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April 18, 2011

NASDAQ, or the NASDAQ Stock Market, is a national securities exchange that is owned and operated by the NASDAQ OMX Group.  The NASDAQ Stock Market is comprised of three market tiers: (1) the NASDAQ Global Select Market, (2) the NASDAQ Global Market, formerly the NASDAQ National Market, and (3) the NASDAQ Capital Market, formerly the NASDAQ SmallCap Market.  For a company to trade on the NASDAQ Stock Market, it must meet the listing requirements of at least one of these three market tiers.  Some of these listing requirements include meeting specified minimum thresholds for the number of publicly traded shares, total market value, stock price, and number of shareholders.  For additional information regarding the NASDAQ Stock Market or its related rules, please visit the NASDAQ website.

The NASDAQ OMX Group also owns and operates two additional national securities exchanges: the NASDAQ OMX PHLX (formerly the Philadelphia Stock Exchange); and the NASDAQ OMX BX (formerly the Boston Stock Exchange).  For additional information regarding these other national securities exchanges, please visit the NASDAQ OMX Group’s website.

We have provided this information as a service to investors.  It is neither a legal interpretation nor a statement of SEC policy.  If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law.

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