Table of Contents The Nasdaq Stock Market, Inc. Consolidated Balance Sheets (in thousands, except share and par value amounts) 2005 2004 December 31, Assets Cash and cash equivalents $ 165,237 $ 58,186 Current assets: Available-for-sale, at fair value 179,369 174,913 Investments: Receivables, net 207,632 104,258 Held-to-maturity, at amortized cost €” 28,600 Receivables from related parties Deferred tax assets 9,953 24,209 18 3,229 Other current assets 34,754 12,802 Total current assets 596,963 406,197 Held-to-maturity investments, at amortized cost Property and equipment: €” 2,008 Land, buildings and improvements 60,920 97,322 Data processing equipment and software 179,991 205,279 Furniture, equipment and leasehold improvements 115,551 140,026 356,462 442,627 Less accumulated depreciation and amortization (233,886 ) (268,787 ) Total property and equipment, net 122,576 173,840 Goodwill 961,893 141,381 Non-current deferred tax assets 133,336 48,765 Other assets 16,540 1,843 Intangible assets, net 215,478 40,786 Total assets $ 2,046,786 $ 814,820 Liabilities Accounts payable and accrued expenses $ 118,884 $ 40,180 Current liabilities: Deferred revenue 53,593 59,537 Accrued personnel costs 55,284 49,383 Current portion of debt obligations 7,500 €” Other accrued liabilities 61,849 42,467 Payables to related parties 28,218 16,749 Total current liabilities 325,328 208,316 Debt obligations Accrued pension costs 1,184,928 265,000 Non-current deferred tax liabilities 95,151 29,514 25,841 25,671 Non-current deferred revenue 92,019 89,821 Other liabilities 69,514 39,935 Total liabilities 1,792,781 658,257 Stockholders' equity Common stock, $0.01 par value, 300,000,000 shares authorized, shares issued: 130,684,783 at December 31, 2005 and 130,653,191 at December 31, 2004; shares outstanding: 83,148,909 at December 31, 2005 and 78,973,085 at December 31, 2004 1,307 1,306 Preferred stock, 30,000,000 shares authorized, Series C Cumulative Preferred Stock: shares issued and outstanding: 953,470 at December 31, 2005 and 1,338,402 at December 31, 2004; Series D (at December 31, 2005) and Series B (at December 31, 2004): 1 share issued and outstanding Minority interest 998 €” 95,017 130,134 Common stock in treasury, at cost: 47,535,874 shares at December 31, 2005 and 51,680,106 shares at December 31, 2004 (613,369 ) (662,002 ) Additional paid-in capital 383,669 355,943 Accumulated other comprehensive loss Deferred stock compensation (1,290 ) (1,056 ) Common stock issuable 6,809 2,567 (4,930 ) (1,030 ) Retained earnings 385,794 330,701 Total stockholders' equity 253,007 156,563 Total liabilities, minority interest and stockholders' equity $ 2,046,786 $ 814,820 See accompanying notes to the consolidated financial statements. F-3

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