Nasdaq Announces Proposed Changes In Services And Listing Fees - Fees Still Significantly Below Competition - Majority Of Fee Increase Will Be Invested Directly In Service Enhancements Requested By Listed Companies - Unanimously Approved By The Nasdaq Is

The Nasdaq Stock Market, Inc. (Nasdaq®), today announced that its Board of Directors has unanimously approved a proposed change in its fee schedule for listed companies beginning January 1, 2002, pending Securities and Exchange Commission (SEC) approval. The proposal was also unanimously approved by the Nasdaq Issuer Affairs Committee, which is made up of representatives from a broad spectrum of companies listed on The Nasdaq Stock Market®. It is the first proposed increase in annual listing fees in ten years for American Depositary Receipts (ADRs) and The Nasdaq SmallCap Market, and four years for the Nasdaq National Market. The revenue generated from the revised fee schedule will be used primarily to fund enhancements for Nasdaq-listed companies.

Nasdaq also announced its intention to create a "one-stop shop"/corporate-client information center. This technology- and telephone-based market information and service center will provide Nasdaq-listed companies with a host of integrated products and services in a more centralized, timely matter. Nasdaq expects to launch the first phase of the corporate client center in early 2002. Specifics about this new initiative will be announced as they become available.

"Nasdaq is taking its core competency in technology and focusing it squarely on the needs of listed companies. AMGEN supports Nasdaq's efforts to meet and exceed the needs of its corporate clients through these existing initiatives. We are very pleased to see the thought and attention that Nasdaq is paying to the needs of corporate clients, which bodes well for the future of companies on Nasdaq," said Cary Rosansky, Vice President, Investor Relations, AMGEN Inc.

David Weild, Nasdaq Vice Chairman, commented, "We're responding to the needs of our companies and are focused on providing levels of service for our listed companies that are better than any stock market in the world. In the last four years, Nasdaq has invested in many market improvements such as decimals, SuperSoes, the development of SuperMontage, the creation of the Nasdaq MarketSite, Nasdaq Online and enhancements to Nasdaq.com, without increasing fees to our listed companies. This is in spite of the fact that our costs to provide regulatory oversight, client coverage and other professional services have continued to increase. We are committed to continuing enhancements that will provide added value for our listed companies.

Even with the proposed increase that we have announced today, Nasdaq listing fees remain significantly lower across the board than our competition," Mr. Weild added.

Details for the pricing plan are available on the Nasdaq Newsroom Web site at: http://www.nasdaqnews.com.

Comparisons include:

• Initial Listing Fees: Nasdaq's fees will be approximately 52 percent to 73 percent of those charged by the New York Stock Exchange
• Annual Fees: Nasdaq's highest fees for the largest companies will be approximately 12 percent of those charged by the NYSE. For all other companies, the ratio is between 36 percent to 85 percent of the NYSE fees.
• ADR Annual Fees: Similarly, Nasdaq's highest ADR fees will be 6 percent of those charged by the NYSE and between 18 percent to 57 percent for all companies that have issued ADRs in the U.S.

Prior to presenting the proposed fee adjustment to its Board of Directors, Nasdaq reviewed the proposal with the Nasdaq listed companies that are members of its Issuer Affairs Committee. Representing both large capitalization National Market companies, as well as SmallCap market companies, the board unanimously approved the proposal, viewing fee increases as an important long-term investment in the quality of the services provided to all listed companies.

Barry S. Porter, board member of First Financial Bancorp, and chairman of The Nasdaq Stock Market Issuer Affairs Committee said, "We are encouraged by the fact that Nasdaq continues to invest in market innovations and technology to offer investors and listed companies the fastest, most affordable, and best-regulated market in the world. Over the years, this investment has led to tangible improvements in our market and Nasdaq's execution quality."

"As a company that has grown from $50 million in market cap in 1987 to $2.5 billion 14 years later, we commend Nasdaq for taking the feedback of companies seriously to enhance the service we receive as a listed company. We believe the reasonable investments we are making through the change in the fee structure will return long-term benefits to listed companies such as First Health," said Joe Whitters, Chief Financial Officer, First Health Group Corp.

Mr. Weild added, "We applaud the Issuer Affairs Committee's and the Nasdaq Board's vision in supporting our proposal to raise the capital needed to provide new issuer benefits that will make us the leader amongst our competition. We want to be the best in our business. "

The Nasdaq Stock Market lists over 4,200 companies and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at http://www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.