Introduction

This Interim Management Statement covers the first quarter of DMGT's financial year to 31st December 2008 and describes the Group's financial position and performance during the period, updated to the latest practicable date.

Summary of the period:

* Revenue for the first quarter up 2% on last year to £568 million, including
the impact of the stronger dollar.

* Operating profit* well ahead of our expectations and only marginally below
a strong first quarter last year.

* Targeted revenue and cost initiatives of £100 million on track and will be
exceeded.

* Continued growth from business to business operations, boosted by currency
gains.

Martin Morgan, Chief Executive, said:

"Trading in the first quarter has been ahead of our expectations, even allowing for the benefit of the stronger US dollar. Operating profit was only marginally lower than last year. This good performance, along with continued management of our cost base, will help to offset the effect of expected weaker trading conditions going forward.

Our strategy of creating a diversified international portfolio of market-leading businesses in both business and consumer markets is providing considerable overall resilience and leaves us well positioned to deliver long-term growth."

Business to business (B2B)

Risk Management Solutions

RMS's revenues for the quarter rose by 57% to £34 million, benefiting significantly from the stronger dollar in which currency all revenues are billed, whilst a portion of its costs are in sterling. The underlying increase was 20%.

RMS continues to be the world's leading provider of solutions to assist the insurance sector in quantifying and managing catastrophe and other risks. It achieved good net growth in its core modelling business, despite economic conditions causing clients to tighten their budgets. Lack of catastrophe bond issuance restricted growth in its earlier stage capital markets business.

Whilst RMS is continuing to invest in expanding its product range and geographic coverage, as a precautionary measure, it has slowed the pace of new staff recruitment.

DMG Information

The revenues of DMGI (excluding Risk Management Solutions) fell in the quarter by 1% to £52 million. At constant exchange rates, the underlying~ decrease was 11%, primarily driven by the impact of depressed property transaction volumes
in the UK and the US. Outside of the two property businesses - Environmental Data Resources and Landmark, the DMGI companies have continued to perform well and the division as a whole is still expected to show revenue growth over the
year, illustrating their strong business models and the "must have" nature of their products.

Underlying operating profit* was also below last year, again driven by the depressed real estate market. However, despite the sharp downturn in property transaction volumes both Landmark (UK) and EDR (US) have reduced their cost
bases to reflect this lower level of activity and continue to operate with good trading margins.

In summary, while DMGI's results have been affected by the downturn in property transaction volumes, the portfolio continues to perform well and demonstrate attractive cash generation and margin. The rate of investment in new products
remains encouraging.

Euromoney Institutional Investor

Euromoney released its interim management statement on 28th January. First quarter trading continued in line with expectations. Revenues for the quarter increased by 15% to £87 million, an underlying~ increase of 3%.

These revenue trends continued those of the 2008 financial year, with strong growth from subscription-based products, particularly those delivered electronically, decreases in advertising and sponsorship revenue, and recently
a decline in the rate of growth in delegate revenues. Subscriptions accounted for more than 40% of revenues in the quarter.

As reported in November 2008, sales during the first quarter, which largely drive revenues in the following quarter, had shown signs of weakening. As expected, market conditions have been tough in the past two months and revenue
growth, other than from subscriptions, in the second quarter will be significantly weaker than the first. Euromoney is engaged actively in reducing costs, managing its margins and maximising cash flows. The main benefits of these cost reductions will start to flow through in the second half of this financial year.

DMG World Media

DMG World Media's revenues for the quarter rose by 53% to £58 million, an underlying increase of 11%, when adjusted for timing differences and non-annual events. This was driven by 19% growth in the B2B sector, with the Dubai exhibitions and events, primarily Big 5 and Index, and the biennial energy event, ADIPEC, all growing strongly. Operating profit* for the quarter was substantially ahead of last year, but some of this increase was due to the timing of biennial shows.

DMG World Media is now experiencing weaker bookings for some of its shows, especially those in the business to retail and business to consumer sectors. As a consequence, it has implemented a number of cost savings.

Consumer media

Associated Newspapers

Associated Newspapers' total revenues for the quarter fell by 5% to £237 million. Circulation revenues, which make up 45% of Associated's print revenues, rose by 1% due to the benefit of cover price rises on the Mail titles, which offset lower circulations.

Total advertising revenues in the quarter fell by 8%. Within this figure, revenues from Associated's newspaper operations fell by 9%, with display down by 8% and classified down 17%. Its strongest performing title was London Lite, which grew its display revenues by 21%. Overall, the largest display category, retail, grew by 2% in the period, bolstered by a significant rise in pre-Christmas activity, but all other categories were down. The largest classified category, travel, was least affected by the economic downturn, being down just 5%. Digital revenues were down 3%. January trading started very
slowly after the New Year, with the result that advertising revenues for the month were 23% down on last year. However, circulations showed an improvement on prior months. Visibility on future advertising performance is very limited.

Operating profits for the quarter were down by 5%, due mainly to reduced advertising revenues and a Jobsite marketing campaign, the results of which are far exceeding our expectations, offset by cost reductions.

Northcliffe Media

Northcliffe Media's total revenues for the quarter were down by 18% to £86 million. Of this, UK revenues were down 23% and International up 18% (or an underlying 5% up in local currency).

UK advertising revenues for the quarter were 27% lower than the same period last year. All major categories remained under pressure with retail down by 23%, recruitment down 37%, property down 52% and motors down by 20%.
Northcliffe had two very slow weeks after the New Year, resulting in advertising revenues for January being 40% down on last year.

UK digital revenues for the quarter were 6% higher than the same period last year. Unique visitor levels to Northcliffe's network of "thisis" websites in December 2008 were 67% higher than the corresponding period last year. UK circulation revenues for the quarter were 4% below last year.

Northcliffe continues to reduce costs significantly, including the implementation of a new regional operating structure. As a result, UK publishing costs were 10% lower in the quarter than last year, with lower printing, staff, distribution and promotional costs. Further substantial reductions are being made beyond those planned in November.

In Central Europe, the International division performed satisfactorily with the 5% growth in local currency revenues in the quarter driven by a 31% increase in digital revenues.

Despite the actions taken, the impact of the advertising revenue declines in the UK resulted in Northcliffe's operating profits* for the quarter being well below the prior period.

A&N Media

Good progress has been made in achieving the revenue benefits and cost reductions announced in November, designed to protect the profitability of A&N Media. We expect to exceed the plans announced then.

From 1st January 2009, newsprint prices rose by around 20%, but the effect is being offset by measures taken, including lower grammage paper. As a result, we expect our total newsprint costs for the year to be broadly unchanged. UK
headcount fell by 6% between the end of September and 31st December, 2008, and we are currently in consultation about further reductions.

We have recently announced the sale of a 75.1% interest in the Evening Standard to Lebedev Holdings. This deal, which is due to complete later this month after an employee consultation process, secures the future of the title and of its
employees.

DMG Radio Australia

DMGRA's revenues for the quarter rose by 2% to £14 million, which was unchanged on an underlying basis, despite a 6% decline in the radio advertising market in Australia. The network achieved good results in the most recent survey,
released in early December, with Vega Sydney in particular increasing its market share. DMGRA achieved a similar operating profit* to last year. It has implemented a cost reduction programme to protect its profitability*.

Financing costs

Net interest payable and similar charges (excluding swap premia) were lower in the quarter, compared to the same period last year. Total financing costs in the prior period benefited from the inclusion of significant swap premia which, as expected, were small this year.

Net debt / financing

Net debt at 31st December, 2008 rose in the quarter from £1,015 million to £1,153 million (including the foreign exchange effect on debt-related derivatives). This increase was largely due to a £110 million increase in the sterling equivalent of the Group's US dollar debt, which the Group holds to match dollar cash flows. The Group traditionally has a net cash outflow in its first half year.

We are experiencing a mismatch between the use of average exchange rates to convert profits ($1.96=£1 for the year to 30th September 2008, and $1.57=£1 for the quarter to 31st December 2008), and the closing rate of $1.44=£1 used to
convert balance sheet items including net debt. Using the same rate to translate profit and loss and the balance sheet, the Group's ratio of net debt to EBITDA remained below 3 times for the 12 months to 31st December 2008.

The terms of our funding covenants are such that this mismatch does not create a problem. We expect no difficulties in the foreseeable future in meeting our covenants and have adequate committed facilities until at least 2011.

The Group spent £11 million in the quarter on acquisitions, largely pre-contracted earn-out payments. Disposal proceeds totalled £8 million, principally from the sale of the Antiques Trade Gazette in October 2008.

On 28th January, the Group transferred 3,260,501 `A' Ordinary shares out of treasury in order to meet obligations to provide shares under various incentive plans. Following these transfers, DMGT's weighted average number of shares in
issue for the full year is currently estimated at 376.6 million (2008 377.6 million).

DMGT has taken its share of the final dividend from Euromoney in the form of a scrip. This has increased the Group's equity interest from 66.3% to 67.5%, though it is expected to be diluted back to around 66% on or after 13th February through the vesting of the second tranche of Euromoney's capital appreciation plan.

Notes

The average £:$ exchange rate for the first quarter was £1: $1.57 (against £1:$2.04 in the same period last year). We estimate that each 5 cent move in the average £:$ exchange rate affects DMGT's full year operating profits* by
approximately £3.5 million, partly offset by a £0.5 million increase in interest costs.

Next trading update

The Group's next scheduled announcement of financial information will be a pre-close trading update, provisionally scheduled for 23rd March 2009, to coincide with DMGT's Investor Day.