NASDAQ OMX Group (NDAQ)

U.S. Cash Equity Trading Revenues

U.S. cash equity trading revenues decreased in the first quarter of 2009 compared with the same period in 2008. The decrease was primarily due to a decrease in Section 31 revenues and a decrease in the average net fee per share matched on NASDAQ’s trading system. The decrease was partially offset by an increase in overall U.S. equity volumes.

As discussed above, we record Section 31 fees as cash equity trading revenues with a corresponding amount recorded as cost of revenues. We are assessed these fees from the SEC and pass them through to our customers in the form of incremental fees. Since the amount recorded in revenues is equal to the amount recorded in cost of revenues, there is no impact on our revenues less liquidity rebates, brokerage, clearance and exchange fees. Section 31 fees were $25 million in the first quarter of 2009 and $91 million in the first quarter of 2008. The decrease in the first quarter of 2009 compared with the same period in 2008 is primarily due to lower dollar volume traded and lower Section 31 fee rates during 2009.

Liquidity rebates, in which we credit a portion of the per share execution charge to the market participant that provides the liquidity, increased in the first quarter of 2009 compared with the same period in 2008, primarily due to an increase in overall U.S. equity volumes, as well as an increase in the amount of the rebate offered to liquidity providers.

Brokerage, clearance and exchange fees decreased in the first quarter of 2009 compared with the same period in 2008, primarily due to a decrease in Section 31 fees due to lower dollar volume traded and lower Section 31 fee rates, as well as lower routing costs due to a decrease in the amount of volume routed and a reduction in charges by other venues. The decrease was partially offset by a rebate received in the first quarter of 2008 from the National Securities Clearing Corporation, or NSCC.

Cash Equity Trading Revenues

Cash equity trading revenues increased in 2008 compared with 2007 and in 2007 compared with 2006. The increase in 2008 was primarily due to an increase in trade execution market share and average daily share volume in NYSE- and regional-listed securities primarily due to competitive pricing and systems capacity advantages. Partially offsetting this increase were lower Section 31 revenues due to lower rates charged by us to customers beginning January 2008. In 2008, cash equity trading revenues also include European cash equity trading revenues of $113.3 million which includes trading revenues from equity products traded on the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. The increase in 2007 compared to 2006 was primarily due to increases in trade execution market share in NYSE- and NYSE Alternext-listed securities, fees collected as a result of NASDAQ’s operation as a national securities exchange and increases in average daily share volume. In February 2007, we announced new equities pricing to harmonize the trading of NASDAQ-listed and non-NASDAQ-listed securities into one pricing schedule. We also announced a pricing change, effective March 1, 2007, that lowered execution and routing fees for high volume customers. As a result of these pricing changes, our matched market share in U.S.-listed equities has increased which also contributed to the increase in our execution and trade reporting revenues.

As discussed above, we record Section 31 fees as cash equity trading revenues with a corresponding amount recorded as cost of revenues. We are assessed these fees from the SEC and pass them through to our customers in the form of incremental fees. Since the amount recorded in revenues is equal to the amount recorded in cost of revenues, there is no impact on our revenues less liquidity rebates, brokerage, clearance and exchange fees. Section 31 fees were $207.3 million in 2008, $365.0 million in 2007 and $170.6 million in 2006. The decrease in 2008 compared with 2007 is primarily due to rate reductions in 2008. The increase in 2007 compared to 2006 is primarily due to fees collected as a result of The NASDAQ Stock Market’s operation as a national securities exchange for NASDAQ-listed securities beginning August 1, 2006 and February 12, 2007 for non-NASDAQ-listed securities.

Liquidity rebates, in which we credit a portion of the per share execution charge to the market participant that provides the liquidity, increased in 2008 compared with 2007 and in 2007 compared with 2006. The increase in liquidity rebates in 2008 compared with 2007 was primarily due to increases in average daily share volume in NYSE- and regional-listed securities. The increase in liquidity rebates in 2007 compared with 2006 was primarily due to increases in trade execution market share for NYSE- and NYSE Alternext-listed securities and the pricing changes discussed above.

Brokerage, clearance and exchange fees decreased in 2008 compared with 2007 and increased in 2007 compared with 2006. The decrease in 2008 compared with 2007 was primarily due to lower rates charged on Section 31 fees in 2008. The increase in 2007 compared with 2006 was primarily due to additional Section 31 fees due to The NASDAQ Stock Market’s operation as a national securities exchange and increases in trade execution market share for NYSE- and NYSE Alternext-listed securities. As noted above, effective August 1, 2006, as a result of The NASDAQ Stock Market’s operation as a national securities exchange, additional Section 31 fees were recorded as execution and trade reporting revenues as well as a corresponding cost of revenues. Partially offsetting the increase in 2007 was a decline in clearance costs due to our migration to a single trading platform.

Cash Equity Trading Revenues

Cash equity trading revenues increased in the third quarter and for the first nine months of 2008 compared with the same periods in 2007 primarily due to an increase in trade execution market share and average daily share volume in NYSE- and regional-listed securities. Partially offsetting these increases for both the third quarter and for the first nine months of 2008 are lower Section 31

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revenues due to lower rates charged by us to customers beginning January 2008. Cash Equity Trading revenues also include European cash equity trading revenues of $33.6 million for the third quarter of 2008 and $84.9 million for the first nine months of 2008 which includes trading and clearing revenues from equity products traded on the Nordic Exchange.

As discussed above, we record Section 31 fees as trading revenues with a corresponding amount recorded as cost of revenues. We are assessed these fees from the SEC and pass them through to our customers in the form of incremental fees. Since the amount recorded in revenues is equal to the amount recorded in cost of revenues, there is no impact on our revenues less liquidity rebates, brokerage, clearance and exchange fees. Section 31 fees were $42.4 million in the third quarter of 2008 compared to $94.2 million in the third quarter of 2007 and $170.9 million in the first nine months of 2008 compared to $265.8 million in the first nine months of 2007. The decrease in the third quarter and first nine months of 2008 compared with the same periods last year was primarily due to a rate reduction in January 2008.

Cash Equity Trading Revenues

Cash equity trading revenues increased in the second quarter and for the first six months of 2008 compared with the same periods in 2007 primarily due to an increase in trade execution market share in NYSE-, Amex- and regional-listed securities. An increase in average daily share volume in NASDAQ-listed securities in the first six months of 2008 compared with the same period in 2007 also contributed to the year over year increase. Partially offsetting these increases in both periods are lower Section 31 revenues due to lower rates charged beginning January 2008 and lower average daily share volume and market share in NASDAQ-listed securities in the second quarter of 2008 compared with the same period in 2007. Transaction Services revenues also include European cash equity trading revenues of $38.0 million for the second quarter of 2008 and $51.3 million for the first six months of 2008 which includes trading and clearing revenues from equity and derivative products traded on the Nordic Exchange.

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As discussed above, we record Section 31 fees as trading revenues with a corresponding amount recorded as cost of revenues. Since the amount recorded in revenues is equal to the amount recorded in cost of revenues, there is no impact on our revenues less liquidity rebates, brokerage, clearance and exchange fees. Section 31 fees were $37.3 million in the second quarter of 2008 compared to $73.1 million in the second quarter of 2007 and $128.4 million in the first six months of 2008 compared to $171.6 million in the first six months of 2007. The decrease in the second quarter and first six months of 2008 compared with the same periods last year was primarily due to a rate reduction in January 2008.