NASDAQ OMX Group (NDAQ)

10. Deferred Credits

The Exchange has classified amounts totaling $5,627,000 (comprised of rent credits of $5,320,000 and depreciation credits of $307,000) and $5,317,000 (comprised of rent credits of $4,894,000 and depreciation credits of $423,000) as deferred credits at March 31, 2008 and 2007, respectively. The deferred rent credit (see note N.1) represents the tenant improvement allowance paid to the Exchange and will be amortized over the life of the lease renewal. The deferred depreciation credit represents a reimbursement of equipment purchases and internally developed software expenses related to development of PBOT’s trading platform and will be amortized over the life of the equipment and software.

(Continued)

8

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

10. Deferred credits

PHLX has classified amounts totaling $5.1 million (comprising rent credits of $4.7 million and depreciation credits of approximately $364,000) and $5.5 million (comprising rent credits of $5.0 million and depreciation credits of $479,000), as deferred credits at September 30, 2007 and 2006, respectively. The deferred rent credit represents the tenant improvement allowance paid to PHLX and will be amortized over the life of the lease renewal. The deferred depreciation credit represents a reimbursement of equipment purchases and internally developed software expenses related to development of PBOT’s trading platform and will be amortized over the life of the equipment and software.