The World’s Largest Electronic Stock Exchange
September 30, 2004
The Archipelago Exchange (ArcaEx) is a facility of the PCX and the PCXE.

Founded in 1996, ArcaEx is one of the original ECN’s
Teamed with the Pacific Exchange (PCX) in 2000 to create the first fully electronic, totally open stock exchange in the U.S.
Completed initial public offering with an exclusive listing on ArcaEx
August 12, 2004 (Symbol AX)
Highly regarded investor base
• Including Goldman Sachs, JP Morgan, Merrill Lynch, E-Trade, GE (CNBC),
Spear Leeds, Fidelity, Schwab, TD Waterhouse, Lehman, General Atlantic
Partners, and others (as of 8/12/04)
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600
500
400
Apr 2003:
ArcaEx fully launched
March 2002:
Merged with REDIBook, combining the two fastest growing ECNs
300
200
100
Jan 1997:
First trade on electronic trading platform (originated from a change in the
SEC’s order handling rules in 1996)
4
0
Ja n-
97
Ja n-
98
Ja n-
99
June 2000:
Completed alliance with
Pacific Exchange to create ArcaEx
Ja n-
00
Oct 2001:
SEC approves exchange status
Ja n-
01
Ja n-
02
Ja n-
03
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13 of the current components of the Dow Jones Industrial Average are listed
• 99 of this year’s Fortune 500 are listed
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Listing Relationships and Brands are built
An ArcaEx / PCX listing involves “brand association” for issuers.
The ArcaEx brand stands for Open, Competitive, and Fair marketplace for traders.
Arca reaches clients through the dedicated sales force & sales tools
• Traders view statistical trade data in ArcaVision and www.arcaex.com
• ArcaEx offers a free view into the active book of your symbol for all investors – you could set up a link from you IR website.
• Customized direct mail and alerts
• Arca’s weekly statistical report reaches 432 traders
• Advertising in industry publications include Trader’s Magazine, Crain's,
Barron’s, WSJ, Institutional Investor etc.
Client Synergies….our clients, are your clients.
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ArcaEx is the Only Electronic Stock Exchange in the U.S. to Always
Offer Full Price Protection By Immediate Execution of Orders
Internally or Routing to other Marketplaces for Best Execution.
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ArcaBook Screen Shot of RDC 09/27/04
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Percentage of Time at Inside Quote
96.06%
100.00%
80.00%
60.00%
40.00%
35.83%
20.00%
0.00%
NYSE ArcaEx
10 Source: ArcaVision Price Discovery for RDC 08/01/04 – 09/24/04
0.99%
NASDAQ
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Quoted Depth (Shares)
1534
1600
1400
1200
1000
800
600
400
200
0
471
NYSE ArcaEx
11 Source: ArcaVision Price Discovery for RDC 08/01/04 – 09/24/04
263
NASDAQ
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Understand Types of Client Trading Your Stock on ArcaEx
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Marketing and Public Relations
Public Exposure Benefits
• ArcaEx has launched a multi media branding campaign to raise the awareness of ArcaEx and its issuers to the public.
• Featured spot for Baker Hughes on the ArcaEx website home page during the year.
• In depth profile of Baker Hughes in the Issuers section of the website.
• Direct Marketing to Relevant Investors
• IRL Car Advertising
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ArcaEx’s Co-Sponsorship Opportunities
Real-Estate
Reserved for ArcaEx
Partners
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Summary of Principal Listing Fees for
Common Stock of U.S. Companies
Marketplace Initial Fee
(one-time)
$20,000
Annual Fee
ArcaEx Exclusive
ArcaEx Non-exclusive
NYSE
$10,000
$150,000 - $250,000*
$2,000
$1,000 up to $500,000*
NASDAQ National
Market
NASDAQ SmallCap
Market
$100,000 - $150,000*
$25,000-50,000*
$21,225 - $60,000*
$15,000-16,000*
American Stock
Exchange
$35,000 - $65,000* $15,000 - $30,000*
* Based on number of shares Fees as of 03/04
Note: ArcaEx’s annual fee is first payable in the first full calendar year of listing.
All other market places charge a pro rated annual fee upon listing.
*ArcaEx Listing of Additional Shares fees cap out at $15,000 annually vs. $45,000 NASDAQ and $60,000 Amex
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• Listing on the nationally recognized, world’s largest, fully electronic stock exchange
•
Enhanced visibility in the public and financial community in the U.S. and abroad (ArcaEx has embarked upon a major awareness campaign in 2004)
•
ArcaVision: Unprecedented insight into the trading of your stock

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"The Archipelago Exchange (ArcaEx) is a trading facility of the PCX and the PCXE.
This material is for your private information, and neither Archipelago Holdings, LLC, nor its affiliates are soliciting any action based upon it. This report is not to be construed as an offer to buy or sell any security in any jurisdiction where such an offer or solicitation would be illegal. Any opinions expressed are our present opinions only. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such."
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