Press Release

LCH.Clearnet Group results and announcements

London 24 March 2006 – LCH.Clearnet today announced its results for the year ended 31 December 2005

Financial highlights

• Organic growth in turnover of 24.7%¹ to €790.3m;

• 1,250 million trades cleared, an increase of 19.9% on 2004;

• Record traded values of €408 trillion;

• Operating profit increased by 11.1% to €86.3m.

¹ Percentage changes are on an annualised basis compared to the year ended 31 December 2004. No account has been taken of the impact of the movement in average exchange rates as these are immaterial.

Commenting on the Group’s performance, LCH.Clearnet’s Chief Executive David Hardy said
“Once again, the Group has seen significant volume growth in its business areas, with
members registering a new record total of 1,250 million trades, an increase of 19.9% on
2004. This reflected a traded value of €408 trillion, an impressive indicator of the size of
financial markets today and of our central role within them.

Revenue from transactions rose by 13.9% over 2004 to €329 million. This growth was
primarily due to increasingly high levels of activity in European equity markets throughout the
year. Interest payments to clearing members in respect of cash and collateral margin
payments increased by 44% to €344 million, again reflecting the substantial increase in
balances arising from the high levels of activity. By contrast, administrative expenditure
remained stable at €236 million, demonstrating the effect of the cost control initiatives on
which we embarked during the early part of 2005. These initiatives are expected to yield
further benefits during 2006 and thereafter as part of our added value approach to service.

2005 was a year of achievements. We will achieve more in 2006, as the two underlying
businesses are brought still closer together, and as we develop and enhance our service
offering. Yet the landscape in which we operate is anything but settled, and it is clear that
consolidation within the industry infrastructure is still at the forefront of anticipated change.
Whatever may or may not happen to the ownership of Exchanges, it has fuelled further
debate about the desirability of further consolidation in Europe at the clearing level, which
remains very much the aspiration of the key cross border market participants. It is difficult to
see how such further consolidation might take place without the key involvement and
leadership of LCH.Clearnet.

2005 generated challenges to which the management and staff of the Group, as well as the
advisory groups on whose counsel we rely, have risen magnificently. Whether in Amsterdam,
Brussels, London, Paris or Porto, their skills, determination and commitment to delivering our
objectives have been unfailing to our success. To them all I offer my deep personal thanks
and appreciation.”

Financial Review

From 1 January 2005 LCH.Clearnet Group Limited implemented an early adoption of IFRS
as endorsed by the European Union. IFRS applies for the first time to the Group’s
consolidated financial statements for the year ended 31 December 2005.

Summarised consolidated income statement for LCH.Clearnet Group

Turnover

 Group turnover from continuing operations increased by 24.7% to €790.3m.

 Gross clearing fees increased by €40.1m (13.9%) to €328.7m (2004: €288.6m), essentially
due to increasingly high levels of activity in equities and derivatives throughout the year.

Interest income from cash and collateral margin balances increased by €114.1m (41.9%) to
€386.7m (2004: €272.6m), principally due to the substantially higher cash collateral balances
arising from increased levels of market activity during the year.

Default Fund interest earnings increased by €6.1m (13%) to €53.0m (2004: €46.9m).

Other income has fallen by €3.8m (14.8%) to €21.9m (2004: €25.7m) primarily due to failed
trade settlement fees which were previously collected by the Group on behalf of virt-x, being
collected directly by the Exchange with effect from the start of the year.

Interest payments to clearing members

Interest payments to clearing members in respect of cash and collateral margins increased
by €105.6m (44.4%) to €343.5m (2004: €237.9m), once more reflecting the substantially
higher cash and collateral balances arising from increased level of market activity during the
year.

Interest payments to clearing members in respect of contributions to the Default Funds
increased by €5.9m to €62.5m (2004: €56.6m) reflecting increases in the size of the default
fund and returns available in the marketplace.

Fees payable and similar charges

These amounts relate to retrocession fees collected on behalf of a related party, Euronext.

Administrative expenditure

Overall, administrative expenditure has risen by €5.2m (2%) to €236.1m (2004: €230.9m).

The increase primarily reflects one off expenses associated with cost control initiatives taken
during the year which are expected to yield further benefits in future years.

Impairment of capitalised development costs

During the year the Group undertook a review of its technology strategy. As a result of this
review, the Group has chosen to narrow the focus on the development of common
infrastructure in key areas and modified initiatives in other areas. The deferral of certain
initiatives has resulted in the recognition that previously capitalised development costs
represent assets that will not be brought into economic use. An impairment charge of €20.1m
in relation to these assets has been recognised in the consolidated financial statements.

Restructuring costs

The concept of “below the line” exceptional items does not exist under IFRS. Accordingly, the
exceptional items recorded in the consolidated financial statements for the year ended 31
December 2004 have been reclassified on the face of the income statement as restructuring
costs and have been taken into account in earnings before interest and taxation.

As integration work has continued into 2005, similar costs have also been shown for the year
ended 31 December 2005, which relate primarily to the expenses associated with cost
reductions and consultants assisting the integration process.

Operating profit

Basis of calculation

The definition of operating profit used within the Group includes income generated from the
re-investment of clearing member margin and Default Fund balances, but excludes interest
income from shareholders’ funds and interest expenses relating to redeemable convertible
preference shares (RCPS) and subordinated loans – all of which are included separately in
net finance costs.

Operating profit performance

Significant revenue improvement combined with cost containment resulted in an increase in
operating profit of €8.6m (11.1%) to €86.3m (2004: €77.7m) after allowing for the impairment
of capitalised development costs of €20.1m.

Net finance cost

In accordance with IFRS requirements, the dividends payable on the redeemable convertible
preference shares (RCPS) have been reclassified as interest payable.
Interest costs attributable to the RCPS and subordinated loan have remained consistent with
the previous year at around €7.5m. However, retained profits have swelled shareholders’
funds and the interest derived from their investment has increased by €1.7m (33%) to €6.8m
(2004: €5.1m).

Taxation expense

The tax rate for the financial year is 37.1% (2004: 36.2%).
It takes account of an increased proportion of profits generated in Europe where effective tax
rates are higher than the 30% incurred in the United Kingdom.

A full copy of the LCH.Clearnet Group Limited 2005 Annual Report and Consolidated
Financial Statements is available on the LCH.Clearnet website at www lchclearnet.com.

LCH.Clearnet Group Limited
Extracts from 2005 Annual Report and Consolidated Financial Statements

Consolidated Income Statement for the Year ended 31 December 2005

Consolidated balance sheet as at 31 December 2005

 Consolidated cash flow statement for the year ended 31 December 2005

Consolidated statement of changes in equity for the year ended 31 December 2005

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