Offer Rejection

London Stock Exchange Plc
10 January 2006


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN

10 January 2006

London Stock Exchange confirms rejection of Macquarie Offer

The Board of the London Stock Exchange ("the Exchange") notes the publication
today of Macquarie's offer document.  Macquarie's offer ignores the quality and
strength of the Exchange's business and its long-term growth prospects.
Macquarie's offer is a blatant attempt to acquire the Exchange on the cheap. The
Exchange also announces today, in a separate announcement, its third quarter
results which underline the high growth that the Exchange has achieved.

The Board will be writing to shareholders within the next fourteen days to
explain in detail its reasons for rejecting the Macquarie offer. In the
meantime, shareholders are strongly recommended to take no action in respect of
Macquarie's 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


The Directors of the Exchange accept responsibility for the information
contained in this announcement.  To the best of the knowledge and belief of the
Directors of the 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 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 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