Director Shareholding, September 2006

Lombard Risk Management plc
26th September 2006

Director Shareholding

Following the successful second and final tranche of earn-out consideration in respect of the acquisition of STB Systems Ltd, LRM announces that Michael Thomas, a founder and CEO of STB Systems Ltd, and a director of the Company, acquired a further 996,660 ordinary shares in the Company on 21 September 2006. The board of LRM has been informed that as a result of this acquisition, Michael Thomas's total shareholding in the company is now 4,808,360 shares, representing 3.6% of the current issued share capital.

Other Shareholdings

As a result of the second earn-out consideration in respect of the acquisition of STB Systems Ltd, two further shareholders now own in excess of 3% of issued shares in the Company. On 21 September 2006 Anthony Brown, a founder and director of STB Systems Ltd acquired a further 996,660 in the Company, and Royal Bank Ventures Investments Ltd acquired a further 2,003,820 ordinary shares in the Company.

These shareholders’ total holdings in the Company are now as follows:

Shareholder	Total Shares Held	Representing (%)
Anthony Brown	4,808,360	3.6%
Royal Bank Ventures Investments Ltd	5,608,824	4.1%

The ordinary shares referred to above are ordinary shares of 0.5p per share.

Enquiries:

John Wisbey
Chairman and CEO
Tel : +44 (0)20 7384 5000

Noble & Company (Nominated Advisors)
Matthew Hall, Director
Tel: +44 20 7763 2200

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