Hellman & Friedman LLC, a leading private equity firm based in San Francisco, announced today that Frank Zarb, most recently chairman and chief executive officer of the Nasdaq Stock Market, has joined the organization as a senior advisor and managing director. Mr. Zarb brings over forty years of experience in the financial services industry to his new position.

"Frank has an unmatched understanding of the financial markets and an extraordinary level of experience in the financial services industry, one of our firm's important growth areas. We are thrilled to have him join us," said Warren Hellman, chairman of Hellman & Friedman. "Frank's proven track record of working with companies in transition, as demonstrated during his highly successful tenure at Nasdaq, is a great fit for the firm's focus and expertise. His stellar reputation in public service and the business world is well deserved."

"Hellman & Friedman is unique among private equity firms in its approach and record. I share the firm's focused and disciplined investment philosophy," said Mr. Zarb. "I have known Warren Hellman for more than thirty years. His professional success is matched only by his personal integrity."

From 1997 through September 2001, Mr. Zarb was chairman of both NASD, Inc. and the Nasdaq Stock Market, where he oversaw the exchange's tremendous growth and helped set it on a path toward becoming a publicly traded company.

Prior to his tenure at Nasdaq, Mr. Zarb was chairman, chief executive officer and president of insurance brokerage firm Alexander & Alexander Services, Inc. Previously, he was a vice chairman and group chief executive of The travelers, Inc. and chairman and chief executive officer of Smith Barney. Before joining Smith Barney, he served as a senior partner of Lazard Freres & Co. Mr. Zarb began his career with Goodbody and Co. in 1962.

In addition to an extensive career in financial services, Frank Zarb has a distinguished record in public service. He has served in various capacities in the Nixon, Ford, Reagan, Bush and Clinton administrations, including appointments as executive director of the Cabinet-level Energy Resources Council, assistant to the president for energy affairs and administrator of the Federal Energy Administration. He also served as the associate director of the Office of Management and Budget, as assistant secretary of labor, and as an advisor to Congress.

A member of the Board of trustees of the Gerald R. Ford Foundation, Mr. Zarb also is a former board member of Credit Suisse First Boston. He was chairman of the board of Hofstra University, where he earned his B.S. and M.B.A. degrees in business, and was awarded an honorary Doctor of Law degree and the Outstanding Scholar Award.

Mr. Zarb resides in New York with Patricia, his wife of 45 years.

The Nasdaq Stock Market is a portfolio investment of Hellman & Friedman. Mr. Zarb will not receive any financial benefit from Hellman & Friedman's investment in Nasdaq.

About Hellman & Friedman LLC
Hellman & Friedman LLC is a San Francisco-based private equity investment firm. Since its founding in 1984, the firm has raised and managed almost $5 billion of committed capital and invested in over 40 companies. The firm's strategy is to invest in superior business franchises and to be a knowledgeable, value-added, and flexible investor in select industries such as financial services, media, marketing and professional services, and information services. Representative investments include the Nasdaq Stock Market, Inc.; Arch Capital Group Limited; Young & Rubicam, Inc.; Formula One Holdings, Ltd.; Western Wireless Corporation; VoiceStream Wireless Corporation; Eller Media Company, Inc.; Franklin Resources, Inc.; and others. For more information on Hellman & Friedman, visit www.hf.com.

Contacts:

Hellman & Friedman LLC
Patrick Healy
Kristen Garlinghouse
(415) 788-5111

Abernathy MacGregor Group
Steve Bruce
(212) 371-5999

Dan Hilley
(213) 630-6550