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Rachael Harper - Corporate Communications

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LCH.Clearnet announces further 23% clearing fee reductions on London equity markets

London, 22 February 2007

LCH.Clearnet, the leading European central counterparty, is pleased to announce further reductions in clearing fees. These reductions, which again emphasise our determination to deliver value at competitive prices, will come into effect on 1 July 2007.

The tariff restructuring programme began in November 2006, seeing LCH.Clearnet’s EquityClear® service reduce its clearing fees to its members by an average of 11.5% for trades executed on the London Stock Exchange SETS and SETSmm platforms and by 6% for trades executed on virt-x. From 1 January 2007, LCH.Clearnet SA reduced its
clearing fees by an average of 15% for trades executed on Euronext cash markets. These equity clearing fee reductions were also accompanied by clearing fee reductions in financial and equity derivatives markets.

From 1 July 2007, the tariff restructuring program will be extended further. The LCH.Clearnet clearing fee in respect of trades executed on the London Stock Exchange SETS and SETSmm platforms and all virt-x trades will be harmonised and reduced by an average of 23%, taking overall reductions since the start of the programme to over 30%. This does not include fees for CREST CCP services for UK and Irish trades, which remain separate.

In addition to the tariff cuts, the EquityClear service will introduce a redesigned structure that will enable its members to benefit from a simplified and transparent tariff, whilst incentivising the larger users. Precise details of the revised tariff model are being finalised and will be published in the near future.

LCH.Clearnet also intends to deliver additional clearing fee reductions on Euronext cash equity markets, and will announce a revised tariff as soon as possible.

Roger Liddell, LCH.Clearnet Group Chief Executive, said: “I am delighted to announce these latest reductions in LCH.Clearnet clearing tariffs, which further emphasise not only our determination to drive fees downwards whilst maintaining high quality clearing services, but also constitute a substantial contribution to increased value in the market.”

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Markets Served

LCH.Clearnet clears a diverse range of asset classes worldwide.

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