NYSE Announces Second Quarter 2006 Financial Results

Second quarter 2006 results include the full quarter results fromthe operations of NYSE Arca (formerly known as the ArchipelagoExchange, or ArcaEx(R), and the Pacific Exchange). The merger betweenNYSE, Inc. and Archipelago Holdings, Inc. closed on March 7, 2006.Fiscal 2005 results include only the operations of NYSE, Inc., thepredecessor of NYSE Group.

Included in the second quarter results are $9.7 million in mergerexpenses and related exit costs consisting of severance costs ($5.8million), legal, printing and accounting fees incurred in connectionwith the May 2006 selling shareholder offering of our common stock($2.1 million), and other professional fees ($1.8 million).

On a non-GAAP basis, excluding these $9.7 million of expenses andexit costs directly attributable to the merger of the NYSE andArchipelago, the net income of NYSE Group for the three months endedJune 30, 2006 was $66.9 million, or $0.42 per diluted share, a $14.2million or 27% increase as compared to net income, on a non-GAAPbasis, of $52.7 million, or $0.34 per diluted share, for the threemonths ended March 31, 2006. A full reconciliation of these non-GAAPresults is included in the attached tables.

"NYSE Group's second quarter performance was strong, as thebalance between revenue growth and cost management demonstrates," saidNelson Chai, Executive Vice President and Chief Financial Officer. "Weremain focused on growing and delivering on our core businesspriorities. The strength of our transaction and listing businesses,the announcement of our plans to merge with Euronext N.V., and our newtransaction pricing model reflect our commitment to these goals.

"Additionally, we continue to make significant progress on theNYSE-Archipelago merger integration initiative and with theapproaching introduction of a number of new products and services inthe coming months, NYSE Group is well positioned for future growth andsubstantial value creation for our shareholders. As we continue tomeet our integration goals, we expect NYSE Group's results to reflectthe realization of these efficiencies."

Other Financial Highlights

-- For the three months ended June 30, 2006, total revenues, net of activity assessment fees, on a non-GAAP basis increased $40.9 million or 10% to $469.8 million as compared to total revenues, net of activity assessment fees, on a non-GAAP basis, of $428.9 million for the three months ended March 31, 2006. Driving this increase was a $25.8 million or 15% increase in transaction revenues, primarily reflecting the strong volume growth on the NYSE Arca trading platform.

-- For the three months ended June 30, 2006, operating income on a non-GAAP basis increased $17.8 million or 23% to $93.7 million as compared to operating income on a non-GAAP basis of $75.9 million for the three months ended March 31, 2006.

-- As of June 30, 2006, NYSE Group had $1.1 billion of cash, cash equivalents, investment and other securities (including $371.6 million related to Section 31 fees collected from market participants and due to the Securities and Exchange Commission) and no debt obligation.

-- As of June 30, 2006, the stockholders' equity of NYSE Group was $1.5 billion.

Second Quarter Business Highlights

-- On May 22, 2006, NYSE Group proposed an historic business combination with Euronext N.V., which will create the first truly global marketplace with an expected combined market capitalization of approximately $21 billion (EUR 16 billion). Both parties signed a definitive combination agreement on June 1 with an expected closing during the first quarter of 2007, following the satisfaction of certain conditions, including receipt of regulatory approvals and NYSE Group and Euronext shareholder approvals.

-- On May 10, 2006, NYSE Group completed a selling shareholder offering of 28,750,000 shares of common stock at $61.50 per share.

-- The total number of NYSE listed issuers at June 30, 2006 rose to 2,697 compared to 2,682 at March 31, 2006 and 2,637 at June 30, 2005.

-- For the six months ended June 30, 2006, the NYSE added 53 new issuer listings.

-- During the second quarter, NYSE Arca added its first new listing since the formation of NYSE Group with the May 18 IPO of Darwin Professional Underwriters, Inc., and the first transfer from Nasdaq to NYSE Arca, BFC Financial Corporation on June 22.

-- For the three months ended June 30, 2006, NYSE Group handled 124.0 billion shares of NYSE listed issues, or 76.3% of the trading in NYSE listed issues, versus 115.7 billion shares, or 76.7%, and 104.5 billion shares, or 81.8%, for the three months ended March 31, 2006 and June 30, 2005, respectively.

-- NYSE Group's share of trading in NYSE Arca and Amex listed issues increased to 34.4% for the three months ended June 30, 2006 compared to 33.2% for the three months ended March 31, 2006 and 31.6% for the three months ended June 30, 2005.

-- NYSE Group's share of trading in Nasdaq listed issues increased to 25.2% for the three months ended June 30, 2006 compared to 23.0% for the three months ended March 31, 2006 and 23.1% for the three months ended June 30, 2005.

-- NYSE Group's share of trading in exchange-traded funds (ETFs) increased to 42.9% for the three months ended June 30, 2006 compared to 42.8% for the three months ended March 31, 2006 and 35.9% for the three months ended June 30, 2005.

-- For the three months ended June 30, 2006, NYSE Group's share of trading in equity options contracts decreased to 9.4% from 10.9% for the three months ended March 31, 2006 and was unchanged from 9.4% for the three months ended June 30, 2005.

-- On June 8, 2006, NYSE Arca achieved a new all-time record in daily trading volume with 1.49 billion shares traded, representing $55.0 billion. On April 27, NYSE Arca volume surpassed 1.0 billion shares traded for the first time. Including this milestone, NYSE Arca volume exceeded 1 billion shares 13 times during the second quarter.

-- On May 1, 2006, NYSE Group launched NYSE OpenBook Real-Time(R), an information tool for investors and market professionals designed to offer customers immediate access to market information, increase the transparency of the NYSE market and support the implementation of the NYSE Hybrid Market(SM). This was followed by the SEC's June 9 approval of the NYSE InfoTools(SM) free 60-day trial program. NYSE InfoTools is a uniquely applicable information product designed to provide retail and institutional investors with in-depth analysis of NYSE-listed stock trading activity.

-- On June 30, 2006, NYSE Group announced transaction pricing changes for NYSE listed equities and NYSE Arca options, effective August 1, 2006. These initial changes increase pricing transparency and efficiency while supporting future product, volume and trading platform growth.

-- On April 5, 2006, the NYSE completed Phase I of the NYSE Hybrid Market(SM), marking a significant step in the Hybrid Market's implementation program. The NYSE launched Phase II on April 6, and on May 12 a pilot for Phase III was initiated for one NYSE listed stock.

-- NYSE Arca filed option market structure rule revisions with the SEC on June 23, 2006. These market structure and pricing enhancements will be supported by a new options trading platform offering significant improvements in trading system performance, functionality and reliability expected to launch in third quarter 2006, pending SEC approval.

To supplement NYSE Group's consolidated financial statementsprepared in accordance with GAAP and to better reflectperiod-over-period comparisons, NYSE Group uses non-GAAP financialmeasures of operating performance. A non-GAAP financial measure is anumerical measure of performance, financial position, or cash flowsthat either excludes or includes amounts that are not normallyexcluded or included in the most directly comparable measure,calculated and presented in accordance with GAAP. Non-GAAP financialmeasures do not replace and are not superior to the presentation ofGAAP financial results, but are provided to (i) present the effects ofcertain merger expenses, exit costs, compensation expense and gains onsale of businesses and other investments and (ii) to improve overallunderstanding of NYSE Group's current financial performance and itsprospects for the future. Specifically, NYSE Group believes thenon-GAAP financial results provide useful information to bothmanagement and investors regarding certain additional financial andbusiness trends relating to financial condition and operating results.In addition, management uses these measures for reviewing financialresults and evaluating financial performance.

About NYSE Group, Inc.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: theNew York Stock Exchange (the "NYSE") and NYSE Arca (formerly known asthe Archipelago Exchange, or ArcaEx(R), and the Pacific Exchange).NYSE Group is a leading provider of securities listing, trading andmarket data products and services.

The NYSE is the world's largest and most liquid cash equitiesexchange. The NYSE provides a reliable, orderly, liquid and efficientmarketplace where investors buy and sell listed companies' commonstock and other securities. On June 30, 2006, our listed operatingcompanies represent a total global market capitalization of over $22.6trillion. In the second quarter 2006, on an average trading day,almost 1.8 billion shares, valued at over $68.5 billion, were tradedon the NYSE.

NYSE Arca operates the first open, all-electronic stock exchangein the United States and has a leading position in tradingexchange-traded funds and exchange-listed securities. NYSE Arca isalso an exchange for trading equity options. NYSE Arca's tradingplatform provides customers with fast electronic execution and open,direct and anonymous market access.

NYSE Regulation, an independent not-for-profit subsidiary,regulates member organizations through the enforcement of marketplacerules and federal securities laws. NYSE Regulation also ensures thatcompanies listed on the NYSE and NYSE Arca meet their financial andcorporate governance listing standards.

For more information on NYSE Group, go to: www.nyse.com.Information contained on our website does not constitute a part of theprospectus relating to the proposed offering.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this article may contain forward-lookingstatements within the meaning of the Private Securities LitigationReform Act of 1995. These statements are based on NYSE Group's currentexpectations and involve risks and uncertainties that could cause NYSEGroup's actual results to differ materially from those set forth inthe statements. There can be no assurance that such expectations willprove to be correct. Actual results may differ materially from thoseexpressed or implied in the forward-looking statements. Factors thatcould cause NYSE Group's results to differ materially from currentexpectations include, but are not limited to: NYSE Group's ability toimplement its strategic initiatives, economic, political and marketconditions and fluctuations, government and industry regulation,interest rate risk and U.S. and global competition, and other factorsdetailed in NYSE Group's Annual Report on Form 10-K and other periodicreports filed with the U.S. Securities and Exchange Commission. Inaddition, these statements are based on a number of assumptions thatare subject to change. Accordingly, actual results may be materiallyhigher or lower than those projected. The inclusion of suchprojections herein should not be regarded as a representation by NYSEGroup that the projections will prove to be correct. We undertake noobligation to release any revisions to any forward-looking statements.


NYSE Group, Inc.
Condensed consolidated statements of income in accordance with GAAP
(unaudited)
(in thousands, except per share data)


Six months ended
Three months ended June 30,
----------------------------- --------------------
June 30, March 31, June 30,
2006 2006 2005 2006 2005
--------- --------- --------- ---------- ---------

Revenues
Activity
assessment
fees $189,766 $139,209 $141,773 $328,975 $234,713
Transaction 198,009 76,151 37,806 274,160 75,759
Listing 88,768 88,468 85,465 177,236 171,460
Market data 60,390 48,215 46,290 108,605 90,440
Data processing 41,881 39,391 47,759 81,272 92,664
Regulatory 44,740 40,424 32,614 85,164 62,233
Licensing,
facility and
other 35,986 23,078 13,104 59,064 28,038
--------- --------- --------- ---------- ---------
Total revenues 659,540 454,936 404,811 1,114,476 755,307
Section 31 fees(189,766) (139,209) (141,773) (328,975) (234,713)
Merger expenses
and related
exit costs (9,681) (2,614) - (12,295) -
Compensation (138,403) (168,449) (128,337) (306,852) (257,013)
Liquidity
payments (74,821) (18,970) - (93,791) -
Routing and
clearing fees (23,400) (6,203) - (29,603) -
Systems and
communications (30,682) (29,902) (32,038) (60,584) (63,794)
Professional
services (29,424) (27,895) (34,155) (57,319) (61,051)
Depreciation
and
amortization (36,077) (28,163) (26,446) (64,240) (52,619)
Occupancy (21,454) (18,610) (17,078) (40,064) (33,939)
Marketing and
other (28,027) (18,991) (17,546) (47,018) (31,758)
Regulatory fine
income 6,222 16,939 1,268 23,161 21,977
--------- --------- --------- ---------- ---------
Operating income 84,027 12,869 8,706 96,896 42,397
Investment and
other income,
net 17,017 16,821 12,920 33,838 23,192
Gain on sale of
equity
investment - 20,925 - 20,925 -
--------- --------- --------- ---------- ---------
Income before
income tax
provision and
minority
interest 101,044 50,615 21,626 151,659 65,589
Income tax
provision (38,542) (19,723) (7,415) (58,265) (26,224)
Minority
interest (1,329) (544) (1,225) (1,873) (360)
--------- --------- --------- ---------- ---------
Net income $ 61,173 $ 30,348 $ 12,986 $ 91,521 $ 39,005
========= ========= ========= ========== =========

Basic earnings
per share $ 0.39 $ 0.24 $ 0.11 $ 0.65 $ 0.34
Diluted earnings
per share $ 0.39 $ 0.24 $ 0.11 $ 0.64 $ 0.34

Basic weighted
average shares
outstanding 156,422 125,958 115,699(a) 141,619 115,699(a)
Diluted weighted
average shares
outstanding 157,428 127,194 115,699(a) 142,716 115,699(a)


(a) Adjusted to reflect the merger with Archipelago on March 7, 2006
giving retroactive effect to the issuance of shares to former NYSE
members.


NYSE Group, Inc.
Condensed combined statements of income including
non-GAAP financial measures (unaudited)
(in thousands, except per share data)

We use non-GAAP financial measures of operating performance. Non-GAAP
measures do not replace and are not superior to the presentation of
our GAAP financial results but are provided to improve overall
understanding of our current financial performance and our prospects
for the future.

Three months ended June 30, 2006
---------------------------------------------
Stand alone Non-GAAP
--------------------- -----------------------
NYSE
Group
NYSE Archipelago Adjustments Combined
--------- ----------- ----------- ---------

Revenues
Activity assessment
fees $136,759 $ 53,007 $ - $189,766
Transaction 37,181 160,828 - 198,009
Listing 88,657 111 - 88,768
Market data 46,352 14,038 - 60,390
Data processing 41,881 - - 41,881
Regulatory 41,957 2,783 - 44,740
Licensing, facility
and other 33,372 2,614 - 35,986
--------- ----------- ----------- ---------
Total revenues 426,159 233,381 - 659,540
Section 31 fees (136,759) (53,007) - (189,766)
Merger expenses and
related exit costs (9,402) (279) 9,681(a) -
Compensation (121,501) (16,902) - (138,403)
Liquidity payments - (74,821) - (74,821)
Routing and clearing
fees - (23,400) - (23,400)
Systems and
communications (24,649) (6,033) - (30,682)
Professional services (25,790) (3,634) - (29,424)
Depreciation and
amortization (27,164) (8,913) (36,077)
Occupancy (17,939) (3,515) - (21,454)
Marketing and other (21,176) (6,851) - (28,027)
Regulatory fine income 6,207 15 6,222
--------- ----------- ----------- ---------
Operating income 47,986 36,041 9,681 93,708
Investment and other
income, net 15,206 1,811 - 17,017
--------- ----------- ----------- ---------
Income before income tax
provision and minority
interest 63,192 37,852 9,681 110,725
Income tax provision (23,225) (15,317) (3,969)(b) (42,511)
Minority interest (1,329) - - (1,329)
--------- ----------- ----------- ---------
Net income $ 38,638 $ 22,535 $ 5,712 $ 66,885
========= =========== =========== =========

Basic earnings per share $ 0.43
Diluted earnings per
share $ 0.42

Basic weighted average
shares outstanding 156,422
Diluted weighted average
shares outstanding 157,428

(a) To eliminate merger expenses and related exit costs as they
represent nonrecurring charges directly attributable to the
merger.

(b) To adjust the income tax provision for the effect of the non-GAAP
adjustment based upon a combined income tax rate of 41%.



NYSE Group, Inc.
Condensed combined statements of income including
non-GAAP financial measures (unaudited)
(in thousands, except per share data)

We use non-GAAP financial measures of operating performance. Non-GAAP
measures do not replace and are not superior to the presentation of
our GAAP financial results but are provided to improve overall
understanding of our current financial performance and our prospects
for the future.

Three months ended (a)
--------------------------------------------
June 30, 2006 March 31, 2006 June 30, 2005
-------------- -------------- -------------

Revenues
Activity assessment
fees $ 189,766 $ 170,064 $ 185,311
Transaction 198,009 172,224 151,305
Listing 88,768 88,549 85,588
Market data 60,390 61,015 62,958
Data processing 41,881 39,391 47,759
Regulatory 44,740 42,605 35,369
Licensing, facility and
other 35,986 25,072 14,754
-------------- -------------- -------------
Total revenues 659,540 598,920 583,044
Section 31 fees (189,766) (170,064) (185,311)
Compensation (138,403) (143,535) (148,708)
Liquidity payments (74,821) (62,911) (50,984)
Routing and clearing
fees (23,400) (21,001) (17,476)
Systems and
communications (30,682) (34,547) (39,396)
Professional services (29,424) (30,474) (37,377)
Depreciation and
amortization (36,077) (34,590) (36,449)
Occupancy (21,454) (21,065) (19,496)
Marketing and other (28,027) (21,983) (33,257)
Regulatory fine income 6,222 17,175 1,268
-------------- -------------- -------------
Operating income 93,708 75,925 15,858
Investment and other
income, net 17,017 17,570 14,059
-------------- -------------- -------------
Income before income tax
provision and minority
interest 110,725 93,495 (b) 29,917
Income tax provision (42,511) (40,203) (10,743)
Minority interest (1,329) (544) (1,225)
-------------- -------------- -------------
Net income $ 66,885 $ 52,748 $ 17,949
============== ============== =============
Basic earnings per share $ 0.43 $ 0.34 $ 0.11
Diluted earnings per share $ 0.42 $ 0.34 $ 0.11

Basic weighted average
shares outstanding 156,422 155,817 (c) 161,281 (c)
Diluted weighted average
shares outstanding 157,428 157,081 (c) 162,225 (c)


(a) The results of operations of NYSE Group, Inc. are presented as if
the following transactions had been completed at the beginning of
the earliest period presented:

1. The acquisition of PCX Holdings and subsidiaries by Archipelago,
2. The disposition of Wave Securities by Archipelago, and
3. The merger between Archipelago and NYSE.

In addition, merger expenses and related exit costs of $9,681,
$3,309 and $8,432 have been eliminated from the results of
operations for the three months ended June 30, 2006, March 31, 2006
and June 30, 2005, respectively, as they represent nonrecurring
charges directly attributable to the merger of the NYSE and
Archipelago.

(b) The reconciliation of non-GAAP financial measures to GAAP measures
for the three months ended March 31, 2006 is as follows:

Income before income tax provision and minority interest,
GAAP $50,615
Add:
Income before income tax provision of Archipelago Holdings
for the period from January 1 to March 7, 2006 49,771
---------
Income before income tax provision and minority interest,
Pro Forma 100,386
Add back:
1. Merger related transactions
Compensation expense for immediate vesting of 600,000
restricted stock units granted to NYSE employees 33,254
Compensation expense for immediate vesting of other
compensation arrangements with NYSE Regulation employees 4,436
Compensation expense for acceleration of vesting of
certain Archipelago stock options 2,378
2. Other transactions
Gain on sale of DTCC common stock (20,925)
Gain on sale of Wave Securities (23,099)
Gain on sale of Archipelago Brokerage Services (2,935)
---------
Income before income tax provision and minority interest,
Non-GAAP $93,495
=========

(c) Adjusted to reflect the merger with Archipelago on March 7, 2006
giving retroactive effect to the issuance of shares to former
NYSE members.



NYSE Group, Inc.
Condensed Consolidated Statements of Financial Condition
(in thousands)

June 30, December 31,
2006 2005
----------------------
(unaudited)

Assets
Current assets:
Cash and cash equivalents $272,666 $43,492
Investment and other securities 832,685 1,108,479
Accounts receivable, net 314,366 184,185
Deferred income taxes 91,156 91,919
Other current assets 46,769 36,142
----------------------
Total current assets 1,557,642 1,464,217

Property and equipment, net 403,603 343,534
Goodwill 528,771 -
Other intangible assets, net 583,895 -
Deferred income taxes 331,589 290,145
Other assets 89,449 106,249
----------------------
Total assets $3,494,949 $2,204,145
======================

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 337,905 $ 322,263
Section 31 fees payable 371,643 232,146
Deferred revenue 243,899 105,313
Deferred income taxes 46,018 25,238
----------------------
Total current liabilities 999,465 684,960

Accrued employee benefits 326,459 323,373
Deferred revenue 325,162 329,197
Deferred income taxes 251,637 9,289
Other liabilities 29,493 23,037
----------------------
Total liabilities 1,932,216 1,369,856

Minority interest 37,193 35,164

Stockholders' equity 1,525,540 799,125
----------------------
Total liabilities and stockholders' equity $3,494,949 $2,204,145
======================


NYSE Group, Inc. Selected Statistical Data
(shares and contracts in millions)

Three Months Ended Six Months Ended
---------------------------------------------
June 30, March 31, June 30, June 30, June 30,
2006 2006 2005 2006 2005
---------------------------------------------
(unaudited)
NYSE Company listings(1):
NYSE listed issuers(2) 2,697 2,682 2,637 2,697 2,637
Number of new issuer
listings(3) 24 29 36 53 73
NYSE Listed Issues (4):
NYSE Group Matched
Volume (5) 121,582 113,654 102,969 235,235 203,958
NYSE Group Handled
Volume (6) 124,024 115,689 104,500 239,713 207,007
Total NYSE Listed
Consolidated Volume 162,452 150,840 127,745 313,292 252,938
NYSE Group Share of
Total Consolidated
Volume:
Matched Volume (5) 74.8% 75.3% 80.6% 75.1% 80.6%
Handled Volume (6) 76.3% 76.7% 81.8% 76.5% 81.8%
NYSE Arca and Amex Listed
Issues:
NYSE Group Matched
Volume (5) 7,841 6,015 4,655 13,856 8,340
NYSE Group Handled
Volume (6) 9,067 6,917 5,325 15,983 9,563
Total NYSE Arca and Amex
Listed
Consolidated Volume 26,363 20,853 16,871 47,216 32,264
NYSE Group Share of
Total Consolidated
Volume:
Matched Volume (5) 29.7% 28.8% 27.6% 29.3% 25.8%
Handled Volume (6) 34.4% 33.2% 31.6% 33.9% 29.6%
Nasdaq Listed Issues:
NYSE Group Matched
Volume (5) 27,841 24,236 20,734 52,077 43,457
NYSE Group Handled
Volume (6) 33,971 30,072 26,010 64,043 54,660
Total Nasdaq Listed
Consolidated Volume 134,946 130,693 112,756 265,639 234,264
NYSE Group Share of
Total Consolidated
Volume:
Matched Volume (5) 20.6% 18.5% 18.4% 19.6% 18.6%
Handled Volume (6) 25.2% 23.0% 23.1% 24.1% 23.3%
Exchange-Traded Funds
(4),(7):
NYSE Group Matched
Volume (5) 11,078 8,553 5,937 19,631 10,766
NYSE Group Handled
Volume (6) 12,253 9,570 6,618 21,823 12,008
Total ETF Consolidated
Volume 28,590 22,370 18,430 50,960 34,836
NYSE Group Share of
Total Consolidated
Volume:
Matched Volume (5) 38.7% 38.2% 32.2% 38.5% 30.9%
Handled Volume (6) 42.9% 42.8% 35.9% 42.8% 34.5%
Equity Options (8):
NYSE Group Options
Contracts 44.2 48.4 29.7 92.7 66.3
Total Consolidated
Options Contracts 470.0 446.5 315.1 916.5 633.7
NYSE Group Share of
Total 9.4% 10.9% 9.4% 10.1% 10.5%
Market Information: (9)
Tape A share of
trades (%) 86.1% 87.0% 91.8% 86.6% 91.7%
Tape B share of
trades (%) 33.7% 41.9% 49.3% 38.0% 48.3%
Tape C share of trades
and shares (%) 24.2% 21.9% 21.1% 23.1% 21.1%
Professional
subscribers 417,329 415,612 423,447 417,329 423,447
Regulatory Fees:
Gross FOCUS revenues
($ billions)(10) 66.1 61.1 47.0 127.3 84.8
Data Processing Fees:
% SIAC revenues from
customers other than
NYSE 43.5% 40.6% 40.8% 42.1% 41.3%

(1) Number does not include issuers listed on NYSE Arca. There were
11 operating companies exclusively listed on NYSE Arca as of June
30, 2006.

(2) Number of listed operating companies, closed-end funds and ETFs
as of period end.

(3) Includes initial public offerings, quotations and transfers from
other markets of common equity securities.

(4) Includes NYSE Crossing Sessions 1,2,3 and 4.

(5) Represents the total number of shares of equity securities and
exchange-traded funds (ETFs) executed on the NYSE Group's
exchanges.

(6) Represents the total number of shares of equity securities and
ETFs internally matched on the NYSE Group's exchanges or routed
to and executed at an external market center. NYSE Arca routing
includes odd-lots.

(7) Data included in previously identified categories.

(8) Includes trading in U.S. equity options contracts, not
equity-index options.

(9) Represents the NYSE Group share of qualifying trades for Tapes A
and B reported by the NYSE Group to the consolidated tape, as
compared to the total number of qualifying trades for Tapes A and
B reported to the consolidated tape by all other participating
market centers. NYSE Group share of Tape C represents the
average of: (i) the share of qualifying trades for Tape C
reported by the NYSE Group to the consolidated tape, as compared
to the total number of qualifying trades for Tape C reported to
the consolidated tape by all other participating market centers;
and (ii) the share of qualifying share volume for Tape C reported
by the NYSE Group to the consolidated tape, as compared to the
total qualifying share volume for Tape C reported by all other
participating market centers. The consolidated tape refers to
the collection of market data that multiple markets make
available on a consolidated basis.

(10) Gross FOCUS revenues represent revenues generated by member
broker-dealers as reported on their "FOCUS" report (a report that
is required to be filed with the SEC). A member broker-dealer's
regulatory fee is based on the revenues reported. The NYSE
records revenue on a six-month lag; the data is provided on this
basis.