Nasdaq Canada Bulletin Board

11/21/00 The Nasdaq Stock Market, Inc., today announced that Nasdaq CanadaSM has commenced operation, with ten securities firms initially participating in the trading of all Nasdaq-listed securities directly from Montreal. Nasdaq Canada will provide Canadian investors with easier access to U.S. securities and issuers with the ability to raise capital more efficiently. Today's opening is the first phase of a possible three phases in the development of Nasdaq Canada, as follows: Phase One: Nasdaq terminals placed in Montreal; Participation by NASD member firms and registered personnel from Montreal; Trading of all Nasdaq-listed securities; Trading in U.S. dollars; Regulation by NASDR in collaboration with The Québec Securities Commission (CVMQ); Launching of Nasdaq Canada Web site; Debut of Nasdaq Canada Index,tracking market performance of Canadian Nasdaq-listed stocks; and Opening of Nasdaq Canada office in Montreal. Phase Two: Coincides with introduction of Nasdaq's SuperMontage, which will provide for the display of multiple prices from each market participant; Involves participation by non-NASD member firms in Canada; Trading in both U.S. and Canadian Dollars; The opportunity to list Canadian companies exclusively on Nasdaq Canada; and Regulatory oversight by both NASDR and the Quebec Securities Commission (CVMQ). Phase Three: True Globalization: linking of Nasdaq Canada with Nasdaq, Nasdaq Japan, and Nasdaq Europe.