An exact formalism for excitation energies of any interacting N-electron sy
stem has recently been derived from the linear-response limit of time-depen
dent Kohn-Sham theory. A response kernel is determined in this theory by th
e functional derivative of the ground-state Kohn-Sham potential function wi
th respect to electron density. It is shown here that the exchange part of
this response kernel is a linear operator determined exactly by the underly
ing second-quantized Hamiltonian:If correlation response is neglected, the
theory reduces to the random-phase approximation including exchange. This f
ormalism justifies methods that combine this exact exchange kernel with den
sity-functional approximations to the correlation kernel. [S1050-2947(99)50
111-X].