NEW YORK, N.Y.— NASDAQ expresses its disappointment at the published report citing an "unnamed source" about purported confidential discussions held at its November Board Meeting. These reports are neither complete, nor presented in context.

The correct facts are not new. With Wick Simmons about to enter the last year of his contract, the Board expects to initiate a search for his successor during the second quarter of 2003. Wick will continue to lead NASDAQ until his successor is in place and thereafter expects to serve as Non-Executive Chairman for the remainder of the year. The Board will announce the details of this process after its March 2003 meeting.