1. The Nasdaq Stock Market, Inc. 2002 Market Data Initiatives FISD General Session June 17, 2002

2. Nasdaq Market Data Initiatives SuperMontage Data Products Securities Information Processor (SIP) changes Market Data Network Introduction

3. SuperMontage New Nasdaq trading system New data products leverage enhanced capabilities of SuperMonatge –Multiple orders/quotes per market participant –Unattributed orders/size ViewSuite: Four data package options available through market data distributors

4. ViewSuite Package - QuoteView Best bid and offer from each Nasdaq market participant including “SIZE” – unattributed order depth Replaces Level 2 No quotes from exchanges not participating in SuperMontage Data accessed through NQDS data feed

5. QuoteView Display Sample

6. ViewSuite Package – DepthView New product entirely based on data that flows out of SuperMontage Aggregated size of all quotes and orders at each of the top five price levels on the bid and on the offer No attribution of the quotes/orders to specific market participants Aggregate sizes can include multiple quotes/orders from a single market participant in a stock Data accessed through Aggregated Depth at Price (ADAP) data feed

7. DepthView Display Sample

8. ViewSuite Package - PowerView  Combination of QuoteView and DepthView  Available on Nasdaq Workstation and through market data distributors  Provides current Level 2 customers an opportunity to enhance the data they receive today with the DepthView data at a discount to the stand-alone price of each individual data product

9. PowerView Display Sample

10. ViewSuite Package - TotalView Includes QuoteView and DepthView Additional data - the details behind DepthView (Nasdaq Prime) Attributed specific quotes/orders at each of the top five price levels Anonymous “SIZE” identifier for an aggregate of all anonymous quotes/orders at each of the top five price levels A premium data product offering for the most active Nasdaq trading and investing professionals Data accessed through Nasdaq Prime data feed

11. TotalView Display Sample

12. Marketing Support of ViewSuite Print Ads –Registered Rep, Securities Industry News, Institutional Investor, Trader Direct mail Sitelet – www.viewsuite.nasdaqtrader.comwww.viewsuite.nasdaqtrader.com Subscriber sales Vendor education

13. Vendor Support of View Services Ameritrade Pro Bloomberg Cybertrader Datek eSignal Hyperfeed ILX Systems LAVA RediProducts Reuters S&P Comstock Sungard/BRASS Swifttrade Townsend Track Data Tradescape

14. ViewSuite Pricing Monthly per user/device Currently Under Review by SEC ProfessionalNon- professional QuoteView$40$9 DepthView$50$25 PowerView$75$29 TotalView$150

15. ViewSuite Pricing Distributor Fees Currently Under Review by SEC Distribution by a Nasdaq member –DepthView/PowerView only - $1,000/month –TotalView - $10,000/month with 66 free displays Distribution by a non-member –DepthView/PowerView only - $1,000/month –TotalView - $30,000/month with 200 free displays

16. SIP Changes Nasdaq is SIP for UTP Plan Current data feed products carry both UTP/SIP data and Nasdaq proprietary data SIP Initiative creates new “pure” SIP feeds Need for separate feeds: –Capacity –Support of NASD Alternative Display Facility –Nasdaq exchange registration

17. Entitlement – SIP/Level 1 Pricing stays the same Addition of exchange BBOs Changes to Short-Sale Bid Tick Includes SIP and Nasdaq Proprietary Data: –National BBO for Nasdaq issues –OTCBB/Other OTC information –Indexes –Mutual Funds

18. Data Feed Changes – SIP/Level 1 Nasdaq-listed quote and trade data to be offered on new UTP Quote and Trade feeds Nasdaq-listed quote and trade data to be removed from Level 1 and NTDS Parallel Period –New UTP feeds start 7/1/2002 –Distributor Production can begin 7/15/2002 –Parallel period ends 9/25/2002

19. Market Data Network (MDN) MDN offers: –Support for IP multicast data feed applications. –Adequate capacity to handle Nasdaq’s projected message traffic rates for new and existing data feeds through 2003. –Multiple configuration options to meet individual customer needs. –Scalability to grow as data feed message rates increase or new products are introduced. –High level of network management and redundancy.

20. MDN Ordering Information To obtain an ordering packet, please contact WorldCom Global Account Team at (800) 825-9196. –Orders will be handled on a first come, first served basis. –Allow a minimum of 30 business days for processing. –When ordering, please indicate if you have any special installation requirements.

21. MDN Subscriber Status All major Market Data Vendors and Market Makers have placed orders 138 Sites have placed MDN orders –73 Sites have completed installation –78% of legacy sites have placed orders

22. UTP/SIP Release & Test Schedule

24. SuperMontage Data Feed Release & Test Schedule