The Nasdaq Stock Market, Inc. ("NASDAQ") notes the recent press speculation with respect to NASDAQ increasing its offers, its intentions following any lapsed bid and the future pricing policy of the London Stock Exchange.
NASDAQ wants to clarify that no comments attributed to it with respect to an increase in its offers should be interpreted as indicative of NASDAQ's intentions. NASDAQ's position remains as set out in the announcement on 20 November 2006 and the Offer Document posted on 12 December 2006.
The Final Offers remain subject to the rules of the City Code which would only permit a revision consistent with the following reservation: The Final Offers will not be revised except that NAL reserves the right to revise the Final Offers: (i) upon the recommendation of the LSE Board; or (ii) if a firm intention to make a competing offer for LSE is announced, whether or not subject to any preconditions.
NASDAQ would also like to clarify that as yet no decisions have been made about its strategy for its LSE Shares in the event of a lapsed bid, in which event NASDAQ's options include selling all or a portion of its stake and/or competing directly in the London market (either on its own or in co-operation with another party).
Finally NASDAQ would like to emphasize that no decisions have been made on LSE pricing other than the previous public statements that NASDAQ believes one of its primary responsibilities is to lower the total cost of trading for market users and that NASDAQ commits not to increase standard LSE broker-dealer tariffs for at least three years following consummation of a transaction.
* The Final Offers will not be revised except that NAL reserves the right to revise the Final Offers: (i) upon the recommendation of the LSE Board; or (ii) if a firm intention to make a competing offer for LSE is announced, whether or not subject to any preconditions.
Save as defined above, capitalised terms used in this announcement have the same meaning as in the Offer Document dated 12 December 2006.
