LONDON STOCK EXCHANGE GROUP PLC REVISED OFFER FOR LCH.CLEARNET DECLARED WHOLLY UNCONDITIONAL

1st May

LCH.Clearnet Group Limited ("LCH.Clearnet") and London Stock Exchange Group plc ("LSEG") today announce that the Revised Offer is wholly unconditional and will complete today.

On 7 March 2013, LCH.Clearnet and LSEG announced a revised recommended cash offer by London Stock Exchange (C) Limited, a wholly owned subsidiary of LSEG, for a majority stake in LCH.Clearnet. The full terms and conditions of the Revised Offer and the procedures for acceptance of the Revised Offer were described in the circular sent to LSEG Shareholders on 8 March 2013, and set out in full in the offer document sent to LCH.Clearnet Shareholders on 11 March 2013.

LCH.Clearnet has now received sufficient irrevocable binding subscription commitments in order to cover the full amount of LCH.Clearnet's Capital Raise and so satisfy the Capital Raise condition. As a result, all conditions of the Revised Offer, including all regulatory conditions, have now been satisfied and LCH.Clearnet and LSEG are pleased to declare the Revised Offer unconditional in all respects, and therefore the Revised Offer will complete today. Settlement shall occur within ten business days from the date of this announcement.

LCH.Clearnet will post the final circular in respect of the Capital Raise today. It is expected that the Capital Raise will be completed in the second quarter of 2013. LCH.Clearnet has included a trading update in their Capital Raise Circular which is set out below:

"Clearing fee revenue for the first three months of 2013 has increased compared with the fourth quarter of 2012, particularly in the key OTC business lines. These increases are in part offset by LCH.Clearnet’s profit share arrangements. In a challenging market environment, LCH.Clearnet continues to manage its risk profile. Realised net investment income is down year over year reflecting lower average collateral levels compared to 2012. LCH.Clearnet continues to maintain a focus on cost discipline although operating expenses are up reflecting investments made in 2012 to grow the business and respond to regulatory change. LCH.Clearnet remains confident of its strategic position in the market, given customer demand and regulatory changes are creating enhanced opportunities for clearing and risk management services globally."

The Enlarged Group is now focussed on the post completion programme to ensure expected synergies are achieved and commercial opportunities are maximised.

For further information please contact:

London Stock Exchange Group 
Victoria Brough/Lucie Holloway
(Media) +44 (0) 20 7797 1222
Paul Froud
(Investor Relations) +44 (0) 20 7797 3322
 
LCH.Clearnet 
Juliana Wheeler  +44 (0) 20 7426 7638
(Media) 
 
Notes to Editors

About London Stock Exchange Group:

London Stock Exchange Group (LSE.L) sits at the heart of the world's financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, offering UK and Russian derivatives trading, pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe's capital markets.
The Group is a leading developer of high performance trading platforms and capital markets software and also offers its customers around the world access to an extensive range of real-time and reference data products and market-leading post-trade services. The Group is also home to a world leading index provider FTSE, which creates and manages of over 200,000 equity, bond and alternative asset class indices.
Headquartered in London, United Kingdom with significant operations in Italy and Sri Lanka, the Group employs around 1,900 people.
Further information on London Stock Exchange Group can be found at: http://www.londonstockexchangegroup.com/

About LCH.Clearnet:

LCH.Clearnet is the leading independent central counterparty group (CCP) in Europe, serving major international exchanges and platforms, as well as a range of OTC markets. It clears a broad range of asset classes including: securities, exchange traded derivatives, energy, freight, interbank interest rate swaps and euro and sterling denominated bonds and repos; and works closely with market participants and exchanges to identify and develop clearing services for new asset classes.
LCH.Clearnet is regulated or overseen by the national securities regulator and/or central bank in each jurisdiction from which it operates.
Further information on LCH.Clearnet can be found at: http://www.lchclearnet.com

This announcement is for information purposes only and does not constitute an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the offer described in this announcement or otherwise.