NASDAQ OMX Group (NDAQ)

2007 performance of Nasdaq

The following discussion and analysis of our 2007 performance covers periods prior to the consummation of the Transactions. Accordingly, the discussion and analysis of historical periods does not reflect the significant impact that the Transactions will have on us, including increased leverage and liquidity requirements. You should read the following discussion in conjunction with “Recent performance of Nasdaq” and the documents incorporated by reference herein. This discussion and analysis contains forward-looking statements that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, management. Our actual results could differ materially from those discussed in or implied by forward-looking statements for various reasons including those discussed in “Risk factors.” The financial information set forth below is derived from our preliminary unaudited financial statements and may be subject to revision in connection with completion of the audit for our fiscal year ended December 31, 2007.

Of our total 2007 revenues of $2,436.6 million, 88.3% was from our Market Services segment and 11.7% was from our Issuer Services segment. Of our total 2006 revenues of $1,657.8 million, 84.9% was from our Market Services segment and 15.1% was from our Issuer Services segment. Of our total 2005 revenues of $879.9 million, 74.3% was from our Market Services segment and 25.7% was from our Issuer Services segment.