Helen Kearns Named President of Nasdaq Canada

Montreal—The Nasdaq Stock Market, Inc., (Nasdaq^®) today announced that Helen M. Kearns has been named President of Nasdaq Canada^SM . Ms. Kearns will be responsible for leading the overall operation, growth, and development of the company. Nasdaq Canada was launched by the Nasdaq Stock Market, Inc. in November 2000 to provide Canadian investors with a new opportunity to invest in high-growth Canadian companies, U.S. and non-U.S. securities, and to provide Canadians with the ability to raise capital more efficiently. Ms. Kearns will join Nasdaq Canada on May 15, 2001.

With over 20 years experience in the Canadian capital markets, Ms. Kearns joins Nasdaq Canada from Kearns Capital Corporation, where she specialized in underwriting and financial advisory services for high growth, new economy companies. Commenting on her appointment, Nasdaq’s Chief Executive Officer Wick Simmons said, "Helen Kearns brings the leadership ability and wealth of experience in the Canadian capital markets needed to make Nasdaq grow and thrive."

During her career on Bay Street, Ms. Kearns was head of institutional equity sales and trading at Richardson Greenshields of Canada Limited. A native of Montreal, Ms. Kearns said, " It is very exciting to be a part of Nasdaq Canada. Increasingly we are seeing Canadian investors and companies look to the global stage to define their success. Nasdaq Canada provides a means by which they can achieve that."

Ms. Kearns also noted, "Having spent 20 years in the Canadian capital markets has afforded me the opportunity to get to know all aspects of Canadian capital markets starting with the investor, the corporate clients through financing, and the structure of Canadian capital markets during two terms that I served on the Board of the Toronto Stock Exchange."

Background on Nasdaq Canada

At year end, there were 142 Canadian companies listed on Nasdaq. For year 2000, Nasdaq Canadian companies generated on the average trading day $3.04 billion in dollar volume. These totals exceed those for any other Canadian exchange. With Nasdaq workstations now in place in Montreal, Canadian investors can get immediate access to both the Canadian companies listed on Nasdaq as well as all other Nasdaq issues.

In the first phase of Nasdaq Canada, Nasdaq terminals have been installed initially in 10 Canadian securities firms in Montreal. This will enable these firms to- trade the 5,000 Nasdaq-listed companies directly through their local broker, including the 42 Canadian companies previously listed solely on Nasdaq U.S. This initial phase of Nasdaq Canada is the first of a possible three phases in its development, as follows:

Phase One:

• Nasdaq terminals placed in Montreal;

• Participation by NASD member firms and registered personnel from Montreal;

• Trading of all Nasdaq-listed securities;

• Trading in U.S. dollars;

• Regulation by NASDR in collaboration with The Québec Securities Commission (CVMQ);

• Launching of Nasdaq Canada Web site (www.nasdaq-canada.com);

• Debut of Nasdaq Canada Index, tracking market performance of Canadian Nasdaq-listed stocks; and

• Opening of Nasdaq Canada office in Montreal.

Phase Two:

• Coincides with introduction of Nasdaq’s SuperMontage, which will provide for the display of multiple prices from each market participant;

• Involves participation by non-NASD member firms in Canada;

• Trading in both U.S. and Canadian dollars;

• Offers the opportunity to list Canadian companies exclusively on Nasdaq Canada; and

• Regulatory oversight by both NASDR and the Quebec Securities Commission (CVMQ).

Phase Three:

• True globalization: linking of Nasdaq Canada with Nasdaq, Nasdaq Japan, and Nasdaq Europe.

The 10 initial Canadian securities firms participating in Nasdaq Canada are:

BMO Nesbitt Burns
Canaccord
Capital Casgrain & Company
CIBC WorldMarkets Corp.
Desjardins
NBC International, Inc. (USA)
Pictet Overseas
Scotia Capital Markets
TD Securities
Yorkton Capital (USA)

In addition to the installation of Nasdaq Workstations II^® (NWIITM) at the trading desks of these Canadian NASD member firms, Nasdaq Canada also created the Nasdaq Canada Index (symbol:CND), which tracks the market performance of Canadian-listed Nasdaq stocks. Index calculation and cumulative volume for all index components will be updated in real time throughout the trading day. Prices for company shares will be delayed 15 minutes. CND will be a market value weighted index and will be displayed on the newly launched www.nasdaq-canada.com Web site. In addition to the index value and prices and volume information, this Web site provides share volume comparisons for dually listed Nasdaq and Toronto Stock Exchange stocks and offers extensive corporate information as well.

The first phase for Nasdaq Canada began in November 2000. It was Nasdaq’s first step in an effort to bring Canadian investors the opportunity to easily invest in high-growth Canadian companies and U.S. securities. Initially, trading in Nasdaq U.S.- listed securities was conducted in U.S. dollars. In this first phase, market participation included National Association of Securities Dealers, Inc. (NASD^®), member firms and registered personnel only. The success of Phase One will determine the timing on the rollout of Phases Two and Three of Nasdaq Canada.

The Nasdaq Stock Market lists nearly 4,600 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. Nasdaq^® is a subsidiary of the National Association of Securities Dealers, Inc. (NASD^®), the largest securities-industry, self-regulatory organization in the United States. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq Newsroom^SM at www.nasdaq.com/newsroom.