NASD Appoints John L. Hilley As Chairman And Chief Executive Officer Of Nasdaq-Amex International And John T. Wall As Chief Operating Officer Of Nasdaq-Amex International

The National Association of Securities Dealers, Inc. (NASD®), have announced the promotion of John L. Hilley to Chairman and Chief Executive Officer of Nasdaq-Amex International, Inc., a subsidiary of the NASD, effective immediately. Prior to this promotion, Hilley was Executive Vice President for Strategic Development at the NASD. He will retain this position as well. Additionally, the NASD announced that John T. Wall was been appointed Chief Operating Officer of the same entity and will remain its President. Wall will also assume added responsibilities as a special counselor to NASD Chairman and CEO Frank G. Zarb. As Chairman and CEO of Nasdaq-Amex International, Hilley will lead all international efforts on behalf of the company, including forging strategic partnerships with foreign markets. He will continue to direct corporate strategy and planning. He will continue to oversee state, federal and international government relations. Hilley will continue to report to Zarb, and Richard G. Ketchum, President of the NASD. "John has been invaluable in helping us implement our Market of Markets vision, especially in the international arena. He has been a critical part of our efforts in Asia and Europe and we think that this promotion is a recognition of his achievements at the NASD. John's talent, drive and initiative were the driving forces behind the international progress we have made over the last year," said. Zarb, announcing the promotion. Hilley first came to the NASD in February 1998. Prior to joining the NASD, he, served at the White House as Senior Advisor to the President. Joining the Administration in February 1996, he advised President Clinton on a broad range of national policy issues and served as his chief representative to the United States Congress. Earlier, Hilley held a number of senior positions in the United States Senate, including Chief Counsel for Senate Democratic Leader Tom Daschle, Chief of Staff for former Senate Majority Leader George Mitchell and Majority Staff Director for former Senate Budget Committee Chairman Jim Sasser. Hilley holds a B.A., M.A. and Ph.D. in Economics from Princeton University. As Chief Operating Officer of Nasdaq-Amex International, Wall will work closely with Hilley and run the day-to-day operations of the subsidiary. As part of his new position, Wall will also serve as a Special Counselor to Zarb on a wide range of global initiatives. Wall will remain President of Nasdaq-Amex International and will be involved in the strategic development and international marketing of products and services that help ensure The Nasdaq Stock Market® remains the market of choice in the world economy. He will continue to be responsible for non-U.S. company listings, as well as promoting the globalization of the marketplace. In announcing this move, Zarb said that "this dual appointment for John Wall demonstrates his key role to our strategy. I am grateful to him for taking on these additional responsibilities." Mr. Wall brings a wealth of experience to his new dual role. He has helped direct the design and marketing of Nasdaq®, almost since it began in 1971. He was appointed Executive Vice President for Market Services in 1982, where he oversaw the operation, promotion and strategic planning of the various screen-based markets Nasdaq oversees and their related trading services. In his various roles, Wall has initiated innumerable international linkages between Nasdaq and world markets. He established Nasdaq operations in London and negotiated the sale of Nasdaq computerized systems to other world markets. "We think we have a dynamic team with John Hilley and John Wall that will lead Nasdaq-Amex into the 21st century," Zarb said. The NASD is the largest securities industry self-regulatory organization in the United States and parent organization of The Nasdaq-Amex Market GroupSM and the NASD Regulation and Dispute Resolution Group. Through its regulatory subsidiary, the NASD designs, operates and regulation securities markets and develops rules and regulations, provides a dispute resolution forum and conducts regulatory reviews of members activities, all for the benefit and protection of investors. Through The Nasdaq-Amex Market Group, the NASD operates The Nasdaq Stock Market and the American Stock Exchange® in a unique dual market structure that brings together the central auction Specialist and multiple Market Maker systems. For more information about the NASD and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdaq-amex.com; www.nasdaq-amex.co.uk or the Nasdaq-Amex NewsroomSM at www.nasdaq-amexnews.com.