Results Presentation Half Year Ended 31 March 2016

Thursday 26 May 2016

Q&A 4

© 2016 DMGT | 3 Challenging first half – weak print advertising • Resilient Group underlying revenues • Underlying operating profit down 12%, operating margin of 15% • Adjusted profit before tax down 11%, EPS down 11% • Net debt:EBITDA ratio of 2.0x • Interim dividend of 6.7p, up 3% • Active portfolio management • Outlook for Full Year unchanged, except for dmg media’s operating margin • New CEO, Paul Zwillenberg, appointed from 1 June 2016

© 2016 DMGT | 5 Financial Summary Adjusted numbers £ million HY 2016 HY 2015 Change Underlying Revenue 950 922 +3% (1%) Operating profit 138 150 (8%) (12%) Profit before tax 129 146 (11%) Operating margin 15% 16% Earnings per share 27.9 p 31.4 p (11%) Dividend per share 6.7 p 6.5 p +3% Revenue dynamics: growth in B2B (+1%), • Operating profit down 12% underlying resilient dmg media (-3%) • • Adjusted profit before tax down 11% • HY16 factors: Local World disposal; Gastech included; FX benefit from stronger US$; print • EPS down 11%, Dividend up 3% advertising declines; Euromoney challenges

HY 2016 Revenues HY 2016 Profits *

Consumer Consumer 38% 24% B2B B2B 62% 76%

Underlying growth rates Underlying growth rates B2B +1%, Consumer –3% B2B -3%, Consumer –33%

HY 2016 Revenues HY 2016 Profits

48% 46% UK UK 31% 33% North America North America 21% 21% Rest of World Rest of World

Underlying growth rates Underlying growth rates UK –6%, North America +7%, UK –19%, North America –8%, Rest of World +0% Rest of World -1%

Transactions & Other Print Advertising 18% 14% Digital Advertising 7%  Events, Conferences & Training  14% 16% Circulation

Subscriptions  31%

Group HY 2016 revenues Group - excluding events

56% 48% Digital Digital 44% 38% Non-digital Non-digital B2B only - excluding events 14% Events 88% Digital 12% Non-digital

£ million HY 2016 HY 2015 Change Underlying Revenue 96 91 +6% +1% Operating Profit 19 13 +51% +47% Operating Margin 20% 14%

• Revenue growth despite impact of Outlook: Full Year 2016 client consolidation • Low-single digit underlying revenue • Strong product development continued growth • Margin benefit from reduced costs, • RMS(one) costs in H2 (sales & support, despite £6m reduction in capitalisation amortisation, ↓capitalisation) Full year margin in line with FY 2015 • RMS(one) on track and roll-out in • (c.14%) progress

© 2016 DMGT | 12 © 2016 DMGT | 13 Continued growth £ million HY 2016 HY 2015 Change Underlying Revenue 230 201 +14% +6% Operating Profit 25 27 (6%) +1% Operating Margin 11% 13% • Underlying revenue growth across the businesses: Property +5%, Education +1% and Energy +19% Outlook: Full Year 2016 • Underlying revenue growth of c.10% • Margin adversely impacted by ongoing investment and bolt-on acquisitions, as • Continued ongoing investment to expected drive long-term growth prospects • Bolt-on acquisitions: ETSOS (Property) and • Operating margin in mid-teens PAR Framework (Education)

£ million HY 2016 HY 2015 Change Underlying Property - European 89 79 +12% +3% Property - US 58 51 +14% +7% Property 146 130 +12% +5% Education 48 46 +5% +1% Energy 35 24 +47% +19% dmg information 230 201 +14% +6%

© 2016 DMGT | 15 Continued underlying growth £ million HY 2016 HY 2015 Change Underlying Revenue 72 58 +24% +5% Operating Profit 25 17 +43% (2%) Operating Margin 35% 30% • Continued underlying growth • Gastech benefit to reported figures Outlook: Full Year 2016 (Oct’15 & Mar’14) • Mid-single digit underlying and reported • Continued growth for ADIPEC and Big 5 revenue growth • Underlying profit decline; Gastech • Challenging conditions facing Canadian location and investment in attendance energy-related events (GPS) • Acquisition of Exhibition Management • Operating margin of c.25% Services

• Underlying revenue decline of –6%; Outlook: Full Year 2016 events, training and advertising • Challenging market conditions continue • Reduced margin:high flow through to profits, benefit in FY15 from CAP • Strategy being implemented and early signs encouraging • New strategy presented in March 2016 • Second half profit expected to be similar to • Disposal of energy publishing second half of FY 2015 businesses

© 2016 DMGT | 17 © 2016 DMGT | 18 Weak print advertising market £ million HY 2016 HY 2015 Change Underlying Revenue 358 374 (4%) (3%) Operating Profit 39 57 (30%) (29%) Operating Margin 11% 15% • Underlying revenue decline of –3%; FY 2016 Outlook weak print advertising, digital growth, Stable underlying revenues (-2% to +2%): resilient circulation volumes • digital growth, print decline, benefit from • Cover price increase: Daily Mail Mon-Fri cover price 60p → 65p • Decline in reported revenues (Wowcher) • Profit and margin decline; reduction in 53 week year print revenues and continued • investment in digital assets • Operating margin of around 10%, impacted by print advertising • Wowcher disposal; MailOnline Australia acquisition © 2016 DMGT | 19 For the 8 weeks to 22 May 2016, underlying revenues: advertising –4% and circulation –2% Revenue £ million HY 2016 HY 2015 Change Underlying Circulation 153 157 (3%) (3%) Advertising print 113 131 (13%) (13%) (4%) Advertising digital 57 56 +2% +23% Other 35 30 +16% +13% Revenue 358 374 (4%) (3%)

• Cover price increase (Feb’16) helps second half

Reported digital advertising growth adversely impacted by disposal of Wowcher. ‘Other’ revenues primarily relate to low margin newsprint resale activities which are excluded from underlying revenues.

© 2016 DMGT | 20 £ million HY 2016 HY 2015 Change Underlying Daily Mail / The Mail on Sunday 242 260 (7%) (7%) circulation 153 157 (3%) (3%) advertising 80 95 (16%) (16%) other 10 8 +16% +16% MailOnline 44 36 +24% +20% Mail Businesses 286 296 (3%) (3%) Metro, 7 Days 36 39 (7%) (7%) Other - continuing 29 22 +55% 351 356 (1%) (3%) Wowcher 7 15 (55%) Evenbase - 3 (100%) Total 358 374 (4%) (3%) MailOnline includes Metro.co.uk website revenues but excludes Elite Daily. ‘Other – continuing’ includes newsprint resale activities and Elite Daily. © 2016 DMGT | 21 Revenue by business

£ million HY 2016 HY 2015 Change Underlying B2B Risk Management Solutions 96 91 +6% +1% dmg information 230 201 +14% +6% dmg events 72 58 +24% +5% Euromoney 194 198 (2%) (6%) 592 548 +8% +1% Consumer dmg media 358 374 (4%) (3%) Total Revenue 950 922 +3% (1%)

• Favourable FX impact on HY 2016 reported revenues of c.£18m (Average rate $1.48 vs. $1.55 HY 2015)

© 2016 DMGT | 22 Operating profit by business £ million HY 2016 HY 2015 Change Underlying B2B Risk Management Solutions 19 13 +51% +47% dmg information 25 27 (6%) +1% dmg events 25 17 +43% (2%) Euromoney 47 53 (12%) (15%) 116 110 +6% (2%) Consumer dmg media 39 57 (30%) (29%)

Corporate costs (18) (17) (6%) (6%) Total operating profit 138 150 (8%) (12%)

• Favourable FX impact on HY 2016 reported operating profits of c.£4m (Average rate $1.48 vs. $1.55 HY 2015)

Note: B2B and Consumer operating profits are stated before allocating Corporate costs. Including Corporate costs, the underlying growth rates for B2B and Consumer were –3% and –33%. © 2016 DMGT | 23 Joint Ventures & Associates

£ million HY 2016 HY 2015 Zoopla Property Group 11 7 Local World - 8 Total JV's & Associates* 11 14

• Zoopla: • Strong performance following uSwitch Outlook: Full Year 2016 acquisition: Revenues +130%, • Zoopla seasonality (uSwitch) Adjusted PAT +83%, Adjusted EPS +82% • Acquisition of Property Software Group Apr’16 • Full Year guidance: £15-20m • Disposal of Local World

£ million HY 2016 HY 2015 Net interest payable 20 19

Items excluded from adjusted results: Premium on bond redemption - 40 IAS19(R) finance costs 2 4

Outlook: Full Year 2016 • Increased share of associates’ interest • Net finance costs c.£40m payable: Zoopla’s acquisition of uSwitch

£ million HY 2016 HY 2015 Change Adjusted operating profit 138 150 (8%) Joint ventures and associates 11 14 Net finance costs (20) (19) Adjusted profit before tax 129 146 (11%) Taxation (19) (21) Minorities (12) (11) Adjusted earnings 99 114 (14%) Adjusted EPS 27.9 p 31.4 p (11%) Adjusted tax rate 14.8% 14.1%

© 2016 DMGT | 26 Exceptional items and amortisation £ million HY 2016 HY 2015 Reorganisation, redundancy and consultancy 1 (6) (11) Supplier in voluntary administration 1 (5) - Earn-out / deferred consideration charge 1 (1) (1) Accelerated depreciation and impairment of plant (0) (2) Exceptional operating costs 2 (12) (14) Amortisation of intangible assets (23) (23) Impairment of intangible assets & goodwill (13) (8) Profit on sale of assets 110 128 Other non-operating items 6 (7) Pre-tax exceptionals 68 76 • Redundancy, consultancy and supplier administration costs relate to dmg media • Profit on sale of assets includes Local World and Wowcher transaction • Outlook: cash exceptional items of c.£15m for full year, primarily dmg media

¹ Cash items ² Exceptional operating costs, impairment of internally generated and acquired computer software, © 2016 DMGT | 27 property, plant and equipment and investment property: continuing & discontinued operations Net debt movement

£m Cash conversion: 35% Net debt: EBITDA 2.0x 900

800 8 6 60 92 16 19 700 33 48 16 600

500 702 719

400

300 Opening Operating Taxation Pensions Interest Dividends RMS(one) Share buy M&A Debt Closing net net debt cash flow capex back revaluation debt

• Operating cash flow is stated after capex of £35m and exceptional operating items of £9m • Cash conversion represents operating cash flow as a percentage of operating profit • M&A includes £112m of disposals (Local World, Wowcher, Dealogic) and £20m of acquisitions (e.g. ETSOS, PAR Framework)

Half year net debt: £m EBITDA 2.0x

1,200

1,000 £719m

800 3.5x 600 2.9x 2.7x 3.0x 2.4x 2.8x 2.3x 2.2x 400 1.8x 2.0x 1.9x 1.8x 2.0x 2.0x 2.3x 1.7x 1.6x 1.5x 200

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

£m Gastech 160

155 8 (6) (2) 150 7 145 (17) 140 135 146 (1) 130 (8) (1) 4 125 129 120 HY 2015 RMS dmg dmg events Euromoney dmg media Central Costs Local World Zoopla & Interest HY 2016 information Disposal Other associates • The HY 2016 adjusted PBT would have been c.£4m lower at HY 2015 FX rates (Average rate of $1.48 vs. $1.55 in HY 2015)

• Continuing challenging market conditions facing print advertising, Euromoney and energy events • Significant organic investment: RMS(one), MailOnline, dmgi • dmgi: impact of early-stage acquisitions and organic investment in long-term growth • Daily Mail cover price increase: Mon-Fri 60p to 65p (Feb’16) • Disposal of Local World and Wowcher • US$ / £ FX rate (HY 2016 $1.48 average, FY 2015 $1.54 average)

© 2016 DMGT | 31 Revenue and profit outlook FY 2015 Full Year Outlook FY 2016 Underlying revenue Revenue Margin Margin growth B2B Risk Management Solutions £187 m 14% Low-single digit % Stable dmg information £430 m 17% Around 10% Mid-teens % dmg events £95 m 21% Mid-single digit % ¹ Around 25% Euromoney £403 m 26% See Euromoney statement Consumer dmg media £731 m 13% Stable ² Around 10% • Corporate costs c.£40m • JV’s & Associates (pre tax) £15-20m • Net finance costs c.£40m

¹ Due to occurrence of Gastech and the disposal of the digital marketing events, both the reported and underlying revenue growth rates are expected to be in the mid-single digits. © 2016 DMGT | 32 ² Stable revenues for dmg media means -2% to +2%. Business Update 3 Martin Morgan, Chief Executive

Maintaining rigorous and active portfolio management

Driving international growth

Using technology to enable growth

Attracting and developing entrepreneurial talent

• Continued balanced and flexible approach to capital allocation • RMS: roll-out of HD models and RMS(one) • dmgi: organic growth supplemented by selected acquisitions • dmg events: performance of major shows, geo-cloning, organic spin- offs and acquisitions • Euromoney: execution of new strategy • dmg media: grow MailOnline, particularly internationally; extract benefits from growing newspaper market share

New Organic Bolt-on Adjacent sector

ETSOS PAR Framework Local World

Exhibition Management Services Daily Mail Australia Wowcher

Second half FY 2016 to date Acquisitions Disposals

Codean Gulf Publishing

Cyber European Flood HD

Global Marine New Zealand Earthquake HD Cargo / v.16

US + Europe Japan Typhoon HD Flood Maps

RMS(one) products and solutions on track to be released in stages

© 2016 DMGT | 40 Continued organic growth enhanced by well performing acquisitions • Property information • Trepp: new market segments (e.g. TreppPort & Codean) • Xceligent: ongoing organic investment in US build-out • dmgi land & property Europe: product innovation across the property value chain (e.g. ETSOS)

• Hobsons: benefiting from growing adoption of Naviance and new services for higher education (e.g. Starfish, PAR Framework)

• Genscape: gaining scale from entering new segments (e.g. solar, Locus Energy) and adding analytics (e.g. Energytics)

• Managing oil-related headwinds for energy shows – benefits of portfolio diversity Global Petroleum Show, Calgary • Successful geo-cloning and organic spin-off strategy (e.g. Gas Indonesia, HVAC R Saudi, Windows & Doors Dubai)

• Bolt-on acquisitions (e.g. Exhibition Management Services)

• New strategy firmly in place – early encouraging signs

• Three pillars of strategy • Investing around big themes • Transforming the operating model • Actively managing the portfolio

• Good long-term growth opportunities

hatches Structure - Cycle +

Use the Disinvest time wisely -

Daily Mail circulation revenues and volumes: H1 FY’07 to H1 FY’16 100 140 120 80 100 60 80 60 40

6 months months 6 (£M) 40 20

20 = H1’07 [Base 100]

Circulation Revenues Circulation Average daily volume daily Average 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 ‘07 ‘07 ‘08 ‘08 ‘09 ‘09 ‘10 ‘10 ‘11 ‘11 ‘12 ‘12 ‘13 ‘13 ‘14 ‘14 ‘15 ‘15 ‘16

MailOnline revenues as a % of Mail businesses’ advertising revenues 36% 33% 27% 27% 22% 19% 15% 13% 8% 9% 5% H1 FY11 H2 FY11 H1 FY12 H2 FY12 H1 FY13 H2 FY13 H1 FY14 H2 FY14 H1 FY15 H2 FY15 H1 FY16

• Clear priorities for 2016 given challenging market conditions • First Half results impacted by weak advertising market • Investing to deliver medium to long-term growth • Balanced capital allocation strategy • Financial flexibility to drive shareholder returns

Certain statements in this presentation are forward This presentation does not constitute or form part of any looking statements. By their nature, forward looking offer or invitation to sell, or any solicitation of any offer to statements involve a number of risks, uncertainties or purchase any shares in the Company, nor shall it or any assumptions that could cause actual results or events to part of it or the fact of its distribution form the basis of, or differ materially from those expressed or implied by the be relied on in connection with, any contract or forward looking statements. These risks, uncertainties or commitment or investment decisions relating thereto, assumptions could adversely affect the outcome and nor does it constitute a recommendation regarding the financial effects of the plans and events described shares of the Company. Past performance cannot be herein. Forward looking statements contained in this relied upon as a guide to future performance. presentation regarding past 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-for- gains and losses, impairment of goodwill and intangible like basis, adjusted for constant exchange rates, disposals, assets, pension finance charges, premiums on bond closures, non-annual events occurring in the current and redemptions and amortisation of intangible assets arising prior year and acquisitions. For dmg information, on business combinations. These adjusted results, including underlying growth includes the year-on-year organic revenue and operating profit, are for total operations, growth from acquisitions and excludes disposals. For dmg including those treated as discontinued, namely dmg events, the comparisons are between events held in the media’s digital recruitment business, Evenbase. year and the same events held the previous time. For Euromoney, disposals are excluded and a biennial event that took place during the period is also excluded. Percentages are calculated on actual numbers to one Euromoney’s underlying profit excludes the benefit in decimal place. FY2015 of the release of the accrual made the previous year in respect of its CAP incentive plan. For dmg media, Amounts are stated rounded to the nearest million pounds, underlying comparisons exclude disposals, Wowcher and consequently totals may not equal the sum of the Evenbase, and include the year-on-year organic growth component integers. from acquisitions. Underlying revenues only include the profit but not the gross-up, equivalent to the cost of sales, from low margin newsprint resale activities.

Acquisitions: HY 2016 FY 2009 – £8M FY 2010 – £37M FY 2011 – £94M FY 2012 – £75M FY 2013 - £93M FY 2014 - £174M FY 2015 - £123M To 31 Mar 2016 - £20M

Broadbean Calnea OnGeo Intelliworks First Search SearchFlow / DIIG Starfish ETSOS

Metropix Arete BuildFax PrepMe Beat the GMAT Energytics Locus Energy PAR Framework Exhibition Management Globrix Foresight Analytics Spring Rock Edumate SiteCompli Petrotranz Services National Transcript Ned Davis Research Global Grain Xceligent Energy Fundamentals Daily Mail Australia Center Jobrapido Vessel Tracker Quartz Coatings Digital H2O

Praedicat * Insider Publishing Infrastructure Journal Commodity Vectors Centre for Investor Xceligent * Mining Indaba Empower Education Bolt-on TTI / Vanguard Petrotranz * Gulf Glass & GulfSol HSBC's Quantitative Adjacent iProf * Elite Daily Techniques Cougar Software* Skymet * WellAware *

Ochresoft * Liases Foras *

Mercatus * Funcent *

Propstack *

CompStak *

Dealogic *

Estimize *

Zanbato * Disposals: HY 2016 FY 2009 – £28M FY 2010 – £81M FY 2011 – £125M FY 2012 – £117M FY 2013 - £88M FY 2014 - £253M FY 2015 - £143M To 31 Mar 2016 - £112M

10 Pence 8 7.7p 6 4.5p 4 2 0 1995 2015 Dividend Inflation

FY 2016 Interim dividend of 6.7 pence, up 3%

© 2016 DMGT | 53 Underlying analysis Revenues HY 2016 HY 2015 £ million % Underlying M&A Other Actual Underlying M&A Exchange Other Actual B2B RMS +1% 96 - - 96 96 - 4 - 91 dmg information +6% 230 - - 230 217 12 4 - 201 dmg events +5% 72 - - 72 69 (8) 2 16 58 Euromoney (6%) 190 - (5) 194 203 (2) 7 - 198 +1% 588 - (5) 592 584 3 17 16 548 Consumer dmg media (3%) 331 (4) (23) 358 342 (13) - (19) 374 Total revenues (1%) 919 (4) (27) 950 926 (11) 18 (3) 922 M&A adjustments are for disposals, including dmg media’s Wowcher and Evenbase businesses, and acquisitions. The underlying results of dmg information, dmg events and dmg media include the post-acquisition organic growth from acquired entities.

‘Other’ includes adjustments for the timing of shows at dmg events and a biennial event at Euromoney, as well as the gross-up, equivalent to the cost of sales, on the low margin resale of newsprint activities.

Amounts are stated rounded to the nearest £1m, consequently totals may not equal the sum of the component integers. © 2016 DMGT | 54 Underlying analysis Adjusted operating profit HY 2016 HY 2015 £ million % Underlying M&A Other Actual Underlying M&A Exchange Other Actual B2B RMS +47% 19 - - 19 13 - - - 13 dmg information +1% 25 - - 25 25 (2) - - 27 dmg events (2%) 24 - (1) 25 25 (1) - 7 17 Euromoney (15%) 45 - (2) 47 52 (1) 3 (3) 53 (2%) 113 - (3) 116 115 (4) 4 5 110 Consumer dmg media (29%) 38 (2) - 39 53 (4) - - 57

Corporate costs (6%) (18) - - (18) (17) - - - (17) Total operating profit (12%) 133 (2) (3) 138 151 (8) 4 5 150 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 –3% and -33% respectively.

‘Other’ includes adjustments for the timing of shows at dmg events and a biennial event at Euromoney and an adjustment to exclude the benefit in FY 2015 from the release of previously accrued CAP costs at Euromoney. © 2016 DMGT | Amounts are stated rounded to the nearest £1m, consequently totals may not equal the sum of the component integers. 55 B2B & Consumer diversity

£ million Share of total HY 2016 HY 2015 Change Underlying Revenues B2B 62% 592 548 +8% +1% Consumer 38% 358 374 (4%) (3%) 100% 950 922 +3% (1%) Profits* B2B 76% 105 100 +5% (3%) Consumer 24% 33 50 (34%) (33%) 100% 138 150 (8%) (12%)

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

© 2016 DMGT | 56 Geographical diversity £ million Share of total HY 2016 HY 2015 Change Underlying Revenues UK 47% 450 475 (5%) (6%) North America 31% 298 263 +13% +7% Rest of World 21% 202 184 +10% (0%) 100% 950 922 +3% (1%) Profits UK 46% 64 73 (13%) (19%) North America 33% 45 49 (8%) (8%) Rest of World 21% 29 28 +5% (1%) 100% 138 150 (8%) (12%)

Share of revenues shown to nearest whole percentage. On slide 8, UK’s 47.4% is shown as 48%.

Revenues by destination and profits by source Rest of World revenues, 21%: 10% Rest of Europe, 1% Australia, 10% Asia, Middle East, Caribbean, Africa © 2016 DMGT | 57 and Latin America Geographical analysis Revenues by destination

£ million RMS dmgi dmge Euromoney dmg media Total Revenue UK 19 77 5 25 324 450 North America 60 129 5 87 17 298 Rest of World 18 24 62 82 17 202 96 230 72 194 358 950

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 - 76 18 76 349 520 North America 94 132 0 95 5 326 Rest of World 3 22 53 23 4 104 96 230 72 194 358 950

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

© 2016 DMGT | 59 Revenue dynamics Weak print advertising £ million % of total HY 2016 HY 2015 Change Underlying Advertising - print 14% 128 148 (13%) (13%) (4%) - digital 7% 68 65 +4% +21% Circulation 16% 153 157 (3%) (3%) Subscriptions 31% 297 273 +9% +2% Events, conferences and training 14% 135 124 +9% (4%) Transactions & other 18% 169 155 +9% +4% Total Revenue 100% 950 922 +3% (1%)

- Reported digital advertising growth adversely impacted by disposal of Wowcher - Reported subscriptions and events growth benefited from the stronger US dollar - Reported events growth benefited by the occurrence of Gastech

Revenues £ million RMS dmgi dmge Euromoney dmg media Total Advertising - print - - - 15 113 128 - digital - 7 - 3 57 68 Circulation - - - - 153 153 Subscriptions 96 92 - 109 - 297 Events, conferences - - 72 63 - 135 and training Transactions & other - 131 - 4 35 169 96 230 72 194 358 950

© 2016 DMGT | 61 Advertising revenues Digital increase more than offset by print decline £ million % of total HY 2016 HY 2015 Change Underlying UK National newspapers 58% 113 131 (13%) (13%) Euromoney 8% 15 16 (9%) (14%) Other 0% - 1 (100%) Total print 65% 128 148 (13%) (13%) News websites (MailOnline & Metro) 23% 44 36 +24% +20% Consumer websites 7% 13 20 (36%) +58% Euromoney 2% 3 4 (6%) (8%) Other 4% 7 6 +29% +24% Total digital 35% 68 65 +4% +21% Total advertising 100% 196 213 (8%) (4%)

© 2016 DMGT | 62 Adjusting items Reconciliation from statutory PBT to adjusted PBT £ million HY 2016 HY 2015 Statutory Profit Before Tax - continuing operations 195 127 Add: Statutory PBT - discontinued operations (note 20) - 1 Add: Profit on disposal of discontinued operations (note 20) ¹ - 49 Statutory PBT including discontinued operations 195 177 Reverse: Pre-tax exceptional credit (slide 27) (68) (76) Add back: Premium on bond redemptions (slide 25) - 40 Remove: IAS19(Revised) finance costs (slide 25) 2 4 Adjusted Profit Before Tax 129 146

¹ The £128m profit on disposals in HY 2015 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.

© 2016 DMGT | 63 Balance Sheet £ million 31 Mar'16 31 Mar'15 Movement Goodwill & Intangible assets 1,376 1,273 103 Other non-current assets 566 608 (42) Current assets (excl. cash) 369 381 (12) Net debt (719) (754) 35 Pension deficit (85) (210) 125 Other liabilities (880) (887) 7 Net assets 627 412 216

Equity attributable to owners of DMGT 466 262 204 Non-controlling interests 162 150 12 Shareholders' equity 627 412 216

£ million Obligations Assets Deficit As at 30 September 2015 (2,437) 2,278 (159) Benefit payments 44 (44) - Interest (cost) / income (44) 42 (2) Company contributions - 37 37 Service & administration costs (2) - (2) Actuarial movement (43) 84 42 As at 31 March 2016 (2,483) 2,397 (85)

© 2016 DMGT | 65 Net debt Strong funding position Bonds Coupon £m December 2018 5.75% 213 April 2021 10.0% 10 June 2027 6.375% 200 423 Derivatives (1) Facilities 315 Other debt 3 Less: Cash in hand (21) Net Debt 719

Bank facilities Facility Drawings Undrawn Expiring March 2019 602 (315) 287

70 £64m Total £34m Recovery 60 Plan Amounts £50m £48m 50 Total £19m £13m £33m £Xm Actual 40 £19m H1'16 £5m Payments £31m £34m £61m £8m £34m £34m £34m 30 £4m £ millions £ Northcliffe disposal £17m 20 £29m £29m £29m £29m Share buy-back / 10 Other £12m Minimum recovery 0 payments FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

• Funding plan agreed in Feb’14: c.£34m p.a. to 2020, c.£28m p.a. to 2022 and £23m p.a. to 2026, including £5m p.a. to 2022 on ‘Offset recovery payments’. Payments in excess of the £34m p.a. recovery plan amounts can be carried forward against future ‘Offset recovery payments’. Contributions cease once actuary agrees schemes are not in deficit. • Actuarial valuation as at 31 March 2016 is currently in progress. • IAS19 deficit at 31 March 2016 = £85m (£159m at 30 September 2015) • Future payments in excess of £29m p.a. of minimum recovery plan payments to 2020 are dependent on share buy-backs, M&A affecting schemes or pensions liability management, plus other minor contributions. The share buy-back and other payments in excess of £5m p.a. in FY 2014 and FY 2015 can be carried forward such that, in the absence of further share buy-backs, only the £29m minimum recovery plan payments would be required in FY 2017. • Additional future payments equivalent to 20% of share buy-backs are required.

© 2016 DMGT | 67 Gastech in FY 2016 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Event H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Gastech B 18M 18M 18M 18M Big 5 Dubai A A A A A A A A ADIPEC B A A A A A A

Global Petroleum Show B B A (smaller) A (larger) A (smaller) A (larger) A (smaller)

FY12 FY13 FY14 FY15 Revenues £m £m £m £m Total for major events 23 39 53 44 Key Other events 48 48 47 50 71 87 100 95 A Annual Disposals: 18M 18 Months Evanta 18 - - - B Biennial Total including disposals 89 87 100 95

+ Revenue share: Revenue share: FY15 59% → H116 64% FY15 16% → H116 18% Batten down the Invest Underlying growth rate: Underlying growth rate: hatches

FY15 (4)% → H116 (9)% FY15 +4% → H116 +2% Structure

- Cycle + Revenue share: Revenue share: FY15 16% → H116 12% Use the FY15 9% → H116 6% Disinvest time Underlying growth rate: wisely Underlying growth rate: FY15 (15)% → H116 (27)% FY15 (5)% → H116 (5)% -

© 2016 DMGT | 69 Underlying advertising revenue trends £ million % Q1 Q2 Half Year Newspapers 68% 59 54 113 % v last year (12%) (15%) (13%) Newspaper websites 28% 23 24 47 % v last year +27% +13% +19% Subtotal 96% 82 77 160 % v last year (4%) (8%) (6%) Digital businesses 4% 4 3 7 % v last year +73% +45% +60% Total 100% 86 80 166 % v last year (2%) (7%) (4%) Percentages show underlying variances. The digital and total percentages exclude revenues from Evenbase, which has been disposed of. ‘Newspaper websites’ includes revenues from the Metro app for tablets and mobile devices, these are excluded from MailOnline’s revenues.

© 2016 DMGT | 70 Advertising revenue quarterly trends % of total Q1 v PY Q2 v PY HY16 v PY Retail 26% (12%) (7%) (10%) Travel 11% +0% (15%) (10%) Entertainment 11% +22% (11%) +5% Finance 7% (8%) (24%) (17%) Telecoms 5% (16%) (31%) (23%) Motors 3% (7%) (49%) (32%) Mail Order 3% +8% (4%) +2% Others 34% +0% +8% +3% Total 100% (4%) (8%) (6%)

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

Release Date Q3 Trading update 21 July 2016 Pre-close trading update 29 September 2016 Preliminary full year results 1 December 2016

DMGT ‘A’ Shares

FTSE ‘All Share’

Sep-99 Sep-15 Sep-95 Sep-96 Sep-97 Sep-98 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

Mar-00 Mar-16 Mar-96 Mar-97 Mar-98 Mar-99 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