JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $0.01 per share, of The Nasdaq Stock Market, Inc., and that this Joint Filing Agreement be included as an Exhibit to such joint filing.

     This Joint Filing Agreement may be executed in one or more counterparts, and each such counterpart shall be an original but all of which, taken together, shall constitute but one and the same agreement.

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     IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of this 2^nd day of May 2005.

SILVER LAKE PARTNERS TSA, L.P.
By:	SILVER LAKE TECHNOLOGY ASSOCIATES, L.L.C., its General Partner
	By:	/s/ Alan K. Austin
	Name:	Alan K. Austin
	Title:	Managing Director and Chief Operating Officer
SILVER LAKE INVESTORS, L.P.
By:	SILVER LAKE TECHNOLOGY ASSOCIATES, L.L.C., its General Partner
By:		/s/ Alan K. Austin
	Name:	Alan K. Austin
	Title:	Managing Director and Chief Operating Officer
SILVER LAKE PARTNERS II TSA, L.P.
By:	SILVER LAKE TECHNOLOGY ASSOCIATES II, L.L.C., its General Partner
	By:	/s/ Alan K. Austin
	Name:	Alan K. Austin
	Title:	Managing Director and Chief Operating Officer

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SILVER LAKE TECHNOLOGY INVESTORS II, L.L.C.
By:	SILVER LAKE MANAGEMENT COMPANY, L.L.C., its Manager
	By:	SILVER LAKE TECHNOLOGY MANAGEMENT, L.L.C., its Managing Member
	By:		/s/ Alan K. Austin
		Name:	Alan K. Austin
		Title:	Managing Director and Chief Operating Officer