1. Presentation for Rowan Companies, Inc. by The Archipelago Exchange The World’s Largest Electronic Stock Exchange September 30, 2004 The Archipelago Exchange (ArcaEx) is a facility of the PCX and the PCXE.

2. Archipelago Exchange Overview

3. RESPOND. CHANGE. SURVIVE. THRIVE3 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) Archipelago Corporate Background

4. RESPOND. CHANGE. SURVIVE. THRIVE4 The Evolution from “ARCA ECN” to ArcaEx Jan 1997: First trade on electronic trading platform (originated from a change in the SEC’s order handling rules in 1996) June 2000: Completed alliance with Pacific Exchange to create ArcaEx Apr 2003: ArcaEx fully launched March 2002: Merged with REDIBook, combining the two fastest growing ECNs Oct 2001: SEC approves exchange status

5. RESPOND. CHANGE. SURVIVE. THRIVE5 Over 230 Companies Currently Listed 13 of the current components of the Dow Jones Industrial Average are listed 99 of this year’s Fortune 500 are listed

6. Listing Relationships & Brands are Built

7. RESPOND. CHANGE. SURVIVE. THRIVE7 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.comwww.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.

8. Liquidity and Market Structure Opportunities

9. RESPOND. CHANGE. SURVIVE. THRIVE9 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. ArcaBook Screen Shot of RDC 09/27/04

10. RESPOND. CHANGE. SURVIVE. THRIVE10 Percentage of Time at Inside Quote Source: ArcaVision Price Discovery for RDC 08/01/04 – 09/24/04 ArcaEx is the Alternative Market for RDC 96.06% 35.83% 0.99% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% NYSEArcaExNASDAQ

11. RESPOND. CHANGE. SURVIVE. THRIVE11 Source: ArcaVision Price Discovery for RDC 08/01/04 – 09/24/04 Quoted Depth (Shares) 1534 471 263 0 200 400 600 800 1000 1200 1400 1600 NYSEArcaExNASDAQ ArcaEx is the Alternative Market for RDC

12. Information and Analysis Tools

13. RESPOND. CHANGE. SURVIVE. THRIVE13 ArcaVision Information Tools Understand Types of Client Trading Your Stock on ArcaEx

14. RESPOND. CHANGE. SURVIVE. THRIVE14 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

15. RESPOND. CHANGE. SURVIVE. THRIVE15 ArcaEx’s Co-Sponsorship Opportunities Real-Estate Reserved for ArcaEx Partners

16. ArcaEx/PCX Listing Fees

17. RESPOND. CHANGE. SURVIVE. THRIVE17 Summary of Principal Listing Fees for Common Stock of U.S. Companies MarketplaceInitial Fee (one-time) Annual Fee ArcaEx Exclusive$20,000$2,000 ArcaEx Non-exclusive$10,000$1,000 NYSE$150,000 - $250,000*up to $500,000* NASDAQ National Market $100,000 - $150,000*$21,225 - $60,000* NASDAQ SmallCap Market $25,000-50,000*$15,000-16,000* American Stock Exchange $35,000 - $65,000*$15,000 - $30,000* * Based on number of sharesFees 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

18. ArcaEx Listing Offers: 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

19. RESPOND. CHANGE. SURVIVE. THRIVE19 "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."