1. The Official Switch ScoreboardIssuer Advisory Group LLC December, 2011 The following slides set forth the details of switches between the NYSE and Nasdaq. Three SEC mandated market reforms several years ago led to increased competition in this arena, once dominated by the NYSE. Those reforms were: • The repeal of Rule 500 (which required a shareholder vote to switch) • The implementation of Reg NMS (which embraced electronic trading) • Symbol Portability (which gave companies the right to keep their symbol) Once implemented, these changes had a profound effect. Nasdaq quickly grabbed the momentum and handily won the competition in 2008 and 2009. The NYSE responded in 2010 by reversing this momentum with its best performance in nearly a decade. Nasdaq won the competition in 2011 in terms of Market Cap, while the NYSE landed more companies. Since symbol portability was permitted, 37 companies have moved to the NYSE from Nasdaq, while 32 have moved the other way. However, switches to the NYSE aggregated only $88 Billion in Market Cap, while the Market Cap of switches to Nasdaq totaled $214 Billion. Hence, while the NYSE has landed 5 more switches over the four year period, Nasdaq has won more than twice the market cap of that secured by the NYSE. The trend line is now very clear: switches to Nasdaq do so to reduce their annual listing fee and to capitalize upon substantial co-branding incentives. Conversely, companies not subject to a material fee increase migrate to the NYSE primarily for brand affiliation .

2. NYSE vs NasdaqThe Official Switch Scoreboard – A Changing TideIssuer Advisory Group LLC Number of Companies Market Cap of Companies ($ in Billions) Rule 500 Repealed Symbol Portability Rule 500 Repealed Symbol Portability NYSE in Blue / Nasdaq in Red IAG Note: To ensure comparability between periods, only companies with greater than $100 million in market cap have been included (eliminates AMEX confusion). Totals also include only the domestic market cap of Vodafone (global mc = $132B).

3. The Official 2011 Switch ScoreboardIssuer Advisory Group LLC Companies moving to Nasdaq from the NYSE: 7 Total Market Cap to Nasdaq in 2011 = $78 Billion Companies moving to the NYSE from Nasdaq: 16 Total Market Cap to NYSE in 2011 = $30 Billion Includes only stocks > $100 million market cap to ensure comparability with prior periods.

4. The Official 2010 Switch ScoreboardIssuer Advisory Group LLC Companies moving to Nasdaq from the NYSE: 7 Total Market Cap to Nasdaq in 2010 = $10 Billion Companies moving to the NYSE from Nasdaq: 15 Total Market Cap to NYSE in 2010 = $37 Billion Includes only stocks > $100 million market cap to ensure comparability with prior periods.

5. Switch Momentum 2009Issuer Advisory Group LLC (Restated) Companies moving to Nasdaq from the NYSE: 10 Total Market Cap to Nasdaq in 2009 = $46 Billion Companies moving to the NYSE from Nasdaq 3: Total Market Cap to NYSE in 2009 = $15 Billion Includes only stocks > $100 million market cap to ensure comparability with prior periods. * Global Market Cap = $112 B

6. Switch Momentum 2008Issuer Advisory Group LLC (As published 12/08) Companies moving from the NYSE to Nasdaq: 8 Total Market Cap to Nasdaq in 2008 = $80 Billion Companies moving to the NYSE from Nasdaq: 6 Total Market Cap to NYSE in 2008 = $7 Billion