NASDAQ OMX Group (NDAQ)

Equity risks

OMX is exposed to equity market risk in its investment in shares of Oslo Børs ASA (“Oslo Børs”), which were valued at SEK 318 million at December 31, 2006 and SEK 449 million at September 30, 2007. A decrease in the value of Oslo Børs could lead to a financial loss for OMX. This position in monitored by OMX. At December 31, 2006, assuming no other change, a hypothetical 10% decline in the market price of the shares of Oslo Børs would have had an approximately SEK 32 million impact on the fair value of OMX’s investment in Oslo Børs.

Hedging of employee stock option program.  In order to limit costs for the programs if the OMX Share price were to increase, limit dilution and ensure that shares can be provided when options are exercised, an agreement has previously been made with an external party regarding the provision of OMX shares, known as an equity swap. The equity swap agreement covers the portion of outstanding employee stock options that are currently deemed likely to be exercised. The amount of the equity swap will be continuously adjusted so that it corresponds to the number of employee stock options that are expected to be utilized. For 2006, the net effect of the employee stock option program and the equity swap on profit and loss was SEK 15 million. For the first nine months of 2007, the effect on profit and loss was SEK 2 million.

Hedging of Share Match Program.  In order to limit expenses for the program in the event of an increase in the share price and to ensure that shares can be provided when shares are matched in the Share Match Program, OMX has signed an equity-swap agreement. The equity swap covers the portion of shares that are expected to be allotted at the end of the program and will be continuously adjusted so that it corresponds to the number of shares that are expected to be allotted. For 2006, the cost of the share match program was SEK 3 million. For the first nine months of 2007, the cost of the share match program was SEK 7 million.

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