28 January 2016

Daily Mail and General Trust plc (‘DMGT’)

First Quarter Trading Update

This trading update covers the first quarter of DMGT’s financial year, the three month period to 31 December 2015. It describes the Group’s financial position and performance during the period, updated to the latest practicable date.

Trading in line with our expectations; outlook for the year unchanged:

 Revenue for the first quarter of £500 million, underlying# growth of 1% on last year  Underlying# revenue growth of 2% from our B2B businesses  Underlying# revenue decline of 2% from  Continued active portfolio management: acquisitions for dmg information, disposals of Wowcher and Local World completed  Repurchase of £6 million of shares as part of a new rolling buy-back programme  Net debt increased by £21 million to £723 million, in line with expectations  cover price increase from 60 pence to 65 pence with effect from 1 February 2016  Revenue and profit outlook for the year unchanged  Announcement of Chief Executive Martin Morgan’s retirement at end of 2016

Q1 Revenue Growth v Prior Year Reported Underlying#

Group revenue +5% +1% B2B +9% +2% RMS +6% +2% dmg information +13% +6% dmg events +34% +8% -5% -6% dmg media~ -1% -2%

Business to Business (B2B)  Risk Management Solutions (RMS): revenues grew to £47 million, including the benefit of the stronger US dollar. Revenues increased by 2% on an underlying basis, despite the adverse impact of client consolidation. All three of the prioritised high-definition models have now been developed and RMS continues to work closely with a select group of clients to test and evaluate the results of these first HD models. RMS remains on track to release applications for exposure analytics and risk modelling, in stages, during 2016, with clients being able to begin migrating from RiskLink to RMS(one) by the end of 2016. The expectation of full year underlying revenue growth in the low-single digits remains unchanged.  dmg information: revenues grew to £112 million with underlying growth of 6%. Reported revenues benefited from acquisitions and the stronger US dollar. Genscape (our energy business) continued to deliver double digit underlying growth. The property information portfolio delivered mid-single digit underlying growth, while Hobsons’ (our education business) revenues were stable on an underlying basis. Revenue growth rates in both the property and education

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sectors are expected to increase over the remainder of the year and the outlook for dmg information’s underlying revenue growth rate remains around 10%.  dmg events: delivered strong underlying growth of 8%. Reported revenues increased to £63 million. Three of our four large events occurred during the first quarter. Gastech’s revenues were in line with the previous event, whereas Big 5 Dubai and ADIPEC increased both revenues and attendance. The underlying revenue growth for the full year is still expected to be in the mid-single digits.  Euromoney Institutional Investor: reported revenues declined to £90 million, an underlying decline of 6%, consistent with our expectations and reflecting a continuation of the challenging market conditions and revenue trends experienced during the second half of FY 2015. Euromoney released its first quarter trading update earlier today and will be providing a strategy update at its Capital Markets Day on 9 March 2016.

dmg media

Revenue Growth v Prior Year ~ Reported Underlying# dmg media -1% -2% Advertising -4% -2% Circulation -4% -4%

 dmg media: reported revenues were £188 million, an underlying# revenue decline of 2%. Circulation revenues were down 4% due to declining volumes, although both Mail Newspaper titles continued to grow market share*.

Total advertising revenues across dmg media were down by an underlying# 2%, with a 12% decline in print advertising being largely offset by 32% growth in digital advertising. The disposals of Wowcher in November 2015 and Jobsite in October 2014 had an adverse impact on reported advertising growth. dmg media’s total reported revenues declined by 1%, and include the benefit from increased reselling of newsprint.

 Mail businesses: MailOnline’s advertising revenues increased by £5 million (27%) to £23 million. This partly offset a decline of £7 million (14%) to £41 million in print advertising revenues at the Daily Mail and for the quarter. Advertising revenues across the Mail businesses as a whole, for print and digital combined, were consequently down by 3%.

 MailOnline’s digital advertising revenues grew by an underlying 27% in the quarter, including an encouraging 66% increase in the US and 17% in the UK. MailOnline’s average number of global monthly unique browsers during the quarter was 220 million, up 24 million (12%) on last year, and average global daily unique browsers were 13.7 million, an increase of 11% on last year.

For the four weeks since 27 December 2015, total underlying# advertising revenues for dmg media are 12% lower than last year.

The cover price of the Monday to Friday issues of the Daily Mail will increase from 60 pence to 65 pence with effect from Monday 1 February 2016. This is the first increase for three years.

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For the full year, dmg media still expects to deliver stable underlying revenues, in the -2% to +2% range.

Net debt / financing Net debt at 31 December 2015 was £723 million, up from £702 million at 30 September 2015. In addition to the usual seasonal cash outflows, there were £31 million of agreed payments into the Group’s main Pension Scheme. During the quarter, DMGT also acquired £6 million of shares as part of a new rolling share buy-back programme. Net proceeds from disposals and acquisitions were £80 million in the quarter.

Active Portfolio Management Acquisitions in the period totalled around £20 million, primarily of bolt-on businesses to existing dmg information companies. ETSOS, a UK-based provider of conveyancing searches which complements both Landmark and SearchFlow, was acquired in October. In December, Hobsons acquired PAR Framework, a provider of predictive models that improve student retention and graduation rates in US higher education institutions. Agreement has been reached to acquire a 50% stake in Daily Mail Australia from Nine Entertainment Company in February 2016, at which point it will become a wholly owned MailOnline business.

In November, dmg media disposed of its online discount business, Wowcher, to a newly formed business in which DMGT owns a c.30% stake. This new company also acquired the UK and Ireland operations of LivingSocial, a complementary business that was approximately half the size of Wowcher and expects to realise synergies from the combined operations and databases. DMGT’s net proceeds from the disposal of Wowcher and the investment in the new company were £29 million. Earlier in November, DMGT sold its 39% stake in Local World to Trinity Mirror for £73 million.

Retirement of Martin Morgan as Chief Executive On 13 January 2016, DMGT announced that Martin Morgan, Chief Executive, had informed the Board that he plans to retire from the Group at the end of calendar year 2016. The notice given ensures that there is sufficient time to allow a thorough search process to take place. The Board will consider both internal and external candidates.

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

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Conference call A conference call will be held with City analysts at 8.00 am on 28 January 2016. The dial-in number is +44 (0)20 3059 8125. A replay of the call will be available on DMGT’s website at www.dmgt.com.

Next trading update The Group’s next scheduled announcement of financial information will be its results for the half year ended 31 March 2016, which will be released on 26 May 2016.

Euromoney will be providing a strategy update at its Capital Markets Day on 9 March 2016.

About DMGT DMGT manages a balanced multinational portfolio of entrepreneurial companies, with total revenues of almost £2bn, that provides a diverse range of businesses and consumers with compelling information, analysis, insight, news and entertainment.

Notes

# Underlying revenue is revenue 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. For dmg information, underlying growth includes the year-on-year organic growth from acquisitions. 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 excluded completely. For dmg media, underlying comparisons exclude Evenbase and Wowcher, which were disposed of last year and this year. dmg media’s underlying 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.

~ dmg media’s results are to Sunday 27 December 2015 and are compared to the same thirteen week period of the prior year.

* Daily Mail’s 23.4% market share compared to 23.1% last year and The Mail on Sunday share of 22.0%, compared to 21.8% last year. Circulation market share figures are calculated using ABC’s December 2014 and December 2015 National Newspapers Reports and exclude digital subscribers.

The cancellation of 861,872 A Ordinary Shares currently held in Treasury is expected to take place today, 28 January 2016. As at the end of 27 January 2016 and prior to the cancellation of shares, there were 5,861,872 A Ordinary Shares held in Treasury. There are also 3,845,066 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 342,204,470 A Ordinary Shares in issue. There are also 19,890,364 Ordinary Shares in issue, which are held by Rothermere Continuation Limited.

The average £:$ exchange rate for the three months was £1:$1.52 (against £1:$1.58 in the same period last year).

This trading update 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 trading update save as would arise under English law. Statements contained in this trading update 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.

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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 trading update. 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 trading update. 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.

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

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