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| Competitive Advantage |
| Average Daily Volume |
| This chart tracks the Average Daily Volume during the first three 20-day intervals on Nasdaq for companies that transferred in 2005. As represented by the chart, there is a substantial decrease in the number of shares traded within three months post transfer, clearly demonstrating that most of the time the Nasdaq platform simply fails to maintain, let alone increase, a company's trading volume.*
Source: American Stock Exchange, Nasdaq, FactSet Research Systems, Inc.
Transfer performance is based upon the last 20 trading days on the American Stock Exchange versus subsequent three 20-day trading periods on Nasdaq for all companies that transferred to Nasdaq during 2005. *Other factors may impact Average Daily Volume.
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