First Quarter Trading Update

4 February 2015

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 2014. 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 £476 million, underlying# growth of 1% on last year

· Underlying# growth of 4% from our B2B businesses

· Underlying# revenue decline of 2% from dmg media

· Continued active portfolio management; acquisitions for dmg information and Euromoney, disposals of Jobsite and Lewtan completed

· Repurchase of £20 million of shares as part of the buy back programme; repurchase of £93 million 10% Bonds 2021 and £56 million 5.75% Bonds 2018 in October 2014

· Net debt increased by £69 million to £672 million, in line with expectations

· Revenue and profit outlook for the year unchanged

Business to Business (B2B)

· Risk Management Solutions (RMS):reported revenues increased 2% to £45 million. The core business grew revenues by an underlying 1% but there was an overall underlying decline of 1% due to lower RMS(one) consultancy revenues. The revised plan for RMS(one) is being implemented and remains on track to deliver the staged programme of incremental deliverables during 2015.

· dmg information: revenues grew to £99 million with underlying growth of 6%. Reported revenues benefited from acquisitions. Genscape (our energy business) continued to deliver double digit underlying growth. The property information portfolio (which includes Landmark, SearchFlow, EDR, Trepp, Xceligent and Buildfax) and Hobsons (our education business) delivered mid-single digit underlying growth. Growth rates in both these sectors are expected to increase over the remainder of the year and the full year outlook for dmg information remains around 10%.

· dmg events: delivered strong underlying growth of 14%. Reported revenues increased to £47 million. The Big 5 Dubai and ADIPEC shows took place in November 2014 and both events delivered double digit growth.

· Euromoney Institutional Investor: reported revenues declined to £95 million, an underlying decline of 1% and consistent with our expectations given the challenging trading conditions. Euromoney released its trading update on 29 January 2015.

dmg media

dmg media: reported revenues were £190 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 with the Daily Mail achieving a record 23.0%*.

Total underlying# advertising revenues across dmg media were up 2%, with newspapers down 6%, newspaper companion websites (mainly MailOnline) up 21% and other digital advertising (mainly Wowcher) up 36%. Reported advertising revenues declined due to the disposal of the digital recruitment business, Evenbase.

MailOnline's digital advertising revenue growth of £3 million (21%) to £18 million for the quarter partly offset the £5 million (10%) decline in print advertising revenues, to £48 million at the Daily Mail and the Mail on Sunday for the same period. Underlying advertising revenues across the Mail businesses as a whole, for print and digital combined, were consequently down 3%. MailOnline's global monthly unique browsers in December stood at a record 200 million, up 38 million or 24% on last year, and average global daily unique browsers were 12.3 million, an increase of 25% on last year. Daily unique browsers exceeded 15 million for the first time on 8 January 2015.

Wowcher continued to perform strongly and now has a substantial database of 6.3 million subscribers, 47% more than December 2013.

For the five weeks since 28 December 2014, total underlying# advertising revenues for dmg media are 4% higher than last year. Metro did not publish in the first week of January this year and, adjusting for this, dmg media advertising revenues were up an underlying 5%.

Net debt / financing

Net debt at 31 December 2014 rose from £603 million at 30 September 2014 to £672 million. In addition to the usual seasonal cash outflows, there were £35 million of agreed payments into the Group's main Pension Scheme and a £40 million increase in net debt arising from the premium on the repurchase of outstanding bonds. In October 2014, the Company repurchased £93 million 10% Bonds 2021 and £56 million 5.75% Bonds 2018, financed by surplus cash and bank borrowing from existing credit facilities. The premium will be treated as an exceptional finance charge. The transaction will reduce the Group's future interest charges. DMGT also continued the share buy back programme, acquiring £20 million of shares in the quarter. Net proceeds from disposals and acquisitions were £93 million in the quarter.

Active Portfolio Management

The acquisition of businesses for the B2B portfolio has continued. Genscape, dmg information's energy information business, acquired Energy Fundamentals, an analytics provider for the European power market, and a controlling stake in Petrotranz. Euromoney acquired a 15.5% stake in a new company incorporated to acquire Dealogic Holdings plc, a leading provider of data and analytics to the global investment banking sector, and the investment was funded by the disposal of Euromoney's interests in Capital Data and Capital Net. The disposal of Lewtan, dmg information's financial information business, completed in October 2014.

In January, dmg media acquired Elite Daily, the US based news and entertainment website. The disposal of Jobsite, the remaining part of dmg media's digital recruitment business, completed in October 2014.

A conference call will be held with City analysts at 8.00 am on 4 February 2015. The dial-in number is +44 (0)1452 555 566; conference code: 73033914. A replay of the call will be available on DMGT's website at www.dmgt.com.

Next trading update

DMGT's next scheduled announcement of financial information will be a trading update, provisionally scheduled for 26 March 2015.

About DMGT

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

Notes

# 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 Villarenters, Metro Play and Evenbase, which were disposed of last year and this year, and distribution services revenue, which ceased last year. dmg media's 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 28 December 2014 and are compared to the same thirteen week period of the prior year.

* Daily Mail's 23.0%, a record level since ABC figures were first compiled in 1932, compared to 22.6% last year and The Mail on Sunday 21.8%, compared to 21.5% last year. Circulation market share figures are calculated using ABC's December 2013 and December 2014 National Newspapers Reports and excluding digital subscribers.

Following the cancellation of 220,860 'A' Ordinary Shares on 3 February 2015, there are now 5,000,000 'A' Ordinary Shares held in Treasury. There are also 2,158,518 'A' Ordinary Shares held by the DMGT Employee Benefit Trust. Including the shares held in Treasury and by the DMGT Employee Benefit Trust there are currently 351,028,935 '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:$1.58 (against £1:$1.62 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.

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