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Monday 20 November, 2006

NASDAQ Stock Market

Response to LSE rejection

NASDAQ Stock Market, Inc. (The)
20 November 2006


  THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
                              AUSTRALIA OR CANADA



                     RESPONSE TO REJECTION OF OFFER FOR LSE


The Nasdaq Stock Market, Inc. ('NASDAQ') notes the announcement made by London
Stock Exchange Group plc ('LSE') in response to the announcement of the Final
Offers* for LSE (the 'Offer Announcement').

NASDAQ is disappointed that LSE has rejected NASDAQ's request for a meeting to
discuss the Final Offers.

As stated in the Offer Announcement, NASDAQ appreciates LSE's strong standalone
growth prospects as shown in LSE's recent interim results. NASDAQ believes that
this potential is fully reflected in the Final Offers at 1,243 pence.

NASDAQ will proceed with its Final Offers to LSE Shareholders at 1,243 pence per
LSE Ordinary Share.

Commenting on the rejection, NASDAQ President and CEO Robert Greifeld said 'We
are disappointed by the quick rejection of our proposal and the LSE Board's
refusal to meet with NASDAQ.'

Capitalised terms in this announcement have the same meaning as in the Offer
Announcement.

* 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.


ENQUIRIES

The Nasdaq Stock Market, Inc.                      Tel: +1 (212) 401 8714
Bethany Sherman                                         +1 (917) 836 1724

Greenhill & Co. International LLP (lead financial
adviser to NASDAQ and NAL)                         Tel: +44 (0)20 7198 7400
Simon Borrows
Richard Hoyle

Dresdner Kleinwort Securities Limited (broker to  
NASDAQ and NAL)                                    Tel: +44 (0)20 7623 8000
Angus Kerr
Alex Reynolds

Gavin Anderson & Company (PR adviser to       Tel: +44 (0)20 7554  1403 / 1405
NASDAQ and NAL)                                                                                                       
Richard Constant 



FURTHER INFORMATION

Greenhill, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for NASDAQ and NAL and for
no-one else in connection with the Final Offers and will not be responsible to
anyone other than NASDAQ and NAL for providing the protections afforded to
clients of Greenhill or for giving advice in relation to the Final Offers.

Dresdner Kleinwort, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for NASDAQ and NAL and
for no-one else in connection with the Final Offers and will not be responsible
to anyone other than NASDAQ and NAL for providing the protections afforded to
clients of Dresdner Kleinwort or for giving advice in relation to the Final
Offers.

The NAL Directors and the NASDAQ Directors accept responsibility for the
information contained in this announcement, save that the only responsibility
accepted by them in respect of information in this announcement relating to LSE,
which has been compiled from public sources, is to ensure that such information
has been correctly and fairly reproduced and presented. Subject as aforesaid, to
the best of the knowledge and belief of the NAL Directors and the NASDAQ
Directors (each of whom has taken all reasonable care to ensure that such is the
case), the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
                       

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