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NASDAQ to Add Carpenter Moore, Management Liability Specialists

September 7, 2005

The Nasdaq Stock Market Inc. has entered into a definitive agreement to acquire Carpenter Moore Insurance Services Inc. (“Carpenter Moore”), a privately held, San Francisco-based insurance brokerage firm specializing in management liability.

As a result of this transaction, NASDAQ’s insurance business will reportedly be ranked as a top 10 provider of management liability insurance with a total of seven offices throughout the country, serving over 2,000 existing clients, including 12 of the NASDAQ-100 companies.

Bruce Aust, executive vice president of NASDAQ commented, “This transaction will position our NASDAQ insurance business as a top provider in the management liability space, an area that is of increasing importance to both public and private companies.” Mr. Aust added, “NASDAQ is a leader in helping companies operate successfully in highly regulated, highly transparent environments. Our insurance business will offer clients an independent assessment of their executive liability needs, with the goal of finding efficient and customized solutions for any management team.”

NASDAQ’s insurance business, including the Carpenter Moore acquisition and the existing Nasdaq Insurance Agency, will operate under the leadership of Susan Miner. Currently executive vice president of Carpenter Moore, Miner will assume the title of president for the combined entity. Management liability insurance is an integral part of a suite of services offered by NASDAQ’s Corporate Client Group and follows on the heels of NASDAQ’s recent launch of Independent Research Network, a joint venture with Reuters to provide public companies with research coverage.

The addition of Carpenter Moore will reportedly increase NASDAQ’s depth of expertise in directors and officers, errors and omissions and other management liability insurance products. It will also expand regional coverage by NASDAQ’s insurance business through Carpenter Moore’s co-brokerage distribution model. NASDAQ’s acquisition encompasses four of Carpenter Moore’s geographic locations, including San Francisco, Texas, Minnesota, and Massachusetts.

The Connecticut and New Jersey operations are being spun off in a separate transaction.

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