What are the costs of listing on the NASDAQ or the EASDAQ?

CASE EXHIBIT 3 Comparative IPO Listings Closing Price First Day Company Country IPO Market Total Shares Offered 44.0 million 11.1 million 67 million ADRs (1 ADR 4 ordinary) 12/10/96 $18.10 $19.75 IPO Date IPO Price % Change KPNQwest Netherlands/ NASDAQ L/og/99 $2081 11/09/99 20.00 Cy-30 02/05/98 $20.00 $27-3 $28.7 US 366% 9.3% 4.8 million ADSs1 ADS-7 ordinary) /28/97 $12.00 12.00 75 million ordinary (1 ADR 8.7 million Energis UK 12/09/97 $238 $24.2 2/97 290 pence 292 pence 10/18/96 $120o 03/1o/97 DM62s0 DM 98.00 07/10/97 Fr 215.o0 Fr ag8.0o 07//99 DSM 52.0o DM 61.00 07/21/98 $2700 07/21/98 Pr 161.70 Pr 24300 Mobilkom Germany Nuer Markt Omnicom France Teldafax Germany Neser Markt 56.8% 85 millioe 26 1 million 17.3% Excluding overallotment Moved to NYSE on 10/25/99 Aequired by Global Telesystems Group. Merger announced December 1998 at a price of $5.96 per aprit ordinary share (S$4172 per ADS) Aequired by Global Telesystems Group. Majority stake purchased in April s999 at a price of so5 euros (Pr 1,a79) per share EASDAG A pan-European over-the-counter eschange modeled after the NASDAQ The two esxchanges have similar listing requirements. By listing shares on the EASDAQ,European companies can also get access to American investors through the NASDAQ The EASDAQ opened on November 7, 1997, and is based in Brussels. The eschange is controlled by 90 European banka. The NASDAQ holds a small stake in theeschange Nowveas Marche A new exchange geared toward smaller start-up companies, Shares in the eschange trade twice a day, There are two daily pricing quotations at to 3a.m and 4 40 pm. Paris time, where the market is based. A central order book is used for private client orders, and a separate market-making systeniused kr institutional investors. The exchange opened on March 21, 97. Neuer Markt Opened on March 11997, targeting midsize high-growth stocks. The exchange is controlled by Germany's largest banks through the Deutsche Boerse AG.The Neuer Markt is housed within the Frankfurt Stock Exchange. The Neuer Markt plans to hook up with the Nouveau Marche and other eschanges in Amsterdam and Brussels through the Euro NM, a pan-European exchange. Source: Bloomber