Deutsche Boerse AG
13 December 2004


     Deutsche Boerse considering a cash offer for the London Stock Exchange

Deutsche Boerse AG confirms that it has made a proposal to the Board of the
London Stock Exchange plc with a view to making a cash offer for the acquisition
of all London Stock Exchange shares. The proposal indicates an offer of 530
pence per London Stock Exchange share. This offer would represent a 52.3 percent
premium to the undisturbed closing share price for the London Stock Exchange of
348 pence on 22 October 2004 and a 49.6 percent premium to the average London
Stock Exchange share price in the three months prior to that date.

Although the London Stock Exchange has rejected the proposal they have invited
Deutsche Boerse to hold discussions regarding the possibility of an agreed
transaction. Deutsche Boerse has accepted the invitation in order to demonstrate
to the London Stock Exchange the full benefits of its proposal and its belief
that such a proposal can be successfully implemented.

Deutsche Boerse strongly believes that this proposal is in the best interest of
shareholders and other stakeholders including customers. It is Deutsche Boerse's
intention to preserve the existing market structures including established
market models and existing trading currencies as well as the regulatory
frameworks in both markets. Deutsche Boerse aims to effect a material reduction
in the current level of tariffs for electronic order book trading in the UK.
Deutsche Boerse intends to honour existing agreements between the London Stock
Exchange and the clearing and settlement providers in the UK processing value
chain.

There can be no assurance that any offer will be made.

                                     -ENDS-

For further Information:

Media
The Maitland Consultancy +44 20 7379 5151
Angus Maitland
Colin Browne

Goldman Sachs +44 20 7774 1000
Wayne Moore
Chris Williams
Basil Geoghegan

Goldman Sachs International is acting as financial adviser to Deutsche Boerse AG
in relation to the matters referred to in this announcement and no one else and
will not be responsible to anyone other than Deutsche Boerse AG for providing
the protections offered to clients of Goldman Sachs International nor for
providing advice in relation to the matters referred to in this announcement.




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