NOTICE OF REDEMPTION

LCH.Clearnet Funding LP (the "Issuer") hereby provides notice of its intention to redeem and cancel all of its outstanding EUR200,000,000 Fixed Rate/Floating Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities (ISIN: GB00B158YD62) (the "Preferred Securities"). The Preferred Securities will be redeemed on 18 May 2017 (the "Redemption Date").

The Issuer will exercise its early right of redemption in accordance with Condition 4.2 (Redemption and Purchase) of the Preferred Securities. Prior written notice has been given to, and consent received from, the Regulator for the proposed redemption. The Optional Redemption Price payable will be equal to the liquidation preference of EUR50,000 per Preferred Security, plus accrued and unpaid interest due on the principal amount of the Preferred Securities to be redeemed on the Redemption Date, which is equal to EUR3,288 per EUR50,000 principal amount.

Unless otherwise defined in this Notice, terms used in this Notice have the meanings given to them in the terms and conditions of the Preferred Securities.