[PPT] - FY18 Full-year results presentation Andrew Rashbass and Wendy Pallot PowerPoint Presentation

SLIDE 1

Andrew Rashbass and Wendy Pallot 22 November 2018

FY18 Full-year results presentation

SLIDE 2

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Encouraging overall performance – a year of growth

■

Strong underlying profit growth in Pricing, Data & Market Intelligence 18%

■

Good underlying revenue growth from events across all segments 7%

■

Actions taken in Asset Management to mitigate headwinds July/August 2018

■

Active portfolio management1 £257m

■

Continuation of strong underlying cash conversion 102%

■

Healthy net cash – enhanced by disposals £78.3m

Headlines

2

1. Sum of acquisition and disposal consideration in 2018

SLIDE 3

We are a global information business providing essential B2B information to global and specialist markets We provide pricing discovery, market intelligence and events across our segments

3

SLIDE 4

1.

Underlying revenue, excluding closed/sold businesses and FX gains on forward contracts

2.

Currency split based on 2018 total revenue

3.

Underlying cash conversion adjusted for timing differences and exceptional items

Group at a glance

Subscriptions Advertising Events Other

Revenue by type 20181

56%

f revenues are subscription

68%

f revenues are in dollars

USD GBP EUR Other

Revenue by currency 20182

27%

average adjusted operating profit margin over last 5 years

Underlying revenue growth %

>100%

underlying cash conversion3

ver last 5 years

(4%) (1%) 3%

2016 2017 2018

4

1,655 employees worldwide £78.3m cash at 30/9/18 £414.1m 2018 total revenue £109.2 2018 adjusted PBT

SLIDE 5

Asset Management Pricing, Data & Market Intelligence Banking & Finance Commodity Events

Markets served

Global asset management industry Commodity markets, telecoms, insurance, aviation, infrastructure, derivatives, legal Global banking industry Various (Soft commodities, metals, minerals, mining)

Revenue1

(£m) (% group)

Revenue

(by type)

1.

Revenues above are from continuing operations, excluding closed/sold businesses and FX gains on forward contracts (see page 39)

What we do

£151m 39% £144.7m 37% £70.7m 18% £20.8m 6%

Subscriptions & content Advertising Events Other

5

SLIDE 6

Full-Year Results

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SLIDE 7

1.

Includes the results of continuing and discontinued operations and is reconciled in the appendix to the preliminary report

2.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals

3.

Underlying 12 month cash conversion – details on slide 43

Full-year summary

2018 2017 Adjusted % Underlying2 % Total revenue1 (£m) 414.1 428.4 (3%) 3% Adjusted operating profit margin 26.7% 25.0% 1.7% pts 0.7% pts Adjusted profit before tax1 (£m) 109.2 106.5 3% 8% Adjusted diluted EPS1 81.3p 76.4p 6% Dividend per share 32.5p 30.6p 6% Net cash/(debt) (£m) 78.3 (154.6) Cash conversion3 102% 118% Effective tax rate 20% 19%

7

SLIDE 8

Underlying revenue growth of 3%

(7.5) (16.9) 10.1 428.4 404.0 414.1

FY17 reported revenue FX Net M&A FY17 reported revenue (pre FY18 underlying movement) Business revenue growth FY18 reported revenue Asset Management (£6.7m) Pricing, Data & MI £11.7m Banking & Finance £3.4m Commodity Events £1.7m

Business Revenue Growth: in focus

2017 to 2018 total revenue1 bridge (£m)

8

1.

Includes the results of continuing and discontinued operations

SLIDE 9

1.

Includes the results of continuing and discontinued operations

2.

Business profit of £9.2m includes £0.7m profit from Associates and JV’s

3.

£1.5m FX movement is analysed on page 16

Underlying PBT growth of 8%

106.5 101.6 109.2 (6.4) (2.9) 1.5 1.3 9.2

FY17 Adjusted PBT FX Net M&A FY17 Adjusted PBT (pre FY18 underlying movement) Central costs Net Interest Receivable Business profit (incl Associates and JVs) FY18 Adjusted PBT

Asset Management (£2.6m) Pricing, Data & MI £7.7m Banking & Finance £1.6m Commodity Events £1.8m

Business Profit: in focus

2017 to 2018 adjusted profit1 bridge (£m)

9

3 2

SLIDE 10

Underlying Growth1

3% (4%)

FY17 FY18

1.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals

■

Revenue reductions reflect the impact of lower client research spend, a trend accelerated by MiFID II

■

Actions taken in Investment Research to address the market challenge in August 2018 reduce annual costs by £7m through:

□

Product rationalisation

□

Restructuring

□

Office rationalisation Allowing profit protection, and new investment in sales and marketing, digital technology and product development

■

Institutional Investor revenue (44% of segment) was 1% down (underlying) following the transition to digital only

■

Extel acquisition in March 2018

Asset Management

(2%) (4%)

FY17 FY18

Revenue Adjusted Operating Profit

10

SLIDE 11

Underlying Growth1

(6%) 18%

FY17 FY18

1.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals, discontinued operations

■

Strong growth - underlying 12% growth in subscriptions revenue from continued success of newly rebranded Fastmarkets

■

6% underlying events revenue growth largely due to Telcap’s Capacity Europe event in H1

■

Good growth at Insurance Insider

■

Despite investment we have significantly improved operating profit performance

■

Acquisition of Random Lengths August 2018 for $18.8m – wood-pricing provider, filling strategic gap (see page 47)

Pricing, Data & Market Intelligence

3% 9%

FY17 FY18

Revenue Adjusted Operating Profit

11

SLIDE 12

Underlying Growth1

5% 10%

FY17 FY18

1.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals, discontinued operations

■

Return to underlying revenue growth

■

70% of revenue is delivered by events. Underlying revenue growth of 5% largely due to strong performance of IMN in the US and new events in

China. This has offset the decline in print advertising (which is now 9% of

total segment revenues)

■

Significant improvement in underlying profit growth with the elimination

f low margin events and a focus on larger high-margin events

Banking & Finance

(6%) 5%

FY17 FY18

Revenue Adjusted Operating Profit

12

SLIDE 13

Underlying Growth1

7% 25%

FY17 FY18

1.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals, discontinued operations, including Mining Indaba in both years

■

Return to underlying revenue growth

■

Focus on large, repeat, high-margin events

■

Mining Indaba disposal (see page 46)

■

Remaining events now managed across other segments, so the Commodity Events segment will not be separately disclosed from 2019

nwards (see page 36)

Commodity Events

(8%) 9%

FY17 FY18

Revenue Adjusted Operating Profit

13

COMMODITY EVENTS COMMODITY EVENTS

SLIDE 14

1.

The absolute £ figures are 2018 total revenues, the percentages and colours refer to year-on-year growth rates restated for currency at constant exchange rates and net M&A

2018 Revenue and profit matrix by segment/type1

Key to colours  Dark green – growth more than 2%  Light green – growth of 0% to 2%  Amber – decline of 0% to -1% 14  Pink – decline of -1% to -5%  Dark red – decline more than -5%  White – not colour-coded due to their small size Asset Management

119.7

(5%)

11.9

(7%)

19.4

6%

0.0

(62%)

151.0

(4%)

61.1

(4%)

Pricing, Data & Market Intelligence

90.6

12%

16.9

(0%)

36.7

6%

0.5

(43%)

144.7

9%

53.2

18%

Banking & Finance

8.6

2%

8.7

(9%)

52.3

8%

1.1

8%

70.8

5%

17.7

10%

Commodity Events

20.6

9%

0.2

(40%)

20.8

9%

9.1

25%

Closed & Sold Businesses

24.7

0.2
0.8
0.0
25.7
8.6
FX Gains on forward contracts

1.2

1.2
1.3
Total segment revenue/profit

243.6

2%

37.7

(5%)

129.8

7%

3.0

414.1

3%

151.0

7%

Central costs and Interest/Facility Fees

(41.8)

Adjusted PBT

109.2

8%

N/A N/A N/A

Total Profit (£m) Revenue (£m) Other Total Events

N/A N/A

Subscriptions/ Content Advertising

SLIDE 15

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Commodity Events growth primarily due to our focus on large, high-margin repeat events

■

Asset Management strategic actions taken has protected H2 margin

■

Pricing, Data & Market Intelligence margin growth due to flow-through of revenue performance and focus on cost controls

■

Standalone central costs drag reduced, team largely complete

Adjusted operating profit margin increases to 27%

2017 adjusted operating margin 25.0%

FX (incl hedging) 0.8% Net M&A 0.2% Underlying business: Commodity Events 0.3% Asset Management (0.2%) Pricing, Data & Market Intelligence 1.1% Banking & Finance 0.2% 1.4% Central costs (0.7%) 0.7% 2018 adjusted operating margin 26.7%

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SLIDE 16

£1.5m year-on-year FX benefit to adjusted PBT:

■

GBP/USD rate strengthened 8 cents to $1.35

■

£5.9m FX loss year-on-year on translation of non-UK entities profits

■

£3.6m FX loss year-on-year on UK embedded FX

■

£12.1m benefit year-on-year due to hedging gains related to forward contracts (see page 39)

■

£1.1m FX loss year-on-year on balance sheet revaluation Outlook remains uncertain given forthcoming UK exit from the EU

Impact of FX

1.20 1.25 1.30 1.35 1.40 1.45 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

$/£

GBP/USD rate

16

FY17: $1.27 FY18: $1.35

SLIDE 17

Other tax adjusting items of £17.4m includes:

■

One-off repatriation charge arising from US Tax reform of £3.2m

■

Canadian withholding tax of £14.6m arising from a dividend payment to the UK of $380m. The tax was paid post year end in October 2018

■

A charge of £7.9m in respect of prior years due to a further provision made in respect of an HMRC enquiry

■

Credit of £4.7m relating to the revaluation of US deferred tax liabilities as a result of US tax reform

Tax

£m 2018 2017

Adjusted PBT 109.2 106.5 Total tax charge (57.8) (6.7) Tax on exceptional items – primarily tax

n the disposal of GMID and Dealogic

18.8 (9.0) Other tax adjusting items 17.4 (4.1) Adjusted tax charge (21.6) (19.8) Adjusted effective tax rate 20% 19%

17

The payment of the Canadian dividend and other restructuring means the adjusted effective tax rate is now expected to remain at 20% in 2019 rather than 23% as previously guided

SLIDE 18

(154.6) (34.8) 113.3 (4.9) (38.9) (0.7) 3.2 226.5 (30.8) 78.3

Net debt at Sept 30 2017 Underlying cash generated from

perations

Dividends Capex Net tax Interest Other (incl FX) Disposals Acquistions Net cash at Sept 30 2018

1.

Cash conversion calculation – see page 43

2.

Includes £22m of exceptional/adjusted tax items and £16.9m of underlying corporation tax

2018 Cash flow (£m): Cash conversion1 of 102%

Excellent business cash generation

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2

Excep/Adj

SLIDE 19

Disposals

■

Hedgefund Intelligence (December 2016)

■

II Intelligence (December 2016)

■

Euromoney Indices (March 2017)

■

LatinFinance (March 2017)

■

Dealogic (December 2017)

■

Adhesion & WBWE (October 2017)

■

II Journals (January 2018)

■

GMID (April 2018)

■

Indaba (October 2018)

Acquisitions

■

Broadgroup (March 2017)

■

RISI (April 2017)

■

Layer123 (April 2017)

■

TowerXchange (December 2017)

■

Extel (March 2018)

■

Random Lengths (August 2018)

Active Portfolio Management

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SLIDE 20

New International Accounting Standards

IFRS 9

Financial Instruments

Group adoption from 1 October 2018; impact not significant:

■

Fair value of investments

■

Trade debt provisions

■

Hedge accounting

IFRS 15

Revenue from Contracts with Customers

Group adoption from 1 October 2018; no material impact

IFRS 16

Leases

Group adoption from 1 October 2019; assessment in progress, will have an impact on P&L and balance sheet

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SLIDE 21

Strategy Recap

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SLIDE 22

Euromoney’s capital allocation decisions can be understood along two dimensions

Structure

We service fundamentally cyclical

markets. Understanding which

point in the cycle they are in is fundamental to our capital allocation decisions. We characterise the business models of B2B information companies into three generations, which we call B2B Information 1.0, 2.0 and 3.0. Plotting the businesses along the axes supports our investment decisions, capital allocation and defines strategic priorities.

Cycle Quadrants

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SLIDE 23

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Successful B2B information companies will be 3.0 businesses

+

B2B Information 1.0

Print Monologue Advertising-centric Product-centric

B2B Information 2.0 B2B Information 3.0

Digital Dialogue Subscriptions Customer-centric Embedded in workflow Part of the industry structure Licensing revenues based on customer outcomes Solution-centric

SLIDE 24

Quadrants

3

Prepare for the upturn

Protect and enhance competitive position
Invest in acquisitions when cycle turns
Opportunistic revenue initiatives
Tighten cost control
Fix any operational deficit

B2B Information 1.0 Strong market tailwinds Cycle Structure

+

+

4

Invest

New product development
Invest in sales and marketing
Acquisition
Fix any operational deficit
Accelerate transition to 3.0

1

Disinvest

Maximise short-term profit and cash
Divest
Prevent future build-up

2

Use the time wisely

Modest investment to move to top-right quadrant
Maximise short-term profit and cash
Fix any operational deficit
Consider divestment

The quadrants guide investment decisions, capital allocation and also define strategic priorities

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B2B Information 3.0 Challenged market

SLIDE 25

Pillars

Invest around big themes

Disruption Semi-opaque market Inefficiency Barriers to entry Challenged business models

Transform the operating model Actively manage the portfolio

3.0 Business model Must have, not nice to have Create once, sell many Best of both worlds

Actions depend on market characteristics Product development and creating

ur future operating model

Recycling capital

Acquisition Disposal Prepare for the upturn Invest 3 4 1 2 Disinvest Use the time wisely Prepare for the upturn Invest 3 4 1 2 Disinvest Use the time wisely Prepare for the upturn Invest 3 4 1 2 Disinvest Use the time wisely 25

SLIDE 26

1.

RISI estimates for 2016

What we bought:

■

RISI is a top-right quadrant business

■

Price and forecast data and events to c. $700b1 forest products industry

■

Part of the customer industry and workflow with $70b in contracts tied to RISI prices annually The strategy:

■

Integrate with our metals pricing business to create Fastmarkets, our PRA

■

Introduce strategy, compliance and technology enhancements that accelerate growth

■

Transition from subscription- to license-based model to monetise data What we’ve done already:

■

Internally rebranded RISI to Fastmarkets Forest Products (external rebrand January 2019)

■

Implemented process to accelerate selling data licenses

■

Incorporated RISI products into existing third-party data platforms

■

Integrated technology teams to build common platform

■

Expanded portfolio in forest products industry with acquisition of Random Lengths

Case Study – RISI acquisition: acquired April 2017

26

5 10 15 20 25 30 35 40 FY16 FY17 FY18

Revenue ($m)

2 4 6 8 10 12 FY16 FY17 FY18

EBITDA ($m)

SLIDE 27

Outlook

27

SLIDE 28

Subscriptions Book of Business1

Book of Business growth at constant GBP/$ rate adjusted for net M&A2 (%)

1.

The Book of Business is the annual contracted values for subscriptions

2.

The Group’s total Book of Business also includes the Banking & Finance segment which is not shown here

28

(8.0%) (6.0%) (4.0%) (2.0%)

2.0%

4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Group Pricing, Data & Market Intelligence Asset Management

£86.4m, 11.7% £218.6m, 2.2% £124.7m, (5.9%) £94.0m, 10.0% £220.1m, 0.9% £118.7m, (5.2%)

SLIDE 29

1.

The Book of Business is the annual contracted values for subscriptions

2.

Asset Management’s total Book of Business also includes c.£1.8m relating to II Research which is not shown here

Asset management Book of Business1

Asset Management Book of Business growth at constant GBP/$ rate adjusted for net M&A %

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(11.0%) (9.0%) (7.0%) (5.0%) (3.0%) (1.0%) 1.0% 3.0% Oct Nov Dec Jan Feb Mar April May June July Aug Sep Asset Management II Memberships BCA NDR

£62.9m, (4.6%) £124.7m, (5.9%) £35.9m, (6.7%) £23.9m, (8.3%) £36.6m, 2.4% £118.7m, (5.2%) £22.4m, (6.4%) £57.9m, (8.8%)

SLIDE 30

Events1

52 Week Rolling Sales (£000)

30

1.

Events 52 week rolling revenue on a constant currency basis

1.3%

SLIDE 31

Advertising1

52 Week Rolling Sales (£000)

31

1.

Advertising 52 week rolling revenue on a constant currency basis

2%

SLIDE 32

■

A year of growth (Investor Day in March 2016)

■

Significant growth in Pricing, Data & Market Intelligence segment – outlook broadly consistent with this

■

Actions taken in Asset Management segment; Institutional Investor recovering well

■

Strong growth in events – continuing this level of growth a challenge

■

Central team largely complete

■

Strong cash flow and balance sheet

■

EU exit may lead to FX volatility and general business uncertainty

Summary

We continue to make steady progress towards a 3.0 business model

32

SLIDE 33

Q&A

33

SLIDE 34

Appendix

34

SLIDE 35

From 1 October 2018, our portfolio of businesses are now split into three segments composed of six divisions with support from central functions

Segment Division Telecoms Specialist Information

Euromoney Institutional Investor PLC

Banking & Finance Asset Management Banking & Finance Investment Research Institutional Investor Pricing, Data & Market Intelligence Fastmarkets Central functions Corporate Development Finance HR IT Marketing Legal, Risk and Programmes

LEGAL MEDIA GROUP PROJECT AND ASSET FINANCING INSURANCE DERIVATIVES

KEY:

35

SLIDE 36

1.

Underlying revenue, excluding closed/sold businesses and FX gains on forward contracts above has been restated to provide 2018 comparatives under three segments.

2.

The above excludes Mining Indaba - 2018 revenue of £7.3m

3.

A minor re-allocation of £1.2m of revenue and adjusted operating profit of £0.4m has also been made from Banking & Finance to Pricing, Data & Market Intelligence to reflect operational changes

2018 results - reallocated as if we had 3 segments from 1 October

Asset Management Pricing, Data & Market Intelligence Banking & Finance

Markets served

Global asset management industry Commodity markets, telecoms, insurance, aviation, infrastructure, derivatives, legal Global banking industry

Revenue1

(£m) (% group)

Revenue

(by type)

£151.0m 40% £159.4m 42% £69.5m 18%

Subscriptions & content Advertising Events Other

36

SLIDE 37

1.

2018 figures reflect changes in internal cost allocations between segments and central functions, from 1.10.17. To calculate growth rates, 2017 has been restated to reflect these allocation changes

2.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals

Adjusted operating profit by segment1

£m 2018 2017 Var £ Total % Underlying2 %

Asset Management 61.1 68.2 (7.1) (10%) (4%) Pricing, Data & Market Intelligence 53.2 45.8 7.4 16% 18% Banking & Finance 17.7 17.0 0.7 4% 10% Commodity Events 9.1 7.7 1.4 18% 25% Sold/closed businesses 8.6 15.3 (6.7)

Central costs

(38.8) (35.7) (3.1) (9%) (8%) FX hedges/balance sheet (0.2) (11.2) 11.0

Total

110.7 107.1 3.6 3% 5%

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SLIDE 38

1.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals

Underlying1 revenue by type

Y-o-Y % change FY18 Actuals

Q1 Q2 Q3 Q4 Total Subscriptions and content 2% 1% 2% 2% 2% Advertising (5%) (5%) (8%) (2%) (5%) Events 9% 12% 1% 8% 7% Total 3% 4% 0% 2% 3%

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SLIDE 39

1.

At constant exchange rates, including pro forma prior year comparatives for acquisitions and excluding disposals

£m 2018 2017 Var £ Total Underlying1 %

Asset Management 151.0 167.9 (16.9) (10%) (4%) Pricing, Data & Market Intelligence 144.7 124.0 20.7 17% 9% Banking & Finance 70.7 69.7 1.0 1% 5% Commodity Events 20.8 19.7 1.1 6% 9% Sold/closed businesses 25.7 57.9 (32.2)

FX hedges

1.2 (10.8) 12.0

Total Revenue

414.1 428.4 (14.3) (3%) 3%

Total revenue by segment

39

SLIDE 40

Revenue by segment1, proportion of underlying group revenue

1.

Total revenue excluding closed/sold businesses and FX gains on forward contracts

Institutional Investor, 18% Pricing, Data & Market Intelligence, 37% Banking & Finance, 18% Asset Management, 39% Commodity Events, 6% NDR, 6% BCA, 15%

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SLIDE 41

Exceptional items

£m 2018

Profit on disposal of businesses 86.8 Impairment (3.0) Restructuring and other (2.4) Continuing operations 81.4 Exceptional items from discontinued operations (1.0) Profit on disposal of discontinued operations 91.3 Total 171.7

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SLIDE 42

Net Finance costs

£m 2018 2017

Interest on DMGT debt facility 0.0 (0.2) Interest on cash deposit with DMGT 0.0 0.1 Movements in deferred consideration (1.1) 0.0 Interest on external borrowings (4.2) (3.7) Interest on tax (0.5) (0.1) Other (0.3) (0.1) Adjusted net finance costs (6.1) (4.0) Acquisition deferred consideration 0.0 0.2 Interest receivable from short term investments 2.9 0.0 Acquisition commitments 2.4 3.0 Total net finance costs (0.8) (0.8)

42

SLIDE 43

Cash conversion

£m 2018 2017

Adjusted operating profit 110.7 107.1 Cash generated from operations 108.6 118.2 Exceptional items 5.6 12.4 Other working capital movements (0.9) (4.6) Underlying cash generated from operations 113.3 126.0 Cash conversion % 98% 110% Underlying 12-month cash conversion % 102% 118%

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SLIDE 44

■

Repayment of term loans in May 2018 from disposal proceeds

■

Committed revolving credit facility increased to £240m during the year

Banking Facilities

No interest rate hedges in place as of May 2018 due to repayment of the term loans

£m Purpose

Committed revolving credit facility 240 Acquisitions & working capital Uncommitted accordion 130 Additional acquisitions 370

44

SLIDE 45

■

Sale of GMID in April 2018 for an equity value of $180.5m

■

Gross cash proceeds of $180.5m (£128.8m)

■

Net cash proceeds of $148.8m (£105.9m)

■

Profit on disposal of $135.4m (£91.3m)

■

2018 adjusted results include 7 months of GMID numbers to April 2018

GMID disposal

£m 2018 2017

Revenue 23.8 41.5 Adjusted operating profit 7.5 11.9 Statutory PBT 6.5 9.2

45

SLIDE 46

■

Sale of Mining Indaba completed on 23 October for a consideration of £30.1m

■

Cash received in two tranches: £20m received October 2018, £10.1m due by 1 June 2019

Mining Indaba disposal

£m 2018 2017

Revenue 7.3 6.2 Adjusted operating profit 3.8 2.5 Statutory PBT 0.9 (0.1)

46

SLIDE 47

■

Acquisition of Random Lengths into our Pricing, Data & Market Intelligence segment on 2 August 2018 for $18.8m

■

Pro forma EBITDA for the financial year 2018 is expected to be $1.1m

Random Lengths acquisition

£m 2018

Revenue 0.4 Adjusted operating profit 0.2 Statutory PBT 0.2

47

SLIDE 48

Total Revenue by currency - 2018

Revenue Operating Profit

GBP/$ 2018 2017

Average rate 1.35 1.27 Closing rate 1.30 1.34

GBP/$ 1¢ movement

Revenue + / - £1.7m Operating profit + / - £0.7m

$ 68% £ 18% € 7% Other 7% $ 63% £ 29% € 5% Other 3%

48

SLIDE 49

Investor Relations contacts

49

Wendy Pallot Chief Financial Officer

Euromoney Institutional Investor PLC 8 Bouverie Street, London EC4Y 8AX Tel: +44 (0)20 7779 8888

FTI Consulting

Charles Palmer/Jamie Ricketts 200 Aldersgate, Aldersgate Street, London EC1A 4HD Tel: +44 (0)20 3727 1000

SLIDE 50

This presentation (‘Presentation’) is prepared for and addressed only to the Company’s shareholders as a whole and to no other person. The Company, its Directors, employees, agents and advisers accept and assume no liability to any person in respect of this Presentation save as would arise under English law. Statements contained in this Presentation are based on the knowledge and information available to the Group’s Directors at the date it was prepared and therefore facts stated and views expressed may change after that date. This document and any materials distributed in connection with it may include forward-looking statements, beliefs, opinions or statements concerning risks and uncertainties, including statements with respect to the Group’s business, financial condition and results of operations. Those statements and statements which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Group's Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and which may cause results and developments to differ materially from those expressed or implied by those statements and forecasts. No representation is made that any of those statements

r forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those

forward-looking and other statements speak only as at the date of this Presentation. The Group undertakes no obligation to release any update of, or revisions to, any forward-looking statements, opinions (which are subject to change without notice) or any other information or statement contained in this

Presentation. Furthermore, past performance of the Group cannot be relied on as a guide to future performance.

No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Euromoney Institutional Investor PLC share for the current or future financial years would necessarily match or exceed the historical published earnings per Euromoney Institutional Investor PLC share. Nothing in this document is intended to constitute an invitation or inducement to engage in investment activity. This document does not constitute or form part of any offer for sale or subscription of, or any solicitation of any offer to purchase or subscribe for, any securities nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto. This document does not constitute a recommendation regarding any securities.

Disclaimer

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