Quality of Listings

NASDAQ has three market tier designations including the NASDAQ Global Select Market — the market with the most rigorous financial and reporting listing standards of any securities market in the world. While our competitors are working through the implementation of their electronic market structures, NASDAQ is continuously innovating and improving the market structure it created over 35 years ago. As the regulatory environment continues to drive the equity markets, NASDAQ believes that being listed on the market with the highest listing standards will be an increasingly important designation for investors and issuers.

Values and Benefits

At NASDAQ, we believe your listing should represent more than just a "membership" in a stock market — it should provide tangible value back to your company and your shareholders. With this in mind, NASDAQ provides its issuers with a suite of benefits, crossing a broad spectrum of services that are essential to all public companies. Below are some of the value-added benefits that come with a NASDAQ listing:

• Relationship Managers
• Market Intelligence Desk
• NASDAQ Online
• NASDAQ Select Market Maker Program
• Access to the NASDAQ OMX Core Services Package*, which includes:

• Webcasts
• Newswire Distribution
• Director Communications
• Insurance

* Available to all public companies

Listing Standards

Companies that choose to list their securities on The NASDAQ Stock Market must meet minimum initial and continued financial requirements. These requirements are designed to facilitate capital formation for companies worldwide and, at the same time, to protect investors and prospective investors in those companies. NASDAQ's quantitative listing requirements generally call for companies to meet higher thresholds for initial listing than continued listing, thus helping to ensure that companies have reached a sufficient level of maturity prior to listing. NASDAQ also requires listed companies to meet stringent corporate governance standards, standards to which NASDAQ itself adheres. NASDAQ listing standards are transparent to companies and investors alike, and are rigorously enforced.

Listing Qualifications

NASDAQ Listing Qualifications (LQ) promotes the integrity and reputation of The NASDAQ Stock Market by reviewing all companies for compliance with the initial and continued listing requirements. The principal groups within LQ are: the Initial Listings & Structured Financial Products team; the Continued Listings team; Corporate Governance & Listing of Additional Shares; and Listing Investigations. Each NASDAQ-listed company is assigned to a specific qualifications analyst who reviews its SEC or other regulatory filings. This individual is also available to answer questions regarding the meaning or application of NASDAQ's listing requirements.

Listing Process

To list its securities on The NASDAQ Stock Market, a company is required to meet certain initial quantitative and qualitative requirements and to submit an application. Once the application is received, it will undergo review by NASDAQ's Listing Qualifications. The following includes some frequently asked questions regarding the application and the review process to initially list securities on The NASDAQ Global Select Market, The NASDAQ Global Market, or The NASDAQ Capital Market.

International Listing

Listing on NASDAQ gives international companies high visibility and access to a diverse pool of investors worldwide. In addition, NASDAQ promotes corporate growth and entrepreneurship by providing companies, market participants and investors with one of the highest quality equity markets in the world. The U.S. securities markets offer companies access to the richest source of capital in the world as a result of their size, credibility and pool of enthusiastic investors. At the same time, taking a company through a public offering in the U.S. is a major undertaking and presents challenges to companies seeking access to this capital. .

Dual Listing

Choose the advantage of all that NASDAQ has to offer with a dual listing. Your company’s stock can list on The NASDAQ Stock Market® in addition to being traded on your current exchange. NASDAQ launched the highly successful Dual Listing program in 2004 to offer companies an opportunity to experience NASDAQ’s superior market performance firsthand without disruption. With a dual listing, investors have greater access to liquidity and more opportunity for best execution.