Exchange Mergers: global3digital White Paper Explains Implications for Issuers

LONDON, February 21, 2011 - The new spate of mergers between exchanges in Europe, the US
and Asia continues to narrow the choices available to investors and brokers
in executing trades. This will increase the search for cost effective trading
and for best execution.

The impact on issuers is serious, with less transparency and
concerns around price formation.

To date, around 20% of transactions are estimated to be
through dark pools and this is likely to rise as these choices narrow. These
implications are explored in a new white paper published this week by
global3digital, one of Europe's leading digital corporate communication
agencies.

"Among the most important pieces of information to an Investor
Relations Officer is the current price of their company's shares. Yet, the
information displayed on their corporate website, and other public sources
can be misleading. The lack of pre-trade transparency is compromising IROs'
ability to do their job," said Peter Kemp, Managing Director at
global3digital, "This also impacts best execution; if an investor or broker
cannot see all the pre-trade, how can they achieve the 'best' price?"

Regulators are exploring changes to the European MiFID rules
and US regulators are examining their rules amid concerns that these problems
were the unintended result of the opening of the market in share trading.

global3digital's white paper "Bringing Light to Dark Pools"
argues for rule changes that increase transparency and recommends that
issuers should continue to monitor the markets, aware of the challenges in
knowing where their share is at any given moment.

The white paper is available on our website
www.global3digital.com.

Notes to editors

Since 1999 global3digital has built up an industry renowned
reputation for excellence in the provision of corporate websites underpinned
by proactive, 24/7 support and knowledge outsourcing services encompassing
three key disciplines; Communications, Technology, Support.

Having designed and built a website, we take the strain and
work seamlessly with our clients to ensure that it remains the definitive
source of online information on them at all times, compliant today, future
proof tomorrow.

This meticulous approach helps companies to bridge perception
gaps with stakeholders, reinforce corporate messaging and instill confidence.

    For more information:

    Peter Kemp
    global3digital
    tel: +44(0)20-7292-1451
    email: peter.kemp@global3digital.com

For more information: Peter Kemp, global3digital, tel: +44(0)20-7292-1451, email: peter.kemp at global3digital.com