NASDAQ Appoints Patrick Healy as New Board Member

New York, NY— The Nasdaq Stock Market, Inc. ("NASDAQ®"; OTCBB: NDAQ) today announced that Patrick J. Healy has joined the NASDAQ Board of Directors, following his confirmation by NASDAQ's Board of Directors on Thursday, March 4, 2004. Mr. Healy, an independent director, also will serve on the Finance and Policy Committees of the Board. Mr. Healy, 37, a Managing Director at Hellman & Friedman LLC, replaces F. Warren Hellman, Chairman of Hellman & Friedman LLC, who resigned effective February 25, 2004. Mr. Hellman, who has served on the board since 2001, was a member of NASDAQ's Corporate Governance, Finance and Policy Committees. There are currently 20 members on NASDAQ's Board of Directors. The Board has determined that each of the directors, with the exception of NASDAQ's CEO and President, are independent of management under the independence standards applicable to companies listed on The NASDAQ Stock Market.

H. Furlong Baldwin, Non-Executive Chairman of The NASDAQ Stock Market Board of Directors commented, "We are very pleased that Mr. Healy has agreed to join the NASDAQ Board. His industry background and financial expertise complements the depth of experience and diversified skills of our board members."
"We appreciate all of Warren's efforts and dedication to NASDAQ during his tenure and we have valued his business acumen and counsel," added Bob Greifeld, CEO and President of The NASDAQ Stock Market. "We look forward to Patrick's contributions."

As a Managing Director at Hellman & Friedman, Mr. Healy's primary areas of focus are the media, financial and professional service industries and the Firm's European activities. In addition to NASDAQ, he is currently a Director of ProSiebenSat.1 Media AG and was formerly a Director of Digitas, Inc., National Information Consortium, Inc., and Neverfail Springwater Limited. Prior to joining the firm in 1994, Mr. Healy was employed by James D. Wolfensohn Incorporated and Consolidated Press Holdings in Australia. Mr. Healy graduated from Harvard College and the Harvard Business School.
NASDAQ's current board members are:

• H. Furlong Baldwin, Chairman of the Board of Directors, The Nasdaq Stock Market, Inc. and Retired Chairman and Chief Executive Officer, Mercantile Bankshares Corporation
• Frank E. Baxter, Chairman Emeritus, Jefferies Group, Inc.,
• Michael Casey, Executive Vice President, Chief Financial Officer and Chief Administrative Officer, Starbucks Corporation
• Michael W. Clark, Global Head of Proprietary Trading, Credit Suisse First Boston (CSFB)
• William S. Cohen, Chairman and Chief Executive Officer, The Cohen Group
• Lon Gorman, Vice Chairman and President of Schwab Capital Markets, The Charles Schwab Corporation
• Robert Greifeld, President and Chief Executive Officer, The Nasdaq Stock Market, Inc.
• John P. Havens, Global Head Institutional Equity Division, Morgan Stanley
• Patrick J. Healy, Managing Director, Hellman & Friedman LLC
• Thomas M. Joyce, Chief Executive Officer and President, Knight Trading Group, Inc.
• John D. Markese, President, American Association of Individual Investors
• Thomas F. O'Neill, Principal, Sandler O'Neill & Partners L.P.
• James S. Riepe, Vice Chairman, T. Rowe Price Group, Inc.
• Arthur Rock, Principal, Arthur Rock & Co.
• Arvind Sodhani, Vice President and Treasurer, Intel Corporation
• Martin S. Sorrell, Chief Executive and Director, WPP Group
• Thomas G. Stemberg, Chairman, Staples, Inc.
• Thomas W. Weisel, Chairman and Chief Executive Officer, Thomas Weisel Partners
• Mary Jo White, Partner, Debevoise & Plimpton
• Arshad R. Zakaria, Retired Executive Vice President and President of the Global Markets and Investment Banking Group, Merrill Lynch & Co., Inc.