From: Robert Shuster
Sent: November 26, 2006
Subject: File No. SR-NASDAQ-2006-040

To Whom it may Concern,

Independent Bank Corporation (NASDAQ: IBCP) is listed on the NASDAQ NMS and has been a NASDAQ customer for over 20 years. We have a high regard for NASDAQ but are strongly opposed to their proposal to increase annual listing fees, including bundling four news releases provided by PrimeZone (which NASDAQ acquired earlier in 2006). First and foremost, NASDAQ is an electronic stock market, and companies like ours depend on NASDAQ to provide an efficient and fair market for trading our stock. As the largest electronic stock market in the United States, NASDAQ has a unique role. We believe the bundling of ancillary services with their listing fees is simply unfair and eliminates our right to choose a provider for news releases. We hope that the SEC will reject this proposal. Thank you.

Robert Shuster
Chief Financial Officer - Independent Bank Corporation