NDAQ » Topics » APPENDIX III. SOURCES OF INFORMATION AND BASES OF CALCULATION
This excerpt taken from the NDAQ 8-K filed Nov 20, 2006.
APPENDIX III. SOURCES OF INFORMATION AND BASES OF CALCULATION
Unless otherwise stated in this announcement:
1.
Closing Prices for the relevant dates are derived from the Daily Official List (in the case of the LSE Ordinary Shares) and from NASDAQ (in the case of NASDAQ shares).
2.
The value of the Ordinary Offer is based upon 213,216,890 LSE Ordinary Shares (being 216,037,479 LSE Ordinary Shares in issue on 12 May 2006, the date on which LSE announced
the results of the LSE Capital Return), as adjusted to take into account subsequent buybacks announced by LSE since this date until close of business on 17 November 2006. It does not take into account any LSE Ordinary Shares issued since
12 May 2006 by LSE either generally or following any exercise of options under LSE Share Option Schemes.
3.
The value of the B Share Offer is based upon £16.5 million worth of B shares in issue as at 30 September 2006 (as identified in the unaudited consolidated financial
statements of LSE for the six months ended 30 September 2006).
4.
Financial information relating to the LSE has been extracted or provided, without material adjustments, from the audited consolidated financial statements of LSE for the year ended
31 March 2006 and the unaudited consolidated financial statements of LSE for the six months ended 30 September 2006.
5.
The NASDAQ market capitalisation has been calculated on a fully converted basis (assuming conversion of all in- the-money convertible debt and warrants issued by NASDAQ).
6.
References in this announcement to the number of companies listed on NASDAQ and to the total market capitalisation of companies listed on NASDAQ are sourced from NASDAQ internal
records.
7.
References in this announcement to the number of companies listed on LSE and to the total market capitalisation of companies listed on LSE are sourced from the LSE Monthly Market
Report September 2006 and the LSE List of Companies dated 29 September 2006, and references to the number of users of LSE are sourced from the LSE Interim Report for the six months ended 30 September 2006.
8.
References to net debt as of 30 September 2006 have been sourced from the unaudited consolidated financial statements of LSE for the six months ended 30 September 2006 (in
the case of LSE) and from the NASDAQ 10-Q filed on 8 November 2006 (in the case of NASDAQ).
9.
LSE consensus earnings forecasts for the 12 months to 31 March 2007 are sourced from I/B/E/S (as of 19 November 2006).
10.
LSE earnings multiples are calculated as the offer price multiplied by the number of outstanding shares as of close on 16 November 2006 divided by the net income figure for the
relevant period.
11.
References to LSE being the largest equity exchange in Europe and the fourth largest equity exchange in the world measured by the domestic market capitalisation of listed companies
are sourced from World Federation of Exchanges, October 2006 statistics.
12.
The US$ / £ exchange rate used in this announcement is the prevailing US$ / £ exchange rate for the relevant dates in this announcement as sourced from Bloomberg.