23 July, 2008 Daily Mail and General Trust plc (`DMGT') Interim Management Statement Introduction

This Interim Management Statement covers the third quarter of DMGT's financial year to 30th June 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 third quarter up 5% on last year. * Continued growth from the Group's business to business divisions. * Weakening advertising conditions in the newspaper divisions. * Disposals of businesses and investments totalling �?£96 million; and * Debt reduction of �?£134 million.

The Viscount Rothermere, Chairman, said:

"Despite the current weakness in economic conditions, our business to business divisions are continuing to perform well. Inevitably, the well-publicised deterioration in the UK economy since we last reported in May is having an impact on our newspaper businesses there. However, our strategy of creating a diversified international portfolio of market-leading operations across both business and consumer products provides considerable resilience and leaves us well positioned to deliver long-term growth."

Business to business

DMG Information

DMGI's revenues for the quarter rose by 6% to �?£78 million. As reported ahead of our recent presentation on DMGI, it continues to experience strong trading, except that transaction volumes in its two principal property information companies, Landmark (UK) and EDR (US), are inevitably affected by current market conditions. We continue to see opportunities for strong growth across the portfolio.

DMGI expects to achieve year-on-year profit* growth of approximately 5% for the full year. Margins* are expected to reduce only modestly from 24% to around 23% despite lower property transaction volumes in both the UK and US and despite the investment programme in the insurance and financial sector.

Euromoney Institutional Investor

Euromoney announced its interim management statement on 22 July. Revenues for the quarter increased by 13% to �?£95 million, driven mainly by continued strong growth from subscription products and increased attendance at the group's conferences, seminars and training courses. It has limited revenue visibility for the fourth quarter, and in particular the key month of September, but forward bookings are currently in line with expectations.

DMG World Media

DMG World Media's revenues for the quarter increased by 43% to �?£49 million. The increase, excluding George Little Management (which became a subsidiary at the start of the financial year) was 18% year on year, or an underlying 7% when adjusted for non-annual events, timing differences and foreign exchange. The biennial Global Petroleum Show, held in Calgary in June, performed strongly.

Consumer media

Associated Newspapers

Associated Newspapers' total revenues for the quarter increased by 0.4% to �?£243 million. Circulation revenues, which make up nearly half of Associated's print revenues, were 4% higher than the same period last year reflecting the increase in the Monday to Friday cover price of the Daily Mail on 21st April 2008.

Total advertising revenues in the period fell by 3%. These figures include those of Associated Northcliffe Digital and of the titles' companion websites which again grew strongly. Advertising revenues from Associated's newspaper operations fell by 5%, with display down by 5% and classified down 9%. The largest display category, retail, continued to grow (up 3%). These trends have broadly continued into July. As previously reported, full year operating profits* will reflect the costs of the new Didcot plant coming on stream.

Northcliffe Media

Northcliffe Media's total revenues for the quarter were down 7% compared to the same period last year. Excluding acquisitions and disposals made in the prior year, underlying revenues were down 5% at �?£102 million.

Comparable UK advertising revenues for the third quarter were 11% lower than the same period last year. By category, all major categories fell with property down 25%, recruitment down 10%, retail down by 9% (adversely affected by the earlier timing of Easter this year) and motors down by 7%. May and June saw a deterioration in trends particularly in the property and recruitment sectors, with comparable UK advertising revenues down on the prior year by 12% in May and 16% in June. In June, property revenues were 36% below the prior year and recruitment revenues were down 17%. The first three weeks of July have seen a further deterioration in recruitment advertising.

Comparable UK circulation revenues for the period were 2% below last year, excluding titles acquired or closed in the previous financial year.

The International division continued to perform well with growth in revenues and profits* in the quarter assisted by favourable exchange rate movements.

DMG Radio Australia

DMG Radio Australia's revenues for the quarter were �?£15 million, an increase of 17% at constant exchange rates, driven by growth of the Nova network which greatly outpaced the market. As anticipated, the division is now in operating profit*.

Net debt / financing

Net debt at 30th June, 2008 had fallen since the half year from �?£1,141 million to �?£1,007 million, reflecting continued strong cash flow and disposals totalling �?£96 million. Disposals were made of the Group's shares in GCap Media plc, which was taken over, for �?£53 million; most of Hobsons' European graduate recruitment businesses for �?£28 million; �?£7 million for the proceeds of the liquidation of the Group's 40% associate, Centurion; British Pathe for �?£6 million; and Euromoney's interest in LAMP Technologies LLC for an initial �?£1.6 million. The Group spent �?£21 million on acquisitions in the period, being mainly pre-contracted earn-out payments. Group net debt remains comfortably within our existing bank and other facilities.

On 16th July, Hobsons' remaining European graduate recruitment business, in France, was sold for �?£3 million. Hobsons' UK business now wholly serves the higher education sector, providing B2B technology solutions to enhance a university's student recruitment and retention practices.

Notes

* References to earnings, results or operating profit are to adjusted earnings, results and operating profit which exclude amortisation and impairment of intangible assets and exceptional items.

~ Earnings* per share in 2007 were 49.3 pence.

The average �?£: US$ exchange rate for the third quarter was �?£1: $1.97 (against �?£ 1:$1.98 in the same period last year).

For further information

For analyst and institutional enquiries:

Peter Williams, Finance Director, DMGT

Nicholas Jennings, Company Secretary, DMGT

For media enquiries:

Andrew Honnor / Lizzie Morgan, Tulchan Communications

Conference call

A conference call will be held with City analysts at 9.00 a.m. on 23rd July, 2008. The dial-in number is +44 (0) and the code 56582728.

Next trading update

The Group's next scheduled announcement of financial information will be a pre-close trading update, provisionally scheduled for 25th September 2008.

This Interim Management Statement (IMS) is prepared for and addressed only 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 assume responsibility to any other person to whom IMS is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. Statements contained in this IMS are based on the knowledge and information available to the Group's Directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Group in this IMS involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this IMS contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Group undertakes no obligation to update these forward-looking statements.

Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel Fax www.dmgt.co.uk Registered in England and Wales No. 184594 Not for public release until 7.00am on 23 July, 2008

DAILY MAIL & GENERAL TRUST PLC