NASDAQ OMX Group (NDAQ)

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues increased in 2007 compared with 2006 and decreased in 2006 compared with 2005. The increase in 2007 was primarily due to an increase in licensing fees associated with Nasdaq-licensed ETFs and third party structured products. Partially offsetting the increase in 2007 and contributing to the decrease in 2006, was a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. The outcome of two court cases has impacted our ability to collect licensing revenues for options on ETFs that track our indexes. See sources of revenues section for further discussion. Partially offsetting the decrease in 2006 was higher volume activity for both derivative and third party products as well as increases in third party assets under management.

Other revenues remained flat in 2007 compared with 2006 and increased in 2006 compared with 2005. Nasdaq Financial Products, through its PORTAL Market, facilitates the eligibility for clearing and settlement services at DTCC of PORTAL/Rule 144A securities. The increase in other revenues in 2006 was primarily due to an increase in the number of applications seeking PORTAL designation.

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Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues increased in 2007 compared with 2006. The increase in 2007 was primarily due to an increase in licensing fees associated with Nasdaq-licensed ETFs and third-party structured products. Partially offsetting the increase in 2007, was a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. Recent court decisions have impacted our ability to collect licensing revenues for options on ETFs that track our indexes.

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Other revenues remained flat in 2007 compared with 2006. Nasdaq Financial Products, through its PORTAL Market, facilitates the eligibility for clearing and settlement services at the Depository Trust & Clearing Corporation (“DTCC”) of PORTAL/Rule 144A securities.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues increased in the third quarter and for the first nine months of 2007 compared with the same periods last year primarily due to an increase in licensing fees associated with Nasdaq-licensed ETFs and third party structured products. Partially offsetting the increase was a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. Recent court decisions have impacted our ability to collect licensing revenues for options on ETFs that track our indexes. We transferred the sponsorship functions including sales, marketing and administration of several ETFs, including our QQQ, EQQQ and BLDRs ETFs, to PowerShares Capital Management LLC. The transfer of the QQQ and BLDRs ETFs to PowerShares closed on March 21, 2007 and the transfer of the EQQQ to PowerShares closed on August 9, 2007. In connection with the transfers, the QQQ was renamed the PowerShares QQQ Trust in March 2007 and the EQQQ was renamed the PowerShares EQQQ Trust in August 2007. After the transfers, Nasdaq has maintained its status as licensor of the QQQ and EQQQ ETFs and continues to receive license fees from these ETFs as they are benchmarked against the Nasdaq-100 Index. These transfers expand the distribution channels for the funds and brings greater investor access to these products. As a result, the amount of licensing revenues may increase in the future.

Other revenues were flat in the third quarter and increased for the first nine months of 2007 compared with the same periods last year. The increase in the first nine months of 2007 was primarily due to an increase in the number of applications seeking Portal designation. Nasdaq Financial Products, through its Portal Market, facilitates the eligibility for clearing and settlement services at The Depository Trust & Clearing Corporation of Portal/Rule 144A securities.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues decreased in the second quarter and for the first six months of 2007 compared with the same periods last year. The decreases were primarily due to a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. Recent court decisions have impacted our ability to collect licensing revenues for options on ETFs that track our indexes (such as PowerShares QQQ). Partially offsetting the decrease in the second quarter and for the first six months of 2007 was higher volume activity for both derivative and third party products as well as increases in third party assets under management. In addition, we transferred the sponsorship functions including sales, marketing and administration of several ETFs, including our QQQ and BLDRs ETFs, to PowerShares Capital Management LLC. The transfer of the QQQ and BLDRs ETFs to PowerShares closed on March 21, 2007. In connection with the transfer, the QQQ was renamed the PowerShares QQQ Trust in March 2007. The EQQQ is scheduled to transfer to PowerShares during the second half of 2007. After the transfer, Nasdaq has maintained its status as licensor of the QQQ ETF and continues to receive license fees from this ETF as it is benchmarked against the Nasdaq-100 Index. Nasdaq will also maintain its status as licensor of the EQQQ when the sponsorship is transferred to PowerShares. This transfer expands the distribution channels for the funds and brings greater investor access to these products. As a result, the amount of licensing revenues may increase in the future. In addition, Nasdaq subsequently increased the license fee for these products which may also increase the amount of licensing revenues.

Other revenues increased in the second quarter and for the first six months of 2007 compared with the same periods last year primarily due to an increase in the number of applications seeking Portal designation. Nasdaq Financial Products, through its Portal Market, facilitates the eligibility for clearing and settlement services at Depository Trust and Clearing Corporation of Portal/Rule 144A securities.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

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Licensing revenues decreased in the first quarter of 2007 compared with the first quarter of 2006. The decrease was primarily due to a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. Recent court decisions have impacted our ability to collect licensing revenues for options on ETFs that track our indexes (such as QQQ). Partially offsetting the decrease in the first quarter of 2007 was higher volume activity for both derivative and third party products as well as increases in third party assets under management. In addition, in October 2006, we announced an agreement with PowerShares, to transfer the sponsorship functions including sales, marketing and administration of our QQQ, EQQQ and BLDRs ETFs. The transfer of the QQQ and BLDRs ETFs to PowerShares closed on March 21, 2007. The EQQQ is scheduled to transfer to PowerShares during the second half of 2007. Nasdaq has maintained its status as licensor of the QQQ ETF and continues to receive license fees from this ETF as it is benchmarked against the Nasdaq-100 Index. Nasdaq will also maintain its status as licensor of the EQQQ when the sponsorship is transferred to PowerShares. This transfer expands the distribution channels for the funds and brings greater investor access to these products. As a result, the amount of licensing revenues may increase in the future. In addition, Nasdaq subsequently increased the license fee for these products which may also increase the amount of licensing revenues.

Other revenues increased in the first quarter of 2007 compared with the first quarter of 2006. The increase in other revenues was primarily due to an increase in the number of applications seeking Portal designation. Nasdaq Financial Products, through its Portal Market, facilitates the eligibility for clearing and settlement services at Depository Trust and Clearing Corporation of Portal/Rule 144A securities.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues decreased in 2006 compared with 2005 and in 2005 compared with 2004. The decrease in 2006 compared with 2005 was primarily due to a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. Recent court decisions have impacted our ability to collect licensing revenues for options on ETFs that track our indexes (such as QQQ). See Sources of Revenues—Issuer Services—Nasdaq Financial Products, for further discussion. Partially offsetting the decrease in 2006 was higher volume activity for both derivative and third party products as well as increases in third party assets under management. The decrease in 2005 was primarily due to reduced licensing revenues related to the QQQ as a result of its listing moving from Amex to The Nasdaq Stock Market in the fourth quarter of 2004.

Other revenues increased in 2006 compared with 2005 and in 2005 compared with 2004. Nasdaq Financial Products, through its Portal Market, facilitates the eligibility for clearing and settlement services at DTCC of Portal/Rule 144A securities. The increase in other revenues in 2006 was primarily due to an increase in the number of applications seeking Portal designation.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues decreased for the third quarter and for the first nine months of 2006 compared with the same periods last year primarily due to a decline in licensing fees associated with options traded on ETFs based on Nasdaq indexes. Recent court decisions have impacted our ability to collect licensing revenues for options on ETFs that track our indexes (such as QQQ). See Sources of Revenues— Issuer Services— Nasdaq Financial Products, for further discussion.

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Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Licensing revenues increased for the second quarter and for the first six months of 2006 compared with the same periods last year primarily due to higher volume activity for both derivative and third party products as well as increases in third party assets under management.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

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Nasdaq Financial Products, through its Portal Market review activities, facilitates the settlement of transactions in private placement securities. The increase in Portal revenues was primarily due to an increase in the number of applications seeking Portal designation.

Nasdaq Financial Products

The following table shows revenues from Nasdaq Financial Products:

Nasdaq Financial Products revenues decreased $2.0 million, or 4.9%, in 2005 compared with 2004 and increased $4.6 million, or 12.8%, in 2004 compared with 2003.

Licensing revenues decreased $2.2 million, or 6.0%, in 2005 compared with 2004 and increased $3.8 million, or 11.6% in 2004 compared with 2003. The decrease in 2005 was primarily due to reduced licensing revenues related to the QQQ as a result of its listing moving from Amex to The Nasdaq Stock Market in the fourth quarter of 2004. The increase in 2004 was primarily due to an increase in options trading volume on QQQ and an increase in options and futures trading volume on Nasdaq indexes. Also contributing to the increase in 2004 was a fee increase implemented during the year. Licensing revenues primarily include trademark and licensing revenues related to the QQQ and other financial products linked to Nasdaq indexes issued in the United States and abroad.

Nasdaq Financial Products

The following table sets forth revenues from Nasdaq Financial Products:

Nasdaq Financial Products revenues were $9.4 million for both the three months ended September 30, 2005 and 2004. Nasdaq Financial Products revenues decreased $1.8 million, or 5.8%, for the nine months ended September 30, 2005, compared with the same period of 2004.

Licensing revenues decreased $0.1 million, or 1.2%, in the three months ended September 30, 2005 and decreased $1.9 million, or 6.7%, for the nine months ended September 30, 2005, compared with the same periods of 2004. The decrease in the nine months ended September 30, 2005 was primarily due to reduced licensing revenues related to the QQQ as a result of its listing moving from Amex to The Nasdaq Stock Market in the fourth quarter of 2004. Licensing revenues primarily include trademark and licensing revenues related to the QQQ and other financial products linked to Nasdaq indexes issued in the United States and abroad. QQQQ is the trading symbol for the shares of the Nasdaq-100 Index Tracking Stock. QQQ is one of the registered names of the Nasdaq-100 Index Tracking Stock. QQQ represents units of beneficial interest in a unit investment trust, the Nasdaq-100 Trust that holds shares of the top 100 U.S. and international non-financial stocks listed on The Nasdaq Stock Market that comprise the Nasdaq-100 Index.