Exhibit 10.3

                         NETWORK USER LICENSE AGREEMENT
                                     between
                          THE NASDAQ STOCK MARKET, INC.
                                       and
                               ORACLE CORPORATION

This Network User License Agreement ("User Agreement") shall be governed by the
terms of the Software License and Services Agreement between The Nasdaq Stock
Market, Inc. ("Client") and Oracle Corporation ("Oracle") effective November 30,
1993 (the "Agreement") and the terms set forth below.

1.       PROGRAMS AND DEFINITIONS

1.1      LICENSED PROGRAMS

         1.1.1    "Licensed Programs" means the Programs in the Program Set(s)
                  that are currently available in production release as of the
                  Effective Date for use on the corresponding Hardware and as
                  specified in the License Type.


<TABLE>
<CAPTION>
                  Program Set A:                     Hardware

                  <S>                       <C>                                 <C>
                  Programs                  (Computer/Operating System)         License Type
                  Oracle7                   Sequent Dynix/ PTX                  Deployment
                  procedural option         Unisys Dynix/ PTX
                  distributed option        Sun 4/ Solaris
                  parallel server option    Sun 4/ Sun OS
                  SQL*Net                   SCO/ Unix
                  SQL*Net TCP/IP            Macintosh/ Mac OS
                  SQL*Plus                  PC Compatible/ Netware
                                            PC Compatible/ OS/2
                                            PC Compatible/ MS DOS

                  Program Set B:            Hardware
                  Programs                  (Computer/Operating System)         License Type
                  Oracle 7                  Sequent Dynix/ PTX                  Full-use
                  procedural option         Unisys Dynix/ PTX
                  distributed option        Sun 4/ Solaris
                  parallel server option    Sun 4/ Sun OS
                  SQL*Net                   SCO/Unix
                  SQL*Net TCP/IP            Macintosh/ Mac OS
                  CDE Tools bundle          PC Compatible/ OS/2
                  (SQL*Forms/Menu,          PC Compatible/ MS DOS
                  SQL*Plus,                 PC Compatible/ MS WINDOWS
                  SQL*Reportwriter)
                  Pro*C
</TABLE>

         The "Hardware" shall be defined as the Computer/Operating System
         combinations listed above that are owned, leased to, or under the sole
         control of Client or an Agent at a location where the Licensed Programs
         are installed and used in accordance with Paragraph 1.8 C. of the
         Agreement.

1.1.2    During the User Agreement Term, Client may add Computer/Operating
         System combinations, except those for massively parallel processors,
         ("Additional Hardware") to the Hardware specified above on the
         following Program Set at no additional charge, provided: (i) the
         Licensed Programs are available in production release status on the
         Additional Hardware at the time Client elects to add the Additional
         Hardware; and (ii) Client has continuously maintained Technical Support
         for the Licensed Programs.

         Program Set                              Number of Additional Hardware
         ----------------------------------------------------------------------
         Program Set A                                        10
         Program Set B                                        10

         Oracle shall ship to the Client Location five (5) master copies of the
         Licensed Programs for each Additional Hardware added. These Licensed
         Programs may only be copied and installed in accordance with Section 4
         of this User Agreement.

         Client acknowledges that the Licensed Programs for use on the
         Additional Hardware specified above may not be currently available and
         may not become available during the User Agreement Term. Client agrees
         that it has not relied on the availability of such Licensed Programs in
         executing this User Agreement and further agrees that the availability
         of such Licensed Programs will not affect Client's payment obligations
         under Section 2 below. Oracle is under no obligation and does not imply
         that it will make available any Programs or Program/Hardware
         combinations that are not currently available.

1.1.3    During the User Agreement Term after Client has added all Additional
         Hardware allowed under Section 1.1.2 above, Client may exchange a
         Computer/Operating System listed in the Hardware or added to the
         Hardware under Section 1.1.2 above ("Prior Hardware") for a
         Computer/Operating System (except those for massively parallel
         processors) ("New Hardware"), at no charge provided that Client is
         under Technical Support services for the Licensed Programs on the Prior
         Hardware at the time the transfer is ordered.

         Oracle shall ship to the Client Location five (5) master copies of the
         Licensed Programs for each New Hardware added. These Licensed Programs
         may only be copied and installed in accordance with Section 4 of this
         User Agreement.

         Client acknowledges that the Licensed Programs for use on the New
         Hardware specified above may not be currently available and may not
         become available during the User Agreement Term. Client agrees that it
         has not relied on the availability of such Licensed Programs in
         executing this User Agreement and further agrees that the availability
         of such Licensed Programs will not affect Client's payment obligations
         under Section 2 below. Oracle is under no obligation and does not imply
         that it will make available any Programs or Program/Hardware
         combinations that are not currently available.

1.1.4    During the User Agreement Term, for each of the Current Programs
         specified below which have already been licensed to Client under this
         User Agreement the no charge technical support Update for each shall be
         made available to Client on the applicable Hardware and for the
         applicable License Type when and if such Programs are made available in
         production release; provided Client is under contract with Oracle to
         receive Technical Support for each of the current Programs specified
         below at the time the applicable technical support Update for each is
         released:

         Current Programs           Update           License Type

         SQL*Forms/SQL*Menu         Oracle Forms     Full-use
         SQL*ReportWriter           Oracle Reports

1.2      LICENSE TYPE

         "Full Use Programs" are defined as an unaltered version of the Licensed
         Programs with all functions intact.

         "Deployment Programs" are limited to use solely in conjunction with and
         in support of a Client Entity's business Application(s) ("Client
         Application(s)") and as restricted below. The combination of the
         Deployment Programs and a Client Application shall be defined as the
         Application Package.

         a.       The Application Package under Client Application control may
                  be used to create new tables or alter tables only to the
                  extent necessary to implement the Application Package's
                  functions. The Application Package may not allow use of the
                  Deployment Programs' Create or Alter commands or any other
                  command that would allow the User to create tables or alter
                  tables outside the scope of those necessary for the operation
                  of the Client Application(s).

         b.       The Application Package may not allow use of the Deployment
                  Programs' SQL*Forms modules or any other functionality that
                  would enable modification of forms created by the Application
                  Package or generation of new forms.

         c.       The Application Package may not allow use of the Deployment
                  Programs outside the scope of the Application Package, or to
                  be used to create any new application programs, or expand the
                  functionality of the Application Package, or for any general
                  database management.

1.3      USER

A.       For Program Set A, one "Concurrent User" is defined as one individual
         employed by Client, an Entity Employee, Agent Individual, or Subscriber
         Designee who may use the Programs under Paragraph 1.8 of the Agreement,
         or one individual authorized by a Sublicensee in accordance with
         Exhibit A to this User Agreement to access one or more Oracle instances
         online within Client or a Client Entity at the same point in time from
         the same device. Each additional process (e.g., a report, update, or
         query requested through an application program, or batch process) shall
         also be counted as a Concurrent User.

         If multiplexing software or hardware (which is software or hardware
         whose primary purpose is to reduce the number of Concurrent Users
         directly connected to an Oracle instance, e.g. a TP monitor) is used,
         then the number of Concurrent Users shall be measured as the number of
         distinct inputs to the multiplexing front-end. Otherwise, the number of
         Concurrent Users shall be measured as the number of unique connections
         to the same Oracle instance.

B.       For Program Set B, "Concurrent User(s)" is defined as each session
         connected to the database by individuals employed by Client (or an
         Entity Employee, Agent Individual, or Subscriber Designee who may use
         the Programs under Paragraph 1.8 of the Agreement) on the specified
         Computer at the same point in time. This includes all batch processes
         and on-line users. If multiplexing software or hardware (e.g. a TP
         monitor) is used to reduce the number of sessions directly connected to
         the database, the number of Concurrent Users must be measured as the
         number of distinct inputs to the multiplexing front-end.

C.       The maximum number of Concurrent Users of the Program Sets on the
         Hardware shall be as follows:

         Program Set                Number of Concurrent Users
         Program Set A              2,250 Concurrent Users
         Program Set B              48 Concurrent Users

         All references to User in this User Agreement shall mean Concurrent
         User.

1.3.1    During the User Agreement Term, Client shall have the option to
         increase the number of Concurrent Users of the Licensed Programs in
         Program Sets A and B for use on the relevant Hardware in additional
         User Increments (with a minimum of one User Increment per order) as
         specified below:

<TABLE>
<CAPTION>

                           Number of
                           Concurrent        Maximum Number of
                           Users per         User Increments Client may      Additional Fee
         Program Set       User Increment    Acquire under this Option       per User Increment

         <S>               <C>               <C>                             <C>
         Program Set A     ***** *                    *****
                           *****                      *****
                           *****                      *****
                           *****                      *****
         Program Set B     *****                      *****
</TABLE>


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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.


         Orders placed against this option must be sequential (i.e. For a
         purchase of 1200 additional Concurrent Users for Program Set A, Client
         would pay (i) ***** per 100 Concurrent Users for the first 500
         Concurrent Users, (ii) ***** per 100 Concurrent Users for the second
         500 Concurrent Users, and (iii) ***** per 100 Concurrent Users for the
         next 200 Concurrent Users). The total number of additional Concurrent
         Users is not reset to zero after each purchase (i.e. If Client chose to
         purchase another 700 Concurrent Users for Program Set A after the above
         mentioned 1200 Concurrent User purchase, Client would pay (i) ***** per
         100 Concurrent Users for the first 300 Concurrent Users and (ii) *****
         per 100 Concurrent Users for the next 400 Concurrent Users). For each
         order, applicable sales tax will be added to the Additional Fee. All
         applicable fees shall be due and payable on the date that Client
         notifies Oracle in writing of its exercise of this option. Upon
         election, this payment obligation is noncancelable, and the sum paid is
         nonrefundable, except as provided in the Agreement. At the time of each
         order , Client may obtain Standard Technical Support services from
         Oracle as set forth in Section 6.2 below at the following fees:

                  Technical Support Fee as a Percentage of the
                       Additional Fee per Concurrent User
         Year of
         User Agreement Term                Increment ordered

                  First Year                   *****
                  Second Year                  *****
                  Third Year                   *****
                  Fourth Year                  *****

1.4      USER AGREEMENT TERM

         The "User Agreement Term" shall be from the Effective Date to December
31, 1998.


1.5      TERRITORY

         The "Territory" shall be defined as the Client Entities facilities in
         the United States. The "Territory" from which a Subscriber Designee may
         access a Program, in accordance with Paragraph 1.8 of the Agreement,
         shall be worldwide except for the countries and nationals thereof
         excluded in this Section 1.5. During the User Agreement Term, Client
         may request from Oracle written permission to add additional countries
         to the Territory, which permission shall not be unreasonably withheld.
         Such additional countries shall exclude the following countries and
         nationals thereof: Afghanistan, People's Republic of China, Laos,
         Latvia, Lithuania, Mongolia, Romania, Libya, Hungary, Poland, Albania,
         Bulgaria, Czechoslovakia, Estonia, the geographic area formerly
         comprising the Union of Soviet Socialist Republics, Cuba, Cambodia,
         North Korea, Vietnam, South Africa (Military and Police), Iran, Iraq,
         Syria, Haiti, Montenegro, Serbia and any other country or entity to
         which the United States Department of Commerce or other United States
         government agency prohibits shipment. Client shall have the right to
         request from Oracle written permission to install the Licensed Programs
         in such countries and/or have Users in such countries upon Oracle's
         prior written consent, which shall not be unreasonably withheld. Client
         acknowledges that the Program(s) are subject to export controls imposed
         on Oracle and Client by the U.S. Export Administration Act of 1979, as
         amended (the "Act"), and the regulations promulgated thereunder (the
         Act and the regulations shall be referred to collectively as the "DOC
         Regulations"). Client certifies that neither the Program(s) nor any
         direct product thereof are intended to be used for any purposes
         prohibited by the DOC Regulations, including, without limitation,
         nuclear, chemical, or biological weapons proliferation. Further, Client
         shall not transfer the Program(s) outside of the Territory for which
         Client has rights under this User Agreement. Client agrees to comply
         fully with all relevant regulations of the United States Departments of
         Commerce, Treasury, and State, and all other U.S. governmental agencies
         to assure the Program(s) are not exported in violation of U.S.
         governmental agency regulations. The obligations under this Section
         shall survive the expiration of this User Agreement. Upon Oracle's
         reasonable request, Client shall make records available to Oracle to
         allow Oracle to confirm compliance with Client's obligations as set
         forth under this Section.

1.6      CLIENT

         For purposes of this User Agreement, the term "Client" means Client and
         Client Entities, as defined in the Agreement, and located in the United
         States as of the Effective Date. If the Territory is expanded pursuant
         to Section 1.5 to include other countries, "Client" shall be further
         defined to include additional Client Entities as provided in the
         Agreement located in the additional countries.


2.       FEES AND PAYMENTS

         The license fee for this User Agreement shall be ***** * Client shall
         be granted the one-time only right to apply ***** in license fees
         previously paid to Oracle, which are associated with the termination of
         Client's Program licenses under Customer Support Identification (CSI)
         number ***** as a credit toward such User Agreement license fees.
         Client's Program licenses under CSI numbers ***** shall also be
         terminated. Therefore, Client's total license fee payment obligation
         under this User Agreement shall be ***** This fee shall be due and
         payable in two installments the first installment of ***** shall be due
         and payable within ***** days of the Effective Date and the second
         installment of ***** shall be due and payable on November 29, 1994.
         This payment obligation is noncancelable and the sum paid is
         nonrefundable, except as provided in the Agreement. The pricing
         specified herein is specific to this User Agreement and the fees
         contained herein may not be reduced by any existing credits or any
         other discounts. Except as specified under Section 1.3.1 above,
         licenses for any additional Users, Programs, Hardware, or Operating
         Systems that are acquired under the Agreement shall be at terms and
         fees as determined when such additional licenses are acquired.
         Applicable sales tax shall be charged to Client based on the point of
         delivery of the master copy and paid under the terms of the Agreement.
         Client is responsible for payment of any use tax or other tax arising
         from use of the Licensed Programs in any other Location.


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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.


3.       LICENSE GRANT

         In consideration for the payment specified in Section 2 above, Oracle
         grants to Client a non-exclusive, non-transferable license to use the
         Licensed Programs for the applicable License Type on the applicable
         Hardware, as specified in Sections 1.1.1, 1.1.2, and 1.1.3 in the
         Territory under the terms of the Agreement, for up to the maximum
         number of Concurrent Users specified in Section 1.3 C. above as
         increased, if at all, for additional fees under Section 1.3.1 above.

         During the User Agreement Term, Client shall be permitted to
         reconfigure its Computers and its use of the Licensed Programs provided
         that (i) Client does not install the Licensed Programs outside the
         Territory; (ii) the Licensed Programs are installed only on the
         Hardware as listed in Section 1.1.1. plus Additional Hardware and New
         Hardware added, if any, under Sections 1.1.2 and 1.1.3 ("Total
         Hardware"); and (iii) the total number of Concurrent Users specified in
         Section 1.3 C. plus Concurrent Users added, if any, under Section 1.3.1
         ("Total Concurrent Users") who may access the Licensed Programs
         installed on the Total Hardware does not exceed the Total Concurrent
         Users. Upon expiration of the User Agreement Term, the Licensed
         Programs on the Computers comprising the Hardware shall be fixed in
         accordance with Section 4 below.

4.       DELIVERY AND INSTALLATION

         Oracle shall deliver to Client ***** copies of the software media and
         ***** sets of documentation ("master copy") for each Licensed Program
         for use on the applicable Hardware to the following Client location:
         9513 Key West Avenue, Rockville, Maryland 20850 ("Client Location").
         Client shall be responsible for copying the software media and
         installing the Licensed Programs. Unless otherwise specified herein,
         Client shall acquire no right to copy documentation. The Acceptance
         Period for each of the Licensed Programs shall commence on delivery of
         the master copy of the Licensed Programs, and all subsequent copies
         shall be deemed accepted upon acceptance of the master copy. Upon
         expiration of the User Agreement Term, the Concurrent Users, server
         Computers, and types of Computer/Operating Systems shall be fixed for
         the Territory as follows: (1) the number of Concurrent Users for the
         Licensed Programs within each Program Set shall be fixed at the total
         number of Concurrent Users acquired for the Program Set under Sections
         1.3 C. and 1.3.1 above; (2) the types of Computer/Operating Systems
         shall be fixed to the Hardware types acquired under Sections 1.1.1,
         1.1.2, and 1.1.3 above ("Total Hardware"); and (3) the number and
         make/model of server Computers shall be fixed at the number of server
         Computers upon which the Licensed Programs are installed as of the
         expiration of the User Agreement Term ("Installed Servers") plus an
         additional number of server Computers, within the Total Hardware, equal
         to ***** * of the Installed Servers ("Uninstalled Servers") upon which
         the Licensed Programs may be installed after the User Agreement Term.
         The number of personal computers will not be fixed. Upon fixing of the
         Licensed Programs on the Computers, the Program licenses shall be
         perpetual subject to the terms of the Agreement. Thereafter, unless
         this User Agreement is extended or modified, Program licenses for use
         on additional Computers or licenses for additional Users shall be
         acquired separately.

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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.


       During the User Agreement Term, Client may order Oracle documentation
         for the Licensed Programs at Oracle's standard fees in effect when each
         order is placed less the Discount Percentage corresponding to the List
         Price of Documentation for a single order.

         List Price of Documentation        Discount Percentage
         ------------------------------------------------------
         (Single Order)
         $1,000 - $1,999                             ***** *
         $2,000 - $3,999                             *****
         $4,000 - $5,999                             *****
         $6,000 and over                             *****

5.       REPORTING

         On each anniversary of the Effective Date, Client shall notify Oracle
         in writing of: (i) the number of personal computers and the location,
         models and serial numbers of all server Computers on which the Licensed
         Programs are installed; (ii) the Computer/Operating Systems on which
         the Licensed Programs are installed; and (iii) the number of users
         using each Program Set. When reporting, ordering or communicating with
         Oracle under this User Agreement, Client shall reference: (a) this User
         Agreement (include Effective Date); and (b) the contract number and
         Effective Date of the Agreement.

6.       TECHNICAL SUPPORT

6.1      Until November 30, 1994 ("First Support Year"), Client shall receive
         Standard Technical Support services for all Licensed Programs licensed
         under this User Agreement (except for additional Concurrent Users
         acquired under Section 1.3.1 above and additional Programs acquired
         under Section 9 below) payable in advance for an annual Technical
         Support fee of ***** . For the remaining years of the User Agreement
         Term, provided Client has continuously maintained Technical Support
         services, Client may acquire Standard Technical Support services for
         all Licensed Programs licensed under this User Agreement (except for
         additional Concurrent Users acquired under Section 1.3.1 above and
         additional Programs acquired under Section 9 below) payable in advance
         in annual installments as specified below. After the User Agreement
         Term, Client may obtain annual Technical Support services from Oracle
         under Oracle's Technical Support fees and policies in effect when such
         services are ordered, but in any event in accordance with the
         Agreement.

                  Support Year              Technical Support Fee
                  -----------------------------------------------
                  Second Year                        ***** *
                  Third Year                         *****
                  Fourth Year                        *****

6.2      Client shall designate and provide to Oracle the name of one (1) Client
         employee who shall serve as an on-site technical contact ("Technical
         Contact") to act as the sole liaison between Client and Oracle for the
         Technical Support services provided under this User Agreement. Client
         shall also provide the names of two (2) employees who shall serve as
         backups to the Technical Contact. Notwithstanding the foregoing, Client
         may designate up to an additional fifty (50) individuals authorized by
         Client to use the Telephone Assistance portion of Technical Support
         services. Client shall notify Oracle whenever the designated Technical
         Contact responsibilities are transferred to another employee. For any
         Technical Support updates to the Licensed Programs provided during the
         User Agreement Term, Oracle shall ship to the Client Location five (5)
         Technical Support update copies for each Hardware type. Client shall be
         responsible for copying and installing the updates on the Computers for
         which the Licensed Programs are licensed.

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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.


7.       VERIFICATION

         Oracle may, at its expense, audit the number of copies of the Licensed
         Programs in use by Client, the Computers on which the Licensed Programs
         are installed, and the number of users using the Licensed Programs. Any
         such audit shall be scheduled in advance and shall be conducted during
         hours agreed upon by the parties, at Client's facilities and shall not
         interfere unreasonably with Client's business activities. If an audit
         reveals that Client has underpaid fees to Oracle, Client shall be
         invoiced for the underpaid fees based on the Price List in effect when
         the audit is completed. Audits shall be conducted no more than once
         annually.

8.       ASSIGNMENT

         The rights granted under this User Agreement may not be assigned or
         transferred to any third party without the express written consent of
         Oracle Corporation. However, Client may, upon written notice to Oracle,
         assign all Client's rights and obligations under this User Agreement to
         a Client Entity, provided that prior to such assignment the Client
         Entity agrees in writing to be bound by the terms of this User
         Agreement and the Agreement.

9.       ADDITIONAL PROGRAMS

9.1      During the User Agreement Term, Client may order, for installation in
         the United States, production release versions of all Programs
         available in production release and listed in Oracle's U.S. Price List
         in effect when such Programs are ordered, except those Programs
         designated by Oracle as Manufacturing Programs. The license fee for
         such Programs shall be at a discount of ***** * off Oracle's standard
         list license fees as listed in Oracle's U.S. Price List in effect when
         such Programs are ordered, plus applicable sales tax. Such license fees
         shall be due and payable on Client's written election of the option
         provided hereunder. This payment obligation is noncancelable and the
         sum paid is nonrefundable except as provided in the Agreement. During
         the User Agreement Term, Client may purchase annual Basic Technical
         Support for the Programs licensed under this Section 9.1 payable in
         advance for an annual Basic Technical Support fee of ***** of the
         discounted Program license fees paid to Oracle for the Programs. After
         the User Agreement Term, Client may obtain Technical Support services
         from Oracle for such Programs under Oracle's Technical Support fees and
         policies in effect when such services are ordered, but in any event in
         accordance with the Agreement. Programs acquired under this Section 9.1
         shall not become part of any Program Set or be a Licensed Program (as
         defined in Section 1.1 above) under this User Agreement.

         Client acknowledges that the Programs specified in this Section 9 above
         may not be currently available and may not become available during the
         User Agreement Term. Client agrees that it has not relied on the
         availability of such Programs in executing this User Agreement and
         further agrees that the availability of these Programs will not affect
         Client's payment obligations under this User Agreement. Oracle is under
         no obligation to make available any Programs or Program/Hardware
         combinations that are not currently available.

10.      TRAINING

         In consideration for the payment to Oracle of ***** within ***** of the
         Effective Date, Client shall receive ***** Oracle standard Training
         Units which are valid for ***** from the Effective Date of this User
         Agreement to be used as provided under the Price List in effect as of
         the Effective Date. When the ***** Training Units have expired or been
         used up, Client may, during the remainder of the User Agreement Term,
         purchase additional Training Units at a discount of ***** off list
         price, and to be used as provided in the Price List in effect when the
         Training Units are ordered. Each Training Unit may be used to acquire
         one (1) day of instruction, excluding Client's expenses, for one (1)
         Client employee at an Oracle Education Center in the United States.

11.      Documentation

         During the User Agreement Term, Client shall have the option, to
         receive the annual copying rights stated in this Section for the fees
         stated in this Section. In consideration for the payment to Oracle of
         ***** * Oracle shall deliver to Client Location one (1) copy of
         copy-ready documentation for each of the Licensed Programs licensed
         herein. Client shall have the right to make ***** copies of such
         documentation for a period of ***** beginning on the date Client
         exercises this option. During the same year, Client shall also have the
         right to make ***** copies of any updates to such documentation
         released by Oracle before the end of that year. Such updates shall be
         shipped to Client in copy-ready form. Documentation copied under this
         Section may only be used with the Licensed Programs licensed under this
         User Agreement. This payment shall be due and payable on the date
         Client exercises this option. This payment obligation is noncancelable
         and the sum paid is nonrefundable, except as provided in the Agreement.
         Thereafter, Client may renew the annual right to make ***** copies of
         documentation at Oracle's standard fees in effect when Client exercises
         the renewal option.

12.      CONFIDENTIALITY

         Client and Oracle agree that the pricing and terms of this User
         Agreement shall be considered as Confidential Information under the
         Agreement.

13.      CONFLICT

         In the event of conflict between this User Agreement and the Agreement,
this User Agreement will control.

14.      SURVIVAL

         Sections 1.2, 1.3, 1.5, 1.6, 3, the first paragraph of 4, 5, 6.2, 7, 8,
         12, 13, and 14 shall survive expiration of this User Agreement.

15.      Pricing Warranty

         During the term of this User Agreement, Oracle shall provide Client
         Entities with the relevant percentages of discount stated in this User
         Agreement for future procurements of Programs or Services in the United
         States. In the event that Client Entity orders Programs or Services for
         which Oracle ***** during the User Agreement Term, Oracle will provide
         ***** * to Client Entities during the User Agreement Term. ***** The
         term ***** shall not include any entity where it is acting as a third
         party re-seller or where the entity is a federal, state or local
         government or is an educational institution or a charitable
         organization. This Section states Oracle's sole liability and Client
         Entities' exclusive remedy for this obligation.


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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.


The Effective Date of this User Agreement is November 30, 1993.

THE NASDAQ STOCK MARKET, INC.         ORACLE CORPORATION

By:                                   By:
         ------------------------               -----------------------------

Name:                                 Name:
         ------------------------               -----------------------------

Title:                                Title:
         ------------------------               -----------------------------

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* ***** Confidential Treatment has been requested for the redacted portions. The
confidential redacted portions have been filed with the Securities and Exchange
Commission.