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In addition to providing a more efficient trading environment and unparalleled service, the Amex is also the most competitively priced national marketplace in the U.S.
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| SHARES (MILLIONS) | ORIGINAL LISTING FEES 1 | CONTINUING ANNUAL FEES 2 |
|---|
| Amex | NYSE | Nasdaq National Market | Amex | NYSE 3 | Nasdaq National Market |
|---|
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| Up to 1 | $45,000 | $150,000 | $100,000 | $16,500 | $38,000 | $24,500 |
| 1+ to 2 | 45,000 | 150,000 | 100,000 | 16,500 | 38,000 | 24,500 |
| 2+ to 3 | 45,000 | 150,000 | 100,000 | 16,500 | 38,000 | 24,500 |
| 3+ to 4 | 45,000 | 150,000 | 100,000 | 16,500 | 38,000 | 24,500 |
| 4+ to 5 | 45,000 | 150,000 | 100,000 | 16,500 | 38,000 | 24,500 |
| 5+ to 6 | 55,000 | 150,000 | 100,000 | 19,000 | 38,000 | 24,500 |
| 6+ to 7 | 55,000 | 150,000 | 100,000 | 19,000 | 38,000 | 24,500 |
| 7+ to 8 | 55,000 | 150,000 | 100,000 | 19,000 | 38,000 | 24,500 |
| 8+ to 9 | 55,000 | 150,000 | 100,000 | 19,000 | 38,000 | 24,500 |
| 9+ to 10 | 55,000 | 150,000 | 100,000 | 19,000 | 38,000 | 24,500 |
| 10+ to 11 | 60,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 11+ to 12 | 60,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 12+ to 13 | 60,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 13+ to 14 | 60,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 14+ to 15 | 60,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 15+ to 16 | 70,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 16+ to 20 | 70,000 | 150,000 | 100,000 | 21,500 | 38,000 | 30,500 |
| 20+ to 25 | 70,000 | 150,000+ to 157,500 | 100,000 | 21,500 | 38,000 | 30,500 |
| 25+ to 50 | 70,000 | 157,500+ to 250,000 | 100,000+ to 125,000 | 24,500 | 38,000+ to 46,500 | 34,500 |
| 50+ to 75 | 70,000 | 250,000 4 | 150,000 | 32,500 | 46,500+ to 69,750 | 39,150 |
| 75+ to 100 | 70,000 | 250,000 | 150,000 | 34,000 | 69,750+ to 93,000 | 44,500 |
| 100+ to 200 | 70,000 | 250,000 | 150,000 | 34,000 | 93,000+ to 186,000 | 75,000 |
| Maximum | 70,000 | 250,000 | 150,000 | 34,000 | 500,000 5 | 75,000 |
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| *In the case of non-U.S. companies listed on foreign stock exchanges, the original listing fee on the Amex, including the one-time, non-refundable application-processing fee of $5,000, will be $40,000. |
Notes:
- The original listing fee for Amex and NYSE is based on the total number of shares listed, including all shares issued and outstanding, as well as shares reserved by the Board of Directors for a specific future issuance. The original fee for Nasdaq Global Market is based on the aggregate number of shares to be listed and applies to all domestic issuers and for foreign issuers only to shares issued and outstanding in the U.S. Fees include one-time initial listing charges of $5,000 for Amex, $37,500 for NYSE, and $5,000 for Nasdaq Global Market, applied for the first class of securities listed by an issuer.
- Newly listed companies are billed the annual fee on a pro-rata basis at the end of the calendar year in which that company is listed.
- NYSE annual fees payable are the greater of amounts shown under a minimum fee schedule or a fee applied on a per share basis.
Fee ranges shown here for 25+ million shares represent the maximum amount payable for each end of the share range shown.
- The initial fee component of the original listings fee for common shares is capped at $250,000, including the $37,500 special charge.
- Maximum $500,000 continuing annual listing fee applies to all securities listed by an issuer, other than derivative products, fixed income products, and closed-end funds.
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Average fees paid by companies that have listed during 1st Qtr. 2006.
Source: American Stock Exchange, Nasdaq, New York Stock Exchange, Bloomberg; FactSet Research Systems, Inc.
Data is based on average fees paid by newly-listed operating companies in 2006, according to total shares outstanding at time oflisting and exchange fee schedules.
Data as of 03/31/06.
* Formerly referred to as the Nasdaq National Market (NNM)
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