LSE agree resolution with OFT

London Stock Exchange Plc
27 November 2003

London Stock Exchange plc agrees resolution with Office of Fair Trading on
Issuer Services' tariffs


The London Stock Exchange announces today that it has agreed undertakings with
the Office of Fair Trading ("OFT") leading to Issuer Services' tariff reductions
for companies with equity shares listed on the London Stock Exchange's UK Main
Market and quoted on AIM.  These undertakings have been agreed following the
OFT's investigation into the increases in the Exchange's Issuer Services'
tariffs introduced in 2002.


The agreed undertakings provide for the following changes to Issuer Services'
tariffs:

•        An average of more than 25 per cent reduction in annual tariffs for all
         UK Main Market companies as set out in the attachment;

•        A reduction in AIM annual tariffs to a flat fee of £4,000 per annum;
         and

•        A reduction in AIM admission tariffs to a flat fee of £4,000 per
         company.

The change in pricing is to be implemented as part of the Exchange's current
pricing review for Issuer Services and will take effect from 1 April 2004.  It
is estimated that if these tariffs had been in effect during the financial year
ended 31 March 2003, the reduction in Issuer Services' revenue would have been
around £5.8 million.

The Exchange has also agreed that any future increases in Issuer Services'
tariffs will be limited to increases in the Office of National Statistics
Service Sector Wages index.  This undertaking will be reviewed in April 2007.

Commenting on the agreement, Martin Wheatley, Deputy Chief Executive of the
Exchange, said:

"Whilst the Exchange does not agree with the OFT's conclusions, it believes the
swift and definitive resolution to this matter is in the best interests of
customers and shareholders."



Ends


Further information is available from:

London Stock Exchange

John Wallace - Media              020 7797 1222
Paul Froud - Investor Relations   020 7797 3322
Ruth Anagnos - Investor Relations 020 7797 3322


New Tariff for UK Main Market

Bands                     Proposed tariff         Current tariff              Reduction
From      To                      Maximum                Maximum                Maximum
£m        £m                            £                      £                      £


0         2                         3,375                  5,125                  1,750
2         5                         3,375                  5,125                  1,750
5         10                        3,375                  5,125                  1,750
10        25                        3,375                  5,125                  1,750
25        50                        3,375                  5,510                  2,135
50        100                       3,881                  6,280                  2,399
100       250                       5,400                  8,590                  3,190
250       500                       7,931                 12,440                  4,509
500       1000                     16,369                 20,140                  3,771
1000      2000                     33,244                 35,540                  2,296
2000      2500                     33,244                 43,240                  9,996
2500                               33,244                 43,240                  9,996




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