Nasdaq Liffe Markets To Offer First Non-Security Future Product - Cash Settled Russell Indices Futures Set For Launch On June 27th

Nasdaq Liffe Markets, LLC (NQLX) announced that it has entered into an agreement with the Frank Russell Company that allows NQLX the right to trade futures on a wide range of Russell U.S. equity indices. On June 27th, 2003, NQLX will launch cash settled futures on the Russell 1000, the Russell 1000 Growth Index and the Russell 1000 Value Index. This is NQLX's first non-security future product offering. NQLX plans to launch additional cash settled futures products throughout the year.

Russell Products Trading on NQLX as of June 27, 2003

NQLX Mnemonic	Product Name	Product Type
IWB	iShares Russell 1000	ETF Security Future
IWD	iShares Russell 1000 Value Index Fund	ETF Security Future
IWF	iShares Russell 1000 Growth Index Fund	ETF Security Future
IMW	iShares Russell 2000	ETF Security Future
IVM	iShares Russell 3000	ETF Security Future
R	iShares Russell 1000	Cash Settled Future
RVK	iShares Russell 1000 Value Index Fund	Cash Settled Future
RGK	iShares Russell 1000 Growth Index Fund	Cash Settled Future

Tom Ascher, NQLX CEO, said, "We are excited to expand our cooperation with the Frank Russell Company to include cash settled futures indices. Our Russell ETF futures are some of our most popular products and by launching cash settled futures on these indices, we are providing a robust product offering for investors. By branching out into cash settled futures, we are demonstrating our agility as an exchange and that we are not confined to a single space. If we see opportunities that will add value to our customers, then we have a mandate to pursue them."

"The Russell 1000 Growth and Russell 1000 Value indexes are very popular with active style investors," said Kelly Haughton, strategic director, Russell indexes. "Futures based on these Russell indexes will provide traders with useful tools to participate in these style specific portions of the market at low cost."

Russell originally developed its family of 21 U.S. equity indexes to serve as tools to help pension plan sponsors and other investors evaluate the performance of active investment managers. Russell indexes also were designed to help investors assemble and evaluate a total portfolio by using benchmarks that reflect particular market segments based on objective criteria, such as capitalization and tradable shares. An estimated $850 billion of assets currently are benchmarked to Russell indexes.

NQLX is a fully electronic, federally regulated exchange formed as a joint venture between The NASDAQ Stock Market Inc.® and LIFFE (London International Financial Futures and Options Exchange). It lists security futures on both exchange-traded funds and the largest U.S. companies through LIFFE's electronic trading platform, LIFFE CONNECT™. For more information on NQLX, visit: www.nqlx.com