Nasdaq becomes a securities exchange

As a result, NASDAQ is now operating as an independent self-regulatory organization, separate from NASD. NASDAQ plans to become operational as an exchange in other exchange-listed securities on October 1, 2006.

In connection with NASDAQ's transition to a national securities exchange, the securities of companies that were listed on NASDAQ and registered under the Securities Exchange Act of 1934 or the Investment Company Act of 1940 have become registered under Section 12(b) of the Exchange Act. The SEC has granted those companies that were exempt from registration under the Exchange Act a temporary three-year continuation of the exemption, until August 1, 2009, to allow these companies to become registered under Section 12(b).