Nasdaq, Inc.
May 8, 2008

NASDAQ OMX Announces First Combined Quarterly Results

May 8, 2008 (PrimeNewswire via COMTEX News Network) --

         Net Income is $121.4 Million ($18.3 Million in Q107)

            $0.69 Diluted EPS ($0.14 Diluted EPS in Q107)




NEW YORK, May 8, 2008 (PRIME NEWSWIRE) -- The NASDAQ OMX Group ("NASDAQ OMX®") (Nasdaq:NDAQ) today reported first quarter 2008 net income of $121.4 million, or $0.69 per diluted share, an increase of $103.1 million from $18.3 million, or $0.14 per diluted share, in the first quarter of 2007. These results are presented in accordance with U.S. generally accepted accounting principles ("GAAP") and include the financial results of The Nasdaq Stock Market, Inc. ("NASDAQ") for the full quarter, and the financial results of OMX AB ("OMX") from February 27, 2008, when the business combination between NASDAQ and OMX closed. The comparative results for 2007 reflect the financial results of NASDAQ only.

"We are a new company and our opportunities for growth have never been stronger," stated Bob Greifeld, Chief Executive Officer of NASDAQ OMX. "The completion of our historic combination with OMX establishes NASDAQ OMX as the world's largest exchange company with operations on six continents and an undisputed leader in product innovation. I am pleased to note that during the quarter we continued to build on our position as the largest U.S. equities exchange, yet also took steps to diversify into exciting opportunities with significant potential for earnings growth. These include the successful launch of our U.S. options market, progress on the proposed acquisition of the Philadelphia Stock Exchange, our Pan-European Market, the investment in Dubai International Financial Exchange ("DIFX"), and our planned transaction with Nord Pool. We are executing well on the integration of OMX and continue to feel confident about achieving the synergies announced with the merger."

On a non-GAAP basis, when excluding certain one-time gains and merger related expenses, first quarter 2008 net income was $85.0 million, or $0.48 per diluted share.

For comparison purposes pro forma non-GAAP results are being presented that reflect the financial results of both NASDAQ and OMX as if they were a combined company for the periods presented. For the first quarter of 2008 net income on a pro forma non-GAAP basis was $113.9 million, or $0.54 per diluted share (which excludes the $26.0 million pre-tax gain on the investment in DIFX), an increase when compared to pro forma non-GAAP net income of $68.1 million, or $0.33 per diluted share, for the first quarter of 2007, and an increase when compared to pro forma non-GAAP net income of $103.2 million, or $0.49 per diluted share, for the fourth quarter of 2007. The remaining results are presented on a pro forma non-GAAP basis unless otherwise noted.

Total revenues were $918.2 million in the first quarter of 2008, an increase of 29.5% from $709.1 million in the year-ago period, and up 10.4% from $832.0 million reported in the fourth quarter of 2007.
First Quarter Highlights 




 * Traded record volumes on the OMX Nordic Exchange during the
   quarter. In January 2008 average daily derivatives trading volume
   reached a record 789,898 contracts.  This record was eclipsed two
   months later in March 2008 when average daily derivatives trading
   volume reached 816,760.  Also, in January 2008, record figures in
   the number of cash equity trades were recorded for the month,
   reaching 267,511 trades per day. And in February 2008, new record
   high average daily trading volume was achieved for fixed-income
   derivatives when an average 158,836 contracts traded.

 * Expanded our leadership position as the largest single pool of
   liquidity in which to trade U.S. listed equities, matching a record
   high 31.0% of all volume for the first quarter of 2008.  NASDAQ
   also achieved new market share highs in the trading of NYSE- and
   Amex-listed securities, matching 21.1% and 36.2% of volume,
   respectively, during the quarter.

 * Announced plans to launch a new pan-European market to serve
   customers seeking a highly liquid trading and routing platform for
   the most actively traded European stocks.  NASDAQ OMX Pan European
   Market will enable best execution in high volume securities trading
   in a cross-border, multi-market environment. The market, scheduled
   to open in September 2008, is subject to Financial Services
   Authority (FSA) approval.

 * Signed an agreement with Bombay Stock Exchange ("BSE"), under which
   BSE will implement NASDAQ OMX technology to serve as their new
   trading and clearing platform for derivatives and cash securities.
   In addition to the technology implementation, the agreement
   encompasses a business partnership with the joint objective to
   drive and grow business at the BSE.

 * Signed, subsequent to quarter-end, a large contract with the Tokyo
   Commodity Exchange ("TOCOM") and NTT Data to provide an integrated
   trading and clearing system for commodity derivatives. TOCOM is
   Japan's largest commodity exchange with more than 75% market share,
   and lists commodities futures and options contracts, including
   metals, oil and rubber. The contract represents NASDAQ OMX's first
   technology customer in Japan and the first major technology
   contract win since the combination.

 * Launched a new technology road map shortly after completing the
   business combination with OMX, which defines how to bring together
   the best of both technology organizations.  This effort is designed
   to leverage both the experience and insight gained from operating
   NASDAQ and OMX, as well as providing technology solutions to a
   global customer base.  The successful launch of this road map is a
   critical step towards achieving synergy targets and strengthening
   the company's position as the world's leading provider of
   technology to the exchange industry.

 * Launched the company's U.S. options market, a new electronic equity
   and index options market and the first options trading platform to
   offer true price/time priority.  This market is already trading in
   excess of 117,000 contracts per day.

 * Introduced NASDAQ Market Replay, an innovative data tool that
   provides an extremely powerful, NASDAQ-validated replay and
   analysis of the market. Market Replay allows users to quickly view
   the order book at any point in time, replay the market in simulated
   real-time, or at an accelerated/decelerated speed, and zoom-in to
   view events at the millisecond level to see exactly what happened.

 * Announced an investment of up to $7.5 million in FCStone's
   subsidiary Agora-X, LLC.  Agora-X is developing a new electronic
   communications network for institutional trading in
   over-the-counter (OTC) commodity contracts.

 * Introduced the NASDAQ OMX 100 Index(sm) (Nasdaq:QOMX), a new global
   benchmark for the NASDAQ OMX Group. The NASDAQ OMX 100 Index is a
   market-capitalization weighted index comprised of the 100 largest
   companies listed on the combined exchanges of the NASDAQ OMX Group.
                                                                                                                  


"During the first quarter, our business continued to operate efficiently and effectively, punctuated by strong operating performance, successful integration efforts and our ongoing disciplined approach to managing our balance sheet," said Chief Financial Officer David Warren. "In fact, based on the good start to the year and the better than expected results experienced in the roll out of our new technology road map, we are raising our expectations for fourth quarter 2008 synergy achievement to $25.0 million to $35.0 million in annual savings from $20 million to $30 million expected previously. We are pleased with the results so far and recognize that this is the product of the hard work of our team members world wide."

Financial Review

Results are presented on a pro forma non-GAAP basis. Revenues less liquidity rebates, brokerage, clearance and exchange fees ("Net Exchange Revenues") were $382.7 million for the first quarter of 2008, an increase of $43.5 million, or 12.8%, from the first quarter of 2007, and an increase of $3.6 million from the fourth quarter of 2007.

NASDAQ OMX presents for this quarter net exchange revenues along three primary business segments: Market Services, Issuer Services, and Market Technology.

Market Services

Market Services net exchange revenues increased to $267.2 million, up 17.6% from the prior year quarter, and up 9.3% from the fourth quarter of 2007.

Execution Services
Execution Services net exchange revenues were $192.8 million for the first quarter of 2008, up $31.4 million, or 19.5%, when compared to the first quarter of 2007, and up $21.8 million, or 12.7%, from the fourth quarter of 2007. 




 * Increases in U.S. Execution Services net exchange revenues from the
   prior year quarter are primarily due to higher trade execution
   volume for U.S.-listed equities.  Total U.S.-listed equity volume
   matched on NASDAQ increased to 153.7 billion shares in the first
   quarter of 2008, up 61.5% from 95.2 billion shares in the first
   quarter of 2007.  Increases when compared to the fourth quarter of
   2007 are primarily due to higher traded share volume and reduced
   fees associated with clearing transactions.  Included in execution
   and trade reporting revenues in the first quarter of 2008 are
   $91.1 million in SEC Section 31 fees, compared with $98.5 million
   in the first quarter of 2007 and $99.3 million in the fourth
   quarter of 2007.  Corresponding cost of revenues reflecting the
   reimbursement of these fees to the SEC are included in brokerage,
   clearance and exchange fees.
 * Non-U.S. Execution Services (Nordic) revenues increased when
   compared to both the first quarter of 2007 and the fourth quarter
   of 2007.  Driving revenue higher when compared to both periods is
   higher cash equity and derivatives transaction volumes, offset
   somewhat by lower cash equity value traded and lower cash equity
   transaction fees implemented on January 1, 2008.  For the first
   quarter of 2008, the number of equity transactions per day grew by
   32.0% from 179,059 to 236,409 when compared to the same period in
   2007. For the same periods the value of equity trading per business
   day declined by 9.9% from 49.4 billion Swedish Krona (SEK) to
   44.5 billion SEK. The number of traded derivatives contracts per
   day increased by 9.1% to 754,983 from 691,843 in the year-earlier
   period.  Also contributing to increases in revenue are improving
   exchange rates for the Swedish Krona as compared to the U.S.
   dollar.



Market Services Subscriptions 

Market Services Subscriptions (Market Data) revenues were $66.3 million for the first quarter of 2008, up $8.2 million, or 14.1%, when compared to the first quarter of 2007, and up $0.4 million from the fourth quarter of 2007. 




 * Market Services Subscriptions revenues increased from the prior
   year quarter due primarily to increases in subscriber populations
   for proprietary products.  Somewhat offsetting this increase is
   higher UTP Plan revenue sharing due to declines in NASDAQ's total
   UTP market share.
 * Non-U.S. (Nordic) Market Data revenues increased from the prior
   year quarter and the fourth quarter of 2007 as increasing market
   activity levels drive higher demand for Nordic market data products.



Issuer Services 

During the first quarter of 2008 Issuer Services revenues increased 8.3% to $86.2 million from the first quarter of 2007 and decreased 6.6%, or $6.1 million, from the prior quarter. 

Corporate Client Group 

Corporate Client Group revenues were $74.7 million for the first quarter of 2008, up $4.0 million, or 5.7%, when compared to the first quarter of 2007, but down $6.0 million from the fourth quarter of 2007. 




 * Increases in Corporate Client Group revenues from the prior year
   quarter are driven primarily by increases in Corporate Client
   services and reflect increased customer demand for products and
   services such as PrimeNewswire, Shareholder.com, Carpenter Moore
   Insurance, and new products such as Directors Desk.  The decline
   from the fourth quarter of 2007 is primarily due to a reduction in
   the total number of listed companies.
 * Non-U.S. Corporate Client Group revenues increased when compared to
   the first quarter of 2007 due primarily to improving exchange rates
   for the Swedish Krona as compared to the U.S. dollar. Revenues
   declined when compared to the fourth quarter of 2007 primarily due
   to fewer listings of both companies and fixed income products.




Financial Products

Financial Products revenues were $11.5 million for the first quarter of 2008, up $2.6 million, or 29.2%, from the first quarter of 2007, and down $0.1 million when compared to the fourth quarter of 2007. The increase from the prior year quarter is due to higher license revenues associated with NASDAQ-licensed ETFs.

Market Technology

Market Technology revenues were $29.0 million for the first quarter of 2008 compared to $31.9 million in the first quarter of 2007 and $42.1 million in the fourth quarter of 2007. Declines when compared to the fourth quarter of 2007 are due partly to higher than normal activity recognized in that period. Also, first quarter 2008 sales declined temporarily as anticipated as some customers chose to further review investment decisions in light of the integration of NASDAQ and OMX technology customer platforms and the creation of a common technology road map. Customer activity continued to be high with large orders driving order intake to $46.7 million for the first quarter of 2008, 16.2% higher than the $40.2 million realized in the first quarter of 2007.

Operating Expenses

Total operating expenses increased 5.1% to $229.4 million from $218.3 million in the prior year quarter and declined 2.0% from $234.1 million in the prior quarter. Higher expenses when compared to the first quarter of 2007 are driven primarily by higher compensation expenses resulting from a larger employee base and increased retention expenses. Also contributing to higher expenses are lower exchange rates for the U.S. dollar as compared to the Swedish Krona. Declining expenses when compared to the fourth quarter of 2007 are driven by lower marketing expenses, as the fourth quarter is typically a strong period for advertising.

Net Interest Income

Net interest expense was $11.3 million for the first quarter of 2008, compared with net interest expense of $21.1 million for the first quarter of 2007. The decline in net interest expense is primarily due to lower average net debt, lower interest rates, and higher cash balances in the most recent quarter.

Earnings Per Share

First quarter earnings per diluted share were $0.54 versus $0.33 per diluted share in the prior year quarter, and $0.49 in the fourth quarter of 2007. NASDAQ OMX's weighted average shares outstanding used to calculate diluted earnings per share were 214.1 million in the first quarter of 2008 versus 212.4 million in the year-ago quarter and 214.5 million in the fourth quarter of 2007.

The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, NASDAQ OMX also discloses certain non-GAAP results of operations, including total expenses, operating income, net income and diluted earnings per share, that make certain adjustments or exclude certain charges and gains that are described in the reconciliation table of non-GAAP to GAAP information provided at the end of this release. Management believes that this non-GAAP information provides investors with additional information to assess NASDAQ OMX's operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.

The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. NASDAQ OMX cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections about our future financial results, growth and achievement of synergy targets, (ii) statements about the implementation dates and benefits of certain strategic initiatives, including the NASDAQ OMX Pan European Market, our investment in DIFX, our new technology road map and the transactions contemplated by our agreements with the Boston Stock Exchange, the Philadelphia Stock Exchange and NordPool, and (iii) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to, NASDAQ OMX's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ OMX's filings with the U.S. Securities Exchange Commission, including its annual report on Form 10-K for the fiscal year ending December 31, 2007 which is available on NASDAQ OMX's website at http://www.nasdaqomx.com and the SEC's website at www.sec.gov. NASDAQ OMX undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
NDAQF 




                      The NASDAQ OMX Group, Inc.
              Condensed Consolidated Statements of Income
                (in millions, except per share amounts)

                                       Three Months Ended (Unaudited)
                                      --------------------------------
                                      March 31,   Dec. 31,    March 31,
                                        2008        2007        2007
                                       ------      ------      ------

 Revenues
 Market Services                       $727.0      $590.8      $495.5
 Issuer Services                         75.7        73.6        66.4
 Market Technology                       11.0          --          --
 Other                                    0.1         0.1         0.1
                                       ------      ------      ------
   Total revenues                       813.8       664.5       562.0
 Cost of revenues
 Liquidity rebates                     (384.8)     (295.1)     (225.2)
 Brokerage, clearance and exchange
  fees                                 (150.7)     (157.8)     (144.7)
                                       ------      ------      ------
   Total cost of revenues              (535.5)     (452.9)     (369.9)
                                       ------      ------      ------
 Revenues less liquidity rebates,
  brokerage, clearance and exchange
  fees                                  278.3       211.6       192.1
                                       ------      ------      ------
 Operating Expenses
 Compensation and benefits               73.4        54.4        44.3
 Marketing and advertising                1.9         7.6         4.9
 Depreciation and amortization           15.9         9.6         9.8
 Professional and contract services      13.8         8.6         8.4
 Computer operations and data
  communications                          8.2         5.9         8.2
 Provision for bad debts                  1.0        (0.4)        3.5
 Occupancy                               12.3         8.5         8.9
 Regulatory                               7.5         7.4         6.7
 Merger expenses                          1.4          --          --
 General, administrative and other        9.9         8.6        16.0
                                       ------      ------      ------
   Total operating expenses             145.3       110.2       110.7
                                       ------      ------      ------

 Operating income                       133.0       101.4        81.4
 Other income (expense), net
   Interest income                       10.2        14.8         5.5
   Interest expense                      (8.7)       (2.4)      (23.5)
   Investment income                      0.4         0.2          --
   Gain from unconsolidated
    investees, net                       26.3          --          --
   Gain (loss) on foreign currency
    contracts                            35.3        18.2        (7.8)
   Strategic initiative costs              --          --       (24.9)
                                       ------      ------      ------
 Total other income (expense), net       63.5        30.8       (50.7)
                                       ------      ------      ------

 Minority interests                      (0.3)         --         0.1
                                       ------      ------      ------
 Income before income taxes             196.2       132.2        30.8
 Income tax provision                    74.8        53.2        12.5
                                       ------      ------      ------
 Net income                            $121.4      $ 79.0      $ 18.3
                                       ======      ======      ======

 Basic and diluted earnings
  per share:
    Basic                              $ 0.75      $ 0.63      $ 0.16
                                       ======      ======      ======
    Diluted                            $ 0.69      $ 0.52      $ 0.14
                                       ======      ======      ======

 Weighted-average common shares
  outstanding for earnings per share:
    Basic                               161.0       125.8       112.4
    Diluted                             176.2       154.0       151.8


                      The NASDAQ OMX Group, Inc.
                       Quarterly Revenue Detail
                             (in millions)

                                       Three Months Ended (unaudited)
                                     ---------------------------------
                                     March 31,     Dec 31,    March 31,
                                        2008        2007        2007
                                     ---------     -------    --------
 MARKET SERVICES
   Execution Services:
   U.S. Operations:
    Execution and trade reporting
     revenues                          $622.0      $526.0      $437.0
    Access services revenues             21.7        20.3        18.6
    Tape fee revenue sharing             (7.3)       (6.7)       (7.1)
                                       ------      ------      ------
      Total U.S. Execution Services
       revenues                         636.4       539.6       448.5
    Non-U.S. Execution Services
     revenues                            31.0          --          --
                                       ------      ------      ------
      Total Execution Services
       revenues                         667.4       539.6       448.5
   Cost of revenues
   Liquidity rebates                   (384.8)     (295.1)     (225.2)
   Brokerage, clearance and exchange
    fees                               (150.7)     (157.8)     (144.7)
                                       ------      ------      ------
   Total cost of revenues              (535.5)     (452.9)     (369.9)
                                       ------      ------      ------
   Revenues less liquidity rebates,
    brokerage, clearance and exchange
    fees from Execution Services        131.9        86.7        78.6
                                       ------      ------      ------
   Market Services Subscriptions:
   U.S. Operations:
    Proprietary revenues                 24.7        24.3        19.8
    Non-proprietary revenues             33.8        32.6        32.1
    UTP Plan revenue sharing            (13.9)      (12.2)       (9.6)
    Revenue sharing program              (2.0)       (1.1)       (3.1)
                                       ------      ------      ------
      Total U.S. Market Services
       Subscriptions revenues            42.6        43.6        39.2
    Non-U.S. proprietary revenues         8.9          --          --
                                       ------      ------      ------
      Total Market Services
       Subscriptions revenues            51.5        43.6        39.2
   Other Market Services revenues         8.1         7.6         7.8
                                       ------      ------      ------
   Total revenues less liquidity
    rebates, brokerage, clearance and
    exchange fees from Market Services  191.5       137.9       125.6
                                       ------      ------      ------

 ISSUER SERVICES
   Corporate Client Group:
   U.S. Operations:
    Annual renewal fees                  30.3        32.2        30.7
    Listing of additional shares fees    10.4        10.4         9.7
    Initial listing fees                  5.8         5.7         5.4
    Corporate Client services            13.5        13.7        11.7
                                       ------      ------      ------
      Total U.S. Corporate Client
       Group revenues                    60.0        62.0        57.5
    Non-U.S. Corporate Client Group
     revenues                             4.2          --          --
                                       ------      ------      ------
      Total Corporate Client Group
       revenues                          64.2        62.0        57.5
                                       ------      ------      ------
   Financial Products:
   U.S. Operations:
     Licensing revenues                  11.0        10.8         7.3
     Other revenues                       0.5         0.8         1.6
                                       ------      ------      ------
       Total U.S. Financial Products
        revenues                         11.5        11.6         8.9
                                       ------      ------      ------
         Total Issuer Services revenues  75.7        73.6        66.4
 MARKET TECHNOLOGY
   Non-U.S. Operations:
     License, support and project
      revenues                            6.8          --          --
     Facility management services         2.9          --          --
     Other revenues                       1.3          --          --
                                       ------      ------      ------
         Total Market Technology
          revenues                       11.0          --          --
 Other revenues                           0.1         0.1         0.1
                                       ------      ------      ------
 Total revenues less liquidity
  rebates, brokerage, clearance and
  exchange fees                        $278.3      $211.6      $192.1
                                       ======      ======      ======


                      The NASDAQ OMX Group, Inc.
                Condensed Consolidated Balance Sheets
                            (in millions)

                                                  March 31,   Dec. 31,
                                                    2008        2007
                                                  --------    --------
                                                 (Unaudited)
 Assets
 Current assets:
   Cash and cash equivalents                      $  736.0    $1,325.3
   Financial investments, at fair value              121.2          --
   Receivables, net                                  403.6       249.5
   Deferred tax assets                                16.0        10.8
   Market value, outstanding derivative
    positions                                        477.0          --
   Other current assets                              181.2        96.4
                                                  --------    --------
 Total current assets                              1,935.0     1,682.0
 Property and equipment, net                         189.8        64.5
 Non-current deferred tax assets                     157.0        63.3
 Goodwill                                          3,918.6       980.7
 Intangible assets, net                            2,214.2       181.6
 Other assets                                        376.7         7.3
                                                  --------    --------
 Total assets                                     $8,791.3    $2,979.4
                                                  ========    ========

 Liabilities and stockholders' equity
 Current liabilities:
   Accounts payable and accrued expenses          $  208.8    $  115.1
   Section 31 fees payable to SEC                     77.7       103.6
   Accrued personnel costs                            82.8        64.6
   Deferred revenue                                  203.2        60.5
   Income tax payable                                110.3        34.1
   Other accrued liabilities                         155.8        24.5
   Deferred tax liabilities                           29.6         8.8
   Market value, outstanding derivative
    positions                                        477.0          --
   Current portion of debt obligations                68.9          --
                                                  --------    --------
 Total current liabilities                         1,414.1       411.2
 Debt obligations                                  1,574.6       118.4
 Non-current deferred tax liabilities                925.8        91.8
 Non-current deferred revenue                        136.8        94.0
 Other liabilities                                   115.0        55.7
                                                  --------    --------
 Total liabilities                                 4,166.3       771.1

 Minority interests                                   12.4          --

 Stockholders' equity
 Common stock                                          2.0         1.4
 Preferred Stock                                        --          --
 Additional paid-in capital                        3,465.2     1,189.2
 Common stock in treasury, at cost                    (9.3)       (8.0)
 Accumulated other comprehensive income (loss)         2.9        (4.7)
 Retained earnings                                 1,151.8     1,030.4
                                                  --------    --------
 Total stockholders' equity                        4,612.6     2,208.3
                                                  --------    --------
 Total liabilities, minority interests and
  stockholders' equity                            $8,791.3    $2,979.4
                                                  ========    ========


                      The NASDAQ OMX Group, Inc.
         Pro Forma Condensed Consolidated Statements of Income
                (in millions, except per share amounts)

                                   Three Months Ended (Unaudited)
                            ------------------------------------------
                            Mar 31,  Dec 31,  Sep 30,  Jun 30,  Mar 31,
                             2008     2007     2007     2007     2007
                            ------   ------   ------   ------   ------

 Revenues
 Market Services            $802.7   $697.4   $681.1   $584.2   $597.2
 Issuer Services              86.2     92.3     86.8     85.5     79.6
 Market Technology            29.0     42.1     29.2     31.9     31.9
 Other                         0.3      0.2      0.3      0.4      0.4
                            ------   ------   ------   ------   ------
   Total revenues            918.2    832.0    797.4    702.0    709.1
 Cost of revenues
 Liquidity rebates          (384.8)  (295.1)  (291.2)  (238.3)  (225.2)
 Brokerage, clearance and
  exchange fees             (150.7)  (157.8)  (150.8)  (121.2)  (144.7)
                            ------   ------   ------   ------   ------
   Total cost of revenues   (535.5)  (452.9)  (442.0)  (359.5)  (369.9)
                            ------   ------   ------   ------   ------
 Revenues less liquidity
  rebates, brokerage,
  clearance and exchange
  fees                       382.7    379.1    355.4    342.5    339.2
                            ------   ------   ------   ------   ------
 Expenses
 Compensation and benefits   109.2    106.0    100.8     99.2     88.6
 Marketing and advertising     3.8     11.9      5.6      6.7      6.9
 Depreciation and
  amortization                28.8     28.6     28.0     28.3     28.4
 Professional and contract
  services                    25.1     23.8     19.6     24.1     21.9
 Computer operations and
  data communications         16.1     15.9     13.9     16.2     17.5
 Provision for bad debts       1.0     (0.4)     0.2     (1.4)     3.5
 Occupancy                    16.6     17.1     15.9     16.6     14.9
 Regulatory                    7.5      7.4      7.7      7.1      6.7
 Merger expenses               1.4       --       --       --       --
 General, administrative
  and other                   19.9     23.8     37.7     20.2     29.9
                            ------   ------   ------   ------   ------
   Total operating
    expenses                 229.4    234.1    229.4    217.0    218.3
                            ------   ------   ------   ------   ------

 Operating income            153.3    145.0    126.0    125.5    120.9
 Other income (expense),
  net
   Interest income            11.3     17.9     12.8     12.9      7.9
   Interest expense          (22.6)   (26.6)   (29.0)   (29.0)   (29.0)
   Investment income           1.7       --       --       --       --
   Gain (loss) from
    unconsolidated
    investees, net            (0.2)    (0.6)    (0.1)     0.3     (0.6)
   Gain (loss) on foreign
    currency contracts        35.3     18.2     35.3     (1.7)      --
   Capital gains from
    shares in equity
    investments                 --      0.5       --     14.7       --
                            ------   ------   ------   ------   ------
 Total other income
  (expense), net              25.5      9.4     19.0     (2.8)   (21.7)
                            ------   ------   ------   ------   ------

 Minority interests           (0.2)    (0.2)    (0.4)    (0.3)      --
                            ------   ------   ------   ------   ------
 Income before income
  taxes                      178.6    154.2    144.6    122.4     99.2
 Income tax provision         64.7     51.0     46.1     36.9     31.1
                            ------   ------   ------   ------   ------
 Net income                 $113.9   $103.2   $ 98.5   $ 85.5   $ 68.1
                            ======   ======   ======   ======   ======

 Basic and diluted
  earnings per share:
   Basic                    $ 0.57   $ 0.55   $ 0.57   $ 0.49   $ 0.39
                            ======   ======   ======   ======   ======
   Diluted                  $ 0.54   $ 0.49   $ 0.47   $ 0.41   $ 0.33
                            ======   ======   ======   ======   ======

 Weighted-average common
  shares outstanding for
  earnings per share:
   Basic                     198.9    186.3    173.7    173.3    173.0
   Diluted                   214.1    214.5    212.8    212.5    212.4


                      The NASDAQ OMX Group, Inc.
                  Pro Forma Quarterly Revenue Detail
                            (in millions)

                                   Three Months Ended (Unaudited)
                            ------------------------------------------
                            Mar 31,  Dec 31,  Sep 30,  Jun 30,  Mar 31,
                             2008     2007     2007     2007     2007
                            ------   ------   ------   ------   ------
 MARKET SERVICES
   Execution Services:
   U.S. Operations:
     Execution and trade
      reporting revenues    $622.0   $526.0   $514.2   $426.1   $437.0
     Access services
      revenues                21.7     20.3     19.1     19.0     18.6
     Tape fee revenue
      sharing                 (7.3)    (6.7)    (6.5)    (7.0)    (7.1)
                            ------   ------   ------   ------   ------
       Total U.S. Execution
        Services revenues    636.4    539.6    526.8    438.1    448.5
     Non-U.S. Execution
      Services revenues       91.9     84.3     81.0     76.8     82.8
                            ------   ------   ------   ------   ------
       Total Execution
        Services revenues    728.3    623.9    607.8    514.9    531.3
   Cost of revenues
   Liquidity rebates        (384.8)  (295.1)  (291.2)  (238.3)  (225.2)
   Brokerage, clearance
    and exchange fees       (150.7)  (157.8)  (150.8)  (121.2)  (144.7)
                            ------   ------   ------   ------   ------
   Total cost of revenues   (535.5)  (452.9)  (442.0)  (359.5)  (369.9)
                            ------   ------   ------   ------   ------
   Total revenues less
    liquidity rebates,
    brokerage, clearance
    and exchange fees
    from Execution
    Services                 192.8    171.0    165.8    155.4    161.4
                            ------   ------   ------   ------   ------
   Market Services
    Subscriptions:
   U.S. Operations:
     Proprietary revenues     24.7     24.3     22.8     21.1     19.8
     Non-proprietary
      revenues                33.8     32.6     34.7     33.7     32.1
     UTP Plan revenue
      sharing                (13.9)   (12.2)   (12.4)   (11.6)    (9.6)
     Revenue sharing
      programs                (2.0)    (1.1)    (1.4)    (1.5)    (3.1)
                            ------   ------   ------   ------   ------
       Total U.S. Market
        Services
        Subscriptions
        revenues              42.6     43.6     43.7     41.7     39.2
     Non-U.S. proprietary
      revenues                23.7     22.3     21.4     20.0     18.9
                            ------   ------   ------   ------   ------
       Total Market
        Services
        Subscriptions
        revenues              66.3     65.9     65.1     61.7     58.1

   Other Market Services
    revenues                   8.1      7.6      8.2      7.6      7.8
                            ------   ------   ------   ------   ------
   Total revenues less
    liquidity rebates,
    brokerage, clearance
    and exchange fees
    from Market Services     267.2    244.5    239.1    224.7    227.3
                            ------   ------   ------   ------   ------
 ISSUER SERVICES
   Corporate Client Group:
   U.S. Operations:
     Annual renewal fees      30.3     32.2     31.6     31.1     30.7
     Listing of additional
      shares fees             10.4     10.4     10.4     10.1      9.7
     Initial listing fees      5.8      5.7      5.6      5.5      5.4
     Corporate Client
      services                13.5     13.7     13.9     13.2     11.7
                            ------   ------   ------   ------   ------
       Total U.S. Corporate
        Client Group
        revenues              60.0     62.0     61.5     59.9     57.5
     Non-U.S. Corporate
      Client Group revenues   14.7     18.7     13.6     14.8     13.2
                            ------   ------   ------   ------   ------
       Total Corporate
        Client Group
        revenues              74.7     80.7     75.1     74.7     70.7
   Financial Products:
   U.S. Operations:
     Licensing revenues       11.0     10.8     10.6      9.0      7.3
     Other revenues            0.5      0.8      1.1      1.8      1.6
                            ------   ------   ------   ------   ------
       Total U.S. Financial
        Products revenues     11.5     11.6     11.7     10.8      8.9
                            ------   ------   ------   ------   ------
          Total Issuer
           Services
           revenues           86.2     92.3     86.8     85.5     79.6
 MARKET TECHNOLOGY
   Non-U.S. Operations:
     License, support and
      project revenues        22.3     26.0     18.5     21.6     22.0
     Facility management
      services                 4.6      8.9      8.0      8.1      6.1
     Other revenues            2.1      7.2      2.7      2.2      3.8
                            ------   ------   ------   ------   ------
       Total Market
        Technology revenues   29.0     42.1     29.2     31.9     31.9
                            ------   ------   ------   ------   ------
 Other revenues                0.3      0.2      0.3      0.4      0.4
                            ------   ------   ------   ------   ------
 Total revenues less
  liquidity rebates,
  brokerage, clearance
  and exchange fees         $382.7   $379.1   $355.4   $342.5   $339.2
                            ======   ======   ======   ======   ======


                      The NASDAQ OMX Group, Inc.
                    Quarterly Operating Statistics

                                   Three Months Ended (Unaudited)
                            ------------------------------------------
                            Mar 31,  Dec 31,  Sep 30,  Jun 30,  Mar 31,
                             2008     2007     2007     2007     2007
                            ------   ------   ------   ------   ------

 Key Drivers
 -----------

 Market Services
   Equities Trading
     Average daily share
      volume in NASDAQ
      securities (in
      millions)              2,451    2,187    2,181    2,135    2,152
     Matched market share
      in NASDAQ
      securities (a)          46.8%    45.6%    47.3%    46.1%    45.5%
     Market share reported
      to the FINRA/NASDAQ
      Trade Reporting
      Facility in NASDAQ
      securities (b)          20.7%    23.0%    23.2%    26.2%    29.0%
     Total market share in
      NASDAQ securities (c)   67.5%    68.6%    70.5%    72.3%    74.5%
     Matched market share
      in NYSE securities (a)  21.1%    18.8%    18.0%    15.9%    15.1%
     Market share reported
      to the FINRA/NASDAQ
      Trade Reporting
      Facility in NYSE
      securities (b)          16.6%    18.1%    17.0%    18.6%    18.5%
     Total market share
      in NYSE securities (c)  37.7%    36.9%    35.0%    34.5%    33.6%
     Matched market share
      in AMEX and regional
      securities (a)          36.2%    35.2%    34.2%    32.4%    29.4%
     Market share reported
      to the FINRA/NASDAQ
      Trade Reporting
      Facility in AMEX and
      regional securities (b) 16.1%    17.7%    18.2%    20.9%    22.6%
     Total market share in
      AMEX and regional
      securities (c)          52.3%    52.9%    52.4%    53.3%    52.0%
     Matched share volume
      in all U.S.-listed
      equities (in billions) 153.7    123.4    121.7    101.7     95.2
     Matched market share
      in all U.S.-listed
      equities (a)            31.0%    29.7%    29.5%    28.8%    28.0%
     Average daily number
      of equity trades on
      the Nordic Exchange  216,618       --       --       --       --

   Derivatives Trading
     Average daily volume
      of equity and
      fixed-income
      contracts traded on
      the Nordic Exchange  575,225       --       --       --       --

     Average daily volume
      of Nordic equity
      contracts traded
      on EDX London        163,766       --       --       --       --

     Average daily volume
      of Finnish option
      contracts traded
      on Eurex              77,769       --       --       --       --

 Issuer Services

   Initial public
    offerings
     NASDAQ                      7       37       22       38       37
     Nordic Exchange             2       --       --       --       --
   New listings
     NASDAQ (d)                 48       45       35       67       50
     Nordic Exchange             2       --       --       --       --
   Number of listed
    companies
     NASDAQ (e)              3,115    3,135    3,134    3,164    3,181
     Nordic Exchange (f)       849       --       --       --       --

 Market Technology

   Order intake (mn) (g)    $ 46.7       --       --       --       --
   Total order value
    (mn) (h)                $391.4       --       --       --       --



 (a) Transactions executed on NASDAQ's systems.
 (b) Transactions reported to the FINRA/NASDAQ Trade Reporting
     Facility.
 (c) Total market share represents the sum of (a) and (b)
 (d) New listings include initial public offerings, including those
     completed on a best efforts basis, issuers that switched from
     other listing venues, closed-end funds and separately listed
     ETFs.
 (e) Includes separately listed ETFs.
 (f) Represents companies listed on the Nordic Exchange and companies
     listed on our alternative market, First North.
 (g) Total contract value of orders signed in the first quarter of
     2008.
 (h) Represents total contract value of orders signed that are yet to
     be recognized as revenue.

 FINRA is a registered trademark of the Financial Industry Regulatory
 Authority and is used under license from the Financial Industry
 Regulatory Authority.


                      The NASDAQ OMX Group, Inc.
                    Reconciliation of GAAP Earning
                (in millions, except per share amounts)
                              (unaudited)

                                                 Three Months Ended
                                                   March 31, 2008
                                                 ------------------

 GAAP Net Income                                 $            121.4
 Adjustments:
   Merger Expenses                                              0.8
   Gain from unconsolidated investees, net                    (15.9)
   Gain on foreign currency contracts                         (21.3)
                                                 ------------------
   Total Adjustments                                          (36.4)
                                                 ------------------

 Non-GAAP Net Income                             $             85.0
                                                 ==================

 GAAP Earnings per Common Share:
 -------------------------------
 Diluted Earnings per Common Share               $             0.69
 Adjustments:
   Total Adj. from GAAP Net Income Above:                     (0.21)
                                                 ------------------

 Non-GAAP Diluted Earnings per Common Share      $             0.48
                                                 ================== 




This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: The NASDAQ OMX Group, Inc.

The NASDAQ OMX Group, Inc. Bethany Sherman +1.212.401.8741 Vince Palmiere +1.212.401.8742 Jonas Rodny +46(8)405.7267



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