Condensed Consolidating Financial Statements (Unaudited)

In connection with our acquisition of NYSE, Intercontinental Exchange, Inc. ("ICE") and NYSE Holdings LLC ("NYSE") established various guarantees to protect against structural subordination of each entities’ existing indebtedness. NYSE is our wholly-owned subsidiary and fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of our 2014 Credit Facility, Senior Notes and the Commercial Paper Program. Similarly, ICE fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of the NYSE Notes. The guarantees will remain in place until each applicable debt obligation has been satisfied.

The following unaudited 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; (iii) the subsidiary non-guarantors; (iv) elimination entries necessary to consolidate each of ICE and NYSE 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 March 31, 2015

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	8	$	—	$	744	$	—		$	752
Intercompany receivable	2,840		—		—		(2,840		)	—
Margin deposits and guaranty funds	—		—		45,600		—			45,600
Notes receivable from affiliate, current	—		257		307		(564		)	—
Other current assets	—		1,049		1,085		—			2,134
Total current assets	2,848		1,306		47,736		(3,404		)	48,486
Property and equipment, net	—		—		879		—			879
Other non-current assets:
Goodwill and other intangible assets, net	—		—		16,228		—			16,228
Investment in subsidiaries	13,862		9,633		—		(23,495		)	—
Notes receivable from affiliate, non-current	—		2,919		2,003		(4,922		)	—
Other non-current assets	24		10		801		—			835
Total other non-current assets	13,886		12,562		19,032		(28,417		)	17,063
Total assets	$	16,734	$	13,868	$	67,647	$	(31,821	)	$	66,428

Current liabilities:
Short-term debt	$	940	$	1,006	$	—	$	—		$	1,946
Margin deposits and guaranty funds	—		—		45,600		—			45,600
Intercompany payable	—		1,503		1,337		(2,840		)	—
Notes payable to affiliates, current	292		272		—		(564		)	—
Other current liabilities	53		—		1,199		—			1,252
Total current liabilities	1,285		2,781		48,136		(3,404		)	48,798
Non-current liabilities:
Long-term debt	1,394		853		—		—			2,247
Notes payable to affiliates, non-current	1,741		262		2,919		(4,922		)	—
Other non-current liabilities	17		—		2,872		—			2,889
Total non-current liabilities	3,152		1,115		5,791		(4,922		)	5,136
Total liabilities	4,437		3,896		53,927		(8,326		)	53,934
Redeemable non-controlling interest	—		—		169		—			169

Equity:
Total shareholders' equity	12,297		9,972		13,523		(23,495		)	12,297
Non-controlling interest in consolidated subsidiaries	—		—		28		—			28
Total equity	12,297		9,972		13,551		(23,495		)	12,325
Total liabilities and equity	$	16,734	$	13,868	$	67,647	$	(31,821	)	$	66,428

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2014

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	6	$	5	$	641	$	—		$	652
Intercompany receivable	2,793		—		529		(3,322		)	—
Margin deposits and guaranty funds	—		—		47,458		—			47,458
Note receivable from affiliate, current	—		313		31		(344		)	—
Other current assets	60		1,173		962		(60		)	2,135
Total current assets	2,859		1,491		49,621		(3,726		)	50,245
Property and equipment, net	—		—		874		—			874
Other non-current assets:
Goodwill and other intangible assets, net	—		—		16,315		—			16,315
Investment in subsidiaries	13,682		9,572		—		(23,254		)	—
Note receivable from affiliate, non-current	—		2,790		1,516		(4,306		)	—
Other non-current assets	25		11		809		—			845
Total other non-current assets	13,707		12,373		18,640		(27,560		)	17,160
Total assets	$	16,566	$	13,864	$	69,135	$	(31,286	)	$	68,279

Current liabilities:
Short-term debt	$	905	$	1,137	$	—	$	—		$	2,042
Margin deposits and guaranty funds	—		—		47,458		—			47,458
Intercompany payable	—		1,933		1,389		(3,322		)	—
Notes payable to affiliates, current	344		—		—		(344		)	—
Other current liabilities	30		—		1,069		(60		)	1,039
Total current liabilities	1,279		3,070		49,916		(3,726		)	50,539
Non-current liabilities:
Long-term debt	1,394		853		—		—			2,247
Notes payable to affiliates, non-current	1,516		—		2,790		(4,306		)	—
Other non-current liabilities	17		—		2,919		—			2,936
Total non-current liabilities	2,927		853		5,709		(4,306		)	5,183
Total liabilities	4,206		3,923		55,625		(8,032		)	55,722
Redeemable non-controlling interest	—		—		165		—			165

Equity:
Total shareholders' equity	12,360		9,941		13,313		(23,254		)	12,360
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	12,360		9,941		13,345		(23,254		)	12,392
Total liabilities and equity	$	16,566	$	13,864	$	69,135	$	(31,286	)	$	68,279

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended March 31, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	812		$	—		$	812
Data services fees	—			—			187			—			187
Listing fees and other revenues	—			—			157			—			157
Total revenues	—			—			1,156			—			1,156
Transaction-based expenses	—			—			306			—			306
Total revenues, less transaction-based expenses	—			—			850			—			850
Operating expenses:
Compensation and benefits	—			—			151			—			151
Technology and communication	—			—			51			—			51
Acquisition-related transaction and integration costs	—			—			19			—			19
Selling, general, administrative and other	1			—			77			—			78
Depreciation and amortization	—			—			89			—			89
Total operating expenses	1			—			387			—			388
Operating income	(1		)	—			463			—			462
Total other income (expense), net	18			(30		)	(9		)	—			(21		)
Income before income taxes	17			(30		)	454			—			441
Income tax expense	7			—			111			—			118
Equity earnings from subsidiaries	305			97			—			(402		)	—
Net income	$	315		$	67		$	343		$	(402	)	$	323
Net income attributable to non-controlling interest	—			—			(8		)	—			(8		)
Net income attributable to ICE	$	315		$	67		$	335		$	(402	)	$	315

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	315		$	67		$	343		$	(402	)	$	323
Other comprehensive income (loss):
Foreign currency translation adjustments	—			1			(38		)	—			(37		)
Change in fair value of available-for-sale-securities	—			—			(70		)	—			(70		)
Total other comprehensive income (loss)	—			1			(108		)	—			(107		)
Comprehensive loss of subsidiaries	(107		)	(27		)	—			134			—
Comprehensive income	208			41			235			(268		)	216
Comprehensive income attributable to non-controlling interests	—			—			(8		)	—			(8		)
Comprehensive income attributable to ICE	$	208		$	41		$	227		$	(268	)	$	208

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended March 31, 2014

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	764		$	—		$	764
Data services fees	—			—			157			—			157
Listing fees and other revenues	—			—			142			—			142
Total revenues	—			—			1,063			—			1,063
Transaction-based expenses	—			—			266			—			266
Total revenues, less transaction-based expenses	—			—			797			—			797
Operating expenses:
Compensation and benefits	—			—			154			—			154
Technology and communication	—			—			47			—			47
Acquisition-related transaction and integration costs	—			2			23			—			25
Selling, general, administrative and other	—			—			100			—			100
Depreciation and amortization	—			—			80			—			80
Total operating expenses	—			2			404			—			406
Operating income	—			(2		)	393			—			391
Total other expense, net	(14		)	(6		)	(9		)	—			(29		)
Income from continuing operations before income taxes	(14		)	(8		)	384			—			362
Income tax expense	(5		)	—			106			—			101
Equity earnings from subsidiaries	271			218			—			(489		)	—
Income from continuing operations	262			210			278			(489		)	261
Income from discontinued operations, net of tax	—			—			13			—			13
Net income	$	262		$	210		$	291		$	(489	)	$	274
Net income attributable to non-controlling interest	—			—			(13		)	—			(13		)
Net income attributable to ICE	$	262		$	210		$	278		$	(489	)	$	261

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2014

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	262	$	210	$	291		$	(489	)	$	274
Other comprehensive income:
Foreign currency translation adjustments	—		1		44			—			45
Change in fair value of available-for-sale-securities	—		—		60			—			60
Total other comprehensive income	—		1		104			—			105
Comprehensive income of subsidiaries	105		42		—			(147		)	—
Comprehensive income	367		253		395			(636		)	379
Comprehensive income attributable to non-controlling interests	—		—		(13		)	—			(13		)
Comprehensive income attributable to ICE	$	367	$	253	$	382		$	(636	)	$	366

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities from continuing operations	$	82		$	(612	)	$	1,008		$	(13	)	$	465
Investing activities:
Decrease in restricted cash	—			—			34			—			34
Loans to subsidiaries	—			73			(707		)	634			—
Additional contribution to equity method investee	—			—			(60		)	—			(60		)
Capital expenditures, capitalized software development costs and other	—			—			(60		)	—			(60		)
Net cash used in investing activities from continuing operations	—			73			(793		)	634			(86		)
Financing activities:
Borrowing of debt facilities and commercial paper, net	35			—			—			—			35
Intercompany borrowing	173			534			(73		)	(634		)	—
Dividends to shareholders	(73		)	—			—			—			(73		)
Intercompany dividends	—			—			(13		)	13			—
Repurchase of common stock	(196		)	—			—			—			(196		)
Other financing activities	(19		)	—			(15		)	—			(34		)
Net cash used in financing activities from continuing operations	(80		)	534			(101		)	(621		)	(268		)
Effect of exchange rates on cash and cash equivalents	—			—			(11		)	—			(11		)
Net increase (decrease) in cash and cash equivalents	2			(5		)	103			—			100
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	8		$	—		$	744		$	—		$	752

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2014

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities from continuing operations	$	88		$	227		$	315		$	(93	)	$	537
Investing activities:
Increase in restricted cash	—			—			(60		)	—			(60		)
Cash paid for acquisitions, net of cash acquired	—			—			(142		)	—			(142		)
Loans to subsidiaries	—			(257		)	39			218			—
Capital expenditures, capitalized software development costs and other	—			—			(41		)	—			(41		)
Net cash used in investing activities from continuing operations	—			(257		)	(204		)	218			(243		)
Financing activities:
Repayments of debt facilities and commercial paper, net	(161		)	—			—			—			(161		)
Intercompany borrowing	188			30			—			(218		)	—
Dividends to shareholders	(76		)	—			—			—			(76		)
Intercompany dividends	—			—			(93		)	93			—
Other financing activities	(34		)	—			5			—			(29		)
Net cash used in financing activities from continuing operations	(83		)	30			(88		)	(125		)	(266		)
Cash and cash equivalents from discontinued operations	—			—			(24		)	—			(24		)
Effect of exchange rates on cash and cash equivalents	—			—			(1		)	—			(1		)
Net increase (decrease) in cash and cash equivalents	5			—			(2		)	—			3
Cash and cash equivalents, beginning of period	2			—			959			—			961
Cash and cash equivalents, end of period	$	7		$	—		$	957		$	—		$	964