Comparison of NASDAQ and OTCBB

The OTCBB is a quotation medium for subscribing members, not an issuer listing service, and should not be confused with The NASDAQ Stock Market^SM. OTCBB securities are traded by a community of Market Makers that enter quotes and trade reports through a highly sophisticated, closed computer network, which can be accessed through the NASDAQ Workstation. The OTCBB is unlike The NASDAQ Stock Market in that it:

• does not impose listing standards;
• does not provide automated trade executions;
• does not maintain relationships with quoted issuers; and
• does not have the same obligations for Market Makers.

Feature or Requirement	OTCBB	Nasdaq
Minimum quantitative listing requirements	No	Yes
Listing and maintenance fees to issuers	No	Yes
Requirements to maintain quotation or listing	Yes**	Yes
Real-time electronic quotes for domestic issues	Yes	Yes
Minimum Form 211 or listing processing time	3 days	6-8 weeks***

* The OTCBB is separate and distinct from The NASDAQ Stock Market.

** Issuers of securities which began quotation on the OTCBB after January 4, 1999 are required to file periodic financial information with the SEC or other regulatory authority to maintain quotation eligibility.

*** A Form?211 is not required for listing on NASDAQ; however, the average time of approval for listing on NASDAQ is 6-8 weeks.

The OTCBB is distinct from the Pink Sheets. The Pink Sheets are not owned or operated by The NASDAQ Stock Market, Inc. or the NASD. The Pink Sheets LLC is a privately owned company whose Electronic Quotation Service provides an Internet-based, real-time quotation service for OTC equities and bonds.