NASDAQ OMX Group (NDAQ)

Segment Operating Results

Of our total first quarter 2009 revenues less liquidity rebates, brokerage, clearance and exchange fees of $369 million, 69.9% was from our Market Services segment, 21.4% was from our Issuer Services segment, 7.9% was from our Market Technology segment and 0.8% related to other revenues. Of our total first quarter 2008 revenues less liquidity rebates, brokerage, clearance and exchange fees of $278 million, 66.9% was from our Market Services segment, 27.7% was from our Issuer Services segment, 4.7% was from our Market Technology segment and 0.7% related to other revenues.

The following table shows our total revenues, cost of revenues and revenues less liquidity rebates, brokerage, clearance and exchange fees by segment:

33

Table of Contents

Segment Operating Results

Of our total 2008 revenues of $3,648.7 million, 87.9% was from our Market Services segment, 9.1% was from our Issuer Services segment, 2.9% was from our Market Technology segment and 0.1% related to other revenues. 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.

The following table shows our total revenues, cost of revenues and revenues less liquidity rebates, brokerage, clearance and exchange fees by segment:

54

Table of Contents

Segment Operating Results

Of our total first quarter 2008 revenues of $813.8 million, 89.3% was from our Market Services segment, 9.3% was from our Issuer Services segment and 1.4% was from our Market Technology segment. Of our total first quarter 2007 revenues of $562.0 million, 88.2% was from our Market Services segment and 11.8% was from our Issuer Services segment.

The following table shows our total revenues, cost of revenues and revenues less liquidity rebates, brokerage, clearance and exchange fees by segment:

Segment Operating Results

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.

The following table shows our total revenues, cost of revenues and revenues less liquidity rebates, brokerage, clearance and exchange fees by segment:

45

Table of Contents

Segment Operating Results

Of our total third quarter 2007 revenues of $652.0 million, 88.8% was from our Market Services segment and 11.2% was from our Issuer Services segment. Of our first nine months of 2007 revenues of $1,772.1 million, 88.1% was from our Market Services segment and 11.9% was from our Issuers Services segment.

35

Table of Contents

The following table shows our total revenues, cost of revenues and revenues less liquidity rebates, brokerage, clearance and exchange fees by segment:

Segment Operating Results

Of our total second quarter 2007 revenues of $558.2 million, 87.3% was from our Market Services segment and 12.7% was from our Issuer Services segment. Of our first six months of 2007 revenues of $1,120.1 million, 87.8% was from our Market Services segment and 12.2% was from our Issuers Services segment.

22

Table of Contents

The following table shows our total revenues by segment, cost of revenues and revenues less liquidity rebates, brokerage, clearance and exchange fees: