National Stock Exchange Trades Surge 145 Percent And Share Volume Rises 114 Percent First Half 2004 From First Half 2003 - June 2004 Trades Increase 117 Percent And Share Volume Rises 68 Percent From June 2003

National Stock Exchange (NSX(SM)) today announced that the number of trades in the first half of calendar year 2004 rose 145 percent to 135.3 million, compared with 55.1 million trades in the first six months of 2003. Share volume of 61.1 billion in the first half of 2004 increased 114 percent from 28.5 billion during the same period a year earlier.

The third largest stock market in the United States, NSX in June 2004 captured a 30 percent market share of trades in Nasdaq-listed stocks, and a 14 percent market share of trades in Amex-listed stocks.

National Stock Exchange, the nation's first all-electronic stock exchange, is the low-cost provider of exchange services and a recognized alternative to the primary markets. Having replaced its physical trading floor with a completely automated market in 1980, NSX has been a model of exchange efficiency and a driving force for change in the world of securities exchanges. Founded in 1885, the Exchange changed its name on November 7, 2003 to the National Stock Exchange from the Cincinnati Stock Exchange.