David Warren Named Chief Financial Officer Of Nasdaq

The Nasdaq Stock Market, Inc. (Nasdaq®), today announced that David P. Warren, age 47, has been named chief financial officer, effective September 26. He replaces Gordon Martin who left Nasdaq for personal reasons. Warren, who has been acting chief financial officer since July and was most recently chief administrative officer, will be responsible for managing all financial matters for Nasdaq. He reports to Nasdaq chairman and chief executive officer, Wick Simmons.

"We are pleased to have David assume this very important role for Nasdaq. His extensive financial management background in both the public and private sectors will serve us well as we continue to move forward with Nasdaq's global expansion and our transition into a for-profit and, eventually, publicly-traded company," said Simmons.

Prior to joining Nasdaq in January 2001, Warren was chief financial officer of Long Island Power Authority (LIPA), one of the largest public power authorities in the United States. There, he led efforts to raise nearly $7 billion to finance LIPA's acquisition of the Long Island Lighting Company and the integration of the two companies. Institutional Investor and Euromoney named this transaction "Deal of the Year."

From 1995-1998, Warren served as Deputy Treasurer of the State of Connecticut, overseeing the State's cash- and debt-management programs and the administration of a $17 billion pension system for state employees. From 1987-1995, Warren was an investment banker at CS First Boston, concentrating on transportation and project financing.

Warren holds a M.B.A. from the Yale School of Management and a B.A. from Wesleyan University.

The Nasdaq Stock Market lists over 4,300 companies and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq Newsroom^{SM at www.nasdaqnews.com.}