Financial highlights

• Revenues increased to GBP179 million, up 9% from 2012
• Year-on-year volume growth of 16%. Year-on-year value growth of 7%
• Return on average equity for the period was 7% and included the impact of the capital raise, compared to 16% in 2012
• On a pre-tax pro-forma basis, adjusting for the capital raise impact, return on equity was 9% in 2013, compared to 7% in 2012

In 2013, we made a commitment to our shareholders to build a sustainable growth model through financial discipline, to expand participation in the CLS system and to pursue additional currencies and services consistent with our mission and financial model.

We made strong progress in all of these areas. We added services, enhanced our technology, made progress on our strategic initiatives and improved our financial position.

In addition, we had a strong year for business performance. Foreign exchange average daily volumes reached peak levels, higher than at any point during our 11-year history.

A key element of our 2013 success was the capital raise in the fourth quarter of the year. We restructured our balance sheet to meet anticipated regulatory capital needs, successfully raising GBP160 million in equity capital from our existing shareholders.

We are optimistic about the future of CLS. In 2013, we created a stronger base on which to develop and execute our strategy to deliver value and service to our Members and Shareholders.