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The Archipelago Exchange (ArcaEx) is a facility of the PCX and the PCXE. 

Presentation for Rowan Companies, Inc. by The Archipelago Exchange The World’s Largest Electronic Stock Exchange September 30, 2004. The Archipelago Exchange (ArcaEx) is a facility of the PCX and the PCXE. . Archipelago Exchange Overview. Archipelago Corporate Background.

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The Archipelago Exchange (ArcaEx) is a facility of the PCX and the PCXE. 

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  1. Presentation forRowan Companies, Inc.byThe Archipelago ExchangeThe World’s Largest Electronic Stock ExchangeSeptember 30, 2004 The Archipelago Exchange (ArcaEx) is a facility of the PCX and the PCXE. 

  2. Archipelago Exchange Overview

  3. Archipelago Corporate Background Founded in 1996, ArcaEx is one of the original ECN’s Teamed with the Pacific Exchange (PCX) in 2000 to create the first fully electronic, totally open stock exchange in the U.S. Completed initial public offering with an exclusive listing on ArcaEx August 12, 2004 (Symbol AX) Highly regarded investor base • Including Goldman Sachs, JP Morgan, Merrill Lynch, E-Trade, GE (CNBC), Spear Leeds, Fidelity, Schwab, TD Waterhouse, Lehman, General Atlantic Partners, and others (as of 8/12/04) RESPOND. CHANGE. SURVIVE. THRIVE

  4. The Evolution from “ARCA ECN” to ArcaEx Apr 2003: ArcaEx fully launched March 2002: Merged with REDIBook, combining the two fastest growing ECNs Oct 2001: SEC approves exchange status June 2000: Completed alliance with Pacific Exchange to create ArcaEx Jan 1997: First trade on electronic trading platform (originated from a change in the SEC’s order handling rules in 1996) RESPOND. CHANGE. SURVIVE. THRIVE

  5. Over 230 Companies Currently Listed 13 of the current components of the Dow Jones Industrial Average are listed • 99 of this year’s Fortune 500 are listed RESPOND. CHANGE. SURVIVE. THRIVE

  6. Listing Relationships & Brands are Built

  7. Listing Relationships and Brands are built An ArcaEx / PCX listing involves “brand association” for issuers. The ArcaEx brand stands for Open, Competitive, and Fair marketplace for traders. Arca reaches clients through the dedicated sales force & sales tools • Traders view statistical trade data in ArcaVision and www.arcaex.com • ArcaEx offers a free view into the active book of your symbol for all investors – you could set up a link from you IR website. • Customized direct mail and alerts • Arca’s weekly statistical report reaches 432 traders • Advertising in industry publications include Trader’s Magazine, Crain's, Barron’s, WSJ, Institutional Investor etc. Client Synergies….our clients, are your clients. RESPOND. CHANGE. SURVIVE. THRIVE

  8. Liquidity and Market Structure Opportunities

  9. ArcaEx is the Only Electronic Stock Exchange in the U.S. to Always Offer Full Price Protection By Immediate Execution of Orders Internally or Routing to other Marketplaces for Best Execution. RESPOND. CHANGE. SURVIVE. THRIVE ArcaBook Screen Shot of RDC 09/27/04

  10. ArcaEx is the Alternative Market for RDC Percentage of Time at Inside Quote 96.06% 100.00% 80.00% 60.00% 35.83% 40.00% 20.00% 0.99% 0.00% NYSE ArcaEx NASDAQ RESPOND. CHANGE. SURVIVE. THRIVE Source: ArcaVision Price Discovery for RDC 08/01/04 – 09/24/04

  11. ArcaEx is the Alternative Market for RDC Quoted Depth (Shares) 1534 1600 1400 1200 1000 800 471 600 263 400 200 0 NYSE ArcaEx NASDAQ RESPOND. CHANGE. SURVIVE. THRIVE Source: ArcaVision Price Discovery for RDC 08/01/04 – 09/24/04

  12. Information and Analysis Tools

  13. ArcaVision Information ToolsUnderstand Types of Client Trading Your Stock on ArcaEx RESPOND. CHANGE. SURVIVE. THRIVE

  14. Marketing and Public Relations • Public Exposure Benefits • ArcaEx has launched a multi media branding campaign to raise the awareness of ArcaEx and its issuers to the public. • Featured spot for Baker Hughes on the ArcaEx website home page during the year. • In depth profile of Baker Hughes in the Issuers section of the website. • Direct Marketing to Relevant Investors • IRL Car Advertising RESPOND. CHANGE. SURVIVE. THRIVE

  15. ArcaEx’s Co-Sponsorship Opportunities Real-Estate Reserved for ArcaEx Partners RESPOND. CHANGE. SURVIVE. THRIVE

  16. ArcaEx/PCX Listing Fees

  17. Summary of Principal Listing Fees for Common Stock of U.S. Companies * Based on number of shares Fees as of 03/04 Note: ArcaEx’s annual fee is first payable in the first full calendar year of listing. All other market places charge a pro rated annual fee upon listing. *ArcaEx Listing of Additional Shares fees cap out at $15,000 annually vs. $45,000 NASDAQ and $60,000 Amex RESPOND. CHANGE. SURVIVE. THRIVE

  18. ArcaEx Listing Offers: • Listing on the nationally recognized, world’s largest, fully electronic • stock exchange • Enhanced visibility in the public and financial community in the U.S. and • abroad (ArcaEx has embarked upon a major awareness campaign in 2004) • ArcaVision: Unprecedented insight into the trading of your stock

  19. "The Archipelago Exchange (ArcaEx) is a trading facility of the PCX and the PCXE.  This material is for your private information, and neither Archipelago Holdings, LLC, nor its affiliates are soliciting any action based upon it.  This report is not to be construed as an offer to buy or sell any security in any jurisdiction where such an offer or solicitation would be illegal.  Any opinions expressed are our present opinions only.  The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such." RESPOND. CHANGE. SURVIVE. THRIVE

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