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LCH.Clearnet announces further 25% cash equity clearing tariff reductions

London, 12 December 2007

LCH.Clearnet, the leading European central counterparty, is pleased to announce further reductions in clearing fees. These reductions again emphasise our determination to deliver value at competitive pricing levels.

From 1 January 2008, LCH.Clearnet will further reduce its clearing fees for trades executed on the London Stock Exchange SETS and SETSmm platforms, and for trades executed on virt-x, by an average of 25%. This latest reduction will mean that, since the start of the fee reduction programme in November 2006, cash equity markets clearing fees in London have more than halved.

Precise details of the revised tariff model are being finalised and will be published in the near future.

Further reductions in clearing fees charged for trades executed on NYSE Euronext cash equity markets in Amsterdam, Brussels, Lisbon and Paris, and on London Stock Exchange DTS are subject to the completion of formalities and will be announced in the near future.

Commenting on the reductions, Roger Liddell, LCH.Clearnet Group Chief Executive, said: “I am delighted to announce these latest reductions in our equity clearing tariffs, further and clear evidence of our determination to drive fees downwards whilst maintaining high quality clearing services. The fee reduction programme is by no means complete; we expect to announce still more reductions in cash markets clearing fees as well as in other asset classes in due course.”

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About LCH.Clearnet

LCH.Clearnet is currently owned 67.6% by users, 17.8% by exchanges with the balance of 14.6% being held by Euroclear. Upon completion of the Euronext share buy-back programme by 2009, the Group will be owned 73.3% by users, 10.9% by exchanges and 15.8% by Euroclear.

LCH.Clearnet is committed to operating under strict principles of non-discrimination across its user base. LCH.Clearnet serves major international exchanges and platforms, equity, exchange-traded derivatives, energy, interbank interest rate swaps markets and the majority of the Euro-denominated and sterling bond and repo markets.