Offer Rejection

London Stock Exchange Plc
19 January 2006

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA OR JAPAN



                            19 January 2006


Document Posting in Response to Macquarie's Offer

The Board of the London Stock Exchange is today posting its response to
Macquarie's offer document.  The Board continues to recommend that London Stock
Exchange shareholders reject Macquarie's ill-considered offer.


For further information:

London Stock Exchange   John Wallace - Media                      020 7797 1222
                        Paul Froud - Investor Relations           020 7797 3322

Finsbury                James Murgatroyd                          020 7251 3801
                        Simon Moyse



A copy of the London Stock Exchange's shareholder circular responding to
Macquarie's offer is available on: 

http://www.londonstockexchange-ir.com/lse/bid/



The Directors of the London Stock Exchange accept responsibility for the
information contained in this announcement.  To the best of the knowledge and
belief of the Directors of the London Stock Exchange (who have taken all
reasonable care to ensure that such is the case), the information contained in
this announcement for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of such
information.

Merrill Lynch International, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for the London Stock
Exchange and no-one else in connection with the Offer and will not be
responsible to anyone other than the London Stock Exchange for providing the
protections afforded to clients of Merrill Lynch International nor for providing
advice in relation to the Offer.

Lehman Brothers Europe Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for the London Stock
Exchange and no-one else in connection with the Offer and will not be
responsible to anyone other than the London Stock Exchange for providing the
protections afforded to clients of Lehman Brothers Europe Limited nor for
providing advice in relation to the Offer.




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