Condensed Consolidating Financial Statements (Unaudited)

In connection with our acquisition of NYSE, Intercontinental Exchange, Inc., or ICE, and NYSE Holdings LLC, or NYSE Holdings, established various guarantees to protect against structural subordination of each entity’s existing indebtedness. NYSE Holdings is our 100% owned subsidiary and fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of our senior notes. Similarly, ICE fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of the NYSE USD Notes. The guarantees will remain in place until each applicable debt obligation has been satisfied.

The following consolidating financial information sets forth, under the equity method of accounting, the condensed consolidating statements of income and comprehensive income, the condensed consolidating balance sheets, and the condensed consolidating statements of cash flows for (i) ICE (Parent); (ii) NYSE Holdings; (iii) the subsidiary non-guarantors; (iv) elimination entries necessary to consolidate each of ICE (Parent) and NYSE Holdings with the non-guarantor subsidiaries; and (v) on a consolidated basis. The condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements.

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of June 30, 2016

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	2	$	—	$	388	$	—		$	390
Intercompany receivable	3,267		—		312		(3,579		)	—
Margin deposits and guaranty funds	—		—		48,501		—			48,501
Notes receivable from affiliate, current	—		343		—		(343		)	—
Other current assets	2		—		1,737		—			1,739
Total current assets	3,271		343		50,938		(3,922		)	50,630
Property and equipment, net	—		—		1,048		—			1,048
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,539		—			22,539
Investment in subsidiaries	21,776		13,925		—		(35,701		)	—
Notes receivable from affiliate, non-current	—		5,433		4,689		(10,122		)	—
Other non-current assets	91		10		906		—			1,007
Total other non-current assets	21,867		19,368		28,134		(45,823		)	23,546
Total assets	$	25,138	$	19,711	$	80,120	$	(49,745	)	$	75,224

Current liabilities:
Short-term debt	$	1,811	$	—	$	—	$	—		$	1,811
Margin deposits and guaranty funds	—		—		48,501		—			48,501
Intercompany payable	—		3,579		—		(3,579		)	—
Notes payable to affiliates, current	281		—		62		(343		)	—
Other current liabilities	24		—		1,102		—			1,126
Total current liabilities	2,116		3,579		49,665		(3,922		)	51,438
Non-current liabilities:
Long-term debt	3,868		851		—		—			4,719
Notes payable to affiliates, non-current	3,858		831		5,433		(10,122		)	—
Other non-current liabilities	4		—		3,700		—			3,704
Total non-current liabilities	7,730		1,682		9,133		(10,122		)	8,423
Total liabilities	9,846		5,261		58,798		(14,044		)	59,861
Redeemable non-controlling interest	—		—		33		—			33

Equity:
Total shareholders' equity	15,292		14,450		21,251		(35,701		)	15,292
Non-controlling interest in consolidated subsidiaries	—		—		38		—			38
Total equity	15,292		14,450		21,289		(35,701		)	15,330
Total liabilities and equity	$	25,138	$	19,711	$	80,120	$	(49,745	)	$	75,224

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2015

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	626	$	—		$	627
Intercompany receivable	3,176		—		—		(3,176		)	—
Margin deposits and guaranty funds	—		—		51,169		—			51,169
Note receivable from affiliate, current	—		705		77		(782		)	—
Other current assets	5		—		1,512		—			1,517
Total current assets	3,182		705		53,384		(3,958		)	53,313
Property and equipment, net	—		—		1,037		—			1,037
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,837		—			22,837
Investment in subsidiaries	21,120		9,840		—		(30,960		)	—
Note receivable from affiliate, non-current	—		3,128		3,370		(6,498		)	—
Other non-current assets	20		10		770		—			800
Total other non-current assets	21,140		12,978		26,977		(37,458		)	23,637
Total assets	$	24,322	$	13,683	$	81,398	$	(41,416	)	$	77,987

Current liabilities:
Short-term debt	$	2,591	$	—	$	—	$	—		$	2,591
Margin deposits and guaranty funds	—		—		51,169		—			51,169
Intercompany payable	—		1,784		1,392		(3,176		)	—
Notes payable to affiliates, current	358		—		424		(782		)	—
Other current liabilities	36		—		947		—			983
Total current liabilities	2,985		1,784		53,932		(3,958		)	54,743
Non-current liabilities:
Long-term debt	3,865		852		—		—			4,717
Notes payable to affiliates, non-current	2,629		741		3,128		(6,498		)	—
Other non-current liabilities	35		—		3,617		—			3,652
Total non-current liabilities	6,529		1,593		6,745		(6,498		)	8,369
Total liabilities	9,514		3,377		60,677		(10,456		)	63,112
Redeemable non-controlling interest	—		—		35		—			35

Equity:
Total shareholders' equity	14,808		10,306		20,654		(30,960		)	14,808
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	14,808		10,306		20,686		(30,960		)	14,840
Total liabilities and equity	$	24,322	$	13,683	$	81,398	$	(41,416	)	$	77,987

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Six Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	1,789		$	—		$	1,789
Data services	—			—			974			—			974
Listings and other revenues	—			—			295			—			295
Revenues	—			—			3,058			—			3,058
Transaction-based expenses	—			—			775			—			775
Revenues, less transaction-based expenses	—			—			2,283			—			2,283
Operating expenses:
Compensation and benefits	1			—			471			—			472
Technology and communication	—			—			184			—			184
Acquisition-related transaction and integration costs	—			—			47			—			47
Selling, general, administrative and other	—			—			156			—			156
Depreciation and amortization	—			—			289			—			289
Operating expenses	1			—			1,147			—			1,148
Operating income (loss)	(1		)	—			1,136			—			1,135
Intercompany interest on loans	(10		)	16			(6		)	—			—
Other income (expense), net	(79		)	(8		)	8			—			(79		)
Total other income (expense), net	(89		)	8			2			—			(79		)
Income (loss) before income taxes	(90		)	8			1,138			—			1,056
Income tax expense	—			—			316			—			316
Equity earnings from subsidiaries	816			611			—			(1,427		)	—
Net income	$	726		$	619		$	822		$	(1,427	)	$	740
Net income attributable to non-controlling interest	—			—			(14		)	—			(14		)
Net income attributable to ICE	$	726		$	619		$	808		$	(1,427	)	$	726

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Six Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	726		$	619		$	822		$	(1,427	)	$	740
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(199		)	—			(199		)
Change in fair value of available-for-sale-securities	—			—			129			—			129
Total other comprehensive loss	—			—			(70		)	—			(70		)
Comprehensive loss of subsidiaries	(70		)	(18		)	—			88			—
Comprehensive income	656			601			752			(1,339		)	670
Comprehensive income attributable to non-controlling interests	—			—			(14		)	—			(14		)
Comprehensive income attributable to ICE	$	656		$	601		$	738		$	(1,339	)	$	656

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	860		$	—		$	860
Data services	—			—			497			—			497
Listings and other revenues	—			—			147			—			147
Revenues	—			—			1,504			—			1,504
Transaction-based expenses	—			—			375			—			375
Revenues, less transaction-based expenses	—			—			1,129			—			1,129
Operating expenses:
Compensation and benefits	1			—			235			—			236
Technology and communication	—			—			92			—			92
Acquisition-related transaction and integration costs	—			—			20			—			20
Selling, general, administrative and other	—			—			84			—			84
Depreciation and amortization	—			—			146			—			146
Operating expenses	1			—			577			—			578
Operating income (loss)	(1		)	—			552			—			551
Intercompany interest on loans	(6		)	8			(2		)	—			—
Other income (expense), net	(38		)	(4		)	7			—			(35		)
Total other income (expense), net	(44		)	4			5			—			(35		)
Income (loss) before income taxes	(45		)	4			557			—			516
Income tax expense	—			—			153			—			153
Equity earnings from subsidiaries	402			324			—			(726		)	—
Net income	$	357		$	328		$	404		$	(726	)	$	363
Net income attributable to non-controlling interest	—			—			(6		)	—			(6		)
Net income attributable to ICE	$	357		$	328		$	398		$	(726	)	$	357

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	357		$	328		$	404		$	(726	)	$	363
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(125		)	—			(125		)
Change in fair value of available-for-sale-securities	—			—			75			—			75
Total other comprehensive loss	—			—			(50		)	—			(50		)
Comprehensive loss of subsidiaries	(50		)	(28		)	—			78			—
Comprehensive income	307			300			354			(648		)	313
Comprehensive income attributable to non-controlling interests	—			—			(6		)	—			(6		)
Comprehensive income attributable to ICE	$	307		$	300		$	348		$	(648	)	$	307

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	1,583		$	—		$	1,583
Data services	—			—			405			—			405
Listings and other revenues	—			—			288			—			288
Revenues	—			—			2,276			—			2,276
Transaction-based expenses	—			—			629			—			629
Revenues, less transaction-based expenses	—			—			1,647			—			1,647
Operating expenses:
Compensation and benefits	1			—			294			—			295
Technology and communication	—			—			98			—			98
Acquisition-related transaction and integration costs	—			—			26			—			26
Selling, general, administrative and other	1			—			153			—			154
Depreciation and amortization	—			—			182			—			182
Operating expenses	2			—			753			—			755
Operating income (loss)	(2		)	—			894			—			892
Intercompany interest on loans	(2		)	19			(17		)	—			—
Other expense, net	(7		)	(33		)	(13		)	—			(53		)
Total other expense, net	(9		)	(14		)	(30		)	—			(53		)
Income (loss) before income taxes	(11		)	(14		)	864			—			839
Income tax expense (benefit)	(3		)	—			230			—			227
Equity earnings from subsidiaries	606			168			—			(774		)	—
Net income	$	598		$	154		$	634		$	(774	)	$	612
Net income attributable to non-controlling interest	—			—			(14		)	—			(14		)
Net income attributable to ICE	$	598		$	154		$	620		$	(774	)	$	598

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	598		$	154		$	634		$	(774	)	$	612
Other comprehensive income (loss):
Foreign currency translation adjustments	—			1			18			—			19
Change in fair value of available-for-sale-securities	—			—			(39		)	—			(39		)
Employment benefit plan adjustments	—			—			(2		)	—			(2		)
Total other comprehensive income (loss)	—			1			(23		)	—			(22		)
Comprehensive loss of subsidiaries	(22		)	(14		)	—			36			—
Comprehensive income	576			141			611			(738		)	590
Comprehensive income attributable to non-controlling interests	—			—			(14		)	—			(14		)
Comprehensive income attributable to ICE	$	576		$	141		$	597		$	(738	)	$	576

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—	$	747		$	—		$	747
Data services	—			—		205			—			205
Listings and other revenues	—			—		144			—			144
Revenues	—			—		1,096			—			1,096
Transaction-based expenses	—			—		299			—			299
Revenues, less transaction-based expenses	—			—		797			—			797
Operating expenses:
Compensation and benefits	1			—		143			—			144
Technology and communication	—			—		47			—			47
Acquisition-related transaction and integration costs	—			—		7			—			7
Selling, general, administrative and other	—			—		76			—			76
Depreciation and amortization	—			—		93			—			93
Operating expenses	1			—		366			—			367
Operating income (loss)	(1		)	—		431			—			430
Intercompany interest on loans	(1		)	9		(8		)	—			—
Other income (expense), net	(26		)	7		(13		)	—			(32		)
Total other income (expense), net	(27		)	16		(21		)	—			(32		)
Income (loss) before income taxes	(28		)	16		410			—			398
Income tax expense (benefit)	(10		)	—		119			—			109
Equity earnings from subsidiaries	301			71		—			(372		)	—
Net income	$	283		$	87	$	291		$	(372	)	$	289
Net income attributable to non-controlling interest	—			—		(6		)	—			(6		)
Net income attributable to ICE	$	283		$	87	$	285		$	(372	)	$	283

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended June 30, 2015

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	283	$	87	$	291		$	(372	)	$	289
Other comprehensive income (loss):
Foreign currency translation adjustments	—		—		56			—			56
Change in fair value of available-for-sale-securities	—		—		31			—			31
Employment benefit plan adjustments	—		—		(2		)	—			(2		)
Total other comprehensive income	—		—		85			—			85
Comprehensive income of subsidiaries	85		13		—			(98		)	—
Comprehensive income	368		100		376			(470		)	374
Comprehensive income attributable to non-controlling interests	—		—		(6		)	—			(6		)
Comprehensive income attributable to ICE	$	368	$	100	$	370		$	(470	)	$	368

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities	$	(40	)	$	59		$	1,149		$	(65	)	$	1,103
Investing activities:
Loans to subsidiaries	(91		)	(1,943		)	(1,554		)	3,588			—
Capital expenditures and capitalized software development costs	—			—			(157		)	—			(157		)
Increase in restricted cash and investments	—			—			(75		)	—			(75		)
Other investing activities	—			—			(70		)	—			(70		)
Net cash used in investing activities	(91		)	(1,943		)	(1,856		)	3,588			(302		)
Financing activities:
Repayments of commercial paper, net	(780		)	(1		)	—			—			(781		)
Intercompany borrowing	1,152			1,885			551			(3,588		)	—
Dividends to shareholders	(205		)	—			—			—			(205		)
Intercompany dividends	—			—			(65		)	65			—
Other financing activities	(35		)	—			(10		)	—			(45		)
Net cash provided by (used in) financing activities	132			1,884			476			(3,523		)	(1,031		)
Effect of exchange rates on cash and cash equivalents	—			—			(7		)	—			(7		)
Net increase (decrease) in cash and cash equivalents	1			—			(238		)	—			(237		)
Cash and cash equivalents, beginning of period	1			—			626			—			627
Cash and cash equivalents, end of period	$	2		$	—		$	388		$	—		$	390

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities	$	(25	)	$	(38	)	$	845		$	(12	)	$	770
Investing activities:
Loans to subsidiaries	—			(305		)	(801		)	1,106			—
Proceeds from term deposits and sales of available-for-sale investments	—			1,084			—			—			1,084
Capital expenditures and capitalized software development costs	—			—			(136		)	—			(136		)
Decrease in restricted cash and investments	—			—			11			—			11
Other investing activities	—			—			(60		)	—			(60		)
Net cash provided by (used in) investing activities	—			779			(986		)	1,106			899
Financing activities:
Repayments of debt facilities and commercial paper, net	111			(1,029		)	—			—			(918		)
Intercompany borrowing	495			283			328			(1,106		)	—
Dividends to shareholders	(158		)	—			—			—			(158		)
Repurchases of common stock	(399		)	—			—			—			(399		)
Purchase of subsidiary shares from non-controlling interest	—			—			(128		)	—			(128		)
Other financing activities	(29		)	—			(15		)	12			(32		)
Net cash provided by (used in) financing activities	20			(746		)	185			(1,094		)	(1,635		)
Effect of exchange rates on cash and cash equivalents	—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	(5		)	(5		)	36			—			26
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	1		$	—		$	677		$	—		$	678