Metropolis Group in talks to acquire DFNI and Raven Fox

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Euromoney is in exclusive discussions to sell Raven Fox to Frontier owner Metropolis Group

Euromoney Institutional Investor PLC (“Euromoney”) announced today that it is in exclusive discussions to sell Raven Fox, which includes Duty-Free News International (“DFNI”), a leading duty-free and luxury goods publishing and events business, to the Metropolis Group (“Metropolis”).

Metropolis owns Frontier Magazine and the Frontier Awards which operate in the same marketplace as DFNI.

“DFNI and Raven Fox are a wonderful business,” says Christopher Fordham, director of Euromoney, “but the fit with Metropolis is much better than with us. Metropolis is looking to invest in the business and will make an excellent owner for our readers, advertisers, sponsors and staff. We expect to conclude our discussions within two weeks.”

Jonathan Mills, Chief Executive of Metropolis, says: “We have been very pleased with Frontier since we bought it just over a year ago. There is a clear strategic fit between Raven Fox and Frontier and by bringing the two businesses together and operating them side-by-side while keeping their products distinct, Metropolis will be able to offer readers, advertisers and sponsors unparalleled, industry-leading, publications, conferences, awards, events and online services. Metropolis takes a long term view of every acquisition that it makes and by acquiring Raven Fox we are demonstrating our strong commitment to the important global travel retail industry.”

Amanda Felix, publisher of DFNI, says: "I am excited by the news. As publishers of Frontier magazine, Metropolis already knows our industry. Their investment in Raven Fox shows commitment to providing the best possible business information in travel-retail. This will be good news for readers, advertisers and sponsors alike. Raven Fox brings a unique events and awards focus unmatched within the industry. Combined with Frontier's hugely successful annual awards ceremony in Cannes, the combination presents a formidable force within the industry. We look forward to working alongside the Frontier team.”

Gavin Lipsith, editor of DFNI, says: "Combining Raven Fox and Frontier creates an undisputed leader in travel-retail media. DFNI's news analysis, Frontier's product focus and RavenFox.com's news coverage are already strong, and by joining forces they will be able to offer readers even better coverage of the industry."

A further announcement will be made shortly.

About Euromoney Institutional Investor PLC

Euromoney Institutional Investor PLC is listed on the London Stock Exchange and is a member of FTSE 250 share index. It is a leading international business-to-business media group focused primarily on the international finance, metals and commodities sectors. In October 2006 it acquired Metal Bulletin plc for £222 million. It publishes more than 90 magazines, newsletters and journals, including Euromoney, Institutional Investor and Metal Bulletin. It also runs an extensive portfolio of conferences, seminars and training courses, and is a leading provider of electronic information and data on international finance, metals and emerging markets.

About the Metropolis Group

The Metropolis Group is a privately owned publishing group, established in 1994, that specialises in Consumer, Business and Travel Publishing. It has grown rapidly over recent years and currently has revenues of over £15million, employing approximately 150 people.

For further information, please contact:

1) Christopher Fordham, Director, Euromoney Institutional Investor PLC:

London +44 207 779 8057. Email: cfordham@euromoneyplc.com

2) Paul Kelly, Managing Director, Raven Fox:

London +44 207 303 1709. Email: pkelly@ravenfox.com

3) Jonathan Mills, Chief Executive, The Metropolis Group

0870-737-8080. Email: jonathan.mills@metropolis.co.uk