© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
1
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.


NASDAQ 1sts
• The Global Select Market with the highest listing standards in the world
• Select Market Makers
• Highest achievement in dual, spin-off and switch listings for any exchange
• Achieved 20.7% market share for the top 10 most actively traded NYSE companies
• Independent Research Network (IRN) - Coverage and visibility for issuers
 Technology Advancements
• NASDAQ IPO/Halt process
•
Open, Closing & Intraday Crosses
•
Most advanced Online trading system (Openview) for traders and our issuers
 Corporate Acquisitions
• 25% of the London Stock Exchange
• Risk Management - Carpenter Moore
• Investor Relations - Shareholder.com & PrimeZone Wire Services
 Alliance partners
• Corporate Governance – Equilar, BOD compensation
• MetricStream – SOX automated systems
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
2

NASDAQ is home to…
Category-defining companies drawn from all sectors of the economy
• 50% of Fortune’s 100 Fastest
Growing Companies
• 80% of Forbes “Top Brands” companies
Consumer
16%
Energy
& Utilities
3%
Industrials
10%
Materials
2%
Health Care
19%
Financials
23%
Telecomm
Services
2%
Information
Technology
25%
Forbes data source: www.forbes.com. As of June 2006.
Number of domestic companies listed on NASDAQ National Market. Consumer represents consumer discretionary and staples.
Data source: FactSet Research Systems, Inc. Data as of May 2006.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
3

All NASDAQ and NYSE IPOs
486
397
NASDAQ
NYSE
1999
47
2000
48
63
34
51
35
56
23
170
79
139
71
86
41
2001 2002 2003 2004 2005 YTD August
25, 2006
78
All International NASDAQ and NYSE IPOs
55
1999
11
2000
26
8
11
2001
1
10
2002
3 5
2003
23
12
2004
22
9 11
8
2005 YTD August
25, 2006
Includes common stocks, ADRs, and GDRS. Close end funds, REITS, and trusts are excluded.
Source: EquiDesk, FactSet Research Systems, Inc., Bloomberg, and NASDAQ Economic Research.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
4

On February 15th, 2006, NASDAQ announced plans to create a new market tier for public companies that will have the highest initial listing standards in the world.
NASDAQ Global Select Market
• The NASDAQ Global Select
Market is being created for companies that meet the most stringent initial financial listing standards ever set by a stock market.
NASDAQ Global Market
• The NASDAQ Global Market, formerly the NASDAQ National
Market® has a new name that more accurately reflects the global leadership and international reach of our market and our listed companies.
NASDAQ Capital Market
• The NASDAQ Capital Market®, formerly The NASDAQ SmallCap
Market, was renamed in 2005 to reflect the core purpose of this market which is capital raising.
NASDAQ Global Select Expected Industry Distribution
NASDAQ Global Select Expected Market Cap Distribution
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
5
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.

NYSE listed companies are transferring to and listing their spin-offs on NASDAQ.
NYSE Parent
Company
NASDAQ Spin-
Off Company
“After a dual listing trial of nearly two years, we are convinced of NASDAQ’s commitment to a highly competitive, well regulated marketplace that is optimal for trading our stock.”
- Charles R. Schwab, Chairman and CEO, Charles Schwab
"As we look to our future as a publicly traded company, we concluded that NASDAQ, with its cadre of dynamic companies, state-of the-art electronic trading platform and focus on firstrate customer service, was a natural fit for us.“
-Glenn Tilton, Chairman, President & CEO, UAL
"We believe that our association with NASDAQ will afford us an opportunity to reinforce our position as a technology and market leader.“
-Mike Fister, President and CEO, Cadence Design Systems
“Listing on NASDAQ was the right choice for the new company. We look forward to a new and growing relationship with NASDAQ.”
- Sears spokesman Chris Brathwaite
Liberty Media switched to NASDAQ in 2006.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
6

328 foreign companies are listed on NASDAQ
Sweden
($46.8bn)
Israel
($28.2bn)
Japan
($27.2bn)
Japan
($21.5bn)
Norway
($19.6bn)
Sweden
($18.7bn)
Canada
($11.5bn)
India
($18.1bn)
Japan
($10.6bn)
Netherlands
($14.2bn)
U.K.
($14.2bn)
Netherlands
($9.3bn)
Cayman Islands
($9.1bn)
Ireland
($7.8bn)
U.K
($6.4bn)
Singapore
($5.8bn)
France
($5.5bn)
Source: Bloomberg Financial Markets. Data as of June 14th 2006.
The list excludes companies grandfathered on NASDAQ: Anglo American, CSK Corporation, Dai'ei Inc, Fuji Photo Film, Highveld Steel and Vanadium,
Kirin Brewery Company, Nissan Motor, Rexam, Santos, Sanyo Electric, and Velcro Industries.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
7
Bermuda
($13.7bn)
U.K.
($8.7bn)
South Africa
($5.1bn)

8

Electronic Market Structure •
•
•
Technology
Integration
•
•
•
35 years of experience
Well-defined
INET complements current structure
•
•
•
•
Robust, proven technology
INET easy to integrate
Proven integrator – Brut
•
•
•
•
0 years of experience
Undefined hybrid model
ARCA/Euronext integration challenges
Pressure from specialists to maintain floor
Legacy infrastructure
Significant ongoing technology issues
SIAC (2/3 NYSE, 1/3 AMEX)
Untested acquiror
Regulatory Structure
Corporate Culture
•
•
•
Independent regulator
For profit orientation
Focus on costs
•
•
Owned regulator
•
Transitioning from memberowned organization
Transitioning from utility
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
10

Most stock exchanges have eliminated trading floors.
The remaining floor-based exchanges are building electronic networks to trade.
Nobelmuseet (The Nobel Museum) in the former Stockholm Stock
Exchange, built in 1778.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
Exchange
London
Copenhagen
Paris
Stockholm
Milan
Switzerland
Toronto
Tokyo
Vienna
Dublin
Athens
Date
1986
1987
1991
1991
1996
1996
1997
1998
1998
2000
2001
Current Use
Space occupied by
Knight Securities
Electronics/Record Shop
Securities museum
Nobel Prize museum
Conference space
Office space
Office space
Visitor/Media center
Currently unused
Currently unused
Conference space
Only three auctions markets are currently standing:
New York Stock Exchange
American Stock Exchange
Argentina Stock Exchange
10

NASDAQ outperforms auction based exchanges on independent SEC mandated Order Execution Rule
(605) measures, which compares execution quality among market centers using uniform statistics.
Average Execution Speed (Seconds)
54
7
$100 to
$250
4
28
$250 to
$500
4
21
$500 to
$1,000
2
13
$1,000 to
$5,000
2
NASDAQ
NYSE
10
$5,000 to
$50,000
 Execution speed effects efficiency
Faster execution speed maximizes the likelihood of completing the transaction at an investor’s price point.
D o l l ar V al ue o f F l o at ( M i l l i o ns)
2.4
3.7
Average Effective Spread (Cents)
3.2
2.2
2.2
2.7
2.6
1.6
1.1
2.1
 Spread directly impacts investor cost
Tighter spreads lead to lower costs which make available more investor capital for investment allocation.
$100 to
$250
$250 to
$500
$500 to
$1,000
$1,000 to
D o l l ar V al ue o f F l o at ( M i l l i o ns)
$5,000
$5,000 to
$50,000
95%
86%
Percent of Executions At or Within the Spread
96%
87%
96%
87%
95%
85%
92%
82%  Trades relative to the spread indicates quality of execution
Higher execution quality provides investors with greater certainty of execution at the desired price.
$100 to
$250
$250 to
$500
$500 to
$1,000
$1,000 to
$5,000
$5,000 to
$50,000
D o l l ar V al ue o f F l o at ( M i l l i o ns)
See appendix for footnotes. NASDAQ data represents NASDAQ Execution Centers
Source: Market Systems, Inc., April 2006
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
11

NASDAQ’s competitive market structure produces greater liquidity and offers a broad reaching platform for issuers to convey their message.
NASDAQ
NYSE
Liquidity Providers*
41
55

23
28 31
Market participants commit capital and provide continuous liquidity
1
$100 to
$250
1
$250 to
$500
1
$500 to
$1,000
1
$1,000 to
$5,000
1
$5,000 to
$50,000
Multiple market makers provide greater liquidity, competition, and transparency for your investors.
D o l l ar V al ue o f F l o at ( M i l l i o ns)
Amivest Liquidity (000's)
$117,736
$97,193
$994 $1,025
$3,124
$2,569
$6,738
$5,345
$17,795
$22,803
$100 to
$250
$250 to
$500
$500 to
$1,000
$1,000 to
D o l l ar V al ue o f F l o at ( M i l l i o ns)
$5,000
$5,000 to
$50,000
 Greater liquidity enhances trading
More stock can be bought or sold on
NASDAQ without impacting the price.
Analyst Coverage
18
15
3
2
5
4
7
5
11
8
$100 to
$250
$250 to
$500
$500 to
$1,000
$1,000 to
$5,000
D o l l ar V al ue o f F l o at ( M i l l i o ns)
See appendix for footnotes.
Source: FactSet Research Systems, Inc., June 2006.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
$5,000 to
$50,000

12
Analysts provide multiple channels to disseminate your story to investors
More analyst sponsorship helps raise investor awareness and lowers volatility.

27.8
26.9
NASDAQ
NYSE
31.9
25.8
33.5
29.8
Average PE Ratio
31.2
27.6
32.9
27.8
33.5
24.4
30.0
18.6
< $ 1 0 0 M I L $ 1 0 0 - $ 2 5 0 M I L $ 2 5 0 - $ 5 0 0 M I L $ 5 0 0 M I L - $ 1 BI L
Dollar V alue of Float ($ mm)
$ 1 - $ 5 BI L $ 5 - $ 5 0 BI L > $ 5 0 BI L
31.7
24.6
34.3
21.4
35.9
23.9
21.4
30.5
Average PE Ratio
40.2
27.7
28.9
26.1
41.2
33.8
26.4
24.7
34.4
33.4
36.0
21.1
Co nsumer Discretio nary Co nsumer Staples Energy Financials Health Care Industrials Info rmatio n Techno lo gy M aterials Teleco mmunicatio n
Services
Sector: GICS Sector.
Sample size: 2,952 Companies – NASDAQ: 1,556, NYSE: 1,396.
Includes all domestic common stocks on Nasdaq National Market and the NYSE with current P/E > 0. Top and bottom 2% have been removed as outliers.
Data Source: FactSet Research Systems, Inc. As of March 2006.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
13
Utilities

NASDAQ Companies sustain higher P/Es, on-average, than NYSE companies with like-kind 2-year forecasted growth rates.
120
100
80
60
CAGR
1-5%
6-10%
11-15%
16-20%
21-25%
26-30%
31-35%
36-40%
41-45%
46-50%
51-60%
61-70%
71-80%
81-90%
91-100%
AVERAGE P/E
NASDAQ
19.3
21.1
24.0
31.3
32.0
39.4
41.8
41.9
41.2
57.5
50.2
50.8
61.8
69.5
97.8
42.5
46.8
41.5
54.2
47.0
76.2
56.6
50.0
NYSE
17.6
20.0
22.8
27.3
27.3
33.4
43.2
Number of Companies
36
31
14
26
17
8
13
6
NASDAQ
99
209
221
173
102
54
44
25
19
18
16
13
8
6
4
NYSE
149
274
235
155
83
43
28
NASDAQ
NYSE
40
20
0
2 Year Projected Compound Annual Growth Rate
CAGR is the 2 year projected compound annual growth rate. It is the year over year growth rate applied to an company's EPS. It measures two year's average EPS from the prior fiscal period (FY0) to the upcoming fiscal period (FY2).
Sample size: 2,129 Companies – NASDAQ: 1,053, NYSE: 1,076. Companies with negative or >100% CAGR have been excluded for this analysis. (NASDAQ: 106 companies, NYSE: 141 companies)
Includes all domestic common stocks on Nasdaq National Market and the NYSE with current P/E > 0. Top and bottom 2% have been removed as outliers.
Data Source: FactSet Research Systems, Inc. As of March 2006.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
14

The percentage of trades occurring on the NYSE is continually decreasing as institutional investors take advantage of NASDAQ’s superior platform to receive more efficient, higher quality executions with lower spreads.
Average NYSE Historical Trading Volume
7 9 .9 %
8 1.7 %
7 9 .8 % 79.3% 79.5%
7 8 .1% 77.7%
7 9 .0 % 78.5%
7 7 .8 %
7 8 .9 %
7 6 .1% 7 6 .7 % 75.7% 75.4%
7 4 .8 %
7 3 .8 %
7 2 .0 %
7 0 .0 %
7 0 .9 % 7 1.7 %
6 9 .5 %
6 8 .6 %
6 9 .5 %
6 8 .2 %
J un-
0 4
J ul-
0 4
A ug-
0 4
S e p-
0 4
O c t -
0 4
N o v -
0 4
D e c -
0 4
J a n-
0 5
F e b-
0 5
M a r-
0 5
A pr-
0 5
M a y-
0 5
J un-
0 5
J ul-
0 5
A ug-
0 5
S e p-
0 5
O c t -
0 5
N o v -
0 5
D e c -
0 5
J a n-
0 6
F e b-
0 6
M a r-
0 6
A pr-
0 6
M a y-
0 6
J un-
0 6
“The recent slide reflects huge changes in the business of trading stocks. Electronic competitors to the NYSE have gained ground as big investors such as hedge funds have increasingly used computerized strategies that rely on quick execution of buy and sell orders, especially in heavily traded stocks or when news affects a company's stock price. In those situations, the NYSE's human traders sometimes can't keep up”.
Wall Street Journal; November 29, 2005
"Trading on the floor today...is so different," says Jamie Selway, head of White Cap Trading, a New York brokerage firm. Just a few years ago, he says, "inertia" kept trades flowing to the NYSE floor, but those orders are now "portable" and can go anywhere.
Wall Street Journal; November 29, 2005
© Copyright 2005, Wall Street Journal. All rights reserved.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
15

For 35 years NASDAQ has brought leadership and innovation to the markets, today our electronic market model is emulated around the world.
The Hybrid Market allows the Specialist to Remain in a
Privileged Position
“Why were specialists the big winners here?” asked George Rutherfurnd, a Chicago based consultant to two trading organizations. “It appears that the NYSE somehow convinced the SEC staff that the NYSE specialist system would not be economically viable… unless specialists were given unimaginable competitive advantages to the detriment of the public orders”… “It’s a classic deal with the devil”… “totally contradicts the original intent of the hybrid model”… “now basically foolish for us to post at the NYSE”.
Trader’s Magazine - June 2006 issue
• Power to view incoming orders before the public
• Only person to have access to reserve, discretionary and hidden orders
• Trading in their proprietary account without interacting with public orders
“The NYSE hybrid plan is an attempt to meet the demands of regulators and customers, but simultaneously provide for the needs of specialist member firms. Critics charge the NYSE decided, in the fifth amendment, to restore advantages of the specialists, who supposedly had complained after the first four amendments .”
Trader’s Magazine 2006
Institutional Investors still have many concerns about the
Hybrid Proposal
“..90 percent of our orders are placed electronically and, if we can't be treated fairly, then we will go to a place where electronic orders are treated fairly.”
Michael Buek- Head Trader Vanguard
• Specialist is still in a privileged position against public interest
• Confusion as to how investors will interact with the auction model, the hybrid and Arca
• Best execution requirements
“ The hybrid market is a securities market disaster waiting to happen . Even putting aside issues of unfairness to the trading public
(which IBAC is not prepared to do in regard to the ultimate shape of the hybrid market), we ask the Commission staff to envision the scenario in this country's securities markets if the technology fails in a fully implemented NYSE hybrid market environment. Much of the technology (specialists' algorithms, certain order types, broker technology) has not yet even been offered, let alone tested. That which has been tested has repeatedly failed .” .
Comment letter to SEC from Independent Broker Action Committee-
March 2006
• Unproven technology “…the proposal falls short of providing an effective trading system that will encourage investors to place orders on the Exchange”
Ari Burstein, ICI (Buyside Advisory)
NASDAQ’s Market Model is What The NYSE is Trying to Create
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
16

17

NASDAQ has lower listing fees for all levels of shares outstanding
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
1 5 10
NYSE Initial Fees
NASDAQ Initial Fees
15
NYSE Annual Fees
NASDAQ Annual Fees
NASDAQ ADR Annual Fees
20 25 30
Shares Oustanding (Millions)
50 75 100 150 Max
SHARES
(MILLIONS)
Up to 1
1+ to 2
2+ to 3
3+ to 4
4+ to 5
5+ to 6
6+ to 7
7+ to 8
8+ to 9
9+ to 10
10+ to 11
11+ to 12
12+ to 13
13+ to 14
14+ to 15
15+ to 16
16+ to 20
20+ to 25
25+ to 30
30+ to 50
50+ to 75
75+ to 100
100+ to 150 over 150 million
ORIGINAL LISTING FEES[1]
NASDAQ
Global
Market
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$125,000
$150,000
$150,000
$150,000
$150,000
NYSE
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
$150,000
150,000+ to 154,600
154,600+ to 172,100
172,100+ to 242,100
242,100+ to 250,000
250,000*
250,000*
250,000*
CONTINUING ANNUAL FEES [2]
NASDAQ
Global
Market
$30,000
$30,000
$30,000
$30,000
$30,000
$30,000
$30,000
$30,000
$30,000
$30,000
$35,000
$35,000
$35,000
$35,000
$35,000
$35,000
$35,000
$35,000
$37,500
$37,500
$45,500
$65,500
$85,000
$95,000
NYSE [3]
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
$38,000
38,000+ to 46,500
38,000+ to 46,500
46,500+ to 69,750
69,750+ to 93,000
93,000+ to 139,500
139,500+ to 500,000**
ADR ANNUAL FEES [3]
NASDAQ
Global
Market
$21,225
$21,225
$21,225
$21,225
$21,225
$21,225
$21,225
$21,225
$21,225
$21,225
$26,500
$26,500
$26,500
$26,500
$26,500
$26,500
$26,500
$26,500
$29,820
$29,820
$29,820
$30,000
$30,000
$30,000
[1] The original listing fee for NYSE is based on the total number of shares listed, including all shares issued and outstanding, as well as shares
reserved by the Board of Directors for a specific future issuance. The original fee for NASDAQ Global Market is based on total shares outstanding.
Fees include one-time initial listing charges of $5,000 for NASDAQ Global Market,
$36,800 for NYSE, applied for the first class of securities listed by an issuer.
[2] Newly listed companies are billed the annual fee on a pro-rata basis at the end of the calendar year in which they are listed.
[3] NYSE annual fees payable are the greater of amounts shown under a minimum fee schedule or a fee applied on a per share basis.
* The initial fee component of the original listing fee for common shares is capped at $250,000, including the $36,800 special charge.
** Maximum $500,000 annual listing fee applies to all securities listed by an issuer, other than derivative products, fixed income products, and closed end-funds.
[4] NASDAQ ADR annual fees are capped at $30,000. NYSE ADR fees are the same as the schedule for ordinary shares.
Source: Domestic listing fees for NASDAQ and NYSE; based on fees as of October 2006.
Source: Fee schedule as of October 2006. NASDAQ Annual fees represent proposed fees filed with SEC 2/10/06 and are pending approval.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
18

NASDAQ annual fees are lower than both NYSE and proposed NYSE Arca fees across all TSO
Ranges.
Original Listing Fees
TSO Range (mil)
0 to 5
5 to 10
10 to 15
15 to 30
30 to 50
Over 50
NYSE Arca Proposed Fees
$100,000
$100,000
$100,000
$100,000
$125,000
$150,000
NASDAQ NCM Fees
$25,000
$35,000
$45,000
$50,000
$50,000
$50,000
Difference
$75,000
$65,000
$55,000
$50,000
$75,000
$100,000
NYSE Fees
$150,000
$150,000
$150,000
$150,000 to $181,500
$181,500 to $250,000
$250,000
NASDAQ NNM Fees
$100,000
$100,000
$100,000
$100,000
$125,000
$150,000
Difference
$50,000
$50,000
$50,000
$50,000 to $81,500
$50,000 to $81,500
$50,000 to $81,500
TSO Range (mil)
0 to 10
10 to 25
25 to 50
50 to 75
75 to 100
100 to 150
150 to 200
200 to 250
250 to 300
Over 300
Annual Listing Fees
NYSE Arca Proposed Fees NASDAQ NCM Fees
$30,000
$30,000 to $35,625
$35,625 to $45,000
$45,000 to $54,375
$54,375 to $63,750
$85,000
$85,000
$85,000
$85,000
$85,000
$27,500
$27,500
$27,500
$27,500 $17,500 to $26,875
$27,500 $26,875 to $36,250
$27,500
$27,500
$27,500
$27,500
$27,500
Difference
$2,500
$2,500 to $8,125
$8,125 to $17,500
$57,500
$57,500
$57,500
$57,500
$57,500
NYSE Fees NASDAQ NNM Fees
$38,000
$38,000
$38,000 to $46,500
$47,430 to $69,750
$70,680 to $93,000
$93,000 to $139,500
$139,500 to $186,000
$186,000 to $232,500
$232,500 to $279,000
$279,000 to $500,000
$30,000
$35,000
$37,500
$45,000
$65,500
$85,000
$95,000
$95,000
Difference
$8,000
$3,000
$500 to $9,000
$2,430 to $24,750
$5,180 to $27,500
$8,000 to $54,500
$44,500 to $91,000
$91,000 to $137,500
$95,000 $137,500 to $184,000
$95,000 $184,000 to $405,000
Fee Schedules as of March, 2006. Proposed NYSE Arca fees from SEC filing on 3/1/2006.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
19

20

The MarketSite provides unbeatable visibility to reach potential investors and customers
The NASDAQ MarketSite
Tower
NASDAQ MarketSite
Events
MarketSite Network
Coverage
•
Bloomberg (USA, Brazil, Spain,
Italy)
• BusinessWeek
• BusinessWeek Weekend
•
CNBC ( USA, Asia, India)
•
Fox News
•
MSNBC
• CNN (USA, India, International)
• Phoenix TV China
• New Tang Dynasty TV China
• It’s About Finance.com
•
Business Canada
•
NDTV India
• Reuters Japan
• BBC
• TV Tokyo
•
Sino TV
NASDAQ companies can advertise on the largest electronic screen in the US seen by millions of tourists and New Yorkers in
Times Square
Visibility through: Market Open and
Close Ceremonies, press conferences and interviews, listing anniversaries, product announcements, and other special events
NASDAQ's MarketSite has worldwide visibility. Over 150 broadcasts per day occur on location from major domestic and global news media
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
21

Worldwide Visibility
• Europe currently has approximately $1 trillion invested in US Securities.
• In addition to their considerable purchasing power, European
Investors are a longer term, more stable group of investors.
• 90% of the entire European institutional investor community investing in US Securities attend each year.
• International Programs have been taking place since the early
1990’s.
2006 Dates
• NASDAQ Growth Conference
London, February 7-8 2006
• NASDAQ 17th Investor
Program London, Spring 2006
• NASDAQ 18th Investor
Program London, December
2006
2005 Highlights
• Over 100 participating companies with combined total market value of $650 billion.
• 800+ one-on-one meetings.
• In excess of 260 investors per event.
• Over 20,000 portfolio managers, brokers and analysts worldwide can view the presentations via the investors.NASDAQ.com
webcast.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
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Listed since 1971
Listed since 1972
Listed since 1999
Listed since 1987
Listed since 1988
Listed since 1989
Listed since 1971 Listed since 1978
Listed since 1975
Listed since 1980
Listed since 1986
Listed since 1985 Listed since 1982
Listed since 1970
Listed since 1992
Listed since 1984
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
23

“
Listing on NASDAQ was the right choice for the new company. We look forward to a new and growing relationship with
NASDAQ.”
Sears spokesman Chris Brathwaite
“Since its inception, NASDAQ has shown a spirit of innovation and a focus on leveraging technology to provide investors the benefit of fast, high quality and low cost trade executions.
After a dual listing trial of nearly two years, we are convinced of NASDAQ’s commitment to a highly competitive, well regulated marketplace that is optimal for trading our stock.”
- Charles R. Schwab, Chairman and CEO, Charles
Schwab
" Cadence's experience with being dual listed gave us an opportunity to compare the relative benefits of both marketplaces. After careful analysis, we determined that the NASDAQ electronic trading platform is the preferred marketplace for many of the institutional investors trading Cadence shares."
- Bill Porter, SVP and CFO, Cadence Design Systems, Inc.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
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NASDAQ’s high-speed, transparent market brings multiple market participants together and is increasingly the market of choice for professional investors.
“The liquidity in NASDAQ allows us to execute larger size in the bigname stocks more efficiently and quicker. You hit a button and get things done. With the New York, you have to think of strategies to break up your order. It is complicating rather than simplifying.”
Peter Jenkins, Head of North American Equity Trading, Deutsche Asset Management
“ ‘Everybody who does what I do feels like it’s basically a stacked deck down here,’ said James Malles, head of U.S. equity trading at UBS Global Asset Management, quoted in the Journal...
‘There's an inherent conflict. The specialists have to provide a fair and orderly market, but they can trade for their proprietary account. Those are clearly in conflict with each other.’ ”
James Glassman, American Enterprise Institute
“The New York Stock Exchange specialist system doesn’t enjoy the confidence of the institutional investor community. I don’t think that’s going to change anytime soon.”
Kevin Connellan, Head of Trading, Northern Trust Corp
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
25

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The NASDAQ Corporate Services is designed to provide listed companies the power to maximize their effectiveness in:
Provide solutions that protect companies against risk.
NASDAQ Insurance Agency is a full service corporate insurance broker specializing in the protection of Officers and Directors.
: Provide solutions that empower companies to comply with new regulatory requirements while mitigating risk.
Equilar is viewed as the “gold standard” in executive compensation data.
National Association of Corporate Directors (NACD) provides NASDAQ-listed companies with corporate governance educational services at a discount.
WeComply
, the leading provider of customizable online “Code of Conduct” training.
Provide solutions for greater visibility to the investment community.
Shareholder.com
, provides award-winning websites, and other critical services to help public companies communicate more openly with investors.
MetricStream Compliance products and solutions designed to enable public companies to better manage their compliance processes.
PrimeZone is one of the world’s leading full-text press release, newswire, photo and multimedia distribution services
Reuters provides research, notes, estimates, financials market data, and filings on more than 25,000 companies.
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
27

• Dash 5 Statistics
• Times of Stress
• Electronic Market
• Off Floor Volume
•
Liquidity
•
NASDAQ Initial
Listing Fees
•
NASDAQ Annual
Listing Fees
• NASDAQ has
Lower Effective
Spreads
•
More for Your
Money
•
NASDAQ
MarketSite
•
International
Conferences
• NASDAQ
Composite Index
• A Diversified
Market of Leaders
• NASDAQ
Relationship
Manager
•
Market
Intelligence Desk
•
NASDAQ
Corporate
Services
• NASDAQ Online
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
28

Senior Management
Bob Greifeld, Chief Executive Officer, +1 212 401 8901
Bruce Aust, Executive Vice President, +1 212 401 8746
Charlotte Crosswell, Vice President, +44 20 7825 5500
James Ogilvy-Stuart, Head of Asia Pacific, +852 2 580 1028
Regional Directors
Ghanshyam Dass, MD Asia Pacific, +91 984 507 9937
Mikio Fujino, Chief Representative in East Asia, +81 803 024 6138
Asaf Homossany, MD Israel & CEE, +44 20 7825 5537
Paulina McGroarty, MD Europe & Africa, +44 20 7825 5534
Lawrence Pan, Chief Representative in China, +86 13 701 136824
Isabella Schidrich, MD Europe, +44 20 7825 5522
Rebecca Smith, Senior Associate, +44 20 7825 5540 Associates
Mohammad Abdul Ali, Associate, +44 20 7825 5506
© Copyright 2006, The Nasdaq Stock Market, Inc. All rights reserved.
29