IFRS presentation

London Stock Exchange Plc
11 April 2005


11 April 2005
               
                        Exchange holds IFRS presentation

London Stock Exchange plc will tomorrow hold a technical presentation for
analysts and investors, to provide an overview of the impact of International
Financial Reporting Standards (IFRS) on the Exchange's financial statements.
The first full reporting under IFRS by the Exchange will be for the six months
ending 30 September 2005.

As expected, the key accounting changes under IFRS that affect the Exchange
relate to goodwill amortisation, pensions, share based payments, lease rentals,
property depreciation and dividends.

To illustrate the impact of IFRS on the Exchange, it is estimated that for the
year ended 31 March 2004:
     
•    profit before tax under IFRS would have been £92.7 million, 4 per cent
     higher than £88.8 million under UK GAAP;

•    IFRS basic earnings per share would have been 23.0 pence, compared
     with UK GAAP basic earnings per share of 21.6 pence, 6 per cent higher; and

•    adjusted earnings per share, before goodwill amortisation and
     exceptional items, would have been 22.0 pence under IFRS, 4 per cent higher 
     than 21.2 pence per share under UK GAAP.

Net assets as at 31 March 2004 are estimated to be £345.6 million under IFRS, 5
per cent lower compared with £365.7 million under UK GAAP, in part reflecting
the Company's decision on transition to IFRS to fully recognise the defined
benefit pension deficit in reserves and restate retained freehold properties to
fair value.

The presentation slides will be available tomorrow on the company's website
www.londonstockexchange.com.

For further information, please contact:

London Stock Exchange
Paul Froud - Investor Relations                     [phone]
Lyndal Kennedy - Investor Relations                 [phone]
John Wallace - Media                                [phone]

All numbers in this statement and in the presentation are included for
illustrative purposes only and represent the Exchange's current best estimates
of the impact of IFRS.  The numbers are subject to change and should therefore
not be relied on or considered definitive.


                      This information is provided by RNS
            The company news service from the London Stock Exchange