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NDAQ » Topics » Capitalization of project expenses

This excerpt taken from the NDAQ 8-K filed Feb 20, 2008.

Capitalization of project expenses

OMX has incurred direct acquisition-related costs related to the proposed offer, which includes legal and advisory fees. Nasdaq and OMX have signed an agreement where Nasdaq will reimburse OMX for such costs unless the OMX acquisition is not consummated. Therefore, under IFRS, OMX has deferred such costs until reimbursed by Nasdaq.

Under U.S. GAAP, since the agreement to reimburse such costs is not unconditional, OMX has recognized these acquisition-related costs incurred as expense. As these costs are material non-recurring transactions under Regulation S-X, we recorded a pro forma adjustment to exclude these costs from the statement of income.

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