Profit 36 33 (9%) (25%) Operating Margin 18% 14%

Continued underlying revenue growth: benefit from model enhancements offsetting client consolidation RMS(one):Risk Modeler launched Apr’17; continued client adoption, >12 clients using applications Risk modelling: unprecedented level of modelling solutions; updates and new catastrophe models; cyber v.2 RMS(one) costs: amortisation and no capitalisation in FY 2017 - RMS’s ‘EBITDA’* margin increased from 17% FY 2016 to 24% FY 2017 Priorities in the year ahead: - Greater testing and client adoption of RMS(one) to drive FY 2019 revenue growth - Extensive model pipeline

Note: * ‘EBITDA’ has been adjusted to exclude benefit of capitalisation of RMS(one) development costs from FY 2016, as well as excluding depreciation and amortisation costs. © 2017 DMGT 16 dmg information Mixed revenue performance – specific challenges for some businesses £ million FY 2016 FY 2017 Change Underlying Property - European 183 183 +0% (3%) Property - US 123 145 +18% +5% Property Information 307 328 +7% +0% Education (EdTech) 115 114 +0% +9% Energy Information 76 88 +16% +1% dmg information 498 531 +7% +2%

European Property: Landmark & SearchFlow - challenging market volumes, UK mortgage approvals down US Property: Trepp, EDR, Xceligent, SiteCompli & BuildFax - continued revenue growth driven by early-stage businesses EdTech: Hobsons - good growth from Naviance, Intersect & Starfish; disposal of Admissions (Sep’17) & Solutions (Oct’17) Energy Information: Genscape - growth for Oil, Power & Gas; offset by challenging market conditions for solar business

Energy Information: Genscape - Particularly challenging solar market - Sustained low energy prices and low price volatility impacting other parts of the business - Long-term prospects remain strong; weak short-term cash generation - £140m impairment charge; £141m remains on the balance sheet - New management team in place focusing on prioritising growth opportunities US Property Information: Xceligent - Lower than expected revenue growth in new markets and longer road to profitability - £42m full impairment - New management team in place; reviewing strategic options US Property Information: SiteCompli - Expansion into national retail market more challenging than expected - £24m full impairment - Management team focusing on growth opportunities

£ million FY 2016 FY 2017 Change Underlying Revenue 498 531 +7% +2% Operating Profit 77 69 (10%) (13%) Operating Margin 15% 13%

Continued underlying revenue growth: varied performance across portfolio Margin reduction due to Xceligent investment and challenging market conditions for Genscape Increased focus: Hobsons Admissions & Solutions; EDR disposal process Priorities in the year ahead: - Mixed outlook for Property Information - Another year of transition and growth for EdTech business - Energy Information: challenging market conditions to continue; focus on operational improvements

£ million FY 2016 FY 2017 Change Underlying Revenue 105 117 +11% +3% Operating Profit 29 31 +6% (7%) Operating Margin 28% 26%

Continued underlying revenue growth despite challenging Canadian energy market; Gastech particularly strong (Tokyo Apr’17 vs. Singapore Oct’15) Margin reduction: increased investment to support launches and future growth of existing events Priorities in the year ahead: - Continued strength of three major events (Big 5 Dubai, ADIPEC and Gastech) - Smaller Gastech event in Barcelona in Sep’18 (vs. Tokyo Apr’17) - Continue to launch new events - Some market challenges in energy and Middle East

FY 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%

22 dmg media Encouraging performance

£ million FY 2016 FY 2017 Change Underlying Revenue 706 683 (3%) +1% Operating Profit 77 77 +0% +10% Operating Margin 11% 11%

Resilient underlying revenues: digital growth, stable circulation revenues, declining print advertising Underlying operating profit growth: MailOnline’s transition to profitability during the final quarter and continued management of newspaper cost base; stable absolute profits despite absence of 53rd week Outlook Full Year 2018: - Continuation of existing revenue dynamics: digital advertising growth, print advertising decline and circulation volume declines - Mid-single digit underlying revenue decline - Operating margin of around 10%; MailOnline profitable

£ million FY 2016 FY 2017 Change Underlying Circulation 315 308 (2%) +0% Advertising print 215 195 (9%) (5%) +2% Advertising digital 111 123 +11% +18% Other 65 57 (12%) (4%) Revenue 706 683 (3%) +1%

£ million FY 2016 FY 2017 Change Underlying Daily Mail / The Mail on Sunday 484 455 (6%) (4%) circulation 315 308 (2%) +0% advertising 150 131 (13%) (10%) other 19 17 (12%) (11%) MailOnline 93 119 +28% +20% Mail Businesses 577 574 (0%) +0% Metro 65 68 +4% +7% Newsprint & other 43 36 (15%) +1% Total Continuing 685 678 (1%) +1% Wowcher, Elite Daily & 7 Days 21 5 (75%) Total Revenue 706 683 (3%) +1%

£ million FY 2016 FY 2017 Change Underlying Mail Businesses 69 71 +3% +17% Metro 15 11 (27%) (22%) Total Continuing 84 82 (3%) +10% Wowcher, Elite Daily & 7 Days (7) (5) (33%) Total dmg media 77 77 +0% +10%

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 FY 2016 FY 2017 Change Underlying B2B RMS 205 233 +14% +2% dmg information 498 531 +7% +2% dmg events 105 117 +11% +3% Euromoney 90 95 +6% N/A 899 976 +9% +2% Consumer dmg media 706 683 (3%) +1% Total Revenue 1,604 1,660 +3% +1%

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

© 2017 DMGT 27 Operating profit £ million FY 2016 FY 2017 Change Underlying B2B RMS 36 33 (9%) (25%) dmg information 77 69 (10%) (13%) dmg events 29 31 +6% (7%) Euromoney 18 19 +6% N/A 160 152 (5%) (15%) Consumer dmg media 77 77 +0% +10%

Corporate costs (42) (31) +26% +26% Total operating profit 195 198 +2% (2%)

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

£ million FY 2016 FY 2017 Euromoney 42 47 ZPG 21 25 Other (3) (2) Total JV's & Associates 61 69

Euromoney: Q2-Q4 results, reflecting c.49% stake, adjusted PBT up 4%; strategy on track ZPG: continued strong performance; revenue +24%, adjusted basic EPS +20% Full Year 2018 guidance: ≥£75m share of operating profits

Note: FY 2016 figures are on a Pro Forma basis, treating Euromoney as a c.49% owned associate from January 2016, consistent with the ownership profile during FY 2017.

£ million FY 2016 FY 2017 Change Adjusted operating profit 195 198 +2% Joint ventures and associates 61 69 Net finance costs (40) (42) Adjusted profit before tax 217 226 +4% Taxation (30) (29) Minorities (2) (1) Adjusted earnings 184 196 +7% Adjusted EPS 52.1 p 55.6 p +7% Adjusted tax rate 13.9% 12.8%

Note: FY 2016 figures are on a Pro Forma basis, treating Euromoney as a c.49% owned associate from January 2016. Please see slide 52 for the adjustments.

© 2017 DMGT 30 Exceptional items and amortisation £ million FY 2016 FY 2017 Reorganisation, redundancy and consultancy (37) (30) Legal fees and other cash items (17) (14) Exceptional operating costs (cash items) (55) (43) Share of JVs & associates' exceptional operating costs (4) (7) Total exceptional operating costs (58) (50) Accelerated depreciation and impairment of plant - (42) Impairment of intangible assets & goodwill (55) (231) Amortisation of intangible assets (52) (50) Profit on sale of assets 138 530 Other non-operating items 19 34 Pre-tax exceptional (charge)/credit (8) 190 Reorganisation: £30m includes £14m in respect of dmg information and £9m dmg media Closure of Didcot printing plant: £41m non-cash impairment and £4m of restructuring and redundancy Impairment of Genscape, Xceligent & SiteCompli: £206m non-cash item (£231m incl. JV’s & Associates) Profit on sale of assets includes £509m gain on disposal of Euromoney

800

750

700 96

650

600 78 271 175

£ Millions £ 550 35 679 13 13 500 4 450 464 400 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 £79m and exceptional operating items of £46m Operating cash conversion 88% (vs. 72% FY 2016)

Notes: Operating cash conversion % = operating cash flow / adjusted operating profit

1,200

1,000

800

3.5x 600 2.9x 2.7x 3.0x £ £ Millions 2.4x 2.8x 400 2.3x 2.2x 1.8x 2.0x 1.9x 1.8x 2.0x 1.8x 2.0x 2.3x 1.7x 1.6x 1.5x 1.6x 200 1.4x

0 Sep'07 Mar'08 Sep'08 Mar'09 Sep'09 Mar'10 Sep'10 Mar'11 Sep'11 Mar'12 Sep'12 Mar'13 Sep'13 Mar'14 Sep'14 Mar'15 Sep'15 Mar'16 Sep'16 Mar'17 Sep'17

£ million 30 Sep'16 30 Sep'17 Movement Net debt 679 464 (214) Pension deficit / (surplus) 246 (62) (308) Total 925 402 (523)

Net pension surplus on an accounting basis IAS19 (Revised) Funding payments based on actuarial valuation; £13m funding payments in FY 2018 Enhanced financial flexibility

Insurance Risk £233m

Consumer Media £683m £1,465m £274m Property Information

£69m

£89m EdTech £117m Energy Information Events & Exhibitions

FY 2017 Full Year Outlook FY 2018 Underlying revenue Revenue Margin Margin growth B2B £781 m1 13%1 Low-single digit %¹ Mid-teens % Consumer (dmg media) £683 m 11% Mid-single digit % decline Around 10%

Corporate costs c.£45m JV’s & Associates (pre-tax) ≥£75m Net finance costs c.£40m Effective tax rate: c.18%

Notes: 1 – Excluding Euromoney, Hobsons’ Admissions and Solutions businesses and EDR, the FY 2017 B2B revenues were £781m (at the FY 2017 FX rate of $1.27) and the operating margin was 13%. The total B2B revenues in FY 2017, including these businesses, was £976m and the margin was 16%. In FY 2017, EDR’s revenues were £54m and adjusted operating profit was £19m.

37 2018 and beyond: Clear strategy with focused Performance Improvement Programme

A clear strategy Performance Completion of and vision for Improvement strategic review the future Programme

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

Portfolio roles Investment criteria

Cash consumptive Early bets Attractive and value creating Businesses for the future Investment to grow Scalability

Focused growth Growing and delivering Long-term competitive advantage Targeted investment

Affordability Operating at scale Predictable performers Cash Strong cash contribution Achievability generative

A clear strategy Performance Completion of and vision for Improvement strategic review the future Programme

A B

B2B B2C Proprietary data Addictive content Intelligent simplicity Deep understanding, intuitive solutions

Advanced analytics Personalised and Continuous evolution responsive Advanced analytics, constant refinement Integrated with Speed and agility processes Accessible everywhere Timely insights, fast-to-market products

High value content, great user Scaleable and Intuitive experience reliable experience Capture attention, and keep it

Community enabled Physical connections, enriched digitally

DMGT engages customers by combining proprietary data, innovative technology, compelling content and consumer know-how. We provide people with powerful analysis, insight and entertainment, at work, at home and everywhere in between.

A clear strategy Performance Completion of and vision for Improvement strategic review the future Programme

Enabling DMGT ‘system’ in investment in place – capabilities opportunities we in product, create, develop and technology, people, acquire commercial

DMGT and businesses focused on Intelligent Insights. Consumer Connections

Intelligent Insights. Consumer Connections

Intelligent Insights. Delivering Sustained EPS growth Consumer Quality Connections Focusing Priorities Performance Realising Improvement Real dividend growth Programme Opportunities

Strong balance sheet

Save the date: 1 February 2018 DMGT Investor Briefing

48 5 Appendix

49 FY 2017 Adjusted PBT FY 2016 to FY 2017 Bridge

270.0

260.0

250.0

240.0 (42)

230.0 3 (1)

£m 6 220.0 260 (3) 11 210.0 (8) 2 0 226 200.0 217 190.0

180.0 FY 2016 Euromoney Revised FY RMS dmg dmg events dmg media Corporate costs Euromoney Other JV's & Interest FY 2017 revision 2016 information trading Associates

Notes: The FY 2017 adjusted PBT benefited by c.£19m from FX rates (Average rate of $1.27 vs. $1.42 in FY 2016)

57.0

56.0

0.5 55.0 0.7

54.0 (3.9)

2.3 Pence 53.0 56.0 55.6

52.0

51.0 52.1

50.0 FY 2016 Euromoney revision Revised FY 2016 PBT Trading Tax rate impact Other items FY 2017

© 2017 DMGT 51 FY 2016 Pro Forma Adjusted earnings £ million Reported Revisions Pro Forma Adjusted operating profit 277 (82) 195 Joint ventures and associates 23 38 61 Net finance costs (40) 1 (40) Adjusted profit before tax 260 (43) 217 Taxation (37) 7 (30) Minorities (24) 22 (2) Adjusted earnings 198 (14) 184 Adjusted EPS 56.0 p (3.9) p 52.1 p Adjusted tax rate 14.4% 13.9%

This slide reclassifies Euromoney from being a c.67% owned subsidiary during Q2-4 FY 2016, to being a c.49% owned associate.

© 2017 DMGT 52 B2B & Consumer diversity £ million Share of total FY 2016 FY 2017 Change Underlying Revenues B2B 59% 899 976 +9% +2% Consumer 41% 706 683 (3%) +1% 100% 1,604 1,660 +3% +1% Profits B2B 77% 160 152 (5%) (15%) Consumer 39% 77 77 +0% +10% Corporate costs (15%) (42) (31) (26%) +26% 100% 195 198 +2% (2%)

FY 2016 figures have been restated to only include Euromoney for the first 3 months, consistent with the ownership profile during FY 2017.

FY 2017 Revenues FY 2017 Profits

49% 46% UK UK 33% 38% North America North America 18% 16% Rest of World Rest of World

Revenues by destination and profits by source Rest of World revenues, 18%: 9% Rest of Europe, 1% Australia, 8% Asia, Middle East, Caribbean, Africa and Latin America

© 2017 DMGT 54 Revenue dynamics Strong subscription performance £ million % of total FY 2016 FY 2017 Change Underlying Advertising - print 12% 248 203 (18%) (5%) +3% - digital 9% 132 143 +8% +16% Circulation 19% 315 308 (2%) +0% Subscriptions 31% 623 517 (17%) +5% Events, conferences and training 9% 234 141 (40%) +2% Transactions & other 21% 366 348 (5%) (4%) Total Revenue 100% 1,917 1,660 (13%) +1%

- Reported print advertising, subscriptions and events growth impacted by the deconsolidation of Euromoney

Share of revenues shown to nearest whole percentage.

© 2017 DMGT 55 Underlying analysis Revenues FY 2016 FY 2017 £ million % Underlying M&A Exchange Other Actual Underlying M&A Other Actual B2B RMS +2% 230 - 25 - 205 233 - - 233 dmg information +2% 490 (49) 41 - 498 498 (33) - 531 dmg events +3% 114 (1) 11 (1) 105 117 - - 117 Euromoney N/A - (403) - - 403 - (95) - 95 +2% 833 (453) 76 (1) 1,212 848 (128) - 976 Consumer dmg media +1% 640 (18) 4 (52) 706 645 (5) (34) 683 Total +1% 1,473 (471) 79 (53) 1,917 1,493 (133) (34) 1,660

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 from acquisitions.

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 the benefit to FY 2016 results of an additional 53rd week and low margin newsprint resale activities.

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

© 2017 DMGT 56 Underlying analysis Adjusted operating profit FY 2016 FY 2017 £ million % Underlying M&A Exchange Other Actual Underlying M&A Other Actual B2B RMS (25%) 44 - 8 - 36 33 - - 33 dmg information (13%) 66 (16) 5 - 77 57 (12) - 69 dmg events (7%) 33 0 3 0 29 30 - (0) 31 Euromoney N/A - (100) - - 100 - (19) - 19 (15%) 142 (116) 16 0 242 120 (31) - 152 Consumer dmg media +10% 75 6 (2) (6) 77 82 5 - 77

Corporate costs +26% (42) - - - (42) - 31 - - (31) Operating profit (2%) 175 (109) 14 (6) 277 172 (27) - 198

B2B and Consumer underlying figures are stated pre the allocation of Corporate costs. ‘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 56 161 3 9 579 808 North America 133 314 13 44 53 556 Rest of World 45 56 101 42 52 296 233 531 117 95 683 1,660

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 - 155 19 31 669 874 North America 231 323 6 51 4 615 Rest of World 2 52 92 14 10 170 233 531 117 95 683 1,660

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 - - 1 7 195 203 - digital - 17 - 2 123 143 Circulation - - - - 308 308 Subscriptions 224 230 - 63 - 517 Events, conferences - - 116 25 - 141 and training Transactions & other 10 283 - (2) 57 348 233 531 117 95 683 1,660

£ million % of total FY 2016 FY 2017 Change Underlying UK National newspapers 56% 215 195 (9%) (5%) Euromoney 2% 33 7 (79%) N/A Total print 59% 248 203 (18%) (5%) News websites (MailOnline & Metro) 35% 95 120 +26% +18% Consumer websites 1% 16 4 (75%) N/A Euromoney 1% 7 2 (69%) N/A Other 5% 14 17 +25% +9% Total digital 41% 132 143 +8% +16% Total advertising 100% 380 346 (9%) +3%

£ million FY 2016 FY 2017 Net interest payable pre JV's and Associates 36 37 Share of JV's and Associates finance costs 3 5 Net interest payable 40 42

Items excluded from adjusted results: IAS19(Revised) finance costs 5 5

Net interest payable adversely impacted by stronger US Dollar Increased share of associates’ interest payable Outlook Full Year 2018: net finance costs c.£40m

FY 2016 figures have been restated to include the impact for 9 months of the benefit from proceeds from reducing the stake in Euromoney and the adverse impact of de-consolidated cash on Euromoney’s balance sheet, consistent with the ownership profile during FY 2017. © 2017 DMGT 62 Exceptional items and amortisation £ million FY 2016 FY 2017 Reorganisation, redundancy and consultancy 1 (37) (30) Legal fees 1 - (14) Supplier voluntary administration 1 (5) - Euromoney overseas sales tax & legal dispute 1 (9) - Earn-out / deferred consideration charges 1 (3) - Exceptional operating costs 2 (55) (43) Share of JVs & associates exceptional operating costs (4) (7) Total exceptional operating costs 2 (58) (50) Accelerated depreciation and impairment of plant (0) (42) Impairment of intangible assets & goodwill (55) (231) Amortisation of intangible assets (52) (50) Profit on sale of assets 138 530 Other non-operating items 19 34 Pre-tax exceptional (charge)/credit (8) 190 Notes: 1 – Cash items. The timing of the cash flow impact may fall in other financial years. 2 – Exceptional operating costs including continuing and discontinued operations.

£ million FY 2016 FY 2017 Statutory Profit/(Loss) Before Tax - continuing operations 247 (112) Add: Statutory PBT - discontinued operations - 14 Add: Profit on disposal of discontinued operations ¹ - 509 Statutory PBT including discontinued operations 247 411 Reverse: Pre-tax exceptional charge/(credit) (slide 31) ¹ 8 (190) Remove: IAS19(Revised) finance costs (slide 62) 5 5 Adjusted Profit Before Tax 260 226

¹ The £530m profit on disposals in FY 2017 shown on slide 31 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.

£ million 30 Sep'16 30 Sep'17 Movement Goodwill & Intangible assets 1,481 576 (905) Other non-current assets 587 986 398 Current assets (excl. cash) 415 398 (17) Net debt (679) (464) 214 Pension (deficit) / surplus (246) 62 308 Other liabilities (1,029) (639) 390 Net assets 529 919 390

Equity attributable to owners of DMGT 351 908 557 Non-controlling interests 178 11 (167) Shareholders' equity 529 919 390

Intangible Assets Internally Goodwill ¹ Acquired ² Total £ million Generated ³ RMS 7 0 71 79 Landmark & SearchFlow 129 42 12 182 Genscape 101 25 16 141 Hobsons 70 8 15 92 dmg events 18 3 0 21 Other 40 7 16 62 As at 30 September 2017 363 84 129 576

¹ Goodwill represents the excess of the cost of an acquisition over the Group’s interest in the fair value of the identifiable assets and liabilities of the target entity recognised at the date of acquisition. Goodwill is not amortised, but is subsequently measured at cost less accumulated impairment losses. ² Intangible assets recognised on acquisition include publishing rights, brands, market and customer databases, customer relationships and computer software licenses. ³ Internally generated intangible assets arise from the Group’s development activity, including software for internal use.

© 2017 DMGT 66 Goodwill & Intangible assets: Movements Intangible Assets Internally Goodwill Acquired Total £ million Generated As at 30 September 2016 982 303 196 1,481 Additions 0 1 58 59 Reclassified as held-for-sale (71) (5) (3) (80) Disposals (441) (149) (18) (607) Amortisation ¹ 0 (32) (44) (76) Impairment ² (117) (39) (58) (213) Foreign exchange 10 5 (2) 13 As at 30 September 2017 363 84 129 576 ¹ Amortisation of intangible assets is charged over the estimated useful life of the asset. For internally generated assets the useful life is typically 3-5 years. For acquired assets the useful life varies: publishing rights 5-30 years, brands 3-20 years, market & customer databases 3-20 years, customer relationships 3-20 years, computer software licenses 2-5 years. The £50m amortisation charge in respect of acquired intangible assets shown on slide 31 includes DMGT’s £18m share from JV’s and Associates, whereas the figures shown in the table above exclude the share from JV’s and Associates. ² The £213m impairment of goodwill and intangible assets relates to dmg information, notably Genscape, Xceligent and SiteCompli. © 2017 DMGT 67 Pension surplus

(Deficit) / £ million Obligations Assets Surplus As at 30 September 2016 (2,999) 2,753 (246) Attributable to subsidiaries disposed 72 (71) 1 Benefit payments 107 (107) 0 Interest (cost) / income (63) 58 (5) Company contributions 0 13 13 Actuarial movement 192 107 299 As at 30 September 2017 (2,691) 2,753 62

Net pension surplus on an accounting basis IAS19 (Revised) Funding payments will continue until no deficit on an actuarial basis

Bank facilities Facility Drawings Undrawn Expiring March 2019 611 (46) 565

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 £13m £29m £29m £29m £13m £13m £13m Share buy-back / 10 Other £13m 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 surplus at 30 September 2017 of £62m (£246m deficit 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 FY17 Revenues £m £m £m £m £m Total for major Key 39 42 36 61 70 events A Annual Other events 48 58 59 44 47 18M 18 Months 87 100 95 105 117

£ million % Q1 Q2 Q3 Q4 Full Year Newspapers 62% 52 51 47 46 195 % v last year (11%) (4%) (5%) 1% (5%) Newspaper websites 38% 32 28 29 30 119 % v last year +15% +19% +27% +13% +18% Total 100% 84 78 76 76 314 % v last year (3%) +3% +5% 5% +2%

Percentages show underlying variances. ‘Newspaper websites’ includes revenues from the Metro app for tablets and mobile devices, these are excluded from MailOnline’s revenues.

% of total Q1 v PY Q2 v PY Q3 v PY Q4 v PY FY17 v PY Retail 20% (11%) (31%) (10%) (19%) (17%) Travel 11% +11% +7% +8% (4%) +5% Entertainment 10% (22%) +14% (6%) (3%) (5%) Finance 5% (27%) (25%) (10%) (22%) (22%) Telecoms 6% (13%) +29% +0% (14%) (2%) Motors 2% (44%) +0% (20%) (24%) (23%) Mail Order 3% +0% +8% (7%) (20%) (5%) Others 43% +21% +17% +19% +13% +18% Total 100% (2%) +1% +4% (3%) +0%

UK newspaper titles, including companion websites. Excludes Daily Mail Australia.

Release Provisional Date Q1 Trading update 25 January 2018 Investor Briefing 1 February 2018 Half year results 24 May 2018 Q3 Trading update 26 July 2018 Preliminary full year results 29 November 2018

DMGT 'A' Shares

FTSE 'All Share'

Sep-92 Sep-93 Sep-94 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 © 2017 DMGT 75 Important Notice

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, amortisation of intangible assets arising on business exchange rates, the exclusion of disposals and closures and combinations, pension finance charges and fair value for the inclusion of the year-on-year organic growth from adjustments. These adjusted results include results from acquisitions. For events, the comparisons are between discontinued operations, specifically the Euromoney events held in the year and the same events held the subsidiary. previous time. For dmg media, underlying growth rates exclude the benefit to FY 2016 results of an additional 53rd Percentages are calculated on actual numbers to one week and underlying revenues exclude low margin decimal place. newsprint resale activities.

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