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.

H&F INVESTORS IV, LLC
By:	H&F Administration IV, LLC, its administrative manager
	By:	H&F Investors III, Inc., its manager
	By:	/s/ Mitchell R. Cohen
		Name: Mitchell R. Cohen
		Title:	Vice President
HELLMAN & FRIEDMAN CAPITAL PARTNERS IV, L.P.
By:	H&F Investors IV, LLC, its general partner
	By:	H&F Administration IV, LLC, its administrative manager
		By:	H&F Investors III, Inc., its manager
		By:	/s/ Mitchell R. Cohen
			Name: Mitchell R. Cohen
			Title:	Vice President
H&F EXECUTIVE FUND IV, L.P.
By:	H&F Investors IV, LLC, its general partner
	By:	H&F Administration IV, LLC, its administrative manager
		By:	H&F Investors III, Inc., its manager
		By:	/s/ Mitchell R. Cohen
			Name: Mitchell R. Cohen
			Title:	Vice President

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H&F INTERNATIONAL PARTNERS IV-A, L.P.
By:	H&F Investors IV, LLC, its general partner
	By:	H&F Administration IV, LLC, its administrative manager
		By:	H&F Investors III, Inc., its manager
		By:	/s/ Mitchell R. Cohen
			Name: Mitchell R. Cohen
			Title:	Vice President
H&F INTERNATIONAL PARTNERS IV-B, L.P.
	By:	H&F Investors IV, LLC, its general partner
	By:	H&F Administration IV, LLC, its  administrative manager
		By:	H&F Investors III, Inc., its manager
		By:	/s/ Mitchell R. Cohen
			Name: Mitchell R. Cohen
			Title:	Vice President