NASDAQ OMX Group (NDAQ)

Gain (Loss) on Foreign Currency Contracts

The loss on foreign currency contracts was $57.9 million in 2008 compared with a gain of $44.0 million in 2007 and a gain of $48.4 million in 2006. The loss in 2008 primarily relates to a forward contract entered into to hedge the NOK cash payment for the Nord Pool transaction ($71.5 million) and our market technology forward currency contracts ($13.4 million), partially offset by gains on forward contracts entered into to hedge the foreign currency exposure on our business combination with OMX AB ($27.0 million).

The gain in 2007 primarily relates to option contracts purchased to hedge the foreign currency exposure on our business combination with OMX AB ($51.8 million), partially offset by a loss on options contracts purchased to hedge the foreign currency exposure on our acquisition bid for the LSE ($7.8 million).

The gain in 2006 relates to our acquisition bid for the LSE. In order to hedge the foreign currency exposure on our acquisition bid for the LSE, we purchased foreign currency option contracts at the time of the bid, which was the fourth quarter of 2006. The fair value of these contracts at December 31, 2006 was $71.7 million and the unrealized gain for the quarter ended December 31, 2006 was $48.4 million.

See Note 17, “Derivative Financial Instruments and Hedging Activities,” to the consolidated financial statements for further discussion.

Gain
(Loss) on Foreign Currency Contracts

The loss on foreign
currency contracts was $57.9 million in 2008 compared with a gain of $44.0 million in 2007 and a gain of $48.4 million in 2006. The loss in 2008 primarily relates to a forward contract entered into to hedge the NOK cash payment for the Nord Pool
transaction ($71.5 million) and our market technology forward currency contracts ($13.4 million), partially offset by gains on forward contracts entered into to hedge the foreign currency exposure on our business combination with OMX AB ($27.0
million).

The gain in 2007 primarily relates to option
contracts purchased to hedge the foreign currency exposure on our business combination with OMX AB ($51.8 million), partially offset by a loss on options contracts purchased to hedge the foreign currency exposure on our acquisition bid for the LSE
($7.8 million).

The gain in 2006 relates to our acquisition
bid for the LSE. In order to hedge the foreign currency exposure on our acquisition bid for the LSE, we purchased foreign currency option contracts at the time of the bid, which was the fourth quarter of 2006. The fair value of these contracts at
December 31, 2006 was $71.7 million and the unrealized gain for the quarter ended December 31, 2006 was $48.4 million.

Gain (Loss) on Foreign Currency Contracts

The loss on foreign currency contracts was $50.7 million in the third quarter of 2008, compared with a gain of $35.2 million in the third quarter of 2007. The loss on foreign currency contracts was $10.5 million in the first nine months of 2008, compared with a gain of $25.8 million in the first nine months of 2007. The loss in the third quarter of 2008 primarily relates to a loss recorded on our

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forward currency contract associated with the Nord Pool transaction ($45.1 million) and losses on forward currency contracts used to limit our exposure to foreign currency exchange rate fluctuations on contracted revenue streams. This contract was settled at the closing of the Nord Pool transaction in the fourth quarter of 2008. Upon settlement we recorded a loss of approximately $33 million. See Note 13, “Derivative Financial Instruments and Hedging Activities,” to the condensed consolidated financial statements for further discussion. The loss in the first nine months of 2008 primarily relates to our Nord Pool transaction ($38.4 million), partially offset by gains associated with our business combination with OMX ($27.0 million). The gain in the third quarter of 2007 is related to our business combination with OMX. The gain in the first nine months of 2007 is also related to our business combination with OMX, and is partially offset by a $7.8 million loss recorded in the first half of 2007 related to our hedge of the foreign currency exposure on our acquisition bid for the LSE. See Note 13, “Derivative Financial Instruments and Hedging Activities,” to the condensed consolidated financial statements for further discussion.

Gain (Loss) on Foreign Currency Contracts

The gain on foreign currency contracts was $4.9 million in the second quarter of 2008, compared with a loss of $1.7 million in the second quarter of 2007, an increase of $6.6 million. The gain on foreign currency contracts was $40.1 million in the first six months of 2008, compared with a loss of $9.5 million in the first six months of 2007, an increase of $49.6 million. The gain in the second quarter of 2008 primarily related to gains on forward currency contracts used to economically hedge our market technology contracted revenue streams. The gain in the first six months of 2008 related to our business combination with OMX ($27.0 million), our proposed acquisition of certain businesses of Nord Pool ($7.8 million) and gains on forward currency contracts used to limit our

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exposure to foreign currency exchange rate fluctuations on contracted revenue streams. The loss in the second quarter of 2007 was related to our business combination with OMX while the loss for the first six months of 2007 related to our acquisition bid for OMX as well as our acquisition bid for the LSE. See Note 13, “Derivative Financial Instruments and Hedging Activities,” to the condensed consolidated financial statements for further discussion.

Gain (Loss) on Foreign Currency Contracts

The gain on foreign currency contracts was $35.3 million for the quarter ended March 31, 2008, compared with a loss of $7.8 million for the quarter ended March 31, 2007, an increase of $43.1 million. The first quarter 2008 gain related to our business combination with OMX ($27.0 million) and our proposed acquisition of certain businesses of Nord Pool ($8.3 million), while the loss in the first quarter of 2007 related to our acquisition bid for the LSE. See Note 13, “Derivative Financial Instruments and Hedging Activities,” to the condensed consolidated financial statements for further discussion.