News Release

NASD Announces Corporate Consolidation in Montgomery County, Maryland

Washington, D.C.—The National Association of Securities Dealers, Inc. (NASD®), today announced an agreement with the Maryland Department of Business and Economic Development and Montgomery County Department of Economic Development to consolidate the NASD’s major operations located throughout the Greater Washington region in Montgomery County, Maryland.

NASD presently has operations in nine locations in the Greater Washington region. Of those, five are already in Montgomery County. NASD will be consolidating certain of its regional operations at a new campus in Montgomery County and is in negotiations for delivery of the first phase, an office facility of approximately 250,000 square feet, by the third quarter of calendar year 2000. Additional facilities may be phased in over a four-year period.

"The NASD is pleased by our new partnerships with both the Maryland Department of Business and Economic Development and Montgomery County Department of Economic Development. The consolidation of our operations will provide our employees with the finest facilities to enable us to better serve investors and our members alike," said Frank G. Zarb, Chairman and Chief Executive Officer of the NASD.

"The National Association of Securities Dealers’ decision to consolidate and expand in Maryland is yet another economic development success that will benefit Maryland and its citizens," Governor Parris N. Glendening said. "The State has worked very hard with Montgomery Country to support this organization with its exciting plans and we will do whatever we can to assist this project as it progresses."

"We welcome the NASD’s decision to consolidate in Montgomery County," said Montgomery County Executive Douglas M. Duncan. "Partnering a world-class company with a world-class location that can help meet its growing needs benefits both Montgomery County and NASD. We look forward to supporting NASD as it grows and prospers here in Maryland."

The NASD is the largest securities industry self-regulatory organization in the United States. Through its subsidiaries, The Nasdaq-Amex Market GroupSM and NASD Regulation, Inc., the NASD designs, operates and regulates securities markets and develops rules and regulations, provides a dispute resolution forum and conducts regulatory reviews of members activities, all for the benefit and protection of the investor. For more information about the NASD and its subsidiaries, please visit the following Web sites: www‌; www‌; or the Nasdaq-Amex NewsroomSM at www‌