Disposal of Carmelite

Monday 15 June 1998

Daily Mail and General Trust plc and wholly owned subsidiaries have sold their interests in Carmelite for an aggregate headline cash consideration of £60 million. Carmelite is a fully let office development, redeveloped from the Group's former head office in the early 1990s. The disposal is a result of the Group's strategy to dispose of its investment property assets.

After allowing for related costs, the transaction is expected to give rise to an exceptional profit of approximately £2 million in the current year, but will have an immaterial impact upon earnings thereafter. The proceeds of the disposal will be used to reduce net indebtedness.

Inquiries:
Peter Williams - Finance Director 0171 938 6631
David Dutton - Director 0171 938 6730

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