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 the NYSE USD Notes mature in October 2017.

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 September 30, 2016

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	457	$	—		$	458
Intercompany receivable	2,694		—		512		(3,206		)	—
Margin deposits and guaranty funds	—		—		49,832		—			49,832
Notes receivable from affiliate, current	—		597		—		(597		)	—
Other current assets	2		—		1,552		—			1,554
Total current assets	2,697		597		52,353		(3,803		)	51,844
Property and equipment, net	—		—		1,080		—			1,080
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,368		—			22,368
Investment in subsidiaries	22,062		14,180		—		(36,242		)	—
Notes receivable from affiliate, non-current	620		5,404		5,573		(11,597		)	—
Other non-current assets	95		10		899		—			1,004
Total other non-current assets	22,777		19,594		28,840		(47,839		)	23,372
Total assets	$	25,474	$	20,191	$	82,273	$	(51,642	)	$	76,296

Current liabilities:
Short-term debt	$	1,585	$	—	$	—	$	—		$	1,585
Margin deposits and guaranty funds	—		—		49,832		—			49,832
Intercompany payable	—		3,206		—		(3,206		)	—
Notes payable to affiliates, current	281		—		316		(597		)	—
Other current liabilities	59		—		878		—			937
Total current liabilities	1,925		3,206		51,026		(3,803		)	52,354
Non-current liabilities:
Long-term debt	3,869		851		—		—			4,720
Notes payable to affiliates, non-current	4,164		1,409		6,024		(11,597		)	—
Other non-current liabilities	4		—		3,640		—			3,644
Total non-current liabilities	8,037		2,260		9,664		(11,597		)	8,364
Total liabilities	9,962		5,466		60,690		(15,400		)	60,718
Redeemable non-controlling interest	—		—		34		—			34

Equity:
Total shareholders’ equity	15,512		14,725		21,517		(36,242		)	15,512
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	15,512		14,725		21,549		(36,242		)	15,544
Total liabilities and equity	$	25,474	$	20,191	$	82,273	$	(51,642	)	$	76,296

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

Nine Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	2,566		$	—		$	2,566
Data services	—			—			1,463			—			1,463
Listings and other revenues	—			—			445			—			445
Revenues	—			—			4,474			—			4,474
Transaction-based expenses	—			—			1,113			—			1,113
Revenues, less transaction-based expenses	—			—			3,361			—			3,361
Operating expenses:
Compensation and benefits	1			—			707			—			708
Technology and communication	—			—			277			—			277
Acquisition-related transaction and integration costs	—			—			61			—			61
Selling, general, administrative and other	1			—			235			—			236
Depreciation and amortization	—			—			470			—			470
Operating expenses	2			—			1,750			—			1,752
Operating income (loss)	(2		)	—			1,611			—			1,609
Intercompany interest on loans	(13		)	32			(19		)	—			—
Other income (expense), net	(113		)	(12		)	15			—			(110		)
Total other income (expense), net	(126		)	20			(4		)	—			(110		)
Income (loss) before income taxes	(128		)	20			1,607			—			1,499
Income tax expense	—			—			409			—			409
Equity earnings from subsidiaries	1,197			920			—			(2,117		)	—
Net income	$	1,069		$	940		$	1,198		$	(2,117	)	$	1,090
Net income attributable to non-controlling interest	—			—			(20		)	—			(20		)
Net income attributable to ICE	$	1,069		$	940		$	1,178		$	(2,117	)	$	1,070

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Nine Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	1,069		$	940		$	1,198		$	(2,117	)	$	1,090
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(245		)	—			(245		)
Change in fair value of available-for-sale-securities	—			—			117			—			117
Total other comprehensive loss	—			—			(128		)	—			(128		)
Comprehensive loss of subsidiaries	(128		)	(64		)	—			192			—
Comprehensive income	941			876			1,070			(1,925		)	962
Comprehensive income attributable to non-controlling interests	—			—			(20		)	—			(20		)
Comprehensive income attributable to ICE	$	941		$	876		$	1,050		$	(1,925	)	$	942

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	777		$	—		$	777
Data services	—			—			489			—			489
Listings and other revenues	—			—			150			—			150
Revenues	—			—			1,416			—			1,416
Transaction-based expenses	—			—			338			—			338
Revenues, less transaction-based expenses	—			—			1,078			—			1,078
Operating expenses:
Compensation and benefits	—			—			236			—			236
Technology and communication	—			—			93			—			93
Acquisition-related transaction and integration costs	—			—			14			—			14
Selling, general, administrative and other	1			—			79			—			80
Depreciation and amortization	—			—			181			—			181
Operating expenses	1			—			603			—			604
Operating income (loss)	(1		)	—			475			—			474
Intercompany interest on loans	(3		)	16			(13		)	—			—
Other income (expense), net	(34		)	(4		)	7			—			(31		)
Total other income (expense), net	(37		)	12			(6		)	—			(31		)
Income (loss) before income taxes	(38		)	12			469			—			443
Income tax expense	—			—			93			—			93
Equity earnings from subsidiaries	381			309			—			(690		)	—
Net income	$	343		$	321		$	376		$	(690	)	$	350
Net income attributable to non-controlling interest	—			—			(6		)	—			(6		)
Net income attributable to ICE	$	343		$	321		$	370		$	(690	)	$	344

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	343		$	321		$	376		$	(690	)	$	350
Other comprehensive loss:
Foreign currency translation adjustments	—			—			(46		)	—			(46		)
Change in fair value of available-for-sale-securities	—			—			(12		)	—			(12		)
Total other comprehensive loss	—			—			(58		)	—			(58		)
Comprehensive loss of subsidiaries	(58		)	(46		)	—			104			—
Comprehensive income	285			275			318			(586		)	292
Comprehensive income attributable to non-controlling interests	—			—			(6		)	—			(6		)
Comprehensive income attributable to ICE	$	285		$	275		$	312		$	(586	)	$	286

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Nine Months Ended September 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	2,414		$	—		$	2,414
Data services	—			—			614			—			614
Listings and other revenues	—			—			435			—			435
Revenues	—			—			3,463			—			3,463
Transaction-based expenses	—			—			1,000			—			1,000
Revenues, less transaction-based expenses	—			—			2,463			—			2,463
Operating expenses:
Compensation and benefits	1			—			444			—			445
Technology and communication	—			—			147			—			147
Acquisition-related transaction and integration costs	—			—			34			—			34
Selling, general, administrative and other	1			—			228			—			229
Depreciation and amortization	—			—			276			—			276
Operating expenses	2			—			1,129			—			1,131
Operating income (loss)	(2		)	—			1,334			—			1,332
Intercompany interest on loans	(4		)	28			(24		)	—			—
Other expense, net	(20		)	(50		)	—			—			(70		)
Total other expense, net	(24		)	(22		)	(24		)	—			(70		)
Income (loss) before income taxes	(26		)	(22		)	1,310			—			1,262
Income tax expense (benefit)	(19		)	—			359			—			340
Equity earnings from subsidiaries	911			288			—			(1,199		)	—
Net income	$	904		$	266		$	951		$	(1,199	)	$	922
Net income attributable to non-controlling interest	—			—			(18		)	—			(18		)
Net income attributable to ICE	$	904		$	266		$	933		$	(1,199	)	$	904

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Nine Months Ended September 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	904		$	266		$	951		$	(1,199	)	$	922
Other comprehensive loss:
Foreign currency translation adjustments	—			—			(17		)	—			(17		)
Change in fair value of available-for-sale-securities	—			—			(126		)	—			(126		)
Employment benefit plan adjustments	—			—			(2		)	—			(2		)
Total other comprehensive loss	—			—			(145		)	—			(145		)
Comprehensive loss of subsidiaries	(145		)	(5		)	—			150			—
Comprehensive income	759			261			806			(1,049		)	777
Comprehensive income attributable to non-controlling interests	—			—			(18		)	—			(18		)
Comprehensive income attributable to ICE	$	759		$	261		$	788		$	(1,049	)	$	759

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended September 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	831		$	—		$	831
Data services	—			—			209			—			209
Listings and other revenues	—			—			147			—			147
Revenues	—			—			1,187			—			1,187
Transaction-based expenses	—			—			371			—			371
Revenues, less transaction-based expenses	—			—			816			—			816
Operating expenses:
Compensation and benefits	—			—			150			—			150
Technology and communication	—			—			49			—			49
Acquisition-related transaction and integration costs	—			—			8			—			8
Selling, general, administrative and other	—			—			75			—			75
Depreciation and amortization	—			—			94			—			94
Operating expenses	—			—			376			—			376
Operating income	—			—			440			—			440
Intercompany interest on loans	(2		)	9			(7		)	—			—
Other income (expense), net	(13		)	(17		)	13			—			(17		)
Total other income (expense), net	(15		)	(8		)	6			—			(17		)
Income (loss) before income taxes	(15		)	(8		)	446			—			423
Income tax expense (benefit)	(16		)	—			129			—			113
Equity earnings from subsidiaries	305			120			—			(425		)	—
Net income	$	306		$	112		$	317		$	(425	)	$	310
Net income attributable to non-controlling interest	—			—			(4		)	—			(4		)
Net income attributable to ICE	$	306		$	112		$	313		$	(425	)	$	306

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended September 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	306		$	112		$	317		$	(425	)	$	310
Other comprehensive loss:
Foreign currency translation adjustments	—			(1		)	(35		)	—			(36		)
Change in fair value of available-for-sale-securities	—			—			(87		)	—			(87		)
Total other comprehensive loss	—			(1		)	(122		)	—			(123		)
Comprehensive income (loss) of subsidiaries	(123		)	9			—			114			—
Comprehensive income	183			120			195			(311		)	187
Comprehensive income attributable to non-controlling interests	—			—			(4		)	—			(4		)
Comprehensive income attributable to ICE	$	183		$	120		$	191		$	(311	)	$	183

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities	$	25		$	78		$	1,477		$	(72	)	$	1,508
Investing activities:
Loans to subsidiaries	(138		)	(2,168		)	(2,638		)	4,944			—
Capital expenditures and capitalized software development costs	—			—			(254		)	—			(254		)
Decrease in restricted cash and investments	—			—			18			—			18
Other investing activities	—			—			(70		)	—			(70		)
Net cash used in investing activities	(138		)	(2,168		)	(2,944		)	4,944			(306		)
Financing activities:
Repayments of commercial paper, net	(1,006		)	—			—			—			(1,006		)
Intercompany borrowing	1,458			2,090			1,396			(4,944		)	—
Dividends to shareholders	(307		)	—			—			—			(307		)
Intercompany dividends	—			—			(72		)	72			—
Other financing activities	(32		)	—			(21		)	—			(53		)
Net cash provided by (used in) financing activities	113			2,090			1,303			(4,872		)	(1,366		)
Effect of exchange rates on cash and cash equivalents	—			—			(5		)	—			(5		)
Net decrease in cash and cash equivalents	—			—			(169		)	—			(169		)
Cash and cash equivalents, beginning of period	1			—			626			—			627
Cash and cash equivalents, end of period	$	1		$	—		$	457		$	—		$	458

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities	$	182		$	346		$	465		$	(103	)	$	890
Investing activities:
Loans to subsidiaries	(301		)	(404		)	(842		)	1,547			—
Proceeds from term deposits and sales of available-for-sale investments	—			1,084			—			—			1,084
Capital expenditures and capitalized software development costs	—			—			(192		)	—			(192		)
Decrease in restricted cash and investments	—			—			14			—			14
Other investing activities	—			—			(60		)	—			(60		)
Net cash provided by (used in) investing activities	(301		)	680			(1,080		)	1,547			846
Financing activities:
Repayments of debt facilities and commercial paper, net	348			(1,029		)	—			—			(681		)
Intercompany borrowing	646			(2		)	903			(1,547		)	—
Dividends to shareholders	(242		)	—			—			—			(242		)
Intercompany dividends	—			—			(103		)	103			—
Repurchases of common stock	(605		)	—			—			—			(605		)
Purchase of subsidiary shares from non-controlling interest	—			—			(128		)	—			(128		)
Other financing activities	(33		)	—			(3		)	—			(36		)
Net cash provided by (used in) financing activities	114			(1,031		)	669			(1,444		)	(1,692		)
Effect of exchange rates on cash and cash equivalents	—			—			(9		)	—			(9		)
Net increase (decrease) in cash and cash equivalents	(5		)	(5		)	45			—			35
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	1		$	—		$	686		$	—		$	687