Lombard Risk Management : Results of Court Meeting and General Meeting

16th February 2018

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

For immediate release
16 February 2018

RECOMMENDED CASH ACQUISITION
of

LOMBARD RISK MANAGEMENT PLC

by

VERMEG GROUP N.V.

to be implemented by means of a Scheme of Arrangement under Part 26

of the Companies Act 2006

Results of Court Meeting and General Meeting

The Board of directors of Lombard Risk Management plc ('Lombard Risk') is pleased to announce that at the Court Meeting and the General Meeting held earlier today in connection with the recommended cash acquisition by Vermeg Group N.V. ('Vermeg') of the entire issued and to be issued ordinary share capital of Lombard Risk, being implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006 (the 'Scheme'):

• the Scheme was approved by the requisite majority of Scheme Shareholders at the Court Meeting; and

• Ordinary Shareholders voted to pass the special resolution to authorise the directors of Lombard Risk to implement the Scheme and amend the articles of association of Lombard Risk (the 'Special Resolution') at the General Meeting.

Details of the resolutions passed are set out in the notices of the Meetings contained in the scheme document dated 23 January 2018 sent or otherwise made available to Scheme Shareholders (the 'Scheme Document'), which document, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, is available on Lombard Risk's website at https://www.lombardrisk.com/investor-centre-2/.

The detailed voting results in relation to the Court Meeting and the General Meeting are summarised below.

Court Meeting

At the Court Meeting, a majority in number of Scheme Shareholders who voted (either in person or by proxy) on poll, representing 99.95 per cent. by value of those Scheme Shares voted (either in person or by proxy), voted in favour of the resolution to approve the Scheme. The resolution proposed at the Court Meeting was therefore approved by the requisite majority on a poll vote. Each Scheme Shareholder, present in person or by proxy, was entitled to one vote for each Scheme Share held at the Scheme Voting Record Time.

Details of the votes cast were as follows:

General Meeting

At the General Meeting of Lombard Risk, the Special Resolution to implement the Scheme was duly passed on a poll. Each Ordinary Shareholder, present in person or by proxy, was entitled to one vote for each Ordinary Share held at the Scheme Voting Record Time. The voting results for the General Meeting were as follows:

* Any proxy appointments which gave discretion to the Chairman have been included in the vote 'For' total.

** A vote withheld is not a vote in law and counts neither 'For' nor 'Against' the resolution.

The total number of Ordinary Shares in issue at the Scheme Voting Record Time was 400,593,686 carrying one vote each.

Next Steps and Expected Timetable

Completion of the Acquisition remains subject to satisfaction or waiver of the other Conditions set out in the Scheme Document, including the sanction by the Court of the Scheme at the Scheme Court Hearing. The expected timetable of principal events for the implementation of the Scheme is set out on page 12 of the Scheme Document.

As described in the Scheme Document, the Scheme Court Hearing (to sanction the Scheme) is expected to take place on 22 February 2018, although this date and each of the subsequent dates set out in the timetable could be subject to change. If the Court sanctions the Scheme, it is expected that trading in the Ordinary Shares on AIM will be suspended with effect from 7.30 a.m. (London time) on 23 February 2018 and that the Scheme will become Effective on the same day. Cancellation of admission to trading on AIM of the Ordinary Shares is expected to take effect at 7.00 a.m. on 26 February 2018.

On the Effective Date, share certificates in respect of Ordinary Shares will cease to be valid and entitlements to Ordinary Shares held within the CREST system will be cancelled.

Definitions

Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.

Disclaimers

Quayle Munro, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as lead financial adviser and Rule 3 adviser to Lombard Risk in connection with the Acquisition and matters set out in this announcement and for no-one else and will not regard any other person as its client in relation to the Acquisition and any other matter referred to in this announcement and will not be responsible to anyone other than Lombard Risk for providing the protections afforded to its clients or for providing advice in connection with the Acquisition or any other matter referred to in this announcement.

WG Partners, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as financial adviser and joint broker to Lombard Risk in connection with the Acquisition and matters set out in this announcement and for no-one else and will not regard any other person as its client in relation to the Acquisition and any other matter referred to in this announcement and will not be responsible to anyone other than Lombard Risk for providing the protections afforded to its clients or for providing advice in connection with the Acquisition or any other matter referred to in this announcement.

finnCap, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as nominated adviser and joint broker to Lombard Risk and will not regard any other person as its client in relation to the Acquisition and any other matter referred to in this announcement and will not be responsible to anyone other than Lombard Risk for providing the protections afforded to its clients or for providing advice in relation to the Acquisition or any other matter referred to in this announcement.

Strand Hanson, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as financial adviser to Vermeg in connection with the Acquisition and matters set out in this announcement and for no-one else and will not regard any other person as its client in relation to the Acquisition and any other matter referred to in this announcement and will not be responsible to anyone other than Vermeg for providing the protections afforded to its clients or for providing advice in connection with the Acquisition or any other matter referred to in this announcement.

Eurohold is acting exclusively as strategic adviser to Vermeg in connection with the Acquisition and matters set out in this announcement and for no-one else and will not regard any other person as its client in relation to the Acquisition and any other matter referred to in this announcement and will not be responsible to anyone other than Vermeg for providing the protections afforded to its clients or for providing advice in connection with the Acquisition or any other matter referred to in this announcement.

Overseas Shareholders

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of and observe, any applicable requirements. In particular, the ability of persons who are not resident in the United Kingdom to vote their Ordinary Shares with respect to the Scheme at the Court Meeting, or to appoint another person as proxy to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person. This announcement has been prepared for the purposes of complying with English law, the AIM Rules and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England and Wales.

Unless otherwise determined by Vermeg or required by the Code, and permitted by applicable law and regulation, the Acquisition will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Scheme by any such use, means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this announcement and all documents relating to the Acquisition (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction. If the Acquisition is implemented by way of a Takeover Offer, unless otherwise permitted by applicable law or regulation, the Takeover Offer may not be made, directly or indirectly, in or into or by use of mail or any other means or instrumentality (including, without limitation, facsimile, email or other electronic transmission, telex or telephone) of interstate or foreign commerce of or any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Takeover Offer will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction.

The availability of the Acquisition to Ordinary Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom should inform themselves of and observe, any applicable requirements.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website atwww.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on a website and availability of hard copies

A copy of this announcement will be made available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Lombard Risk's website at https://www.lombardrisk.com/investor-centre-2 /, by no later than 12 noon (London time) on the Business Day following the date of this announcement. For the avoidance of doubt, the content of such website is not incorporated into and does not form part of this announcement.

Ordinary Shareholders may request a hard copy of this announcement by contacting Computershare on +44 (0) 370 707 1125 between 8.30 a.m. to 5.30 p.m., Monday to Friday or by submitting a request in writing to Computershare at Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS13 8AE. Ordinary Shareholders may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be in hard copy form. If you have received this announcement in electronic form, copies of this announcement and any document or information incorporated by reference into this announcement will not be provided unless such a request is made.

Save as otherwise referred to above, a hard copy of this announcement will not be sent unless requested.