NASDAQ OMX Group (NDAQ)

Integration of INET

Our integration of INET is substantially complete. In October 2006, Nasdaq migrated all Nasdaq-listed securities to the INET platform, and plans to migrate non-Nasdaq listed securities trading on Brut to INET in November 2006. The final aspect of integration – the transfer of non-Nasdaq listed securities from Nasdaq’s legacy execution system to the INET platform – is scheduled for the fourth quarter of 2006 depending on the timing of necessary regulatory approvals and system enhancements to ensure appropriate regulatory surveillance. We do not believe that this final aspect of integration is material to the overall integration of INET. We believe that our progress to date on the integration of Nasdaq’s legacy execution system and the Brut and INET execution systems onto a single platform has provided the foundation for improved execution quality and speed, while maintaining the attributes of The Nasdaq Market Center, including market making functionality, attributed quotes, and the Opening, Closing and IPO crosses.

Integration of INET

Our integration of INET is well underway. On July 14, 2006, the SEC approved our plan to integrate The Nasdaq Market Center and the Brut and INET execution systems into a single platform. Our system integration, which is based on the INET platform, will provide improved execution quality and speed, while maintaining the attributes of The Nasdaq Market Center, including market making functionality, attributed quotes, and the Opening, Closing and IPO crosses. Our system integration in Nasdaq-listed securities will occur on a security-by-security phase-in scheduled to begin in the third quarter of 2006. NYSE-, Amex- and regional-listed securities will be integrated on a single date in the fourth quarter of 2006. We expect to complete the integration during the fourth quarter of 2006.

Integration of INET

Our integration of INET is well underway. Assuming that we obtain prompt SEC approval of our “single book” and related rule proposals, we expect to begin migrating trading activity to the INET platform late in the second quarter for NYSE- and Amex-listed securities and early in the third quarter of 2006 for Nasdaq-listed securities. We plan to complete the migration of trading activity in the third quarter, though the integration of the related customer communication networks will continue into the fourth quarter of 2006. We may begin to recognize some cost savings in the third quarter, although full synergies will not occur until the fourth quarter of 2006, once we are able to eliminate all legacy networks and platforms. All of these time frames assume timely SEC approval of all necessary rule proposals.