NASDAQ OMX Group (NDAQ)

Investing Activities

Cash used in investing activities was $71.6 million for the nine months ended September 30, 2005 compared with $213.1 million for the nine months ended September 30, 2004, a decrease of $141.5 million, or 66.4%, primarily due to the acquisition of Brut completed on September 7, 2004 for a total consideration of $190.0 million, plus post-closing adjustments. See “Business Developments and Combinations—Acquisition of Brut,” of Note 3, “Significant and Related Party Transactions,” and Note 5, “Acquisition of Brut,” to the condensed consolidated financial statements for further discussion. During the nine months ended September 30, 2005, Nasdaq purchased $436.5 million of available-for-sale investments and $12.5 million of held-to-maturity

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investments. Nasdaq also funded $27.5 million for the acquisition of Carpenter Moore. See “Business Developments and Combinations—Acquisition of Carpenter Moore,” of Note 3, “Significant and Related Party Transactions,” to the condensed consolidated financial statements for further discussion. Capital expenditures and sales of property and equipment were $13.5 million and $18.0 million, respectively. See “Related Party Transactions—Sale of Building,” of Note 3, “Significant and Related Party Transactions,” to the condensed consolidated financial statements for further discussion. Investing activities also included proceeds of $383.7 million and $12.5 million from the redemption and maturities of available-for-sale investments and maturities of held-to-maturity investments, respectively. During the nine months ended September 30, 2004, Nasdaq purchased $213.2 million of available-for-sale investments and $29.1 million of held-to-maturity investments. Capital expenditures for property and equipment were $13.8 million. Investing activities also included proceeds of $206.0 million and $26.8 million from the redemption of available-for-sale investments and maturities of held-to-maturity investments, respectively.

Investing Activities

Cash used in investing activities was $30.3 million for the six months ended June 30, 2005 compared with $23.6 million for the six months ended June 30, 2004, an increase of $6.7 million, or 28.4%. During the six months ended June 30, 2005, Nasdaq purchased $265.1 million of available-for-sale investments and $3.0 million of held-to-maturity investments. Capital expenditures and sales of property and equipment were $9.0 million and $18.0 million, respectively. See “Related Party Transactions-Sale of Building,” of Note 3, “Significant Transactions,” to the condensed consolidated financial statements for further discussion. Investing activities also included proceeds of $222.8 million and $3.0 million from the redemption and maturities of available-for-sale investments and maturities of held-to-maturity investments, respectively. During the six months ended June 30, 2004, Nasdaq purchased $154.0 million of available-for-sale investments and $22.0 million of held-to-maturity investments. Capital expenditures for property and equipment were $10.1 million. Investing activities also included proceeds of $142.5 million and $19.7 million from the redemption of available-for-sale investments and maturities of held-to-maturity investments, respectively.