Issue of Equity

19 July 2012

Lombard Risk Management plc ("the Company")

Exercise of Options

The Board announces that as the result of the exercise of options, the Company has issued and allotted 1,050,000 new ordinary shares.

Accordingly, application has been made for the 1,050,000 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 20 July 2012.

The new ordinary shares will rank pari passu with the existing shares of the Company. Following this allotment, the total issued share capital of the Company will increase to 231,859,663 ordinary shares.

For further information, please contact:

Lombard Risk Management plc Tel: 020 7593 6700

Philip Crawford

John Wisbey, CEO john.wisbey@lombardrisk.com

Paul Tuson, CFO paul.tuson@lombardrisk.com

Charles Stanley Securities Tel: 020 7149 6000

Nominated Adviser and Broker

Russell Cook / Carl Holmes

Newgate Threadneedle Tel: 020 7653 9850

Graham Herring / Robyn McConnachie