NASDAQ MarketWatch:
Description and Responsibilities

The NASDAQ MarketWatch Department conducts two major functions — disclosure and compliance — to maintain an orderly marketplace and a level playing field for market participants, investors and the general public. In an effort to foster marketplace integrity, MarketWatch oversees the complete and timely disclosure of material information by NASDAQ-listed issuers. In addition, MarketWatch monitors compliance with NASDAQ rules and policies through real-time surveillance of price and volume information reported by market participants.

When activity is suspected of being potentially in violation of NASDAQ rules and policies, MarketWatch refers the activity to FINRA’s Market Regulation Department for further review and potential disciplinary action. All information received by MarketWatch is confidential and used strictly for regulatory purposes. Regulatory information is not shared with NASDAQ business lines, allowing MarketWatch to implement fair and independent decisions without influence from other NASDAQ departments.

Disclosure
NASDAQ Stock Market Rules require that, except in unusual circumstances, issuers make prompt disclosure to the public through any Regulation FD-compliant method (or combination of methods) of disclosure of any material information that would reasonably be expected to affect the value of its securities or influence investors’ decisions. Prior to the public release of certain material news announcements, issuers are required to notify MarketWatch. MarketWatch assesses issuer disclosures for materiality and in certain circumstances, may implement a temporary trading halt to allow for even dissemination. Prior notification should be provided to MarketWatch through the Electronic Disclosure submission system accessible at www.nasdaq.net. The SEC approved a rule change requiring NASDAQ-listed companies to submit material news using Electronic Disclosure. As of September 4, 2007, MarketWatch no longer accepts material news disclosures by fax or phone, except in emergency situations. NASDAQ MarketWatch business hours are from 6:30 a.m. to 8:00 p.m. Eastern Time, Monday through Friday. Issuers are still obligated to provide MarketWatch with prior notification of material disclosures even if it is outside of normal business hours.

MarketWatch analysts proactively evaluate any unusual price or volume activity in NASDAQ securities to identify any potential issuer disclosure matters. Using newsgathering resources and telephone contacts at companies and market participants, the analysts determine if there is a reasonable explanation for the abnormal activity or if immediate action is required to maintain a fair market. NASDAQ-listed companies are required to provide full and prompt responses to MarketWatch inquires related to unusual market activity or to events that may have a material impact on the trading of its securities. This information is kept confidential and is only used for the regulatory responsibilities of MarketWatch.

Compliance
The NASDAQ MarketWatch Department monitors trading compliance in the NASDAQ Stock Market. It is the MarketWatch analysts' responsibility to protect marketplace integrity by reviewing alerts generated by real-time automated detection systems. MarketWatch immediately resolves any trade reporting issues relating to the accuracy of price and volume information reported by market participants trading and quoting NASDAQ- or exchange-listed securities in NASDAQ Systems.