DECA

N13/05 - Amended

London Stock Exchange Notice 26 May 2005 The following replaces the N13/05 announcement released today at 14:31, under RNS number 8158M. Please note the ISIN was incorrect and has now been amended. 26 May 2005 London Stock Exchange PLC 10 Paternoster Square London EC4M 7LS Telephone +44 (0)20 7797 1000 www.londonstockexchange.com For the attention of the chairman/senior partner/compliance officer, all member firms N13/05 STOCK EXCHANGE NOTICE WHITE NILE LD Introduction 1. Market participants will be aware that a market status message was issued today in relation to White Nile Ld ("White Nile" or "the Company"), stating that there are currently settlement difficulties in the ordinary shares of 0.1p (ISIN GB00B05MGT12) and that delays in settlement of transactions may therefore occur. 2. The Exchange would like to take this opportunity to remind all member firms of their settlement obligations under the Exchange's rules, particularly in relation to short selling strategies. Short Selling 3. Short selling is a permitted activity in the London markets. However, short sellers remain obliged to make every effort to settle their position on ISD either by buying the stock (if necessary at a higher price than they sold at) or by borrowing stock. Member firms who do not believe that they can settle existing short positions, be it as a result of proprietary or customer trading, should consider whether it is appropriate to continue to pursue short selling strategies. 4. The Company stated in its AIM admission document and its announcement of 19 May 2005 that it had received irrevocable undertakings from shareholders representing "over 99% of the issued share capital of the Company" to vote in favour of the resolution proposed at the EGM on 16 June 2005. Whilst these irrevocable undertakings remain in place it is quite possible that there will be insufficient stock available to settle the existing, or any new short sales. Market Conduct 5. The Exchange therefore expects all member firms, including retail brokers, to act responsibly in their dealings in White Nile shares to ensure that settlement deadlines can be met. Given the current lack of available stock, member firms should consider whether they might wish to trade only for guaranteed delivery so as to prevent a worsening of the current settlement position. 6. The Exchange will continue to issue the market status message on a daily basis until such time as it considers the settlement problem to have cleared. 7. Any comments or queries on this Notice should be addressed to either: John Newbury, Trading Services, telephone +44 (0)20 7797 1615 (STX 31615) or email: jnewbury@londonstockexchange.com Clive Davidson, Trading Services, telephone +44(0)20 7797 1387 (STX 31387) or email: cdavidson@londonstockexchange.com Nick Bayley Head of Trading Services This Stock Exchange Notice will be available on the website at http:// www.londonstockexchange.com/en-gb/products/membershiptrading/rulesreg/ stockexnotices/stockexchangenotices2005.htm Calls to London Stock Exchange plc may be recorded to enable the Exchange to carry out its regulatory responsibilities. This information is provided by RNS The company news service from the London Stock Exchange