Neiman Marcus 2004 Annual Report Download - page 42

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with the other investors in seeking either a sale of the Brand Development Company to a third party or a public offering of the Brand Development
Company's securities. If a sale to a third party or public offering of the Brand Development Company's securities is not consummated within six months after
the exercise of the put option (which period may be automatically extended for an additional two months if a registration statement for the Brand
Development Company is filed with the Securities and Exchange Commission), we are obligated to consummate the put option. Under the terms of the Kate
Spade operating agreement, such consummation shall occur within thirty days after the determination of the valuation with respect to the exercise of the put
option.
Recently, we have been in extensive discussions with the minority investors of Kate Spade LLC regarding certain strategic alternatives, including the
possible sale of such company. However, while such discussions are ongoing, no assurance can be given that they will ultimately lead to any transaction.
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