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Armour Trust PLC (AMR)

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Friday 30 August, 2002

Armour Trust PLC

Director Shareholding

Armour Trust PLC
30 August 2002

                        Armour Trust plc (the 'Company')

                    Notification of Interests of Directors

The Company announces that by resolution of the Remuneration Committee of the
Board, an EMI Option Plan (the 'Plan') has today been adopted which will
introduce performance-related options to incentivise and remunerate the
executive directors and senior management of the Company.

The Committee has today made a grant over 500,000 ordinary shares of 10p each in
the Company ('Ordinary Shares') at an exercise price of 20p per Ordinary Share
under the Plan to each of the Company's executive directors, George Dexter and
John Harris. The period during which the options are exercisable is up to the
tenth anniversary of the date of grant.

The Company further announces that Mr Dexter has today surrendered his option to
subscribe for 500,000 Ordinary Shares out of the total of 1,625,000 Ordinary
Shares granted to him on 10 May 2000 under the 1999 Unapproved Executive Share
Option Scheme, and that a Deed of Surrender to this effect has been executed by
Mr Dexter and the Company.

The total number of shares over which options are held by the executive
directors following the above grant is as follows:

G Dexter                                          2,325,000
J Harris                                            758,303

The Remuneration Committee, which comprises the Company's non-executive
directors, considers that, having consulted with KBC Peel Hunt Ltd, the
Company's nominated adviser, the terms of the Plan are fair and reasonable
insofar as its shareholders are concerned and in the best interests of the
Company as a whole.

30 August 2002

                      This information is provided by RNS
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