Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

XCHANGING PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

General Atlantic LLC 

4. Full name of shareholder(s)  (if different from 3.):iv

GAP-Xchange Partners, L.L.C., SCA 

General Atlantic Partners (Bermuda), L.P. 

General Atlantic Partners 55, L.P. 

GAP-W International, LP

GapStar, LLC

GAP Coinvestment Partners, L.P.

GAP Coinvestment Partners II, L.P.

GAPCO Gmbh & Co. KG

5. Date of the transaction and date on which the threshold is crossed or reached: v

September 9, 2009

6. Date on which issuer notified:

September 10, 2009

7. Threshold(s) that is/are crossed or reached: vi, vii

10% (represents the aggregate holding of the companies listed in section 4. - please see section 9.)

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares of 5P each

39,093,080

39,093,080

23,539,226

9.998 

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

Not applicable

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Not applicable

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

23,539,226

9.998

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

GAP (Bermuda) Limited, a Bermuda exempted company ("GAP (Bermuda) Limited"), is the general partner of General Atlantic GenPar (Bermuda), L.P., a Bermuda limited partnership ("GA GenPar Bermuda"). GA GenPar Bermuda is the general partner of General Atlantic Partners (Bermuda), L.P., a Bermuda limited partnership ("GAP LP"), and GAP-W International, L.P., a Bermuda limited partnership ("GAP-W International"). General Atlantic LLC, a Delaware limited liability company ("GA LLC"), is the general partner of General Atlantic Partners 55, L.P., a Delaware limited partnership ("GAP 55"). GAP-Xchange Partners, LLC, a Delaware limited liability company ("GAP-Xchange"), is the general partner of GAP-Xchange Partners, L.L.C., SCA, a Luxembourg partnership limited by shares ("GAP-Xchange SCA"). GAPCO Management GmbH, a German corporation ("GAPCO Management"), is the general partner of GAPCO GmbH & Co. KG, a German limited partnership ("GAPCO KG"). 

The Managing Directors of GA LLC are the executive officers and directors of GAP (Bermuda) Limited. The General Partners of GAP Coinvestment Partners, L.P., a Delaware limited partnership ("GAPCO"), and GAP Coinvestment Partners II, L.P., a Delaware limited partnership ("GAPCO II"), Members of GapStar and Managing Members of GAP-Xchange are certain Managing Directors of GA LLC. In addition, the Managing Directors of GA LLC make voting and investment decisions with respect to GAPCO Management and GAPCO KG. GAP (Bermuda) Limited, GA GenPar Bermuda, GAP LP, GAP-W International, GA LLC, GAP 55, GAP-Xchange, GAP-Xchange SCA, GAPCO Management, GAPCO KG, GAPCO and GAPCO II (collectively, the "GA Group") are all under common control.

The Managing Directors of GA LLC are Steven A. Denning (Chairman), William E. Ford (CEO), John D. Bernstein, H. Raymond Bingham, Peter L. Bloom, Mark F. Dzialga, William O. Grabe, Abhay Havaldar, David C. Hodgson, Rene M. Kern, Jonathan Korngold, Christopher G. Lanning, Jeff Leng, Anton J. Levy, Marc F. McMorris, Thomas J. Murphy, Matthew Nimetz, Fernando Oliveira, Ranjit Pandit, Andrew C. Pearson, Raul R. Rai, David A. Rosenstein, Sunish Sharma, Tom C. Tinsley, Philip P. Trahanas, and Florian P. Wendelstadt.

Prior to September 9, 2009, the GA Group held, in total, 39,093,080 ordinary shares of 5p each (the "Ordinary Shares") of Xchanging plc (the "Company"), which represented 16.6% of the voting power in the Company. As a result of market sales on September 9, 2009, the GA Group holds in total, at the date of this notification, 23,539,226 Ordinary Shares, which represent 9.998% of the voting power in the Company. For purposes of DTR 5.2.1(e), prior to September 9, 2009, one of the GA Group entities, GA LP, held 22,614,189 Ordinary Shares of the Company, which represents 9.6% of the voting power. As a result of the market sales on September 9, 2009, GA LP holds, at the date of this notification, 13,616,745 Ordinary Shares, which represent 5.78% of the voting power in the Company.  

The GA Group is at the date of this notice the beneficial owner of 23,539,226, in aggregate, Ordinary Shares of the Company. As the Managing Directors of GA LLC possess the sole power to vote and direct the disposition of the shares held by the GA Group, GA LLC has the indirect power to control, in aggregate, 23,539,226 of the Ordinary Shares, which reflects 9.998% of the voting power. 

Proxy Voting:

10. Name of the proxy holder:

Not applicable

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Christopher G. Lanning

General Atlantic LLC 

55 East 52nd Street, 32nd Floor 

New York, New York 10055 

15. Contact telephone number:

(212) 715-4040