Start of Conditional Dealings

London Stock Exchange Plc
09 May 2006


9 May 2006

London Stock Exchange plc

Commencement of conditional dealings in London Stock Exchange Group plc B Shares
on the London Stock Exchange


Following the announcement on 19 April 2006, by London Stock Exchange plc, of
shareholder approval of the resolutions relating to the proposed return of
approximately £510m to shareholders, equivalent to £2.00 per Existing Ordinary
Share, London Stock Exchange plc notes that conditional dealings in London Stock
Exchange Group plc B Shares will commence on 10 May 2006 on the London Stock
Exchange.

It is expected that admission to the Official List and to trading on the London
Stock Exchange's market for listed securities ("Admission") will become
effective and that unconditional dealings in the London Stock Exchange Group plc
B Shares will commence on 15 May 2006.  Dealings on the London Stock Exchange
before Admission will only be settled if Admission takes place.  All dealings
before commencement of unconditional dealings will be of no effect if Admission
does not take place and such dealings will be at the sole risk of parties
concerned.



This document does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for or
purchase any securities in Exchange Group.

JPMorgan Cazenove Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively as financial adviser and
broker for the Exchange and Exchange Group and for no one else in connection
with the return and will not be responsible to any person other than the
Exchange and Exchange Group for providing the protections afforded to its
customers or for giving advice in relation to the return or the matters
contemplated by this announcement.

Securities may not be offered or sold in the United States unless they are
registered under the United States Securities Act of 1933, as amended (the
''Securities Act''), or are exempt from such registration requirements. The New
Ordinary Shares and B Shares have not been, and will not be, registered under
the Securities Act. The relevant clearances have not been, and will not be,
obtained from the Securities Commission of any province or territory of Canada;
no prospectus in relation to the Admission of the New Ordinary Shares or the B
Shares has been, or will be, lodged with, or registered by The Australian
Securities and Investments Commission; and no registration statement has been,
or will be, filed with the Japanese Ministry of Finance in relation to the
Admission of the New Ordinary Shares or the B Shares. Accordingly, subject to
certain exceptions, the New Ordinary Shares or the B Shares may not, directly or
indirectly, be offered or sold within Canada, Australia or Japan or offered or
sold to a resident of Canada, Australia or Japan.



Further information is available from:

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

JPMorgan Cazenove             Christopher Smith                    020 7155 4704
                              Richard Locke                        020 7155 4706


- ENDS -




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