National Stock Exchange(SM) Introduces Aggressive New Pricing Schedule; Inverted Across All Securities

National Stock Exchange (NSX(R)) today announced the introduction of a new and simplified fee schedule, effective Friday, February 1, 2008. NSX's new schedule offers advantages to both liquidity providers and liquidity removers and brings transparency to a component of the marketplace that has become increasingly difficult to understand.

Key features of the new pricing structure include: inverted pricing across all securities; highly aggressive pricing for both liquidity providers and liquidity removers; and market data rebates embedded in liquidity rebates for all Tapes.

NSX's new pricing schedule applies to Automatic Execution (AutoEx) transactions only. Order Delivery pricing remains unchanged as NSX will continue to offer aggressive pricing for Order Delivery clients. A major change for AutoEx transactions comes in the fee to remove liquidity, where the current $0.0030 per share is reduced to $0.0025 per share executed across all Tapes for any ETP Holder who, as a liquidity provider, has an average daily executed volume of at least 50,000 shares, measured monthly.

"Long a price leader in this industry, NSX is now able to deliver pricing advantages to all firms -- both liquidity providers and takers," said Joseph S. Rizzello, NSX Chief Executive Officer. "We listened to our customers, many of whom felt pricing was becoming increasingly complex at some market centers. So in addition to offering highly competitive pricing, we simplified our pricing structure and in doing so, brought much needed transparency and clarity to the process."

A summary of NSX's new inverted pricing schedule is as follows:

A detailed overview of NSX's new pricing can be found at: (http://www.nsx.com/pdf/new_fee_schedule.pdf). A comparative analysis with one of our competitors can be found at: (http://www.nsx.com/pdf/nsxgrid.pdf).