Presented by : Liv A. Watson Vice President of Global Strategy

1. Presented by: Liv A. Watson Vice President of Global Strategy

2. Regulatory Functions Supplying data to regulators (and limit own exposures) Leading or adapting to changes in reporting standards Attracting and Retaining Listings Giving visibility to all listed companies Supplying timely company information to analysts Controlling listing costs Competing globally with other exchanges Challenges for Stock Exchanges

3. What XBRL means to you • Enhance depth of information available for decision analysis • Increased volume of goods through supply chain • Re-engineer data collection, validation, aggregation, analysis and publishing processes • Reduced costs associated with production, assembly, delivery (and analysis) • Enhance transparency of information for analysis • Greater access to goods by market participants • Re-engineer control environment to leverage this enhanced information (e.g. Monitoring Controls) • Improved, uniform controls; reduced pilferage and fraud • Increased frequency and control of production and • consumption processes • Enhance processes to enable more timely information for decision analysis

4. Access How do I find a document among the billions of documents on the Web? Authority Is this really from Company X? Assurance Is this information audited? Availability Is the the data available quickly? Adaptation Can the data be loaded into Application X? Stakeholder Needs-The Five “A’s”

5. The new data needs to be analyzed and thought through for what it says: 1. How big are revenues? 2. How big are profits? 3. How big are profit margins? The new data must be compared to earlier data to answer these questions: 1. How fast are revenues growing? 2. How fast are profits growing? 3. How are margins changing? 4. How are growth rates changing? The company’s results must be related to other companies’ results: 1. How is this company doing relative to its competitors? 2. How is this company doing relative to other places the investor can place his or her money? Source: PwC

6. Democratizing Access to Financial InformationPercentage of Companies Receiving Coverage Includes all common stock on NASDAQ National Market and NYSE. Source: Thomson Financial. December 2002.

7. Penalties If Exchange’s Data System is not XBRL’d Exchange drops off the Radar Screens If Company data is not XBRL’d Company drops off the Radar Screens

8. 2004 Estimated Market Size Business Information Services ~ $17 billion Economic and Financial data ~ $9.5 billion Transparency Accelerators Data Distributors Data Distributors Market Size ~ $1 Billion Transparency Accelerators Potential ~ $1 - 3 Billion Mergent S&P Capital IQ SNL Core Data Data Depth Factset Workstation Providers Market Size ~ $7 Billion Document Deliverers Market Size ~ $100 Million Thomson S&P Compustat EDGAR Online IDC Reuters One Source 10K Wizard GSI Bloomberg SEC Info Document Deliverers Workstation Providers Analytical Functionality Fundamental Data Marketplace

9. XBRL: It’s Unstoppable Thank you! Liv A. Watson EDGAR Online Inc Vice President of Global Strategy E-mail: lwatson@edgar-online.com Phone: +1 (203) 852-5703 XBRL: Transforming Financial and Business Reporting