25 HIGH SCHOOL TEACHERS NAMED FIRST-ROUND WINNERS IN
2004 NASDAQ NATIONAL TEACHING AWARDS COMPETITION

$70,000 in Cash Prizes Awarded in Preliminary Round
Five Regional Winners Will Now Compete for Grand National Award

New York, NY— The Nasdaq Stock Market Educational Foundation, Inc. and the National Council on Economic Education (NCEE) today announced the names of the five Regional Winners and 20 Semi-Finalists in the nationwide competition for the 2004 NASDAQ National Teaching Awards. These awards are given to high school teachers for excellence and innovation in incorporating economic education into any subject area.

The five Regional Winners will each receive $10,000, while the 20 Regional Semi-Finalists will receive individual awards of $1000. A Grand National Award Winner will be chosen in April 2004 from among the five Regional Winners and will receive an additional $15,000, bringing his or her total cash award to $25,000.
The five Regional Winners will receive their cash prizes at a gala to be held at the Pierre Hotel in New York on April 19, 2004. Each Regional Winner and his or her guest will also receive an all-expense paid trip to New York to attend the event and will participate in opening NASDAQ at NASDAQ MarketSite on the following day. Semi-Finalists will receive their awards at various local events.

The complete list of Regional Winners and Semi-Finalists, the titles of their entries, and the names of their high schools are attached to this release.

"Economic and financial markets literacy have become increasingly important in our everyday lives and are vital to our success as a nation," said Robert Greifeld, President and Chief Executive Officer, The Nasdaq Stock Market, Inc. "The NASDAQ National Teaching Awards are making an important educational contribution by inspiring more teachers to bring economic thinking and decision-making into their classrooms. As the largest electronic stock market in the world, NASDAQ is committed to educating tomorrow's business leaders about the basic principles of a market economy."

The awards, created through a grant from the NASDAQ Educational Foundation to the NCEE, recognize deserving high school teachers for their originality, creativity and effectiveness in furthering students' understanding of the financial markets, the capital formation process, principles of investing, personal finance, entrepreneurship and market economies.

"The NASDAQ National Teaching Awards competition recognizes outstanding teachers for doing extraordinary things," said Robert Duvall, President& CEO of NCEE. "Again this year, we are pleased to put a deserved spotlight on the important contributions that another 25 hard-working teachers are making in the field of economic education. The creativity and imagination that they bring to the classroom helps young people develop the economic decision-making skills they will need to meet life-challenges that lie ahead. We salute them and the exceptional work they are doing. They are truly making a difference."

Teachers from more than 40 states and a wide variety of schools and locations competed in this year's awards program. Each submission received was forwarded to one of five regional centers for judging. From their respective field of entries, each regional judging panel, composed of finance and economics educators, chose four semi-finalists and a winner for their region. The criteria against which entries were judged included the following:

The Nasdaq Stock Market Educational Foundation, Inc. is a non-profit organization that is engaged in promoting innovative thinking and learning about the role of capital formation and financial markets in a free enterprise system. Its goals are to further financial markets literacy, ensure new generations of well-informed investors and promote interest in financial careers. The Foundation is fully funded by The Nasdaq Stock Market, Inc.

NASDAQ (OTCBB: NDAQ) is the world's largest electronic stock market. With approximately 3,400 companies, NASDAQ lists more companies and trades more shares per day than any other U.S. market. Over the past five years, NASDAQ has outpaced all other U.S. markets in listing IPOs. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology industries. NASDAQ is a key driver of capital formation. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ Newsroom^SM at www.nasdaq.com/newsroom.

NCEE (www.ncee.net) is a non-profit, non-partisan organization dedicated to improving economic literacy. Through its national network of state Councils and more than 200 university based Centers for Economic Education, NCEE curricula and programs reach more than 120,000 teachers and over seven million students in more than 70,000 schools each year. Through grants from the U.S. Department of Education, NCEE programs have also reached 1.2 million students in 20 countries in Central and Eastern Europe and the former Soviet Union.