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Euromoney Ins.InvPLC (ERM)

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Wednesday 28 September, 2005

Euromoney Ins.InvPLC

Director/PDMR Shareholding

Euromoney Institutional InvestorPLC
28 September 2005


                 Announcement re Capital Appreciation Plan awards

The Euromoney Institutional Investor PLC 2004 Capital Appreciation Plan ('CAP')
was approved by shareholders at the Annual General Meeting ('AGM') held on
February 1, 2005 and duly adopted.  A summary of the main provisions of the CAP
was included in the AGM circular sent to shareholders.

At a meeting of the Company's Remuneration Committee on September 27, 2005, the
initial awards under the CAP to each of the Company's thirteen executive
directors* and to its senior management were ratified.

Each of the CAP awards comprises an option to subscribe for ordinary shares of
0.25p each in the Company for an exercise price of 0.25p per ordinary share.  In
accordance with the terms of CAP, no consideration was paid for the grant of the
awards. The awards become exercisable on satisfaction of the Performance
Condition and lapse to the extent unexercised on September 30, 2014.

The Performance Condition, broadly, requires that the Company achieve pre-tax
profits (before goodwill amortisation or impairment, and before the cost of the
CAP) of £50 million by no later than the financial year ending September 30,
2008.  In the event that this profit target is achieved, the option pool (of a
maximum of 7.5 million shares) will be allocated between the holders of
outstanding awards by reference to their contribution to the achievement of the
Performance Condition, but no individual may have an option over more than 10%
of the option pool.  Accordingly, and subject as described above, the award to
each director comprises an option to subscribe for up to 750,000 shares.  The
actual value of the CAP award to each director will depend on the relative
profit contribution of his/her businesses to the achievement of the Performance
Condition.  It is expected that (subject to the satisfaction of the Performance
Condition) the directors will receive in aggregate approximately 25% of the
option pool, or on average an option to subscribe for approximately 145,000
shares each.

* The thirteen executive directors of the Company, each of whom participates in
the CAP and whose biographical details are included in the Company's latest
annual report, are:

Mr PM Fallon (chairman)

Mr PR Ensor (managing director)

Mr CR Jones (finance director)

Mr NF Osborn

Mr DC Cohen

Mr Chris Brown

Mr E Bounous

Mr SM Brady

Mr RT Lamont

Ms D Alfano

Mr G Mueller

Mr MJ Carroll

Mr CHC Fordham

Any queries in relation to this announcement should be made to:

Richard Ensor, Managing Director on + 44 20 7779 8844

Colin Jones, Finance Director on +1 212 224 3930

Chris Benn, Group Controller on +44 20 7779 8784


                      This information is provided by RNS
            The company news service from the London Stock Exchange