15 March, 2006
                                                                               
                   Daily Mail and General Trust plc ('DMGT')                   
                                                                               
                                Trading Update                                 

Summary

This statement updates investors on the Group's progress in the current year,
ahead of its half year end on 2nd April 2006.

Since the Group last reported in November 2005, it has continued to see very
different trading conditions for its divisions. The businesses-facing divisions
are seeing good growth in revenues and are finding new opportunities; the
consumer-facing divisions have seen continuing difficult conditions,
particularly when compared with their trading performance in

the first half of last year. Overall, the Group remains on track for a
satisfactory year.

National Newspapers

Associated Newspapers' overall circulation revenues for the five months to
February 2006 were 1% below the same period last year. Advertising revenues in
the same period have decreased by 9%, compared to last year (quarter one down
8%; January/February down 9%), reflecting the well-reported difficulties within
the market.

The Daily Mail has continued to increase its share of an extremely competitive
national newspaper market and has again begun to record year-on-year
circulation increases. The Mail on Sunday has performed in line with the market
for the six-month ABC period to February 2006. Both titles continue to invest
in a range of new initiatives, such as The Mail on Sunday's launch of Live
Magazine, the re-design of You Magazine on high-quality silk paper and the
February launch of a new mid-week pull-out puzzle section in the Daily Mail.
The Evening Standard achieved a reduced year-on-year decline in its paid-for
circulation for the third successive six-month period. Metro's distribution
continued to average over one million copies and has increased by 10% recently
as a result of new franchises in Liverpool and Cardiff. In addition, Metro was
launched in Dublin as a joint venture in December 2005.

Associated's newspaper display advertising revenues have fallen by 10% for the
five months to February 2006, although yields in the national titles are
generally being maintained or improved, despite the challenging trading
conditions. Classified advertising revenues are down by 11% for the same
period.

Digital advertising revenues from Associated's many online brands including
Jobsite, Find a Property and Prime Location, have, however, risen by 43% year
on year and continue to show signs of encouraging growth. Associated is now one
of the leading players in the UK internet jobs and property markets. The
property site, primelocation.com, which was acquired in January, is trading
well.

Advertising revenue at Teletext, which is now part of Associated Newspapers, is
down 19% year on year, as the predicted decline in analogue viewing continues.
Revenues from digital services (television and internet) are, however, up over
70% in the five month period to February.

Although visibility on future advertising performance is very limited, there
have been recent signs that the year-on-year decline in advertising revenue may
ease in the second half of the financial year, but in any event all cost areas
are being rigidly controlled, with significant savings already flowing through.

Regional Newspapers

Northcliffe Newspapers continues to experience tough trading conditions. UK
advertising revenues for the five months to February 2006 were 7% below the
comparable period last year (quarter one down 6%; January/February down 8%).
Excluding recruitment revenues, which have declined by 16%, advertising
revenues are 3% lower so far this year. The rate of decline in recruitment
revenues has slowed, from 19% in the first quarter to 12% in both January and
February. Property (up 6%) has continued to grow, but motors has fallen by 14%.
Revenues from digital publishing are 17% above last year for the five months to
February 2006.

Circulation revenues for the five months to February 2006 were in line with the
same period last year. In the July to December 2005 ABC period, Northcliffe
evening titles continued to out-perform the regional newspaper industry average
circulation figures. Northcliffe morning titles also out-performed the regional
newspaper industry average circulation figures.

The implementation of the Aim Higher programme of organisational and structural
improvements is continuing, leading to significant year-on-year cost reductions
currently running around £20 million on an annualised basis. For the five
months to February 2006, operating costs are 5% lower than in the previous
year, despite suffering a newsprint price increase and significantly higher
energy costs. A third print site, Lincoln, has been closed recently following
the press closures last year at Exeter and Swansea.

As previously stated, a further announcement regarding the future organisation
of Northcliffe Newspapers will be made soon.

Information publishing

DMG Information's business to business division continues to grow strongly with
year-on-year revenue growth exceeding 20% and margins remaining at similar
levels to last year. Landmark is seeing particular strength in its residential
market, as the number of transactions in the UK housing market has picked up.
Environmental Data Resources continues to deliver consistent revenue growth.
Risk Management Solutions has experienced record levels of bookings including
from new re/insurance companies established in Bermuda (as a consequence of
Hurricane Katrina) and from renewals secured at increased rates. Trepp
continues to grow strongly in a buoyant commercial mortgage-backed securities
market that has just completed a record year for issuance in both the U.S. and
Europe.

Within the careers division, the revenues of both Hobsons, with the US and
Australian businesses to the fore, and Study Group show year-on-year revenue
growth in excess of 10% and margins are continuing to improve.

Financial publishing

Trading at Euromoney Institutional Investor has followed a similar pattern to
2005. Demand for its events, training and electronic information products has
continued to increase, and the outlook for advertising has gradually improved.
The trading outlook for global financial markets remains positive, and
Euromoney is optimistic it can make further progress in the second half in
implementing its strategy of increasing profits through a mix of organic
growth, strategic acquisitions and margin improvement.

Exhibitions

DMG World Media has seen the same divergence in results as the Group overall,
with its consumer events struggling, but its business shows performing
strongly. The home and gift fairs have had a tough period, albeit with signs of
recovery recently in the North American home shows. There have been
particularly good performances from Palm Beach 3, the contemporary art,
sculpture and photography show, and SurfExpo in Florida, from Index and Big 5
in Dubai, and from AdTech's online marketing show and conference in New York.
Revenue, when adjusted for timing differences, non-annual events and foreign
exchange, has grown by around 11% year on year.

Broadcasting

DMG Radio continues to see strong growth in revenues in excess of 20% from its
radio network, despite a slowing radio advertising market and one disappointing
listener survey result in Sydney. The most recent survey shows Nova to be
number one in the five main cities in the 18-24 age group, as well as being the
leading national network in its target market of listeners under 40. The new
Vega stations have been slow to build audience and changes are currently being
implemented.

Exceptional items

The Group expects to report in its half year results a charge in the region of
£15 million as exceptional operating costs. This charge will comprise the
professional costs of the strategic review of Northcliffe, together with the
costs for the second phase of its reorganisation programme.

Interim announcement

The Group will be reporting its interim results for the half year to 2nd April,
2006 for the first time under international financial reporting standards. The
announcement of these interim results will be made on the morning of Thursday
25th May, 2006.

Enquiries: Peter Williams, Finance Director, DMGT 020-7938 6631

Nicholas Jennings, Company Secretary, DMGT 020-7938 6625

Andrew Honnor, Tulchan Communications 020 7353 4200

                                               Daily Mail and General Trust plc

                                             Northcliffe House, 2 Derry Street,

                                                                 London, W8 5TT

                                                              Tel 020 7938 6000

                                                              Fax 020 7938 4626

                                                                 www.dmgt.co.uk

                                     Registered in England and Wales No. 184594






END