Director/PDMR Shareholding

NOTIFICATION OF INTERESTS OF PDMR AND CONNECTED PERSONS

1. Name of company

Xchanging plc

2. Name of PDMR

Adrian Guttridge

3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest.

Notification is in respect of holding by PDMR

4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified).

Adrian Guttridge

5. Please state whether notification relates to a person(s) connected with the PDMR named in 2 above and identify the connected person(s)

Notification only relates to Adrian Guttridge (PDMR)

6. Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary

On 3 December 2013, Adrian Guttridge was awarded 42,643 ordinary shares under a Deed of Grant. On 3 December 2013 he sold 20,114 ordinary shares.

7. Number of shares / amount of stock purchased

N/A

8. Percentage of issued class

N/A

9. Number of shares/amount of stock transferred

20,114 ordinary shares were sold

10. Percentage of issued class

0.008317%

11. Class of security

Ordinary Shares of £0.05 each

12. Price per share

£1.51

13. Date of transaction

3 December 2013

14. Date company informed

6 December 2013

15. Total holding following this notification

22,529

16. Total percentage holding of issued class following this notification

0.009316%

If a PDMR has been granted options by the company please complete the following boxes.

17. Date of grant

N/A

18. Period during which or date on which exercisable

N/A

19. Total amount paid (if any) for grant of the option

N/A

20. Description of shares or debentures involved: class, number

N/A

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise

N/A

22. Total number of shares or debentures over which options held following this notification

N/A

23. Any additional information

N/A

24. Name of contact and telephone number for queries

Gary Whitaker - 020 3604 6954

25. Name and signature of authorised company official responsible for making this notification

Gary Whitaker

Company Secretary