Policy on market speculation

We strongly support the fundamental principle that all investors should be treated equally. We believe we should disclose information about any transactions in which we are involved in a timely manner consistent with the Disclosure Rules and Transparency Rules ('the Rules') overseen by the Financial Services Authority (FSA).

Nevertheless, in common with other listed companies, we receive enquiries about possible transactions involving acquisitions or disposals. Experience suggests many enquiries of this kind are prompted by parties with an interest in or motive for promoting speculation or unfounded rumours.

SSE does not comment on enquiries suggesting transactions which could affect our listing on the London Stock Exchange, or involve another listed company, ‘on’ or ‘off’ the record.  The consistent application of this policy means no-one making such an enquiry can infer an answer which could be deemed to amount to selective disclosure, which is prohibited by the Rules.

We also don't comment on media or other reports suggesting possible transactions involving acquisitions or disposals. We would only do so if they contained information of substance which required formal disclosure in accordance with the Rules.

Any transactions involving SSE which are entered into are, of course, disclosed in a timely manner in accordance with the listing rules. Where we felt we needed to depart from this policy, we would notify the Financial Services Authority and the Takeover Panel.