Update re Xchanging Italy

24 January 2014

Xchanging plc

100% ownership of Xchanging Italy

Xchanging plc ('Xchanging'), the business process, procurement and technology services provider, today announces that, having reached its vesting date, SIA S.p.A. ('SIA') has exercised its put option over its 1.3% shareholding in Xchanging Italy S.p.A. ('Xchanging Italy'). On exercise, Xchanging paid €4.8 million to SIA, which represents the minimum price agreed when Xchanging made the initial investment in its Italian business in 2010.

Xchanging now holds 100% of Xchanging Italy, representing a further simplification of Xchanging's business structure.

Enquiries

Xchanging plc

Tel: +44 (0) 203 604 6999

David Bauernfeind, Chief Financial Officer

Alexandra Hockenhull, Director of Corporate Communications and Investor Relations

Maitland

Tel: +44 (0) 207 379 5151

Brian Hudspith

Emma Burdett

Dan Yea

Notes

Xchanging originally bought a 51% stake in Kedrios S.p.A ('Kedrios'), the Italian capital markets software and services business, from SIA in 2010. As part of this transaction, SIA was granted the put option which has now been exercised. SIA's 49% holding was subsequently diluted to 1.3% when Xchanging re-financed Kedrios to enable it to acquire AR Enterprise S.r.l ('AR') in 2012. Xchanging merged Kedrios and AR to form Xchanging Italy in January 2013.

www.xchanging.com

@XchangingGroup

Linkedin/company/xchanging