NASDAQ SHAREHOLDERS ELECT SIX NEW BOARD MEMBERS,
RE-ELECT THREE MEMBERS AT ANNUAL MEETING

New York, N.Y.—The Nasdaq Stock Market, Inc., today announced the approval of its shareholders to appoint the following new members to its Board of Directors:

In addition, Michael Casey, Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Starbucks Corporation; John D. Markese, President of the American Association of Individual Investors; and Arthur Rock, Principal of Arthur Rock & Co. were re-elected to NASDAQ's Board of Directors. The nominations were voted on by shareholders at NASDAQ's annual meeting held earlier today at the NASDAQ MarketSite in New York City. The new additions bring NASDAQ's board to a total of 21 members, with eight industry members, 11 non-industry members and two NASDAQ executives.

"Adding the skills of these talented individuals to our Board will complement and diversify the abilities of our current directors and speaks to NASDAQ's commitment to continually build investors' confidence in the equity markets," said Wick Simmons, chairman and chief executive officer, NASDAQ. "We look forward to putting them to work."

Newly Elected Directors

Mr. Gorman is Vice Chairman of The Charles Schwab Corporation, Head of Schwab Institutional and Asset Management and President of Schwab Capital Markets. The Schwab Institutional and Asset Management Enterprise consists of four principal business units: Schwab Capital Markets, which includes Schwab Capital Markets, L.P., (Schwab's NASDAQ market making subsidiary), institutional brokerage and research, fixed income sales and trading, and all exchange traded securities; services to Investment Managers; Asset Management Products and Services, which includes Charles Schwab Investment Management, the Mutual Fund OneSource and Mutual Fund MarketPlace programs, Mutual Fund Clearing, Insurance and Annuity Services, and; Schwab Corporate Services, which includes Schwab's Employer and Plan Administrator Services businesses. He attended Adelphi University.

Mr. Havens is Global Head of Morgan Stanley's Institutional Equity Division and a member of the Firm's Management Committee. Throughout his career with Morgan Stanley he has held various positions including Head of Global Equity Sales and Trading, a Principal in Institutional equity and the Yen Trading Business in the Firm's Tokyo office. He is a graduate of Harvard University.

Mr. Joyce is CEO and President of Knight Trading Group, Inc. and a recognized leader in the equity trading industry with experience in the domestic and international equities markets, equity market making, market structure reform, trading technology and client service. He holds a degree in economics from Harvard College.

Mr. O'Neill co-founded Sandler O'Neill & Partners L.P. in 1988. Today, it is one of the largest investment banks exclusively serving banks, thrifts, insurance companies and REITs. He is a graduate of New York University and a veteran of the United States Air Force.

In addition to his position at T. Rowe Price, Mr. Riepe has played an active role in mutual fund industry affairs through his service as chairman of the Board of Governors of the Investment Company Institute, the national trade associate for the mutual fund industry. He holds a bachelors and masters degrees from the University of Pennsylvania.

Mr. Zakaria is Executive Vice President of Merrill Lynch & Co., Inc. and President of the Global Markets and Investment Banking group. He is responsible for investment banking, debt and equity markets, and private equity on a global basis. He received a B.A. degree, summa cum laude, in applied mathematics, from Harvard University and an M.B.A. with high distinction from Harvard Business School where he was a Baker Scholar.

Re-elected Directors

Mr. Casey is Executive Vice President, CFO and CAO of Starbucks Corporation. Prior to joining Starbucks in 1995, Mr. Casey served as Executive Vice President and Chief Financial Officers of Family Restaurants, Inc. He earned a B.S. from Harvard College, an MBA from Harvard Business School and served as an officer in the U.S. Navy nuclear submarine force.

Mr. Markese is President of the American Association of Individual Investors, an independent, not-for-profit organization that provides investment education and information to individual investors. He holds a doctorate in Finance from the University of Illinois.

Mr. Rock is Principal of Arthur Rock & Co., a venture capital firm in San Francisco, California, which he founded in 1969. Mr. Rock was a founder of Intel Corporation and served as Chairman of the Board, Chairman of the Executive Committee and is currently Director Emeritus. He is also a member of the Board of Directors of Echelon Corporation. Mr. Rock holds a B.S. degree from Syracuse University and an MBA from Harvard University.

In addition to its newly elected and re-elected members, the NASDAQ Board of Directors is made up of:

On April 15, 2003, H. Furlong Baldwin was named Chairman of the Board and Robert Greifeld was appointed President and Chief Executive Officer of The NASDAQ Stock Market. Messrs. Baldwin and Greifeld will assume these positions on May 12, 2003, succeeding Hardwick Simmons who will retire. Mr. Greifeld will also hold a place on the Board of Directors.

NASDAQ (OTCBB: NDAQ) is the world's largest electronic stock market. With approximately 3,500 companies, NASDAQ lists more companies and trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, media and biotechnology industries. For more information about NASDAQ, visit the NASDAQ Web site at www.NASDAQ.com or the NASDAQ Newsroom ^SM at www.nasdaq.com/newsroom.