Press releases 2001

10 July 2001

EXCHANGE APPOINTS DEVELOPER FOR SALE OF TOWER SITE

The London Stock Exchange today announced the appointment of City Offices (a company owned and operated by the management of Greycoat Estates Ltd) as its professional development manager in connection with Exchange Tower. The appointment follows the Exchange's announcement in June that it will relocate its headquarters to Paternoster Square in 2004.

City Offices will advise the Exchange on the redevelopment potential of Exchange Tower and they will lead the professional team that will be responsible for securing a planning consent to maximise the potential of the 1.4 acre site. Following completion of this exercise it is the Exchange's intention to sell the property in the open market.

The Exchange has occupied the site in the heart of the City since 1801. The present building - Exchange Tower - used to house the old trading floor and was opened by the Queen in November 1972.

Notes for editors:

• The principal property owned by the Exchange is its current headquarters at the Exchange Tower in Old Broad Street, London. Exchange Tower was valued as at 31 March 2001 by DTZ Debenham Tie Leung on an Existing Use Value basis at 93 million, which compares with its book value of 62.3 million.