Half Yearly Financial Report

26th May 2011 07:00

Report for the half year ended 3rd April, 2011Not for public release until 7am on 26th May, 2011

Daily Mail and General Trust plc

Half Yearly Financial Report for the six months ended 3rd April, 2011

Financial Highlights

Adjusted results* Statutory results~ 2011 2010 Change†2011 2010 (restated)+Revenue £991m £958m +3% £991m £958mOperating profit £144m £133m +8% £98m £73mProfit before tax £121m £102m +20% £73m £36mGroup profit £90m £74m +22% £50m £93mEarnings per share 23.6p 19.3p +22% 13.0p 24.3pDividend per share 5.3p 5.0p*before exceptional items, impairment of goodwill and intangibleassets, and amortisation of intangible assets arising on businesscombinations; see Consolidated Income Statement and reconciliation in Note 9.Other than revenue and operating profit, these adjusted results are for totaloperations, including those treated as discontinued.

+ restated for the change of presentation of amortisation of internally generated and acquired computer software as a charge against adjusted operating profit*; see Note 1.

~ These statutory highlights are for continuing operations only (excluding from the prior period dmg radio Australia up to 16th December, 2009), other than for Group profit and earnings per share which are the total statutory figures.

†Percentages are calculated on actual numbers to one decimal place.

SOLID FIRST HALF RESULTS

- Group operating profit* up 8%.

- Good B2B performance with revenues up 14% and profits* up 10%.

- Resilient UK consumer media profits*, up 5%, but outlook volatile and uncertain.

- Group operating margin* up to 15%.

- Net debt reduced by £13 million to £849 million.

- Dividend increased by 6%.

Martin Morgan, Chief Executive, said:

"DMGT has enjoyed a resilient first half. Trading was satisfactoryoverall, reflecting the benefits of DMGT's diversified international portfolioof market-leading businesses in both B2B and consumer markets, together withour focus on efficiencies. Overall, our business-to-business companies havecontinued their momentum, delivering strong revenue growth. Our UK consumerbusinesses have increased operating margin* mainly through operatingefficiencies and both the Daily Mail and The Mail on Sunday have againimproved their market share of circulation."Despite continuing momentum within our B2B operations, we remaincautious about the outlook for the full year due to the volatile and uncertainmarket conditions faced by our UK consumer businesses, where advertisingrevenues for April and the first three weeks of May have been below last year.We are therefore remaining focused on driving sustainable organic growththrough new product development and investments, while continuing to seekoperational efficiency and to reduce debt. Overall, we still expect to achievegrowth for the full financial year compared to last year."

A live webcast of the Half Year Results presentation to City analysts will be available on our website at 9.30 a.m. on 26th May, 2011 at http://www.dmgt.co.uk.

Enquiries

Stephen Daintith, Finance Director Tel: 020 7938 6631

Nicholas Jennings, Company Secretary Tel: 020 7938 6625

Susanna Voyle/ Matthieu Roussellier, Tulchan Communications Tel: 020 7353 4200

Notes to Editors

DMGT is a multi media and information company providing essential news, entertainment and information services on both business to business (B2B) and consumer platforms. We operate in many different markets, in over 40 countries providing high-quality content, information, analytics and events.

Our B2B arm comprises Risk Management Solutions, dmg information,dmg events and Euromoney Institutional Investor. Our consumer media division,A&N Media, comprises Mail Newspapers, our free newspaper division, principallyMetro, our central European operations, our digital only businesses andNorthcliffe Media. We also own 50% of dmg radio Australia, a joint venture.Our strategy is to remain the owner of high-quality, sustainable,market-leading media and information assets across both the B2B and consumersectors and to become a more global growth company with sustainable earningsand dividend growth.ContentsPage

Interim Management Report 4-15

Condensed Consolidated Income Statement 16

Condensed Consolidated Statement of Comprehensive Income 17

Condensed Consolidated Statement of Changes in Equity 18

Condensed Consolidated Statement of Financial Position 19 - 20

Condensed Consolidated Cash Flow Statement 21 -22

Notes to the Condensed Consolidated Financial Statements 23 - 39

Independent review report by the external auditors 40

Shareholder Information 41

Interim Management Report

This Interim Management Report focuses principally on the adjusted results to give a more comparable indication of the Group's underlying business performance. All year on year comparisons are on a like-for-like basis after adjusting the prior period results* for the change of presentation of amortisation of internally generated and acquired computer software as a charge against adjusted operating profit*.

A discussion of restructuring and impairment charges and otheritems included in the statutory results is set out after the divisionalperformance review and in the segmental note. In the prior period statutoryresults, the Group's radio division is shown within discontinued operationsfor the period to 16 December, 2009. The adjusted results are summarisedbelow: Adjusted results* Half Year Half Year Change†Full Year 2011 2010 2010 £m £m £m (restated)+ (restated)+Revenue 991 958 +3% 1,968Operating profit+ 144 133 +8% 300Income from joint venturesand associates 1 2 2Net finance costs (24) (36) -34% (75)Discontinued operations - 3 3Profit before tax 121 102 +20% 230 Tax charge+ (20) (18) +16% (31)Minority interest (11) (10) +8% (21)Group profit 90 74 +22% 178

Adjusted earnings per share+ 23.6p 19.3p +22% 46.3p

*Adjusted results are stated before exceptional items, impairment of goodwill and intangible assets, and amortisation of intangible assets arising on business combinations. For a reconciliation of Group profit to adjusted Group profit, see Note 9. Other than revenue and operating profit, these adjusted results are for total operations, including those treated as discontinued.

#Underlying revenue or profit* is revenue or profit* on a like for like basis, adjusted for acquisitions, disposals and closures made in the current and prior year and at constant exchange rates. For A&N Media, the underlying percentage movements exclude London Lite, the discontinued television activities of Teletext, the digital dating and data businesses and the Slovakian print production companies.

+ Adjusted operating profit*, the adjusted tax charge and adjustedearnings per share for the prior periods have been restated for the change ofpresentation of amortisation of internally generated and acquired computersoftware as a charge against adjusted operating profit*; see Note 1. For theprior half year to 4th April, 2010, £8 million has been reclassified as acharge against adjusted operating profit*.

†Percentages are calculated on actual numbers to one decimal place.

Summary

Group revenue for the six months to 3rd April, 2011 was £991 million, compared with £958 million for the prior year, an increase of 3% on a reported and underlying# basis. Operating profit* was up 8% at £144 million on the equivalent figure for the previous half year.

The Group's B2B companies increased their overall profit* by 10%, an underlying# increase of 3%. Within consumer media, the profits* of A&N Media were up 5%, with revenue declines being offset by cost efficiencies. As a consequence, 69% of this half year's operating profit* was generated from B2B and 31% from consumer media, compared to 68% and 32% for the prior half year.

Adjusted profit* before tax rose by 20% to £121 million, benefitingfrom reduced net finance costs. The statutory profit before tax for the periodwas £73 million, after charging £31 million of amortisation charges andimpairment losses and £18 million of net exceptional charges. Adjusted Groupprofit* after tax and minority interests was up 22% to £90 million. Statutoryprofit was £50 million, down from £93 million, due to the absence ofsignificant tax credits in the current period and of profit attributable tooperations treated as discontinued, being 50% of dmg radio Australia.

Outlook

The Group will benefit from continuing B2B momentum for the rest ofthe year, where we expect underlying# profit growth to continue. In contrast,trading within our consumer business is more volatile with uncertain prospectsfor advertising revenue given the external economic environment and fragilityof consumer confidence in the UK. We will therefore continue to seek cost andoperational efficiencies where possible to offset revenue pressureparticularly within our consumer media operations. Overall, the Board expectsto achieve growth for the full financial year compared to last year.

Divisional Review

Business to business (B2B)

Revenues from the B2B group totalled £433 million, 14% higher thanlast year, with a strong underlying# increase of 9%. Operating profits*increased by £10 million (10%) to £110 million. The overall B2B margin* fellslightly from 26% to 25%, reflecting planned investment in growth initiatives.Risk Management Solutions Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £m (restated)+ (restated)+Revenue 79 71 +11% 153Operating profit* 21 22 -6% 45Operating margin* 26% 31% 29%

+ The results for the prior periods have been restated for the change of presentation of amortisation of internally generated and acquired computer software as a charge against adjusted operating profit*. For the prior half year to 4th April, 2010, £1 million (£2 million for the full year to 3rd October, 2010) has been reclassified as a charge against adjusted operating profit*.

RMS increased its revenues by 11%, on a reported and an underlying# basis. Operating profit* fell by 6% due to the costs of the early phase of a large multi-year contract in India. Subscriptions continued to grow with a renewal rate of approximately 96% during the first half.

The majority of the revenue increase came from the NaturalCatastrophe and Underwriting Solutions businesses through contract renewalincreases and product additions as a result of continuing strong demand forthe core catastrophe product suite. The Emerging Risk and Data businesses bothhad a strong first half with increasing demand for the Life & Health and DataCleansing services. Offsetting this, Capital Markets Solutions saw ayear-over-year decline due to the timing of the US Hurricane and Eurowindmodel releases. Catastrophe Bond revenues should grow in the second half ofthe financial year as the new versions of these risk models are released andadopted.

RMS is on track to deliver low double digit underlying# revenue growth for the full year with margins* in the range of 25% to 30%.

dmg:: information

Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £m (restated)+ (restated)+Revenue 105 103 +2% 231Operating profit* 15 15 0% 47Operating margin* 14% 14% 20%

+ The results for the prior periods have been restated for the change of presentation of amortisation of internally generated and acquired computer software as a charge against adjusted operating profit*. For the prior half year to 4th April, 2010, £2 million (£6 million for the full year to 3rd October, 2010) has been reclassified as a charge against adjusted operating profit*.

Dmg information increased its revenues by 2%, an underlying#increase of 1%. Operating profit* was unchanged at £15 million on a reportedand underlying# basis. The first half performance was affected by a number ofone-off factors as explained below.

Property

Operating profit* from the property information companies increased by 17% to£10 million, with revenues 3% higher at £40 million. Operating margin* rosefrom 21% to 24%. Underlying# revenues and operating profits* increased by 1%and 16% respectively.In the US, commercial property transaction volumes have started totrend upwards and that led to strong growth in Environmental Data Resources'revenues and underlying# operating profits*. In the UK, Landmark InformationGroup also increased its profits* despite lower revenues caused by thecontinuing depressed level of housing transactions and the impact of theabolition of Home Information Packs last summer.

Non-Property

Revenues from dmgi's companies in the Financial, Education, Energy andGeospatial markets increased by 1% to £65 million, though operating profits*were 18% lower at £7 million. Operating margin* was down from 14% to 11%.Underlying# operating profits* fell by 14% on underlying# revenues that were1% higher.In the financial information market, Trepp continued to grow itsrevenue and operating profit* despite the early ending of the TermAsset-backed securities Loan Facility contract and higher than normal level ofcustomer churn. These are clear indications of the improving CMBS marketfundamentals which have caused speculative investors to exit and attracted thereturn of longer-term investors. Lewtan experienced tougher conditions and sawa decline in revenue and profit* from its products serving the issuer market.

Hobsons, the education information company, achieved double-digit growth in its revenues. As usual due to the timing of its revenues, Hobsons made a loss* in the first half of the year, but expects strong full year growth.

Genscape, the leading provider of real-time information to the energy trading markets, grew its revenue and profits* during the period with a good improvement in margin*.

Sanborn's revenues and profits* declined in the first half of the year as the geospatial market, with revenues primarily sourced from U.S. state and local government budgets, continues to experience very tough conditions.

Markets are generally improving, although trends continue to be volatile, particularly within the property market. For the full year, dmgi expects to achieve mid-single digit revenue growth in its underlying# revenues with margins* remaining around last year's level.

dmg:: events Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £mRevenue 81 58 +40% 110Operating profit* 29 17 +66% 30Operating margin* 35% 30% 27%

Dmg events increased its revenue by 40% and its operating profit* by 66%. The results reflect good underlying growth from all sectors and also benefit from the timing of two large biennial events, ADIPEC and Gastech. Underlying# revenue and profits* increased by 14% and 15% respectively.

There was strong growth from its large events serving the energy sector, with excellent results from both ADIPEC and Gastech. The New York International Gift Fair saw solid growth and, with the pace of launches increasing, dmg events saw strong performance in both the digital marketing sector and Evanta's executive conferences.

Most of the large shows in the portfolio took place in the firsthalf and so dmge's results will be more weighted towards the first half thisyear. Dmg events remains on track to deliver double digit revenue growth withmargins* in the range of 25% to 30% for the full year.

Euromoney Institutional Investor

Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £mRevenue 168 148 +13% 330Operating profit* 45 45 +1% 96Operating margin* 27% 30% 29%

Euromoney announced its first half results last week. Revenue increased by 13% to £168 million, reflecting the success of its strategy of investing in subscription-based electronic information services, as well as the continued recovery of financial markets following the global credit crisis. Growth was achieved across all revenue streams.

This revenue increase reflects an expected marked difference between the growth rates in the first and second quarters. Revenues for the first quarter increased by 20%, continuing the strong momentum experienced in the second half of financial year 2010 and driven by a faster than expected recovery in financial markets after the credit crisis.

Operating profit* for the period was up only 1% to £45 million due to: an increased charge of £4 million for its capital appreciation plan (CAP); the absence of one-off costs savings included in 2010's first half results;

and increased investment in digital publishing.

Subscription revenues continued to grow at a similar rate to the second half of financial year 2010. This reflects the lag in the recovery of subscription revenues following the credit crisis, as well as the investment in premium electronic information services such as BCA Research and CEIC Data. Growth

rates of between 15% and 20% have been achieved by Euromoney's digital publishing businesses, contrasting favourably with the low growth rates of the more traditional print businesses.

The outlook for financial markets remains uncertain as forecasts for economic growth are cut, inflation concerns rise, the credit problems in the Eurozone remain unresolved and unrest in the Middle East persists. Underlying revenues in April (after adjusting for timing differences) increased by 5% compared to a year ago and forward revenue visibility for Euromoney's events businesses, for which the third quarter is the most important, is encouraging. However, there are signs of a slowing in year-on-year rates of growth for both advertising revenues and delegate attendance at training courses. In addition, the rate of growth in subscription revenues is also expected to fall in the second half as growth comparisons become tougher.

Consumer media

Revenues from A&N Media for the period totalled £558 million, 3% lower thanlast year, with an underlying# fall of 1%. Adjusted operating profits*increased by £3 million (5%) to £54 million. Margins* rose from 9% to 10%. Theperformance since January is set against tougher comparatives, given theimprovement in the markets of a year ago and the increase in newsprint costsfrom January 2011.Headcount fell by 532 (7%) in the period, 336 of whom relate to NorthcliffeMedia (11% of its total headcount). This restructuring within A&N Media hasresulted in an exceptional charge of £8 million. As previously announced, A&NMedia is consulting with its employees over plans to relocate its South Londonprinting operation to a green field site in Thurrock, Essex. Accelerateddepreciation of £7 million relating to this move has been recorded as anexceptional charge in the first half.As reported in November 2010, A&N International now reports directly to A&NMedia and its results are shown within Associated, rather than withinNorthcliffe. The prior period figures have been re-stated for this change ofpresentation.Associated Newspapers Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £m (restated)+ (restated)+Revenue 438 446 -2% 883Operating profit* 46 39 +18% 89Operating margin* 10% 9% 10%

The prior period results include losses* made by London Lite and the discontinued television activities of Teletext prior to their closure.

+ The results for the prior periods have been restated for the change of presentation of amortisation of internally generated and acquired computer software as a charge against adjusted operating profit*. For the prior half year to 4th April, 2010, £5 million (£9 million for the full year to 3rd October, 2010) has been reclassified as a charge against adjusted operating profit*. They also include £1 million (£3 million for the full year to 3rd October, 2010) for the Central European operations.

Associated's results reflect the benefit of headcount savings, areduction in promotional expenditure and the disposal and closure of certainloss making businesses in the prior year, offsetting the increased newsprintcost. Total and underlying# advertising revenues rose by 2%, offsetting a 2%decline in circulation revenues. The positive advertising trend of October andNovember 2010 was not maintained throughout the first half (quarter 1 - up 5%,quarter 2 - down 1%) as conditions became more volatile and advertisingcomparatives tougher.

Newspaper operations

Underlying# circulation revenues fell by 2% to £171 million. Whilst circulation of the Daily Mail fell by 1.9% in the period and that of The Mail on Sunday by 3.7%, both titles continued to improve their market share with strong outperformance of both the daily and Sunday markets.

Underlying# advertising revenues were up 2% at £183 million, driven by thestrength of Metro and MailOnline. Underlying# print display advertising wasunchanged at £148 million. The strongest category was financial, up 27%,whilst retail, our largest category, was up 2%. Underlying# classifiedadvertising rose by 5% to £26 million. Underlying# digital revenue from thenewspaper titles' companion sites increased by 50% to £8 million. Mail Onlinecontinues to grow strongly with almost 66 million unique visitor numbers inMarch, 68% higher than March 2010 and 3.7 million average daily uniquevisitors to the site during the month, representing growth of 63% compared

tothe same month a year ago.Digital only businessesUnderlying# revenue across the portfolio of digital companies,focused on the verticals of Jobs, Property, Motors and Travel rose by 2% to£44 million , compared to the first half of last year. There was strong growthfrom the Digital Property Group and Jobsite, offset by falls from Travel andMotors. Underlying operating profit* fell marginally to £1 million with thebenefit of the increased revenue offset by increased investment in technologyand promotional activity at the Jobs and Travel divisions in particular.

Central Europe

A&N International's operating profits* rose by £0.6 million or 50% to £2million on revenues down 23% to £14 million, reflecting the disposal of theSlovakian print publishing companies last year. Trading conditions continue toimprove with underlying# revenues up 2% including digital advertising revenuesup 10%, offset by print which was 22% lower. Underlying# circulation revenuesfell by 4% to £5 million.OutlookTrading during April and the first three weeks of May has seenadvertising revenues 5% below last year despite the occurrence of Easter andthe Royal Wedding. The nervous consumer and retail market is expected tocontinue throughout the summer. Overall operating margin* is expected to bemaintained at around 10%.Northcliffe Media Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £m (restated) (restated)Revenue 120 132 -9% 261Operating profit* 8 12 -35% 27Operating margin* 7% 9% 10%

The results for the prior periods have been restated to exclude the CentralEuropean operations. For the prior half year to 4th April, 2010, £1 million(£3 million for the full year to 3rd October, 2010) are included in those ofAssociated Newspapers above.Northcliffe's operating profits* declined by £4 million to £8 million. Totaland underlying# revenues were down 9% to £120 million, with advertisingrevenues down by 9% to £85 million (quarter one - down 6%, quarter two - down12%).Advertising revenue performance was affected by lower recruitment(down 28%) and notices (down 11%) in particular, other categories being down4% in total. Recent trading has reflected the weak economic environment andthe reduction in public sector spending. Digital revenues for the period were£9 million, down 2%, a 21% decline in recruitment revenues offset by stronggrowth in property, motors and services revenues. Visitor numbers to the`Thisis' digital websites grew by 21% in March. Since March 2010, a further 75Local-people websites have been launched, with March 2011 visitor levels being85% higher than the prior period.

Circulation revenues fell by 6% to £30 million. In the July to December 2010 ABC period, circulation on daily titles fell by 7%, in line with the peer group, the weekly fall of 4% outperforming the industry average.

Despite the 9% reduction in revenues, operating margin* fell by just 2% due to a 7% reduction in costs, compared to the previous period, with lower production costs (other than newsprint), staff and distribution costs in particular.

Trading during April and the first three weeks of May has seen advertisingrevenues 10% below last year and a challenging second half is expected.Overall operating margin* is expected to be maintained through further costreductions.Other income statement items- Net finance costs Half Year Half Year Movement Full Year 2011 2010 % 2010 £m £m £m

Net interest payable and similar 33 36 -9% 74 charges Pension finance charge/(credit) (6) 1

2Investment income (3) (1) (1)Total 24 36 -34% 75

Net interest payable and similar charges (including deemed finance charges and interest receivable) fell by £3 million to £33 million due to lower average debt.

There was a £7 million movement in the pension finance charge/(credit) due to the lower pension fund deficit arising from a growth in assets and higher discount rate used. Other investment revenue rose by £2 million due largely to dividends from an internet investment fund.

- Other items

The Group's share of the results* of its joint ventures and associates fell by £0.4 million to £0.6 million. It includes income from DMG Radio Australia (DMGRA), offset by our share of the losses of Mail Today in India.

The Group has charged £17 million as exceptional operating costs,principally within A&N Media. This charge includes reorganisation costs of £9million and accelerated depreciation of property, plant and equipment of £7million relating to the proposed move to Thurrock.

The charge for amortisation of intangible assets fell by £5 million to £24 million. The Group also made an impairment charge of £7 million, relating to Northcliffe Media.

The Group recorded other net gains of £2 million, the same amount as in the prior period. Profit attributable to operations treated as discontinued amounted to £Nil (2010 £33 million).

- Taxation

The adjusted tax charge of £20 million (2010 £18 million asrestated) is stated after adjusting for the effect of exceptional items. Theadjusted tax rate for the half year rose to 16.3% from 13.6% in the 2010 fullyear due to a change in the mix of chargeable profits. The continued low ratereflects tax reductions from tax-efficient financing and tax deductibleamortisation in the USA that are expected to be in place for the next fewyears.

There were net exceptional tax credits of £5 million, arising on operating exceptional costs and the accelerated depreciation of property and equipment.

Pensions

The deficit on the Group's defined benefit pension schemes fell from £271 million at the beginning of the year to £198 million at the half year (calculated in accordance with IAS 19). This improvement is due to an increase in the market value of the schemes' assets coupled with an increase in the discount rate used which has decreased the value attributed to its liabilities.

The Company has reached agreement in principle with the Trustees as part ofthe process associated with the triennial actuarial valuation of the mainschemes as at 31st March, 2010. The valuation and funding agreement areexpected to be formalised in June, including a recovery plan involvingexpected payments, including those already made of £17 million, in the regionof £37 million in October 2011, £36 million in October 2012, £29 million inOctober 2013, £27 million in October 2014 and £22 million for each of thefollowing nine years. This funding agreement will be revisited after the nextactuarial valuation as at 31st March, 2013.

Net debt and cash flow

Net debt at the end of the period was £849 million, a reduction of£13 million since the year end. The Group generated operating cash flows of£149 million, a 103% conversion rate of operating profits*. These funded netacquisitions of £11 million, taxation £35 million, interest £34 million,pension funding of £10 million and dividends totalling £46 million.

Net debt is usually at its peak around the half year due to the timing of dividend and other annual payments. A steady reduction in net debt is expected in the second half of the year.

In April, the Group raised approximately £300 million of new bank facilities for a five year period to 2016 with only minor changes to basic financial covenants. £90 million of existing facilities maturing in 2013 have been retained. Most of the Group's debt remains in long-term bonds, the earliest of which is not repayable until March 2013.

The Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly report.

Other financing

The Group acquired 2.3 million `A' Ordinary Non-Voting shares for£12 million in order to meet obligations to provide shares under its incentiveplans. It also utilised 2.1 million shares out of Treasury to provide sharesunder various incentive plans valued at £10 million. Following thesetransfers, DMGT has 382.8 million shares in issue (excluding shares held inTreasury).

DMGT took its share of the final dividend from Euromoney in the form of a scrip. This enabled it to offset the dilutive effect of the vesting of the final tranche of Euromoney's CAP, thereby maintaining its equity interest at 66%. The Board intends also to take Euromoney's forthcoming interim dividend in the form of a scrip.

Dividend

The Board has declared an interim dividend of 5.3 pence perOrdinary and `A' Ordinary Non-Voting share (2010 5.0 pence) which will be paidon 8th July, 2011 to shareholders on the register at the close of business on10th June, 2011.

Principal risks and uncertainties

The principal risks and uncertainties that affect the Group on ongoing continuing basis are described in our 2010 Annual Report at www.dmgt.co.uk. These are still considered to be the most relevant risks and uncertainties at this time. The risk that is expected to have a specific impact on the Group's performance over the remaining six months of the financial year is "Exposure to changes in the global economy and customer spending patterns." The impact of this risk could cause actual results to differ from expected and historical results.

Where a risk that was disclosed in the Annual Report is unchanged or is not expected to have a specific impact in the remaining period, a summary of the disclosure given in the Annual Report has been included.

Risks specific to the remaining six month period of the year

Exposure to changes in the global economy

The speed and extent of the recovery in the global economy andespecially the UK and US economies, remains uncertain. This uncertainty isamplified by the current conflicts in the Middle East which threaten to driveup oil prices, in turn heightening the risk of a rise in inflation. Theeffects of this could increase pressure on already fragile global marketspotentially resulting in a "double dip" recession. A slower than expectedrecovery, or "double dip," gives rise to a risk of not achieving the Group'sforecast results.Management of costs and reducing the Group's cost base continue tobe a key focus area. Reductions in our cost base over the past two years haveput us in a strong position. We also continue to focus on driving profitableorganic growth across all our divisions. Our recent experience hasdemonstrated the value of our long-term strategy of diversifying the Group'sportfolio, into business information and subscription revenue streams, alongwith investment in strong brands.

Other risks disclosed in the Annual Report

The following is a summary of the other risks and uncertainties that were disclosed in the 2010 Annual Report.

The impact of technological and market changes on our competitive advantage

Our businesses operate in highly competitive environments that can be subject to rapid change. Our products and services, and their means of delivery, are affected by technological innovations, changing legislation, competitor activity or changing customer behaviour. Our strategy of diversification and willingness to take a long-term view helps us react to these challenges and opportunities.

Pension scheme shortfalls

Following an employee consultation process, the Company hasrestructured its defined benefit pension schemes to remove longevity risk frombenefits accrued after 1st April, 2011, together with all post-retirementrisks from that tranche of benefits which will be paid in cash or bought outwith an insurance company at retirement. Action is also being taken to preparefor closure of these schemes to all new participants by 31st March, 2012. Newemployees joining the newspaper businesses since 1st October, 2009 have onlybeen able to join a defined contribution pension plan.The Company and pension scheme trustees are jointly developing astrategy for reducing or removing the risks associated with defined benefitpension liabilities. Reported earnings may, however, be adversely affected bychanges in the company's pension costs and funding requirements due to lowerthan expected investment returns, changes in bond yields and changes indemographics, including longer life expectancy.

The schemes remain neutral in cash flow terms, a position that is likely to be improved by a series of deficit funding payments by the Company following completion of negotiations with the trustees concerning the 2010 triennial valuation of the schemes, which is expected by the end of June.

Impact of a major disaster or outbreak of disease

Any disaster, such as a geopolitical event, terrorist attack, natural disaster, or outbreak of disease which significantly affects the wider environment or infrastructure in a sector where the Group has material operations, could adversely affect the Group. Plans and procedures are in place to manage the impact of such risks.

Reliance on key management and staff

In order to pursue our strategy, we employ successful and talentedexecutive management across all of our businesses. Although we cannot predictwith certainty that we will enjoy continued success in our recruitment andretention of high quality management and creative talent, our Group humanresources director works with divisional and executive management across theGroup on a formal approach to talent management and succession planning.

Commercial Relationships including volatility of newsprint

DMGT is reliant on a number of commercial relationships with keysuppliers and third parties. A significant change to the commercial terms or aloss of any of these key relationships could have a material impact on theGroup's financial results. An example of this is newsprint which represents asignificant proportion of our costs within the newspaper divisions and whereprices are subject to volatility. Significant time and resources are committedto developing these relationships to ensure they continue to operatesatisfactorily.

Acquisition and disposal risk

As well as launching and building new businesses, an integral partof our success has, and will continue to be, the acquisition of businessesthat complement our existing products or expand the scope of our expertise. Anumber of risks are inherent within any strategy to acquire. There are alsorisks to our ability to achieve optimal value from disposals. Acquisitions anddisposals are monitored and managed by each divisional board with oversightfrom the Board.

Reliance on IT infrastructure

Information systems are critical for the effective management and provision of services around the Group. Disruption to our information technology infrastructure, or failure to implement new systems effectively, could result in lost revenue and damage our reputation. Dedicated project management teams are used to manage the risk in any change project and business continuity plans are in place in each division to protect existing systems.

Information security

Information security continues to be an important issue for allbusinesses across the Group. Losses of data in the past have highlighted theimportance of information security. Our divisions manage information securityrisks locally with the support and oversight from the Risk Committee.

Treasury Risk

The Group's financing and treasury operations manage a number of risks including currency exchange rate fluctuations, liquidity risk and interest rate risk. The Group has sufficient committed debt facilities in place to meet its foreseeable requirements.

Tax risk

The Group operates within many jurisdictions; our earnings aretherefore subject to taxation at differing rates across these jurisdictionsand, due to an ever more complex international tax environment, there willalways be a level of uncertainty when provisioning for our tax liabilities. Wehave a team of in-house specialists who review all tax arrangements within

theGroup.Legal and regulatory

Our businesses are subject to varying legislation and regulation in the jurisdictions in which we operate, which cover such areas as: competition; data protection; privacy; health and safety; and employment law. The UK Bribery Act, which comes into force on 1st July, 2011, is notable as having multi-jurisdictional reach. We take compliance with laws and regulations seriously throughout the Group. Our DMGT code of conduct (and supporting policies) highlights the key legal and regulatory issues affecting our businesses and is available to all staff. Training and further guidance is provided where necessary.

For further details of these risks and mitigating controls which are in place, please refer to the 2010 Annual Report.

Statement of Directors' responsibilities

The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge:

a) this condensed set of financial statements which should be read in conjunction with the annual financial statements for the year ended 3rd October, 2010 and has been prepared in accordance with IAS 34 `Interim financial reporting' as adopted by the European Union; and

b) the interim management report includes a fair review of the information required by the Financial Services Authority's Disclosure and Transparency Rules 4.2.7R and 4.2.8R.

By order of the Board of Directors

The Viscount RothermereChairman25th May, 2011

*References to operating profit or loss or share of the results of joint ventures and associates in the narrative above are to adjusted operating profit or loss or adjusted share of the results of joint ventures and associates before exceptional items, impairment of goodwill and intangible assets, and amortisation of intangible assets acquired in business combinations and of internally generated and acquired computer software amortisation; see notes 2 and 3. These adjusted results are for total operations, including those treated as discontinued.

#Underlying revenue or profit* is revenue or profit* on a like for like basis, adjusted for acquisitions, disposals, closures and non-annual events made in the current and prior year and at constant exchange rates. For A&N Media, the underlying percentage movements exclude London Lite, the discontinued television activities of Teletext, the digital dating and data businesses and the Slovakian print companies.

+ Adjusted operating profit*, the adjusted tax charge and adjustedearnings per share for the prior periods have been restated for the change ofpresentation of amortisation of internally generated and acquired computersoftware as a charge against adjusted operating profit*; see Note 1. For theprior half year to 4th April, 2010, £8 million has been reclassified as acharge against adjusted operating profit*.

The average £: US$ exchange rate for the half year was £1: $1.59 (against £1:$1.59 for the first half of last year). The rate at the half year year end was $1.60 (against the 2010 year end rate of $1.59).

For further information

For analyst and institutional enquiries:

Stephen Daintith, Finance Director Tel: 020 7938

6631

Nicholas Jennings, Company Secretary Tel: 020 7938

6625

For media enquiries:

Susanna Voyle/ Matthieu Roussellier, Tulchan Communications Tel: 020 7353 4200

Analysts' presentation and webcast

A presentation of the Half Year results will be given to investors and analysts at 9.30 a.m. on 26th May, 2011 at 20 Moorgate, London, EC2R 6DA. There will also be a live webcast available on our website: http://www.dmgt.co.uk.

Next trading update

The Group's next scheduled announcement of financial information will be its third quarter interim management statement on 26th July, 2011.

This Interim Management Report (IMR) is prepared for and addressedonly to the Group's shareholders as a whole and to no other person. The Group,its directors, employees, agents or advisers do not accept or assumeresponsibility to any other person to whom IMR is shown or into whose hands itmay come and any such responsibility or liability is expressly disclaimed.Statements contained in this IMR are based on the knowledge and informationavailable to the Group's Directors at the date it was prepared and thereforethe facts stated and views expressed may change after that date. By theirnature, the statements concerning the risks and uncertainties facing the Groupin this IMR involve uncertainty since future events and circumstances cancause results and developments to differ materially from those anticipated. Tothe extent that this IMR contains any statement dealing with any time afterthe date of its preparation such statement is merely predictive andspeculative as it relates to events and circumstances which are yet to occur.The Group undertakes no obligation to update these forward-looking statements.

Independent review report to Daily Mail and General Trust plc

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 3rd April, 2011 which comprise the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement, the condensed consolidated statement of financial position, and related notes 1 to 23. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance withInternational Standard on Review Engagements (UK and Ireland) 2410 "Review ofInterim Financial Information Performed by the Independent Auditor of theEntity" issued by the Auditing Practices Board. Our work has been undertakenso that we might state to the Company those matters we are required to stateto them in an independent review report and for no other purpose. To thefullest extent permitted by law, we do not accept or assume responsibility toanyone other than the company, for our review work, for this report, or forthe conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of theGroup are prepared in accordance with IFRSs as adopted by the European Union.The condensed set of financial statements included in this half-yearlyfinancial report has been prepared in accordance with International AccountingStandard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standardon Review Engagements (UK and Ireland) 2410, "Review of Interim FinancialInformation Performed by the Independent Auditor of the Entity" issued by theAuditing Practices Board for use in the United Kingdom. A review of interimfinancial information consists of making inquiries, primarily of personsresponsible for financial and accounting matters, and applying analytical andother review procedures. A review is substantially less in scope than an auditconducted in accordance with International Standards on Auditing (UK andIreland) and consequently does not enable us to obtain assurance that we wouldbecome aware of all significant matters that might be identified in an audit.Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the 26 weeks ended 3rd April, 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Deloitte LLPChartered Accountants and Statutory Auditors25th May, 2011LondonUnited KingdomShareholder Information

Financial Calendar (provisional)

201126th May Half Yearly Financial Report published8th June Interim ex-dividend date10th June Interim record date8th July Payment of interim dividend26th July Interim management statement27th September Pre-close trading update30th September Payment of interest on loan notes2nd October Year end23rd November Annual results and final dividend announced30th November Ex-dividend date2nd December Record dateContactsDaily Mail and General Trust plc AuditorsNorthcliffe House Deloitte LLP2 Derry Street, 2 New Street SquareLondon LondonW8 5TT EC4A 3BZTelephone: 020 7938 6000Email:[email protected] Stockbrokers RegistrarsJP Morgan Cazenove Limited Equiniti10 Aldermanbury Street Aspect HouseLondon Spencer RoadEC2V 7RF Lancing West SussexCredit Suisse Securities (Europe) BN99 6DALimitedOne Cabot SquareLondonE14 4QJ

For further investor information and contacts, please visit the Company's website at:

http://www.dmgt.co.uk

Copies of this Half Yearly Financial Report are available electronically from the Company's website at www.dmgt.co.uk or from the Secretary upon request.

DMGT plc Condensed Consolidated Income Statement For the 26 weeks ending ended 3rd April, 2011 Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd 4th 3rd April, April, October, 2011 2010 2010 Restated Restated (note 1) (note 1) Note £m £m £m CONTINUING OPERATIONS Revenue 2 991.0 957.7 1,968.0

Operating profit before exceptional operating costs and amortisation and 2 144.0 133.3 300.7 impairment of goodwill and acquired intangible assets

Exceptional operating costs, impairment

of internally generated and acquired 2 (16.6) (32.5) (39.0) computer software, investment property

and property, plant and equipment Amortisation and impairment of goodwill and acquired intangible assets arising on 2 (29.1) (27.4) (34.2) business combinations

Operating profit before share of results 2 98.3 73.4 227.5

of joint ventures and associates Share of results of joint ventures and 3 (2.0) (1.5) (5.3)associates Total operating profit 96.3 71.9 222.2 Other gains and losses 4 1.1 1.4 0.1 Profit before net finance costs and tax 97.4 73.3 222.3 Investment revenue 5 9.5 1.4 1.4 Finance costs 6 (34.4) (38.7) (77.4) Net finance costs (24.9) (37.3) (76.0) Profit before tax 72.5 36.0 146.3 Tax 7 (15.0) 33.9 39.6 Profit after tax from continuing operations 57.5 69.9 185.9 DISCONTINUED OPERATIONS Profit from discontinued operations 18 - 32.2 33.1 PROFIT FOR THE PERIOD 57.5 102.1 219.0 Attributable to: Owners of the company 49.7 92.7 199.8 Non-controlling interests * 7.8 9.4 19.2 Profit for the period 57.5 102.1 219.0 Earnings per share 10 From continuing operations Basic 13.0p 15.9p 43.5p Diluted 12.9p 15.9p 43.5p From discontinued operations Basic 0.0p 8.4p 8.6p Diluted 0.0p 8.4p 8.6p

From continuing and discontinued operations

Basic 13.0p 24.3p 52.1p Diluted 12.9p 24.3p 52.1p Adjusted earnings per share Basic 23.6p 19.3p 46.3p Diluted 23.4p 19.3p 46.3p

* All attributable to continuing operations

DMGT plc Condensed Consolidated Statement of Comprehensive Income For the 26 weeks ending ended 3rd April, 2011

Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd 4th 3rd April, April, October, 2011 2010 2010 Note £m £m £m Profit for the period 57.5 102.1 219.0 Fair value movements on 5.3 0.2 2.9

available-for-sale investments

Gains/(losses) on hedges of 14.7 0.7 (3.6)

net investments in foreign operations Cash flow hedges : (Losses)/gains arising during the period (0.5) (9.5) 0.7 Transfer of loss on cash flow hedges

from translation reserve to 0.9 2.6

4.3

Consolidated Income Statement Translation reserves recycled to 17 (0.2) (42.9)

(39.1)

Consolidated Income Statement on disposals Foreign exchange differences on (4.0) 34.4

14.3

translation of foreign operations Actuarial gain on defined benefit pension schemes 57.1 182.9

146.9

Other comprehensive income before tax 73.3 168.4

126.4

Tax relating to components of other (21.4) (50.8)

(44.5)comprehensive income

Other comprehensive income for the period 51.9 117.6

81.9

Total comprehensive income for the period 109.4 219.7

300.9 Attributable to : Owners of the Company 100.3 207.4 279.2 Non-controlling interests 9.1 12.3 21.7 109.4 219.7 300.9

DMGT plc Condensed Consolidated Statement of Changes in Equity For the 26 weeks ending ended 3rd April, 2011

Called Share Capital Revaluation Shares Translation Retained Total Non- Total up premium redemption reserve held reserve earnings controlling equity share account reserve in interests capital treasury £m £m £m £m £m £m £m £m £m £m Balance as at 4th October, 2009 49.1 12.4 1.1 4.1 (46.8) 9.8 (164.0) (134.3) 46.8 (87.5) Profit for the period - - - - - - 92.7 92.7 9.4 102.1 Other comprehensive income/(loss) - - - 0.2 - (17.4) 131.9 114.7 2.9 117.6for the period Total comprehensive - - - 0.2 - (17.4) 224.6 207.4 12.3 219.7 loss for the period Issue of share capital - - - - - - - - 1.0 1.0 Dividends - - - - - - (37.9) (37.9) (3.9) (41.8) Own shares acquired - - - - (7.9) - - (7.9) - (7.9) in the period Own shares released on vesting of - - - - 9.8 - - 9.8 - 9.8share options Exercise of acquisition put option - - - - - - 2.0 2.0 (1.1) 0.9commitments Other transactions with non- - - - - - - 2.9 2.9 (2.1) 0.8controlling interests Adjustment to equity following increased - - - - - - 6.3 6.3 (6.3) -stake in controlled entity Adjustment to equity following decreased - - - - - - (1.3) (1.3) 1.3 -stake in controlled entity Credit to equity for equity settled - - - - - - 5.7 5.7 0.2 5.9share based payments Settlement of exercised share - - - - - - (9.6) (9.6) - (9.6)options of subsidiaries Deferred tax on share based - - - - - - (0.6) (0.6) (0.2) (0.8)payment transactions Balance as at 49.1 12.4 1.1 4.3 (44.9) (7.6) 28.1 42.5 48.0 90.54th April, 2010 Balance as at 4th October, 2009 49.1 12.4 1.1 4.1 (46.8) 9.8 (164.0) (134.3) 46.8 (87.5) Profit for the period - - - - - - 199.8 199.8 19.2 219.0 Other comprehensive income/(loss) - - - 2.9 - (26.1) 102.6 79.4 2.5 81.9for the period Total comprehensive income/(loss) - - - 2.9 - (26.1) 302.4 279.2 21.7 300.9for the period Issue of share capital - 0.1 - - - - - 0.1 4.1 4.2 Dividends - - - - - - (57.1) (57.1) (6.6) (63.7) Own shares acquired - - - - (12.3) - - (12.3) - (12.3)in the period Own shares released on vesting of - - - - 14.1 - - 14.1 - 14.1share options Exercise of acquisition - - - - - - 1.3 1.3 (1.3) -put option commitments Adjustment to equity following increased - - - - - - 10.0 10.0 (10.0) -stake in controlled entity Adjustment to equity following decreased - - - - - - (2.3) (2.3) 2.3 -stake in controlled entity Credit to equity for equity settled - - - - - - 16.2 16.2 0.7 16.9share based payments Settlement of exercised share options - - - - - - (9.3) (9.3) - (9.3)of subsidiaries Corporation tax on - - - - - - 0.5 0.5 - 0.5share based payments Deferred tax on share based - - - - - - (0.3) (0.3) (0.3) (0.6)payment transactions Balance as at 49.1 12.5 1.1 7.0 (45.0) (16.3) 97.4 105.8 57.4 163.23rd October, 2010 Profit for the period - - - - - - 49.7 49.7 7.8 57.5 Other comprehensive - - - 2.1 - 10.1 38.4 50.6 1.3 51.9 income for the period Total comprehensive - - - 2.1 - 10.1 88.1 100.3 9.1 109.4 income for the period Issue of share capital - 0.1 - - - - - 0.1 1.8 1.9 Dividends - - - - - - (42.1) (42.1) (5.2) (47.3) Own shares acquired - - - - (11.7) - - (11.7) - (11.7)in the period Own shares released on vesting - - - - 9.8 - - 9.8 - 9.8of share options Other transactions with non- - - - - - - 0.6 0.6 (0.5) 0.1controlling interests Adjustment to equity following - - - - - - (5.2) (5.2) 3.6 (1.6)increased stake in controlled entity Adjustment to equity following decreased - - - - - - 0.5 0.5 (0.5) -stake in controlled entity Credit to equity for equity settled - - - - - - 7.6 7.6 0.8 8.4share based payments Settlement of exercised share - - - - - - (9.7) (9.7) - (9.7)options of subsidiaries Deferred tax on share based - - - - - - 0.1 0.1 (0.5) (0.4)payment transactions Balance as at 49.1 12.6 1.1 9.1 (46.9) (6.2) 137.3 156.1 66.0 222.13rd April, 2011 DMGT plcCondensed Consolidated Statement of Financial PositionAs at 3rd April, 2011 Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 Note £m £m £m ASSETS Non-current assets Goodwill 732.2 747.1 735.8 Other intangible assets 347.4 388.4 377.9 Property, plant and equipment 12 348.7 395.9 366.2 Investment property 11.4 - 11.6

Investments in joint ventures 12.2

23.7 20.4 Investments in associates 12.0 5.1 12.7

Available-for-sale investments 27.0

21.1 23.2 Trade and other receivables 30.6 30.9 27.9 Derivative financial assets 5.3 6.1 8.7 Retirement benefit assets 19 0.8 0.6 - Deferred tax assets 123.6 123.7 151.3 1,651.2 1,742.6 1,735.7 Current assets Inventories 26.9 27.5 27.5 Trade and other receivables 386.3 386.9 368.9 Current tax receivable 5.4 - 0.9 Derivative financial assets 1.6 9.2 2.3 Cash and cash equivalents 61.8 70.8 65.7 482.0 494.4 465.3 Total assets 2,133.2 2,237.0 2,201.0 LIABILITIES Current liabilities Trade and other payables (647.3) (625.0) (632.1) Current tax payable (51.8) (57.2) (69.4) Acquisition put option commitments (0.8) (1.1) (1.1) Borrowings 13 (9.5) (17.1) (14.3) Derivative financial liabilities (9.2) (6.8) (6.6) Provisions (38.1) (29.0) (37.7) (756.7) (736.2) (761.2) Non-current liabilities Trade and other payables (1.5) (0.4) (1.5) Borrowings 13 (869.5) (1,024.3) (870.6) Derivative financial liabilities (46.1)

(79.1) (79.8)

Retirement benefit obligations 19 (199.0) (251.0) (271.4) Provisions (16.4) (32.0) (27.6) Deferred tax liabilities (21.9) (23.5) (25.7) (1,154.4) (1,410.3) (1,276.6) Total liabilities (1,911.1) (2,146.5) (2,037.8) Net assets 222.1 90.5 163.2 SHAREHOLDERS' EQUITY Called up share capital 49.1 49.1 49.1 Share premium account 12.6 12.4 12.5 Share capital 15 61.7 61.5 61.6 Capital redemption reserve 1.1 1.1 1.1 Revaluation reserve 9.1 4.3 7.0 Shares held in treasury (46.9) (44.9) (45.0) Translation reserve (6.2) (7.6) (16.3) Retained earnings 137.3 28.1 97.4

Equity attributable to owners of the company 156.1

42.5 105.8 Non-controlling interests 66.0 48.0 57.4 222.1 90.5 163.2

Approved by the Board of Directors on 25th May, 2011

DMGT plcCondensed Consolidated Cash Flow StatementFor the 26 weeks ending ended 3rd April, 2011 Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Note £m £m £m

Operating profit before share of results of joint ventures and associates - 2 98.3

73.4 227.5continuing operations

Operating profit before share of results of joint ventures and associates - 18 -

0.7 0.7discontinued operations Adjustments for : Share-based payments 8.4 5.9 16.9 Pension curtailments - (0.4) (9.5) Pension charge in excess of cash contributions 1.0 - 4.0 Depreciation 2 31.3 26.5 50.8 Impairment of internally generated and acquired computer software, property, plant and equipment 2 -

17.0 26.3and investment property Impairment of goodwill and impairment charge/ (reversal) of intangible assets arising 2 6.5

0.6 (19.9)on business combinations Amortisation on internally generated 2 8.7 8.1 16.5and acquired computer software Amortisation of intangible assets arising 2 22.6 28.6 55.9on business combinations Operating cash flows before 176.8 160.4 369.2movements in working capital

Decrease/(increase) in inventories 0.5

(3.4) (3.8)

Increase in trade and other receivables (20.4)

(27.8) (8.6)

Increase/(decrease) in trade and other payables 19.3

(7.1) (7.7)

(Decrease)/Increase in provisions (5.3) (6.5) 1.5 Additional payment into pension schemes (10.7)

- (7.7) Cash generated by operations 160.2 115.6 342.9 Taxation paid (36.6) (12.4) (27.7) Taxation received 1.4 7.2 19.2 Net cash from operating activities 125.0 110.4 334.4 Investing activities Interest received 0.9 0.8 0.9

Dividends received from joint ventures 10.2

2.3 3.7and associates Dividends received from 2.9 0.4 0.6

available-for-sale investments Purchase of property, plant and equipment 12 (14.5)

(15.8) (35.2)

Expenditure on internally generated (8.4) (7.6) (16.8)intangible fixed assets Purchase of available-for-sale investments (0.1)

(1.1) (1.4)

Proceeds on disposal of property, 12 0.7

1.7 4.2plant and equipment Proceeds on disposal of 0.9 - 0.1

available-for-sale investments

Purchase of subsidiaries 16 (10.7) (10.0) (18.3) Purchase of additional interests 16 (1.6) (12.8) (12.8)in controlled entities Treasury derivative activities (14.2)

(3.5) 11.9

Investment in joint ventures and associates (3.3)

(3.8) (6.1)

Loans advanced to joint ventures -

- (2.3)and associates

Loans to joint ventures and associates repaid -

64.7 65.0

Proceeds on disposal of businesses 17 2.1 3.1 8.5 Proceeds on disposal of joint ventures -

- 0.1and associates

Net cash (used in)/generated by (35.1)

18.4 2.1 investing activities Financing activities Equity dividends paid 8 (42.1) (37.9) (57.1) Dividends paid to non-controlling interests (4.1) (3.9) (6.6) Issue of share capital 15 0.2 - 0.1

Issue of shares by Group companies to 0.7

1.0 4.1 non-controlling interests Purchase of own shares (11.7) (7.9) (12.3)

Net receipt on exercise/settlement of 0.1

2.0 4.8 subsidiary share options Interest paid (34.1) (33.9) (66.8) Bond issue costs - (0.4) (0.4) Loan notes repaid (3.6) (4.0) (8.5) Repayments of obligations under hire (2.5) (2.4) (4.7)purchase agreements Increase/(decrease) in bank borrowings 4.6 (19.9) (172.4) Net cash used in financing activities (92.5) (107.3) (319.8)

Net (decrease)/increase in cash and (2.6)

21.5 16.7cash equivalents

Cash and cash equivalents at beginning of period 64.3

46.9 46.9

Exchange (loss)/gain on cash and cash equivalents (0.1)

1.5 0.7 Net cash and cash equivalents at end of period 11 61.6 69.9 64.3 DMGT plc For the 26 weeks ending ended 3rd April, 2011 NOTES

BASIS OF PREPARATION

The information for the 26 weeks ended 3rd April, 2011 and 4th April,2010 and for the 52 weeks ended 3rd October, 2010 does not constitute statutoryaccounts for the purposes of section 435 of the Companies Act 2006. A copy ofthe accounts for the 52 weeks ended 3rd October, 2010 has been delivered to theRegistrar of Companies. The auditors' report on those accounts was notqualified and did not contain statements under section 498 (2) or (3) of theCompanies Act 2006. The Group's business activities, together with the factors likely toaffect its future development, performance and position are set out in theinterim management report. The financial position of the Group, its cash flows,liquidity position and borrowing facilities are described in the condensedfinancial statements and notes. After making enquiries, the Directors have areasonable expectation that the Group has adequate resources to continue inoperational existence for the foreseeable future. Accordingly, they continue toadopt the going concern basis in preparing the half yearly report. This financial information has been prepared for the 26 weeks ending 3rdApril, 2011, 26 weeks ending 4th April, 2010 and 52 weeks ending 3rd October,2010. The Group, and its national and local media divisions, prepare financialinformation for a period ending on a Sunday near to the end of March orSeptember; all other divisions prepare financial information for periods endingon 31st March and 30th September. The Group considers whether there have been any significant transactionsor events between the end of the financial period of the divisions other thanthe national and local media divisions and the end of the Group's financialperiod and makes any material adjustments as appropriate. The Annual Report and Accounts of DMGT plc are prepared in accordancewith International Financial Reporting Standards (IFRS) issued by theInternational Accounting Standards Board as adopted by the European Union.These condensed financial statements have been prepared in accordance withInternational Accounting Standard 34 Interim Financial Reporting as adopted bythe European Union. Although not required by IAS 34, comparative figures for theConsolidated Income Statement for the 52 week period ending 3rd October, 2010and the Consolidated Statement of Financial Position as at 4th April, 2010 havebeen included on a voluntary basis. These condensed financial statements have been prepared in accordancewith the accounting policies set out in the 2010 Annual Report and Accountswith the exception of the changes in accounting policy described below, and asamended by the application of certain new accounting standards in the period.These policies are expected to be followed in the preparation of the fullfinancial statements for the financial year ending 2nd October, 2011.

Change in accounting policy

The Group has altered the presentation of its adjusted results. From 4thOctober, 2010 the Group ceased to add back to its adjusted results theamortisation charged on internally generated and acquired computer softwareunless it was recognised as part of the accounting for a business combination.This change will bring it into line with the practice of the majority of othercompanies. This change in accounting policy affects the analysis of items inthe Consolidated Income Statement and reduces post tax adjusted profitsanalysed in note 9 by £7.3 million (26 weeks to 4th April, 2010 £6.8 million,52 weeks to 3rd October, 2010 £14.0 million).

Change in presentation

As reported in November 2010, the central European operations of thelocal media segment now report directly to the national media segment and thepresentation of the results from these segments has been aligned accordingly.The impact of this change is to increase revenue in the national media segmentand decrease revenue in the local media segment by £14.5 million (26 weeks to4th April, 2010 £18.7 million, 52 weeks to 3rd October, 2010 £33.1 million) andto increase the segment result of the national media segment and decrease thesegment result of the local media segment by £1.7 million (26 weeks to 4thApril, 2010 £1.1 million, 52 weeks to 3rd October, 2010 £3.2 million).

Impact of new accounting standards

The following new and revised Standards and Interpretations have beenadopted in the current year. The adoption of these standards andinterpretations on the amounts reported in the condensed consolidated financialstatements are as follows :

• IFRS 2 (2009) Group Cash-settled Share-based Payment Transactions

Amendments to IFRS 2 clarify that an entity which receives goods orservices in a share-based payment arrangement must account for those goods orservices no matter which entity in the group settles the transaction, and nomatter whether the transaction is settled in shares or cash. The Standard iseffective for periods beginning on or after 1 January 2010 and is appliedretrospectively. The amendment does not affect the reported results nor thefinancial position.

• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

If a debtor issues equity instruments to a creditor to extinguish all orpart of a financial liability, those equity instruments are 'considerationpaid' and should be measured at fair value or fair value of the financialliability, whichever is more reliably determined. Any difference between thecarrying value of the financial liability extinguished and the initialmeasurement of the equity instrument is included in the entity's profit andloss for the period. This interpretation does not affect the reported resultsnor the financial position.

• Improvements to IFRSs 2009

The following Standards and Interpretations have been amended by the IASBs annual improvements process. None of these amendments affect the reported results nor the reported financial position:

• IFRS 8 Operating Segments • IAS 1 (Revised 2007) Presentation of Financial Statements • IAS 39 Financial Instruments: Recognition and Measurement • IAS 17 Leases

Critical accounting judgements and key sources of estimation uncertainty

In addition to the judgement taken by management in selecting and applying the accounting policies set out above, management has made the following judgements concerning the amounts recognised in the consolidated financial statements :

Forecasting

The Group prepares medium-term forecasts based on Board approved budgetsand three year outlooks. These are used to support judgements made in thepreparation of the Group's financial statements including the recognition ofdeferred tax assets in different jurisdictions, the Group's going concernassessment and for the purposes of impairment reviews. Longer term forecastsuse long-term growth rates applicable to the relevant businesses.

Impairment of goodwill and intangible assets

Determining whether goodwill and intangible assets are impaired orwhether a reversal of impairment of intangible assets should be recordedrequires an estimation of the value in use of the relevant cash generatingunits. The value in use calculation requires management to estimate the futurecash flows expected to arise from the cash generating unit and compare the netpresent value of these cash flows using a suitable discount rate to determineif any impairment has occurred. A key area of judgement is deciding thelong-term growth rate of the applicable businesses and the discount rateapplied to those cash flows. The carrying amount of goodwill and intangibleassets at the balance sheet date was £1,079.6 million (4th April, 2010 £1,135.5million 3rd October, 2010 £1,113.7 million) after an impairment loss oncontinuing operations of £6.5 million (26 weeks to 4th April, 2010 £0.3 million52 weeks to 3rd October, 2010 impairment reversal of £20.2 million) wasrecognised during the year (note 2).

Acquisitions and intangible assets

The Group's accounting policy on the acquisition of subsidiaries is toallocate purchase consideration to the fair value of identifiable assets,liabilities and contingent liabilities acquired with any excess considerationrepresenting goodwill. Determining the fair value of assets, liabilities andcontingent liabilities acquired requires significant estimates and assumptions,including assumptions with respect to cash flows and unprovided liabilities andcommitments, including in respect to tax, are often used. The Group recognisesintangible assets acquired as part of a business combination at fair values atthe date of the acquisition. The determination of these fair values is basedupon management's judgement and includes assumptions on the timing and amountof future cash flows generated by the assets and the selection of anappropriate discount rate. Additionally, management must estimate the expecteduseful economic lives of intangible assets and charge amortisation on theseassets accordingly.

Contingent consideration

Estimates are required in respect of the amount of contingentconsideration payable on acquisitions, which is determined according toformulae agreed at the time of the business combination, and normally relatedto the future earnings of the acquired business. The Directors review theamount of contingent consideration likely to become payable at each period enddate, the major assumption being the level of future profits of the acquiredbusiness. As at 3rd April, 2011 the Group has outstanding contingentconsideration payable amounting to £12.4 million (4th April, 2010 £21.3million, 3rd October, 2010 £17.8 million). Contingent consideration is discounted to its fair value in accordancewith applicable International Financial Reporting Standards. For acquisitionscompleted prior to 4th October, 2009, the difference between the fair value ofthese liabilities and the actual amounts payable is charged to the ConsolidatedIncome Statement as notional finance costs with remeasurement of the liabilitybeing recorded against goodwill. For acquisitions completed in the currentperiod, movements in the fair value of these liabilities are recorded in theConsolidated Income Statement in Financing.

Adjusted profits and exceptional items

The Group presents adjusted earnings by making adjustments for costs andprofits which management believe to be exceptional in nature by virtue of theirsize or incidence or have a distortive effect on current year earnings. Suchitems would include costs associated with business combinations, one-off gainsand losses on disposal of businesses, properties and similar items of anon-recurring nature together with reorganisation costs and similar charges,tax and by adding back impairment of goodwill and amortisation and impairmentof intangible assets arising on business combinations. See note 9 for areconciliation of profit before tax to adjusted profit.

Share-based payments

The Group makes share-based payments to certain employees. Thesepayments are measured at their estimated fair value at the date of grant,calculated using an appropriate option pricing model. The fair value determinedat the grant date is expensed on a straight-line basis over the vesting period,based on the estimate of the number of shares that will eventually vest. Thekey assumptions used in calculating the fair value of the options are thediscount rate, the Group's share price volatility, dividend yield, risk freerate of return, and expected option lives. Management regularly perform atrue-up of the estimate of the number of shares that are expected to vest, thisis dependent on the anticipated number of leavers.

Taxation

Being a multinational Group with tax affairs in many geographiclocations inherently leads to a highly complex tax structure which makes thedegree of estimation and judgement more challenging. The resolution of issuesis not always within the control of the Group and is often dependent on theefficiency of legal processes. Such issues can take several years to resolve.The Group takes a conservative view of unresolved issues, however, the inherentuncertainty regarding these items means that the eventual resolution coulddiffer significantly from the accounting estimates and, therefore, impact theGroup's results and future cash flows. As described above, the Group makesestimates regarding the recoverability of tax assets relating to losses basedon forecasts of future taxable profits which are, by their nature, uncertain.

Retirement benefit obligations

The cost of defined benefit pension plans is determined using actuarialvaluations prepared by the Group's actuaries. This involves making certainassumptions concerning discount rates, expected rates of return on assets,future salary increases, mortality rates and future pension increases. Due tothe long-term nature of these plans, such estimates are subject to significantuncertainty. The assumptions and the resulting estimates are reviewed annuallyand, when appropriate, changes are made which affect the actuarial valuationsand, hence, the amount of retirement benefit expense recognised in theConsolidated Income Statement and the amounts of actuarial gains and lossesrecognised in the Consolidated Statement of Changes in Equity. The carryingamount of the retirement benefit obligation as at 3rd April, 2011 was a deficitof £198.2 million (4th April, 2010 £250.4 million 3rd October, 2010 £271.4million). Further details are given in note 19. 2 SEGMENT ANALYSIS Within these consolidated financial statements the Group's radio

operating segment (up to and including 16th December, 2009) has been treated as a discontinued operation. Further details are set out in note 18.

The Group's business activities are split into seven operatingdivisions: RMS, business information, events, Euromoney, national media, localmedia and radio. These divisions are the basis on which information is reportedto the Group Board. The segment result is the measure used for the purposes ofresource allocation and assessment and represents profit earned by eachsegment, including share of results from joint ventures and associates butbefore exceptional operating costs, amortisation and impairment charges, othergains and losses, net finance costs and taxation. Details of the types of products and services from which each

segment derives its revenues are included within the interim management report on pages 4 to 10.

The accounting policies applied in preparing the management

information for each of the reportable segments are the same as the Group's accounting policies described in note 1.

Inter-segment sales are charged at prevailing market prices

other

than the sale of newsprint and related services from the national media to the local media division which is at cost to the Group plus a margin where relevant. The amount of newsprint sold between segments during the period amounted to £11.5 million (2010 £11.2 million).

Unaudited External Inter- Total Segment Less Operating26 weeks ending revenue segment revenue result operating profit3rd April, 2011 revenue profit of before joint exceptional ventures operating and costs and associates amortisation and impairment of goodwill and acquired intangible assets £m £m £m £m £m £m RMS 79.1 0.5 79.6 20.8 - 20.8 Business information 105.0 1.4 106.4 15.1 - 15.1 Events 81.1 0.1 81.2 28.6 - 28.6 Euromoney 167.6 - 167.6 45.2 0.2 45.0 National media 438.6 37.9 476.5 44.4 (1.4) 45.8 Local media 119.6 0.1 119.7 8.0 - 8.0 Radio - - - 2.5 2.5 - 991.0 40.0 1,031.0 164.6 1.3 163.3 Corporate costs (19.3) Operating profit before exceptional operating costs and amortisation 144.0and impairment of goodwill and acquired intangible assets Exceptional operating costs, impairment of internally generated and acquired computer (16.6)software, investment property and property, plant and equipment Impairment of goodwill (6.5)and intangible assets Amortisation of acquired intangible assets arising (22.6)on business combinations Operating profit before share of results of joint 98.3ventures and associates Share of result of joint (2.0)ventures and associates Total operating profit 96.3 Other gains 1.1 Profit before net finance 97.4costs and tax Investment revenue 9.5 Finance costs (34.4) Profit before tax 72.5 Tax (15.0) Profit for the period 57.5 Included within corporate costs is a charge of £1.0 million

which

adjusts the pensions charge recorded in each operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee benefits.

An analysis of the amortisation and impairment of goodwill and

intangible assets, depreciation and impairment of property, plant and equipment, exceptional operating costs, investment income and finance costs by segment is as follows :

Unaudited Amortisation Amortisation Impairment Exceptional Exceptional Depreciation Investment Finance26 weeks ending of of of operating depreciation of revenue costs3rd April, 2011 intangible intangible goodwill costs of property, assets assets and property, plant and not arising on intangible plant and equipment arising on business assets equipment business combinations combinations £m £m £m £m £m £m £m £m RMS (0.9) - - - - (2.6) 0.1 - Business information (3.3) (3.7) - - - (3.5) - (0.2) Events - (6.2) - - - (0.3) 0.2 - Euromoney (0.2) (6.2) - (1.4) - (1.3) 0.2 (1.6) National media (4.3) (5.8) - (3.6) (7.2) (12.2) - (1.2) Local media - (0.7) (6.5) (4.4) - (1.9) - - (8.7) (22.6) (6.5) (9.4) (7.2) (21.8) 0.5 (3.0) Corporate costs - - - - - (2.3) 9.0 (31.4) Continuing operations (8.7) (22.6) (6.5) (9.4) (7.2) (24.1) 9.5 (34.4) The Group's exceptional operating costs represent closure andreorganisation costs in national and local media amounting to £8.0 million. InEuromoney, restructuring costs of £1.8 million follow the closure andreorganisation of underperforming businesses and an exceptional credit of £0.4million follows the successful resolution of a US legal dispute. The Group'stax charge includes a related credit of £2.5 million in relation to these

items. Unaudited External Inter- Total Segment Less Operating26 weeks ending revenue segment revenue result operating profit 4th April, 2010 revenue profit of beforeRestated joint exceptional(note 1) ventures operating and costs and associates amortisation and impairment of goodwill and acquired intangible assets Note £m £m £m £m £m £m RMS 71.3 0.7 72.0 22.2 - 22.2 Business information 103.1 0.1 103.2 15.3 - 15.3 Events 57.8 - 57.8 17.2 - 17.2 Euromoney 147.8 - 147.8 44.7 0.1 44.6 National media 446.0 34.3 480.3 38.9 0.2 38.7 Local media 131.7 0.5 132.2 12.4 - 12.4 Radio (i) 15.9 - 15.9 4.2 1.7 2.5 973.6 35.6 1,009.2 154.9 2.0 152.9 Corporate costs (17.1) Discontinued operations 18, (i) (15.9) (2.5) 957.7 Operating profit before exceptional operating costs and amortisation 133.3and impairment of goodwill and intangible assets

Exceptional operating costs,

impairment of internally generated and acquired computer software, (32.5)investment property and property, plant and equipment Impairment of goodwill (0.3)and intangible assets Amortisation of acquired intangible assets arising (27.1)on business combinations Operating profit before share of results of joint 73.4ventures and associates Share of results of joint (1.5)ventures and associates Total operating profit 71.9 Other gains 1.4 Profit before net finance 73.3 costs and tax Investment revenue 1.4 Finance costs (38.7) Profit before tax 36.0 Tax 33.9 Profit from 18 32.2discontinued operations Profit for the period 102.1

(i) Revenue and Group profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets relating to the discontinued operations of Radio has been deducted in order to reconcile to Group profit before tax from continuing operations.

Included within corporate cost is a charge of £1.3 million

which

adjusts the pensions charge recorded in each operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee Benefits.

An analysis of the amortisation and impairment of goodwill and

intangible assets, depreciation and impairment of property, plant and equipment, exceptional operating costs, investment income and finance costs by segment is as follows :

Unaudited Amortisation Amortisation Impairment Exceptional Impairment Depreciation Investment Finance26 weeks ending of of of operating

of of property, revenue costs 4th April, 2010 intangible intangible goodwill costs investment plant and

Restated assets not assets and property equipment (note 1) arising on arising on intangible and business business assets impairment combinations combinations of property, plant and equipment £m £m £m £m £m £m £m £m RMS (1.1) - - - - (1.9) 0.1 - Business information (2.2) (3.7) - (0.3) - (3.8) - (0.4) Events - (5.4) - (0.7) - (0.7) 0.1 - Euromoney (0.1) (8.0) - 1.8 (0.2) (1.2) 0.2 (1.4) National media (4.7) (9.0) (0.3) (8.6) (9.8) (13.4) 0.4 (1.5) Local media - (1.0) - (3.0) (7.0) (4.2) 0.1 - Radio - (1.5) (0.3) - - (0.6) - - (8.1) (28.6) (0.6) (10.8) (17.0) (25.8) 0.9 (3.3) Corporate costs - - - (4.7) - (0.7) 0.5 (35.4) (8.1) (28.6) (0.6) (15.5) (17.0) (26.5) 1.4 (38.7) Relating to discontinued - 1.5 0.3 - - 0.6 - -operations Continuing (8.1) (27.1) (0.3) (15.5) (17.0) (25.9) 1.4 (38.7)operations The Group's exceptional operating costs represent closure andreorganisation costs in business information, events, national media and localmedia. In Euromoney the exceptional operating income is represented byrestructuring charges of £0.6 million following further reductions in headcountand an exceptional credit of £2.2 million following the successful resolutionof a US legal dispute. The Group's tax charge includes a related credit of £6.0million in relation to these items. Audited External Inter- Total

Segment Less Operating

52 weeks ending revenue segment revenue result operating profit3rd October, 2010 revenue profit of beforeRestated joint exceptional(note 1) ventures operating and a costs and ssociates amortisation and impairment of goodwill and acquired intangible assets £m £m £m £m £m £m RMS 152.6 1.6 154.2 45.0 - 45.0 Business information 230.8 1.6 232.4 47.3 0.1 47.2 Events 110.5 - 110.5 30.1 - 30.1 Euromoney 330.0 - 330.0 96.1 0.4 95.7 National media 883.0 63.4 946.4 87.4 (1.9) 89.3 Local media 261.1 1.3 262.4 26.9 - 26.9 Radio (i) 15.9 - 15.9 5.9 3.4 2.5 1,983.9 67.9 2,051.8 338.7 2.0 336.7 Corporate costs (33.5) Discontinued operations 18, (i) (15.9) (2.5) 1,968.0

Operating profit before exceptional operating costs

and amortisation and 300.7impairment of goodwill and intangible assets

Exceptional operating costs,

impairment of internally generated and acquired computer software, (39.0)investment property and property, plant and equipment Impairment of goodwill 20.2 and intangible assets Amortisation of acquired

intangible assets arising on

(54.4)business combinations Operating profit before share of results of 227.5

joint ventures and associates

Share of results of joint (5.3)ventures and associates Total operating profit 222.2 Other gains and losses 0.1 Profit before net 222.3finance costs and tax Investment revenue 1.4 Finance costs (77.4) Profit before tax 146.3 Tax 39.6

Profit from discontinued operations 18

33.1 Profit for the period 219.0 (i) Revenue and Group profit before exceptional operating costs andamortisation and impairment of goodwill and intangible assets relating to thediscontinued operations of Radio has been deducted in order to reconcile toGroup profit before tax from continuing operations. Included within corporate costs is a charge of £4.0 million

which

adjusts the pensions charge recorded in each operating segment from a cash rate to the net service cost in accordance with IAS 19, Employee benefits.

An analysis of the amortisation and impairment of goodwill and

intangible assets, depreciation and impairment of property, plant and equipment, exceptional operating costs, investment income and finance costs by segment is as follows :

Audited Amortisation Amortisation Impairment Exceptional Impairment Depreciation Investment Finance

52 weeks of of of operating of of property, revenue costsending intangible intangible goodwill costs investment plant and 3rd October, assets not assets and property equipment 2010 arising on arising intangible and Restated business on business assets impairment (note 1) combinations combinations of property, plant and equipment £m £m £m £m £m £m £m £m RMS (2.0) - - - - (3.9) 0.2 - Business (5.6) (7.8) - (0.6) - (7.6) - (0.5)information Events - (12.6) 26.8 (0.8) - (1.3) 0.3 - Euromoney (0.2) (14.6) (1.8) 1.8 (0.2) (2.5) 0.2 (1.6) National media (8.7) (17.6) (4.7) (10.4) (9.8) (16.1) 0.1 (2.4) Local media - (1.6) - (5.7) (9.1) (17.2) - - Radio - (1.7) (0.4) - - (0.6) - - (16.5) (55.9) 19.9 (15.7) (19.1) (49.2) 0.8 (4.5) Corporate costs - - - 3.0 (7.2) (1.6) 0.6 (72.9) (16.5) (55.9) 19.9 (12.7) (26.3) (50.8) 1.4 (77.4) Relating to discontinued - 1.5 0.3 - - 0.6 - -operations Continuing (16.5) (54.4) 20.2 (12.7) (26.3) (50.2) 1.4 (77.4)operations The Group's exceptional operating costs represent closure andreorganisation costs in business information, events, national media and localmedia amounting to £17.3 million offset by a net credit of £3.0 million incorporate costs comprising restructuring costs of £6.5 million less a pensioncurtailment gain of £9.5 million. In Euromoney the exceptional operating incomeis represented by restructuring charges of £0.6 million following furtherreductions in headcount and an exceptional credit of £2.2 million following thesuccessful resolution of a US legal dispute. The Group's tax charge includes arelated credit of £4.2 million in relation to these items. The Group's revenue comprises sales excluding value added tax,

less

discounts and commission, where applicable, and is analysed as follows :

Unaudited Total Discontinued Inter- Continuing26 weeks ending operations segment operations3rd April, 2011 (note 18) £m £m £m £m Sale of goods 352.9 - - 352.9 Rendering of services 678.1 - (40.0) 638.1 1,031.0 - (40.0) 991.0 Unaudited Total Discontinued Inter- Continuing26 weeks ending operations segment operations4th April, 2010 (note 18) £m £m £m £m Sale of goods 349.9 - - 349.9 Rendering of services 659.3 (15.9) (35.6) 607.8 1,009.2 (15.9) (35.6) 957.7 Audited Total Discontinued Inter- Continuing52 weeks ending operations segment operations3rd October, 2010 (note 18) £m £m £m £m Sale of goods 711.5 - - 711.5 Rendering of services 1,340.3 (15.9) (67.9) 1,256.5 2,051.8 (15.9) (67.9) 1,968.0 The Group includes circulation and subscriptions revenue within

sales of goods, the remainder of the Group's revenue, excluding investment revenue is included within rendering of services. Investment revenue is shown in note 5.

By geographic area

The majority of the Group's operations are located in the United Kingdom, the rest of Europe, North America and Australia.

The geographic analysis below is based on the location of

companies

in these regions. Export sales and related profits are included in the areas from which those sales are made. Revenue in each geographic market in which customers are located is not disclosed as there is no material difference between the two.

Revenue is analysed by geographic area as follows :

Unaudited Total Discontinued Continuing26 weeks ending operations operations3rd April, 2011 (note 18) £m £m £m UK 649.7 - 649.7 Rest of Europe 18.2 - 18.2 North America 258.9 - 258.9 Australia 4.9 - 4.9 Rest of the World 59.3 - 59.3 991.0 - 991.0 Unaudited Total Discontinued Continuing26 weeks ending operations operations4th April, 2010 (note 18) £m £m £m UK 647.2 - 647.2 Rest of Europe 26.9 - 26.9 North America 236.3 - 236.3 Australia 20.2 (15.9) 4.3 Rest of the World 43.0 - 43.0 973.6 (15.9) 957.7 Audited Total Discontinued Continuing52 weeks ending operations operations3rd October, 2010 (note 18) £m £m £m UK 1,305.2 - 1,305.2 Rest of Europe 46.8 - 46.8 North America 527.7 - 527.7 Australia 26.3 (15.9) 10.4 Rest of the World 77.9 - 77.9 1,983.9 (15.9) 1,968.0 The closing net book value of goodwill, intangible assets,property, plant and equipment and investment property is analysed by geographicarea as follows : Unauditedas at Closing net Closing net Closing net Closing net TOTAL3rd April, 2011 book value book value book value book value of goodwill of intangible of property, of investment assets plant and property equipment £m £m £m £m £m UK 275.6 82.5 293.8 11.4 663.3 Rest of Europe 7.1 4.6 17.1 - 28.8 North America 429.5 252.0 31.6 - 713.1 Australia 1.6 0.9 0.3 - 2.8 Rest of the World 18.4 7.4 5.9 - 31.7 732.2 347.4 348.7 11.4 1,439.7 Unaudited as at Closing net Closing net Closing net Closing net TOTAL 4th April, 2010 book value book value book value book value of goodwill of intangible of property, of investment assets plant and property equipment £m £m £m £m £m UK 274.3 108.9 343.4 - 726.6 Rest of Europe 1.1 4.7 18.2 - 24.0 North America 450.0 263.3 28.6 - 741.9 Australia 1.6 0.8 0.3 - 2.7 Rest of the World 20.1 10.7 5.4 - 36.2 747.1 388.4 395.9 - 1,531.4 Audited as at Closing net Closing net Closing net Closing net TOTAL3rd October, 2010 book value book value book value book value of goodwill of intangible of property, of investment assets plant and property equipment £m £m £m £m £m UK 275.2 96.6 311.8 11.6 695.2 Rest of Europe 7.1 4.8 17.3 - 29.2 North America 433.4 267.1 31.2 - 731.7 Australia 1.5 0.8 0.3 - 2.6 Rest of the World 18.6 8.6 5.6 - 32.8 735.8 377.9 366.2 11.6 1,491.5 The Group tests goodwill annually for impairment, or morefrequently if there are indicators that goodwill might be impaired. Intangibleassets, all of which have finite lives, are tested separately from goodwillonly where impairment indicators exist. The total impairment charge recognisedfor the period was £6.5 million which relates to titles in the local mediasegment. There is no tax associated with this impairment charge. The total impairment charge recognised for the prior period was

£

0.3 million which related to the jobs sector business within the national mediasegment. There was no tax associated with this impairment charge. When testing for impairment, the recoverable amounts for all of the

Group's cash-generating units (CGUs) are measured at the higher of value in useand fair value less costs to sell. Value in use is calculated by discountingfuture expected cash flows. These calculations use cash flow projections basedon management approved budgets and projections which reflect management'scurrent experience and future expectations of the markets in which the CGUoperates. Risk adjusted discount rates used by the Group in its impairmenttests range from 9.0 % to 10.0 % (2010 10.0 % to 11.0 %), the choice of ratesdepending on the market and maturity of the CGU. The Group's estimate of theweighted average cost of capital has decreased from the previous yearreflecting principally a 1.0 % decrease in equity premium together with areduction in bond yields. The projections consist of Board approved budgets forthe following year, three year plans and growth rates beyond this period. Thelong-term growth rates range between 0.0 % and 5.0 % (2010 0.0 % and 5.0 %) andvary with management's view of the CGU's market position, maturity of therelevant market and do not exceed the long-term average growth rate for themarket in which it operates. 3 SHARE OF RESULTS OF JOINT VENTURES AND ASSOCIATES Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Note £m £m £m Share of profits from 1.2 0.6 1.9

operations of joint ventures

Share of profits from 0.1 0.8 0.1operations of associates Share of profits before amortisation, impairment 1.3 1.4 2.0

of goodwill, interest and tax

Share of amortisation of (1.7) (0.5) (2.4)

intangibles of joint ventures

Share of amortisation (0.1) (0.1) (0.3)

of intangibles of associates

Share of joint ventures' (0.7) (0.4) (1.0)interest payable Share of joint ventures' tax (0.3) 0.2 (0.7) Share of associates' tax (0.1) (0.1) (0.1) Impairment of carrying (i) - (0.1) (1.2)value of joint venture Impairment of carrying (ii) (0.4) (1.9) (1.6)value of associate (2.0) (1.5) (5.3) Share of results from (1.5) (0.1) (2.2)

operations of joint ventures

Share of results from (0.1) 0.6 (0.3)operations of associates Impairment of carrying - (0.1) (1.2) value of joint ventures Impairment of carrying (0.4) (1.9) (1.6)value of associates (2.0) (1.5) (5.3)

(i) In the prior period this represented a write down in the carrying value of the Group's investment in Mail Today Newspapers Pvt. Limited.

(ii) Represents a write down in the carrying value of the Group'sinvestment in Posvanete AD in the national media segment. In the prior periodthis represented a write down in the carrying value of the Group's investmentin InfoStud, Fortune Green Limited and Inview Interactive Limited. 4 OTHER GAINS AND LOSSES Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Note £m £m £m Profit on disposal of businesses 17, (i) 1.1 1.3 0.4 Profit/(loss) on disposal - 0.1 (0.3)

of joint ventures and associates

1.1 1.4 0.1

(i) Represents the disposal of various exhibition businesses in the events segment and various assets in the local media segment. In the prior period, the profit on disposal of businesses mainly comprises the profit on disposal of various exhibition businesses in the events segment.

5 INVESTMENT REVENUE Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m Expected return on pension scheme assets 6.1 - -less interest on pension scheme liabilities Dividend income 2.9 0.4 0.6 Profit on derivatives, or portions thereof, - 0.2 -not designated for hedge accounting Interest receivable 0.5 0.8 0.8from short-term deposits 9.5 1.4 1.4 6 FINANCE COSTS Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Note £m £m £m Interest on pension scheme liabilities less expected return on - (1.0) (2.2)pension scheme assets Interest, arrangement and commitment fees payable on (32.9) (35.6) (72.8)

bonds, bank loans and loan notes Change in fair value of derivative (4.1) 0.1

3.8hedge of bond Change in fair value of hedged 4.1 (0.1) (3.8)portion of bond

Profit/(loss) on derivatives, or portions thereof, not designated 0.3 (0.2) (0.4)for hedge accounting Finance charge on discounting of (i) (0.2) (0.5) (0.7)contingent consideration

Fair value movement of contingent (1.8) -

-consideration Change in fair value of acquisition 0.2 (1.4) (1.3)put options (34.4) (38.7) (77.4) (i) The finance charge on the discounting of contingent considerationarises from the requirement under IFRS 3, Business Combinations, to recordcontingent consideration at fair value using a discounted cash flow approach. 7 TAX Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Note £m £m £m The (charge)/credit on the

profit for the period consists of :

UK tax Corporation tax at 27.0 % (3.5) (1.7) (6.3)(2010 28.0 %) Adjustments in respect of (i) (0.2) 30.7 32.3prior periods (3.7) 29.0 26.0 Overseas tax Corporation tax (9.1) (7.6) (21.7) Adjustments in respect of (i) (0.3) 1.2 3.6prior periods Total current tax (13.1) 22.6 7.9 Deferred tax Origination and reversals of (2.5) 1.8 (0.5) timing differences Adjustments in respect of (i) 0.6 9.5 32.2prior periods Total deferred tax (1.9) 11.3 31.7 Total Group tax - (15.0) 33.9 39.6continuing operations (i) The net prior period credit of £0.1 million (2010 £41.4 million)arose largely from the agreement of certain prior period open issues with taxauthorities and a reassessment of the level of tax provisions required. Adjusted tax on profits before amortisation and impairment ofintangible assets, restructuring costs and non-recurring items (adjusted taxcharge) amounted to a charge of £19.9 million (2010 £17.1 million) and theresulting rate is 16.3 % (2010 16.8 %). The differences between the tax creditand the adjusted tax charge are shown in the reconciliation below : Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m

Total tax (charge)/credit on the (15.0) 33.9

39.6profit for the period Tax charge on discontinued - (1.4) (1.4)operations Deferred tax on intangible (0.6) (2.0) 11.4assets and goodwill Agreement of open issues - (41.5) (46.2)with tax authorities Tax on other exceptional items (4.3) (6.1)

(34.6)

Adjusted tax charge on the profit (19.9) (17.1) (31.2)for the period In calculating the adjusted tax rate, the Group excludes thepotential future deferred tax effects of intangible assets and goodwill as itprefers to give the users of its accounts a view of the tax charge based on thecurrent status of such items. 8 DIVIDENDS PAID Unaudited Unaudited Unaudited Unaudited Audited Audited 26 weeks 26 weeks 26 weeks 26 weeks 52 weeks 52 weeks ending ending ending ending ending ending 3rd 3rd 4th 4th 3rd 3rd April, April, April, April, October, October, 2011 2011 2010 2010 2010 2010 Pence Pence Pence per per per share £m share £m share £m Amounts recognisable as distributions to equity holders in the period Ordinary shares - final dividend for 11.00 2.0 - - - -the year ended 3rd October, 2010 'A' Ordinary Non- Voting shares - final dividend for the 11.00 40.1 - - - -year ended 3rd October, 2010 Ordinary shares - final dividend for - - 9.90 2.0 9.90 2.0the year ended 4th October, 2009 'A' Ordinary Non- Voting shares - final dividend for the - - 9.90 35.9 9.90 35.9year ended 4th October, 2009 42.1 37.9 37.9 Ordinary shares - interim dividend for - - - - 5.00 1.0the year ended 3rd October, 2010 'A' Ordinary Non- Voting shares - interim dividend for - - - - 5.00 18.2the year ended 3rd October, 2010 - - 19.2 11.00 42.1 9.90 37.9 14.90 57.1 The Board has declared an interim dividend of 5.3 p per Ordinary /'A' Ordinary Non-Voting share (2010 5.0 p) which will absorb an estimated £20.3million of shareholders' funds for which no liability has been recognised inthese financial statements. It will be paid on 8th July, 2011 to shareholderson the register at the close of business on 10th June, 2011. 9 ADJUSTED PROFIT (BEFORE EXCEPTIONAL OPERATING COSTS, IMPAIRMENT OFGOODWILL AND INTANGIBLE ASSETS, AMORTISATION OF INTANGIBLE ASSETS ARISING ONBUSINESS COMBINATIONS, OTHER GAINS AND LOSSES AND EXCEPTIONAL FINANCING COSTS,AFTER TAXATION, NON-CONTROLLING INTERESTS AND AMORTISATION OF INTERNALLYGENERATED AND ACQUIRED COMPUTER SOFTWARE) Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Restated Restated (note 1) (note 1) £m £m £m Profit before tax - 72.5 36.0 146.3continuing operations Profit before tax - - 1.3 1.3discontinued operations Profit on disposal of - 32.3 33.2 discontinued operations Add back : Amortisation of intangible assets in Group profit from

operations and in joint ventures 24.4 29.2

58.6

and associates arising on business

combinations Impairment of goodwill and intangible assets arising on 6.5 0.6 (19.9)business combinations Exceptional operating costs,

impairment of internally generated and acquired computer software, 16.6 32.5

39.0

investment property and property,

plant and equipment

Impairment of carrying value of - 0.1

1.2joint venture

Impairment of carrying value of 0.4 1.9

1.6associate Other gains and losses : Profit on sale of businesses (1.1) (1.3) (0.4) (Profit)/loss on sale of - (0.1) 0.3joint ventures and associates Finance costs :

Change in fair value of acquisition (0.2) 1.4

1.3put options Fair value movement of 1.8 - -contingent consideration Tax :

Share of tax in joint ventures 0.4 (0.1)

0.8and associates Profit on sale of discontinued - (32.3) (33.2)operations

Profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business 121.3 101.5

230.1

combinations, other gains and losses and exceptional financing costs, taxation and non-controlling interests Total tax (charge)/credit on (15.0) 32.5

38.2

the profit for the period

Adjust for :

Deferred tax on intangible (0.6) (2.0)

11.4assets and goodwill Agreed open issues with tax - (41.5) (46.2)authorities Tax on other exceptional items (4.3) (6.1) (34.6) Non-controlling interests (11.1) (10.3) (21.1)

Adjusted profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business combinations, other gains and losses and exceptional financing costs after

taxation and non-controlling interests 90.3 74.1 177.8 The adjusted non-controlling interests share of profits for theperiod of £11.1 million (2010 £10.3 million) is stated after eliminating acredit of £3.3 million (2010 £0.9 million), being the non-controlling interestsshare of adjusting items. 10 EARNINGS PER SHARE Basic earnings per share of 13.0 p (2010 24.3 p) and dilutedearnings per share of 12.9 p (2010 24.3 p) are calculated, in accordance withIAS 33, Earnings per share, on Group profit for the financial period of £49.7million (2010 profit £92.7 million) and on the weighted average number ofordinary shares in issue during the period, as set out below. As in previous years, adjusted earnings per share have also

been

disclosed since the Directors consider that this alternative measure gives amore comparable indication of the Group's underlying trading performance.Adjusted earnings per share of 23.6 p (2010 19.3 p) are calculated on profitfor continuing and discontinued operations before exceptional operating costs,impairment of goodwill and intangible assets, amortisation of intangible assetsarising on business combinations, other gains and losses and exceptionalfinancing costs after taxation and non-controlling interests associated withthose profits, of £90.3 million (2010 £74.1 million), as set out in note 9above, and on the basic weighted average number of ordinary shares in issue

during the period. Unaudited Unaudited Audited Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks 26 weeks 26 weeks 52 weeks ending ending ending ending ending ending 3rd 4th 3rd 3rd 4th 3rd April, April, October, April, April, October, 2011 2010 2010 2011 2010 2010 Diluted Diluted Diluted Basic Basic Basic pence pence pence pence pence pence per share per share per share per share per share per share

Earnings per share from 12.9 15.9 43.5 13.0 15.9

43.5continuing operations Adjustment to include

earnings of discontinued - 8.4 8.6 - 8.4

8.6operations

Basic earnings per share from continuing and 12.9 24.3 52.1 13.0 24.3

52.1

discontinued operations

Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 restated Restated (note 1) (note 1) Basic Basic Basic pence pence pence per share per share per share Profit before tax - 18.9 9.4 38.2continuing operations Profit before tax - - 0.3 0.3

discontinued operations Profit on disposal of - 8.4

8.7

discontinued operations

Add back :

Amortisation of intangible assets in Group profit from operations

and in joint ventures and 6.4 7.6 15.2associates arising on business combinations Impairment of goodwill and intangible assets arising on 1.7 0.2 (5.2) business combinations Exceptional operating costs,

impairment of internally generated and acquired computer software, 4.3 8.4

10.2

investment property and property,

plant and equipment Impairment of carrying value - - 0.3of joint venture Impairment of carrying value of 0.1 0.5 0.4associate Other gains and losses : Profit on sale of businesses (0.3) (0.4)

(0.1)

(Profit)/loss on sale of joint - - 0.1ventures and associates Finance costs : Change in fair value of (0.1) 0.4 0.3acquisition put options Fair value movement of 0.5 - -contingent consideration Tax : Share of tax in joint ventures 0.1 - 0.2and associates Profit from discontinued operations Profit on disposal of - (8.4) (8.7)discontinued operations

Profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of

intangible assets arising on business 31.6 26.4 59.9 combinations, other gains and losses

and exceptional financing costs,

taxation and non-controlling interests Total tax (charge)/credit on the (3.9) 8.5 10.0profit for the period Adjust for : Deferred tax on intangible (0.2) (0.5) 3.0assets and goodwill Agreed open issues with tax authorities - (10.8)

(12.1)

Tax on other exceptional items (1.1) (1.6) (9.0) Non-controlling interests (2.8) (2.7) (5.5)

Adjusted profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business combinations, other gains and losses and exceptional financing costs after

taxation and non-controlling interests 23.6 19.3 46.3 Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd 4th 3rd April, April, October, 2011 2010 2010 Restated Restated (note 1) (note 1) Diluted Diluted Diluted pence pence pence per share per share per share Profit before tax - 18.9 9.4 38.2continuing operations Profit before tax - - 0.3 0.3discontinued operations Profit on disposal of - 8.4 8.7discontinued operations Add back :

Amortisation of intangible assets in Group profit from operations and in 6.3 7.6

15.2

joint ventures and associates arising

on business combinations Impairment of goodwill and intangible assets arising on business 1.7 0.2 (5.2)combinations Exceptional operating costs,

impairment of internally generated and acquired computer software, 4.3 8.4

10.2

investment property and property, plant and

equipment Impairment of carrying value - - 0.3 of joint venture Impairment of carrying value 0.1 0.5 0.4of associate Other gains and losses : Profit on sale of businesses (0.3) (0.4) (0.1) (Profit)/loss on sale of j - - 0.1oint ventures and associates Finance costs : Change in fair value of (0.1) 0.4 0.3acquisition put options Fair value movement of 0.5 - -contingent consideration Tax : Share of tax in joint 0.1 - 0.2ventures and associates Profit from discontinued operations Profit on disposal of - (8.4) (8.7)discontinued operations

Profit before exceptional operating costs, Impairment of goodwill and intangible assets, amortisation of intangible assets arising on business 31.5 26.4

59.6

combinations, other gains and losses and exceptional financing costs,

taxation and non-controlling interests Total tax (charge)/credit (3.9) 8.5 10.0on the profit for the period Adjust for : Deferred tax on intangible (0.2) (0.5) 3.0assets and goodwill Agreed open issues with tax authorities - (10.8)

(12.1)

Tax on other exceptional items (1.1) (1.6) (9.0) Non-controlling interests (2.9) (2.7) (5.5)

Adjusted profit before exceptional operating costs, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business combinations, other gains and losses and exceptional financing costs after

taxation and non-controlling interests 23.4 19.3 46.3 The weighted average number of ordinary shares in issue during

the

period for the purpose of these calculations is as follows :

Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 Number m Number m Number m Number of ordinary shares in issue 392.6 392.8 392.6 Shares held in Treasury (9.8) (9.6) (9.6)

Basic earnings per share denominator 382.8 383.2 383.0

Effect of dilutive share options 1.2 0.3

0.7

Dilutive earnings per share denominator 384.0 383.5 383.7 11 ANALYSIS OF NET DEBT Unaudited Unaudited Audited 26 weeks 26 weeks 52 weeks ending ending ending 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m Net debt at start of period (819.2) (1,013.8) (1,013.8) Cash flow (1.1) 48.2 202.7 Arising with acquisitions - - (1.0) Fair value hedging arrangements 4.1 (0.2) (3.8) Foreign exchange movements (0.1) (2.5) 1.0 Other non-cash movements (0.9) (2.3) (4.3) Net debt at period end (817.2) (970.6) (819.2) Analysed as : Cash and cash equivalents 61.8 70.8 65.7 Unsecured bank overdrafts (0.2) (0.9) (1.4) Cash and cash equivalents in the 61.6 69.9

64.3

Consolidated Cash Flow Statement

Debt due within one year : Bank loans (0.5) (0.5) (0.5) Loan notes (3.7) (10.8) (7.3) Hire purchase obligations (5.1) (4.9) (5.1)

Debt due in more than one year :

Bonds (850.0) (848.1) (853.2) Bank loans (6.8) (158.5) (2.2) Hire purchase obligations (12.7) (17.7) (15.2) Net debt at period end (817.2) (970.6) (819.2)

Effect of derivatives on bank loans (32.0) (47.4) (42.8)

Net debt including derivatives (849.2) (1,018.0) (862.0) The net cash outflow of £1.1 million includes a cash outflow of £9.1 million in respect of operating exceptional items.

PROPERTY, PLANT AND EQUIPMENT

During the period the Group spent £14.5 million (2010 £15.8

million) on property, plant and equipment.

The Group also disposed of certain of its property, plant and

equipment with a carrying value of £1.0 million (2010 £1.6 million) for proceeds of £0.7 million (2010 £1.7 million).

13 BORROWINGS Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m Current liabilities Bank overdrafts 0.2 0.9 1.4 Bank loans 0.5 0.5 0.5 Loan notes 3.7 10.8 7.3 Hire purchase obligations 5.1 4.9 5.1 9.5 17.1 14.3 Non-current liabilities Bonds 850.0 848.1 853.2 Bank loans 6.8 158.5 2.2 Hire purchase obligations 12.7 17.7 15.2 869.5 1,024.3 870.6 14 BANK LOANS The Group's bank loans bear interest charged at LIBOR plus a

margin

based on the Group's ratio of net debt to EBITDA. Additionally each facilitycontains a covenant based on a minimum interest cover ratio. EBITDA for thesepurposes is defined as the aggregate of the Group's consolidated operatingprofit before share of results of joint ventures and associates beforededucting depreciation, amortisation and impairment of goodwill, intangible andtangible assets, before exceptional items and before interest and financecharges. These covenants were met at the relevant test dates during the period. The Group's facilities and their maturity dates are as follows : Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m Expiring in one year or less 180.0 - 180.0

Expiring in more than one year 30.0 180.0

-but not more than two years Expiring in more than two years 210.0 30.0 240.0but not more than three years

Expiring in more than three years - 210.0

-but not more than four years Total bank facilities 420.0 420.0 420.0 The following undrawn committed borrowing facilities were

available

to the Group in respect of which all conditions precedent had been met :

Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m Expiring in one year or less 176.1 - 153.6

Expiring in more than one year 30.0 63.6

-but not more than two years Expiring in more than two years 138.0 30.0

201.6

but not more than three years Expiring in more than three years - 108.1

-but not more than four years Total undrawn committed bank facilities 344.1 201.7 355.2 Since 3rd April, 2011 the Group has renewed certain of its bankfacilities for a further five year term. The new facilities amount to £300.0million and are denominated in sterling and US dollars. The terms of the newfacilities are substantially the same as those of the existing facilities otherthan the net debt : EBITDA ratio is capped at 3.75 times. The Group also hasaccess to £90.0 million of facilities which mature in 2013.

SHARE CAPITAL AND RESERVES

Share capital as at 3rd April, 2011 amounted to £49.1 million.

During the period 48,000 'A' Ordinary Non-Voting shares were allotted for aggregate consideration of £170,928 under the terms of the Company's 2006 Executive Share Option Scheme.

The Company disposed of 2,087,181 treasury shares, representing

0.56 % of the called up 'A' Ordinary Non-Voting share capital, in order to satisfy incentive schemes. It also acquired 2,340,214 'A' Ordinary shares within treasury, representing 0.63 % of the called-up 'A' Ordinary share capital as at 3rd April, 2011.

At 3rd April, 2011 options were outstanding under the terms of

the

Company's 1997 and 2006 Executive Share Option Schemes over a total of 5,461,326 (2010 5,715,422) 'A' Ordinary Non-Voting shares.

16 SUMMARY OF THE EFFECTS OF ACQUISITIONS The Group has made several minor acquisitions during the period. Provisional fair value of net assets acquired with acquisitions : Book Provisional Provisional value fair value fair adjustments value £m £m £m Goodwill - 1.8 1.8 Intangible assets - 1.2 1.2 Current assets 0.3 - 0.3 Cash and cash equivalents 0.1 - 0.1 Trade creditors and other payables (0.3) - (0.3) Deferred tax - (0.3) (0.3) Net assets acquired 0.1 2.7 2.8 Cost of acquisitions: Non-cash Cash paid in Total current period £m £m £m Contingent consideration 0.8 - 0.8 Cash - 2.0 2.0 Total consideration at fair value 0.8 2.0 2.8 If all acquisitions had been completed on the first day of thefinancial period, Group revenues for the period would have been £992.0 millionand Group profit attributable to equity holders of the parent would have been £50.0 million. This information takes into account the amortisation of acquiredintangible assets for a full period, together with related income tax effectsbut excludes any pre-acquisition finance costs and should not be viewed asindicative of the results of operations that would have occurred if theacquisitions had actually been completed on the first day of the financialperiod. Total profit attributable to equity holders of the parent since

the

date of acquisition for companies acquired during the period amounted to £0.3million. The aggregate consideration for these and other businesses was £2.8

million, of which £2.0 million was paid in cash during the period, an estimated amount of £0.8 million payable in the form of contingent consideration, depending upon trading results. This contingent consideration has been discounted back to current values in accordance with IFRS 3, Business Combinations. In each case, the Group has used acquisition accounting to account for the purchase.

Goodwill arising on the acquisitions is principally attributable tothe anticipated profitability relating to the distribution of the Group'sproducts in new and existing markets and anticipated operating synergies fromthe business combinations. Purchase of additional shares in controlled entities Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m

Cash consideration (including acquisition 1.6 12.8 12.8 expenses of £nil (2010 £nil))

During the period, the Group acquired additional shares incontrolled entities amounting to £1.6 million (2010 £12.8 million). Inaddition, the Group opted to receive a scrip dividend from EuromoneyInstitutional Investor PLC (Euromoney) amounting to £9.2 million (2010 £10.7million) thereby acquiring a further 0.3 % (2010 0.3 %) of the issued ordinaryshare capital of Euromoney. Under the Group's accounting policy for theacquisition of shares in controlled entities, no adjustment has been recordedto the fair value of assets and liabilities already held on the ConsolidatedStatement of Financial Position. The difference between the cost of theadditional shares and the carrying value of the non controlling interests shareof net assets is adjusted in retained earnings. The adjustment to retainedearnings in the period was a charge of £3.0 million (2010 £1.8 million). Reconciliation to purchase of subsidiaries as shown in the

Consolidated Cash Flow Statement :

Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m Cash consideration excluding 2.0 4.1 13.5acquisition expenses

Cash paid to settle contingent 8.8 6.2

6.3

consideration in respect of acquisitions

Cash and cash equivalents (0.1) (0.3) (1.5) acquired with subsidiaries 10.7 10.0 18.3 17 SUMMARY OF THE EFFECTS OF DISPOSALS The principal disposals completed during the period included

the

sale of various exhibitions in the events segment together with titles in thelocal media segment. Cash proceeds received amounted to £2.1 million. Inaddition, the Group's interest in Euromoney was diluted during the period by0.3 % (2010 1.0 %). Under the Group's accounting policy for the disposal ofshares in controlled entities, no adjustment has been recorded to the fairvalue of assets and liabilities already held on the Consolidated Statement ofFinancial Position. The difference between the Group's share of net assetsbefore and after this dilution is adjusted in retained earnings. The adjustmentto retained earnings in the period was a surplus of £0.5 million (charge £1.3million). The impact of all disposals of businesses on net assets was : Note £m Goodwill 0.9 Trade and other receivables 0.3 Net assets disposed 1.2 Profit on disposal of businesses 4 1.1 2.3 Satisfied by: Cash received 2.1 Recycled cumulative translation differences 0.2 2.3 Reconciliation to disposal of businesses as shown in the

Consolidated Cash Flow Statement :

Unaudited Unaudited Audited as at as at as at 3rd April, 4th April, 3rd October, 2011 2010 2010 £m £m £m

Cash consideration net of disposal costs 2.1 6.2 11.6

Cash and cash equivalents - (3.1) (3.1)disposed with subsidiaries 2.1 3.1 8.5 The businesses disposed of during the year absorbed £3.7 million ofthe Group's net operating cash flows, had £nil attributable to investing and £nil attributable to financing activities. 18 DISCONTINUED OPERATIONS Discontinued operations In December 2009, the Group sold a 50.0 % interest in dmg radioAustralia to Illyria Radio Investments Limited (Illyria). As required by IFRS 3(2008) this transaction has been accounted for as a disposal of dmg radioAustralia and subsequent acquisition of a 50.0 % interest in the jointlycontrolled business. As part of this transaction Illyria invested A$37.5million of equity which corresponds with the acquisition fair value of theGroup's 50.0 % stake. In addition, both the Group and Illyria subscribed A$15.0million each in redeemable preference shares at the time of the transaction. Asa result of the funding and borrowings established during the transaction, abalance of A$112.5 million owed to the Group was repaid. Since the Group hasjoint control over the management of this business, the Group's remaining 50.0% interest has been accounted for as a joint venture. The revenue of the Radiosegment was £38.4 million from 17th December, 2009 to 3rd October, 2010. Therewas no inter-segment revenue for this segment. The Group's Consolidated Income Statement includes the

following

results from discontinued operations :

Unaudited Unaudited Audited as at as at as at 3rd 4th 3rd April, April, October, 2011 2010 2010 £m £m £m Revenue - 15.9 15.9 Expenses - (12.8) (12.8) Depreciation - (0.6) (0.6)

Operating profit before exceptional operating costs and - 2.5

2.5

amortisation and impairment of goodwill and intangible assets

Impairment of goodwill and - (0.3) (0.3)intangible assets Amortisation of intangible assets - (1.5)

(1.5)

Operating profit before share of - 0.7

0.7

results of joint ventures and associates

Share of results of joint - 0.6 0.6ventures and associates Total operating profit and profit before tax - 1.3 1.3 Tax - (1.4) (1.4) Loss after tax attributable - (0.1) (0.1) to discontinued operations Profit on disposal of - 32.3 33.2discontinued operations Profit attributable - 32.2 33.1 to discontinued operations There was no tax associated with the profit on disposal of

discontinued operations.

Cash flows associated with discontinued operations comprisesoperating cash flows of £nil million (2010 £0.7 million), investing cash flowsof £nil million (2010 £0.9 million) and financing cash flows of £nil (2010 £nil). 19 RETIREMENT BENEFITS The Group operates a number of pension schemes covering most major

Group companies under which contributions are paid by the employer and employees.

The schemes include funded defined benefit pension

arrangements,

providing service-related benefits, based on final pensionable salary inaddition to a number of defined contribution pension arrangements. The definedbenefit schemes in the UK and some defined contribution plans are administeredby trustees or trustee companies. The assets of all the pension schemes and plans are held

independently from the Group's finances.

The total net pension costs of the Group for the period ended

3rd

April, 2011 were £10.4 million (2010 £22.3 million).

The defined benefit obligation is calculated on a year-to-date

basis, using the latest actuarial valuation as at 31st March, 2010. The assumptions used in the valuation are summarised below:

Unaudited Unaudited Audited as at as at as at 3rd 4th 3rd April, April, October, 2011 2010 2010 % pa % pa % pa Price inflation 3.4 3.5 3.1 Salary increases 3.2 3.3 2.9 Pension increases 3.2 3.3 2.9

Discount rate for scheme liabilities 5.5 5.5

5.0

Expected overall rate of return on assets N/A N/A

6.6 20 CONTINGENT LIABILITIES There have been no material changes in contingent liabilities since

3rd October, 2010.

The Group has issued stand by letters of credit in favour of

the

Trustees of the Group's defined benefit pension fund amounting to £59.7 million (2010 £51.2 million).

The Group is exposed to libel claims in the ordinary course of

business and vigorously defends against claims received. The Group makes provision for the estimated costs to defend such claims when incurred and provides for any settlement costs when such an outcome is judged probable.

Four writs claiming damages for libel were issued in Malaysiaagainst the company and three of its employees in respect of an articlepublished in one of the company's magazines, International CommercialLitigation, in November 1995. The writs were served on the company on 22ndOctober, 1996. Two of these writs have been discontinued. The totaloutstanding amount claimed on the two remaining writs is Malaysian ringgits82.0 million (£16.9 million). No provision has been made for these claims inthese financial statements as the Directors do not believe the company has anymaterial liability in respect of these writs. 21 ULTIMATE HOLDING COMPANY The Company's ultimate holding company and immediate parent

company

is Rothermere Continuation Limited, a company incorporated in Bermuda.

22 RELATED PARTY TRANSACTIONS Transactions between the Company and its subsidiaries, which are

related parties, have been eliminated on consolidation and are not disclosed in this note. The transactions between the Group and its joint ventures and associates are disclosed below.

The following transactions and arrangements are those which are

considered to have had a material effect on the financial performance and position of the Group for the period.

Ultimate Controlling Party The Company's ultimate controlling party is the Viscount

Rothermere, the Company's Chairman.

Transactions with Directors There were no material transactions with Directors of the

Company

during the year, except for those relating to remuneration.

For the purposes of IAS 24, Related Party Disclosures,

Executives

below the level of the Company's Board are not regarded as related parties.

Transactions with joint ventures and associates Daily Mail and General Holdings Limited has a 15.6 %

shareholding

in The Press Association. During the period the Group received services amounting to £1.9 million (2010 £1.8 million) and the net amount due to the Press Association as at 3rd April, 2011 was £nil (2010 £0.5 million).

Daily Mail and General Holdings Limited has a 24.9 %

shareholding

in the Evening Standard Limited. During the period, the Group has receivedrevenue of £14.0 million (2010 £11.2 million) and incurred charges of £4.4million (2010 £4.4 million). The net amount due to the Group at 3rd April, 2011was £4.2 million (2010 £0.4 million). The Group received a dividend of £0.3 million from Hasznaltauto kfta joint venture. Associated Newspapers Limited has a 33.0 % shareholding in

Fortune

Green Limited. During the period the Group received revenue for newsprint,computer and office services of £0.3 million (2010 £0.3 million). The amountdue from Fortune Green Limited at 3rd April, 2011 was £0.2 million (2010 £0.1million). Associated Newspapers Limited has a 12.5 % shareholding in theNewspapers Licensing Agency (NLA) from which royalty revenue of £1.4 millionwas received (2010 £0.9 million). Commissions paid on this revenue total £0.3million (2010 £10,000). The amount due to the NLA on 3rd April, 2011 was £nil(2010 £nil). Interest bearing loans totalling £0.4 million (2010 £nil) are dueto Associated Newspapers Limited as at 3rd April, 2011. During the period, Landmark Limited charged management fees of

£0.2

million (2010 £0.2 million) to Point X Limited, a joint venture, and rechargedcosts of £0.1 million (2010 £0.1 million). During the period Point X Limitedreceived royalty income from Landmark Limited of £24,000 (2010 £34,000) and asat 3rd April, 2011 owed £0.1 million to Landmark Limited (2010 £0.1 million). Landmark Limited has a 20.0% shareholding in Landmark FAX Limited. During the period, Landmark Limited recharged costs totally £35,000 (2010 £67,000) to Landmark (FAS) Limited and the amount due to Landmark Limited at 3rdApril, 2011 was £0.3 million (2010 £0.3 million). Associated Newspapers Limited also has a 50.0% shareholding inGlobrix Limited (Globrix) and 50.0% shareholding in Artirix Limited (Artirix). During the period, the group recharged £0.1 million staff costs to Globrix(2010 £nil) and Globrix recharged the Group £0.3 million (2010 £nil) forwebsite development costs. At 3rd April, 2011 Globrix owed £0.8 million toArtirix (2010 £nil) and £0.5 million to various A&N Media companies (2010 £31,000), and £nil was due from Artirix (2010 £18,000) to Globrix. During theperiod, Artirix received revenues of £0.3 million from Globrix (2010 £nil). At3rd April, 2011 Artirix owed £1.4 million to various A&N Media companies (2010£nil) and £nil to Globrix (2010 £18,000). During the period the Group received a dividend fee of £9.5

million

(2010 £nil) from DMG Radio Investments Limited, a joint venture.

Other related party disclosures At 3rd April, 2011, the Group owed £2.1 million (2010 £4.9 million)

to the pension schemes which it operates. This amount comprised employees' andemployer's contributions in respect of March 2011 payrolls which were paid tothe pension schemes in April 2011. 23 Post Balance Sheet Events There were no material post balance sheet events.

DAILY MAIL & GENERAL TRUST PLC

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Related Shares:

DMGT.L