NASDAQ OMX Group (NDAQ)

Minority Interest

Minority interest was $0.1 million in 2007 compared with $0.9 million in 2006, a decrease of 88.9%. We began recording minority interest for Reuters’ minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst coverage, beginning in the third quarter of 2005. As of December 31, 2007, Reuters’ investment in the Independent Research Network was reduced to zero due to losses incurred at the Independent Research Network and 100.0% of the losses are now recorded by us. We are discontinuing the Independent Research Network’s operations in 2008.

Minority
Interest

Minority interest was $0.1 million in 2007
compared with $0.9 million in 2006, a decrease of 88.9%. We began recording minority interest for Reuters’ minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst
coverage, beginning in the third quarter of 2005. As of December 31, 2007, Reuters’ investment in the Independent Research Network was reduced to zero due to losses incurred at the Independent Research Network and 100.0% of the losses are
now recorded by us. We are discontinuing the Independent Research Network’s operations in 2008.

FACE="Times New Roman" SIZE="2">Income Taxes

SIZE="2">Nasdaq’s income tax provision was $275.5 million in 2007 compared with $85.2 million in 2006, and was $44.6 million in 2005, an increase of 91.0% in 2006 compared with 2005. The overall effective tax rate was 34.7% in 2007, 40.0% in
2006 and 41.9% in 2005. Although the income tax provision increased in 2007, the overall effective tax rate was lower in 2007 primarily due to the utilization of capital loss carryforwards and a reduction to the reserve for uncertain tax positions.
The higher effective tax rate in 2005 when compared to 2007 and 2006 was primarily due to a loss on the restructuring of the $240.0 million convertible notes, a portion of which is not deductible for U.S. income tax purposes due to the conversion
feature.

The effective tax rate may vary from period to period
depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax
assets.

We adopted the provisions of FASB Interpretation
No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109,” or FIN 48, on January 1, 2007. As a result of the implementation of FIN 48, we recognized a $1.0 million increase to
reserves for uncertain tax positions. This increase was accounted for as an adjustment to the beginning balance of retained earnings in the consolidated balance sheet. At the adoption date of January 1, 2007, we had $9.2 million of unrecognized
tax benefits of which $7.9 million would affect our effective tax rate if recognized. As of December 31, 2007, we had $7.6 million of unrecognized benefits of which $4.0 million would affect our effective tax rate if recognized.

Minority interest

In accordance with IFRS, minority interest is recognized as part of shareholders’ equity and is included in net income for the year in the income statement. Under U.S. GAAP, minority interest is reported as a separate item in both the income statement and balance sheet.

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Minority Interest

Minority interest was zero for the third quarter of 2007 as compared with $0.1 million for the third quarter of 2006 and was $0.1 million for the first nine months of 2007 as compared with $0.6 million for the first nine months of 2006. We began recording minority interest for Reuters’ minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst coverage, beginning in the third quarter of 2005. Reuters’ investment in the Independent Research Network has been reduced to zero due to losses incurred at the Independent Research Network and 100.0% of the losses are now recorded by us. We are discontinuing the Independent Research Network’s operations in 2008.

Minority Interest

Minority interest was zero for the second quarter of 2007 as compared with $0.3 million for the second quarter of 2006 and was $0.1 million for the first six months of 2007 as compared with $0.5 million for the first six months of 2006. We began recording minority interest for Reuters’ minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst coverage, beginning in the third quarter of 2005. Reuters’ investment in the Independent Research Network has been reduced to zero due to losses incurred at the Independent Research Network and 100.0% of the losses are now recorded by us.

Minority Interest

Minority interest was $0.1 million in the first quarter of 2007 and the first quarter of 2006. We began recording minority interest for Reuters’ minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst coverage, beginning in the third quarter of 2005.

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Minority Interest

Minority interest was $0.9 million in 2006 compared with $0.2 million in 2005. We began recording minority interest for Reuters’ minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst coverage, beginning in the third quarter of 2005.

Minority Interest

Minority interest was $0.1 million for the both the third quarter of 2006 and 2005 and was $0.6 million for the first nine months of 2006 as compared with $0.1 million for the first nine months of 2005. We began recording minority interest for Reuters minority investment in the Independent Research Network, a joint venture created to help public companies obtain independent analyst coverage, beginning in the third quarter of 2005.

Minority Interest

Minority interest was $0.3 million for the second quarter of 2006 and $0.5 million for the first six months of 2006. We began recording minority interest for Reuters minority investment in the Independent Research Network beginning in the third quarter of 2005.

Minority Interest

Minority interest was $0.1 million for the three months ended March 31, 2006. We began recording minority interest for the Independent Research Network beginning in the third quarter of 2005.