London, November 25th 2004—The Nasdaq Stock Market, Inc. (NASDAQ^®), will host its 13th Investor Program, in association with Morgan Stanley, in London on December 1-3, 2004. Presentations will be made by the senior management of 47 companies, including 17 NASDAQ-100^® companies. These presentations will be webcast live.

The Program is divided into a Technology Forum on Wednesday and Thursday 1st and 2nd December, a Healthcare Forum on Thursday 2nd December and a Consumer & Financials Forum on Friday 3rd December.

Technology companies participating, in order of presentation, are:

December 1st (webcast 0900 – 1715 GMT)

Microsoft Corporation (MSFT), Zebra Technologies Corporation (ZBRA), Sanmina-SCI Corporation (SANM), Ameritrade Holding Corporation (AMTD), Hyperion Solutions Corporation (HYSL), Novell, Inc. (NOVL), Autodesk, Inc. (ADSK), Mercury Interactive Corporation (MERQ), Semtech Corporation (SMTC), PMC - Sierra, Inc. (PMCS), Citrix Systems, Inc. (CTXS), Microchip Technology, Inc. (MCHP), Sun Microsystems, Inc. (SUNW)

December 2nd (webcast 0900 – 1515 GMT)

Juniper Networks, Inc. (JNPR), Dell, Inc. (DELL), Polycom, Inc. (PLCM), Check Point Software Technologies Ltd. (CHKP), SanDisk Corporation (SNDK), Acxiom Corporation (ACXM), Level 3 Communications, Inc. (LVLT), Brocade Communications Systems, Inc. (BRCD), FLIR Systems, Inc. (FLIR), Nextel Communications, Inc. (NXTL)

Healthcare companies presenting on December 2nd (webcast 0900 – 1615 GMT), in order of presentation, are: Cephalon, Inc. (CEPH), Varian, Inc. (VARI), Stericycle, Inc. (SRCL), Alkermes, Inc. (ALKS), OSI Pharmaceuticals, Inc. (OSIP), MGI Pharma, Inc. (MOGN), Sepracor, Inc. (SEPR), Gen-Probe, Inc. (GPRO), eResearch Technology, Inc. (ERES), Protein Design Labs, Inc. (PDLI), QLT, Inc. (QLTI), Genzyme Corporation (GENZ)

Consumer & Financial companies participating on December 3rd (webcast 0900 – 1630 GMT), in order of presentation, are: Starbucks Corporation (SBUX), Sonic Corporation (SONC), Applebee's International, Inc. (APPB), The Cheesecake Factory Inc. (CAKE), Staples, Inc. (SPLS), Education Management Corporation (EDMC), Selective Insurance Group, Inc. (SIGI), IPC Holdings, Ltd (IPCR), The Warnaco Group, Inc. (WRNC), Columbia Sportswear Company (COLM), Urban Outfitters, Inc. (URBN), Dollar Tree Stores, Inc. (DLTR)

Details of how to access the webcasts live on these dates or afterwards in archived form can be found at the NASDAQ Institutional Investor Center at http://investors.nasdaq.com/. The site provides over 20,000 portfolio managers, analysts and brokers worldwide with access to video content and information on NASDAQ-listed companies. Since its 2003 launch, it has generated approximately 1.2 million page views and over 4 million hits, with international visitors accounting for over 35% of those hits.

Nadir Latif, Managing Director European Equity Marketing, Morgan Stanley, commented, "Morgan Stanley is proud to be associated with the NASDAQ investor programme for the second consecutive year. In what has been a volatile year for US equities, we are extremely pleased to be able to offer our institutional equity clients the chance to generate incremental investment returns through the insights gained at meetings which we have helped schedule at this major investor event. "

Bruce Aust, Executive Vice President, NASDAQ, commented, “This is the largest investor program that we have run in London. With 47 companies presenting, we are providing institutional investors with unparalleled access to the senior management of some of the most prominent companies in the Technology, Healthcare, Consumer & Financial sectors. The NASDAQ Institutional Investor programs have been running successfully for over six years and are strongly supported both by our leading companies and the analyst and investment community internationally.”

About NASDAQ
NASDAQ is the largest U.S. electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, 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, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at www.NASDAQ.com , the NASDAQ Newsroom at www.NASDAQ.com/newsroom/ or the NASDAQ Institutional Investor Center at http://investors.nasdaq.com