Grant of Options, April 2006

Lombard Risk Management plc (the "Company")
26th April 2006

Grant of Options under the Lombard Risk Unapproved Share Option Scheme

On 24th April 2006 options over ordinary shares in the Company at £0.09 and £0.11 per share were granted under the Lombard Risk Unapproved Share Option Scheme to the following Director:

Director	Options Granted		Total Number of Shares Under Option
	At £0.09	At £0.11
Michael Thomas	555,555	444,445	1,000,000

Grant of Options under the Lombard Risk Unapproved and EMI Schemes

In addition, on the same date, options over ordinary shares in the Company representing over 3.5% of the current issued share capital were offered at £0.09 per share under the Lombard Risk Unapproved and EMI Schemes to members of staff of Lombard Risk Management plc and its subsidiaries.

As a result of these grants of options, and taken together with the investment by some 40% of directors and employees in the ordinary shares of the Company around or at the time of the IPO, almost all employees of the Company are either shareholders or have been offered share options.

All of the options issued on 24th April 2006 are exercisable between 24th April 2008 and 24th April 2013.

For further information please contact:

Lombard Risk Management plc:
John Wisbey, Chairman and CEO
Tel : +44 (0)20 7384 5000

Click here to email Lombard Risk's Investor Relations team