Press releases 2002

7 October 2002

Don Cruickshank's term as Chairman of London Stock Exchange to end in 2003

Don Cruickshank announced today that his term as Chairman of London Stock Exchange plc will end at the company's AGM in 2003.

Commenting on his decision, Don Cruickshank said today:

"My term as Chairman ends at the 2003 AGM. I have informed the Board that I do not wish my name to go forward for another three years.

"My time at the Exchange has seen the Exchange move from mutual institution to confident plc. The Exchange is thriving as a business in the very capable hands of a new Board and its Chief Executive Clara Furse, and I feel it is now time for new challenges.

"This early announcement is intended to give the Board sufficient time to find and appoint a high calibre successor. I will remain as Chairman until the conclusion of the 2003 AGM, and during that time will offer my successor my full support."

Ian Salter, Deputy Chairman of the Exchange and Chairman of the Board's Nominations Committee, said:

"Don Cruickshank has led the Board with characteristic wisdom and clear-sightedness, and we are all extremely grateful to him for that.

"Don has also done outstanding work to lobby for a competitive level playing field in financial services in Europe, especially through his campaigns for the abolition of Stamp Duty on share dealing, and for improvements to clearing and settlement arrangements.

"The Board thanks Don for his considerable contribution to the Exchange during a critical period in its development."

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For further information, please contact:

John WallacePress Office +44 (0)20 7797 1222 newsroom@londonstockexchange.com

Notes to editors:

Don Cruickshank was appointed Chairman of the London Stock Exchange with effect from 25 May 2000. He was appointed for a three-year term.

The Exchange's AGM will be held in July 2003. A date has not yet been fixed.

Please see below for Don Cruickshank's curriculum vitae:

DON CRUICKSHANK