ACQUISITION OF TREPP LLC

Friday 16 April 2004

(London - 16 April 2004) DMG Information, the information publishing division of DMGT, has acquired Trepp LLC, a market leading provider of commercial property data and analytics to investors and other participants in the U.S. Commercial Mortgage Backed Securities ("CMBS") debt markets. The initial consideration is US$42 million (£23 million), payable in cash, with an additional deferred payment, based on 2004 revenue growth, of up to US$5 million (£2.8 million).

Trepp, which is based in New York, U.S.A., has grown strongly since it started offering services to the CMBS marketplace in 1997. The acquisition complements and further strengthens DMG Information's existing interest in providing property-related information in the U.S., through Environmental Data Resources and Property & Portfolio Research, and in the U.K. through Landmark Information Group.

In its most recent financial year to 31 December 2003, Trepp's revenues increased by 35% to US$10 million (£5.6 million) and operating profits were US$3.1 million (£1.7 million). We expect further strong revenue growth and maintained margins and the acquisition to be earnings enhancing before goodwill amortisation during the current year.

Enquiries:
Peter Williams Finance Director, DMGT 020 7938-6631
Paul Sykes Chief Financial Officer, DMG Information 001 203 973-2940