Intercontinental Exchange Inc (ICE US) - Adj Highlights

In Millions of USD FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

12 Months Ending 12/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016
Market Capitalization HISTORICAL_ 9,038.1 25,865.8 24,779.8 30,443.7 33,569.9
- Cash & Equivalents CASH_AND_MA 1,612.0 1,035.0 1,852.0 656.0 430.0
+ Preferred & Other PREFERRED_E 33.0 354.0 197.0 67.0 73.0
+ Total Debt SHORT_AND_ 1,132.0 5,058.0 4,277.0 7,308.0 6,364.0
Enterprise Value ENTERPRISE_ 8,591.1 30,242.8 27,401.8 37,162.7 39,576.9

Revenue, Adj SALES_REV_T 1,363.0 1,598.0 3,092.0 3,338.0 4,512.0

Growth %, YoY SALES_GROW 2.7 17.2 93.5 8.0 35.2
Gross Profit, Adj GROSS_PROFI — — — — —
Margin % GROSS_PROFI — — — — —
EBITDA, Adj EBITDA 983.9 1,096.0 2,009.0 2,227.0 2,861.0
Margin % EBITDA 72.2 68.6 65.0 66.7 63.4
Net Income, Adj EARN_FOR_C 568.8 667.2 1,123.9 1,348.8 1,504.4
Margin % EARN_FOR_C 41.7 41.7 36.3 40.4 33.3
EPS, Adj IS_DIL_EPS_ 1.55 1.69 1.96 2.41 2.51
Growth %, YoY IS_DIL_EPS_ 9.3 8.9 16.1 23.2 4.2

Cash from Operations CF_CASH_FR 733.0 735.0 1,514.0 1,311.0 2,149.0

Capital Expenditures CAPITAL_EXP -68.0 -179.0 -250.0 -277.0 -365.0
Free Cash Flow CF_FREE_CA 665.0 556.0 1,264.0 1,034.0 1,784.0
 FY 2017 FY 2018 rrent/LTM 2019 Est 2020 Est
2/31/2017 2/31/2018 6/30/2019 2/31/2019 2/31/2020
41,136.5 42,862.8 51,743.1
535.0 724.0 837.0
28.0 101.0 103.0
6,100.0 7,441.0 8,149.0
46,729.5 49,680.8 59,158.1 16.04
9.98
4,638.0 4,979.0 5,076.0 5,206.6 5,502.2 4.42
2.8 7.4 6.6 4.6 5.7
— —
— —
2,855.0 3,098.0 3,171.0 3,343.8 3,566.4
61.6 62.2 62.5 64.2 64.8
2,351.9 1,918.9 1,926.4 2,121.9 2,288.5
50.7 38.5 38.0 40.8 41.6
3.96 3.31 3.38 3.77 4.18
57.4 -16.3 14.9 13.9 10.8

2,085.0 2,533.0 2,679.0

-357.0 -280.0 -306.0 -286.5 -296.6
1,728.0 2,253.0 2,373.0 2,329.8 2,488.3
Intercontinental Exchange Inc (ICE US) - Adjusted
In Millions of USD e FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
12 Months Ending 12/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017 2/31/2018 6/30/2019
Revenue SALES_R 1,363.0 1,598.0 3,092.0 3,338.0 4,512.0 4,638.0 4,979.0 5,076.0
+ Othe IS_OTHE 1,363.0 1,598.0 3,092.0 3,338.0 4,512.0 4,638.0 4,979.0 5,076.0
+ Other IS_OTHER 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Operat IS_OPERA 510.1 658.0 1,416.0 1,485.0 2,261.0 2,318.0 2,467.0 2,556.0
+ Selli IS_SG&A_ 37.0 51.0 143.0 116.0 116.0 155.0 151.0 162.0
+ Rese IS_OPEX_ 0.0 0.0 0.0 0.0 0.0 0.0 —
+ DepreIS_DEPRE 131.0 156.0 333.0 374.0 610.0 535.0 586.0 620.0
+ Othe IS_OTHER 342.1 451.0 940.0 995.0 1,535.0 1,628.0 1,730.0 1,774.0
OperatingIS_OPER_ 852.9 940.0 1,676.0 1,853.0 2,251.0 2,320.0 2,512.0 2,520.0
- Non-OpIS_NONO 37.0 45.0 45.0 97.0 129.0 20.0 63.0 77.0
+ Inter IS_NET_I 37.0 53.0 89.0 97.0 175.0 179.0 222.0 253.0
+ Inter IS_INT_E 39.0 56.0 96.0 97.0 178.0 187.0 244.0 279.0
- Inter IS_INT_IN 2.0 3.0 7.0 0.0 3.0 8.0 22.0 26.0
+ Forei IS_FOREI 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Othe IS_OTHER 0.0 -8.0 -44.0 0.0 -46.0 -159.0 -159.0 -176.0
Pretax IncPRETAX_I 815.9 895.0 1,631.0 1,756.0 2,122.0 2,300.0 2,449.0 2,443.0
- Abnorm IS_ABNOR 25.9 391.0 224.0 103.0 79.0 -226.0 -71.0 -103.0
+ Merg IS_MERGE 19.0 143.0 129.0 88.0 46.0 31.0 -76.0 -87.0
+ Dispo IS_GAIN_ — — — — — — —
+ Early IS_G_L_O — 51.0 — — — — —
+ Asset IS_IMPAI — — — — — — —
+ Impai IS_IMPAI — — — — — — —
+ Impai IS_IMPAI — — — — 33.0 — 4.0
+ Gain/ IS_SALE_ — — — — — -104.0 1.0
+ Legal IS_LEGAL — — — 15.0 — — —
+ Restr IS_RESTR 6.9 — 99.0 — — — —
+ Sale IS_GAIN_ — — -4.0 — — -167.0 —
+ UnreaIS_UNREA — — — — — — —
+ Other IS_OTHER — 197.0 — — — 14.0 —
Pretax In PRETAX_I 790.0 504.0 1,407.0 1,653.0 2,043.0 2,526.0 2,520.0 2,546.0
- Income IS_INC_T 228.0 184.0 402.0 358.0 586.0 -28.0 500.0 492.0
+ Curre IS_CURRE 252.0 219.0 381.0 466.0 466.0 626.0 473.0
+ Defer IS_DEFER -24.0 -35.0 21.0 -108.0 120.0 -654.0 27.0
Income (LIS_INC_B 562.0 320.0 1,005.0 1,295.0 1,457.0 2,554.0 2,020.0 2,054.0
- Net Ext XO_GL_NE 0.0 50.0 -11.0 0.0 0.0 0.0 0.0 0.0
+ Disco IS_DISCO 0.0 50.0 -11.0 0.0 0.0 0.0 0.0 0.0
+ XO & IS_EXTR 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income (Lo NI_INCLU 562.0 270.0 1,016.0 1,295.0 1,457.0 2,554.0 2,020.0 2,054.0
- MinorityMIN_NONC 10.0 16.0 35.0 21.0 27.0 28.0 32.0 29.0
Net IncomNET_INC 552.0 254.0 981.0 1,274.0 1,430.0 2,526.0 1,988.0 2,025.0
- Preferr IS_TOT_C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Other A OTHER_A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net IncomEARN_FO 552.0 254.0 981.0 1,274.0 1,430.0 2,526.0 1,988.0 2,025.0

Net IncomEARN_FO 568.8 667.2 1,123.9 1,348.8 1,504.4 2,351.9 1,918.9 1,926.4
Net AbnoIS_NET_A 16.8 363.2 153.9 74.8 74.4 -174.2 -69.1 -98.6
Net Extr XO_GL_NE 0.0 50.0 -11.0 0.0 0.0 0.0 0.0 0.0

Basic WeigIS_AVG_ 365.0 390.0 570.0 556.0 595.0 589.0 575.0 563.0
Basic EPSIS_EPS 1.52 0.65 1.72 2.29 2.40 4.29 3.46 3.56
Basic EPSIS_EARN_ 1.52 0.78 1.70 2.29 2.40 4.29 3.46 3.56
Basic EPSIS_BASIC 1.56 1.71 1.97 2.43 2.53 3.99 3.34 3.39

Diluted WeIS_SH_FO 365.0 395.0 575.0 559.0 599.0 594.0 579.0 566.0
Diluted E IS_DILUT 1.50 0.64 1.71 2.28 2.39 4.25 3.43 3.55
Diluted E IS_DIL_E 1.50 0.77 1.69 2.28 2.39 4.25 3.43 3.55
Diluted E IS_DIL_E 1.55 1.69 1.96 2.41 2.51 3.96 3.31 3.38

Reference Items
AccountingACCOUNTUS GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
EBITDA EBITDA 983.9 1,096.0 2,009.0 2,227.0 2,861.0 2,855.0 3,098.0 3,171.0
EBITDA Ma EBITDA_M 72.19 68.59 64.97 66.72 63.41 61.56 62.22 62.47
EBITA EBITA 959.9 1,016.0 1,790.0 2,014.0 2,607.0 2,598.0 2,805.0 2,779.0
EBIT EBIT 852.9 940.0 1,676.0 1,853.0 2,251.0 2,320.0 2,512.0 2,520.0
Operating OPER_MA 62.58 58.82 54.20 55.51 49.89 50.02 50.45 49.65
Profit MargPROF_MA 41.73 41.75 36.35 40.41 33.34 50.71 38.54 37.95
Sales per ACTUAL_ ### ### ### ### ### ### ### ###
Dividends EQY_DPS 0.00 0.13 0.52 0.58 0.68 0.80 0.96 1.03
Total Cas IS_TOT_ 0.0 50.7 299.0 331.0 409.0 476.0 555.0 586.6
Personnel IS_PERSO 251.0 302.0 592.0 611.0 953.0 946.0 994.0 1,020.0
Depreciati IS_DEPR_ 24.0 80.0 219.0 213.0 254.0 257.0 293.0 392.0
Rental Ex BS_CURR 19.3 47.0 82.0 60.0 65.0 65.0 59.0 16.0
 2019 Est 2020 Est
2/31/2019 2/31/2020
5,206.6 5,502.2

3,003.2 3,241.0

2,825.6 3,032.0

2,825.6 3,032.0

1,935.3 2,107.0

1,935.3 2,107.0
1,935.3 2,107.0

2,121.9 2,288.5

3.38 3.75
3.38 3.75
3.77 4.18

3.38 3.75
3.38 3.75
3.77 4.18

3,343.8 3,566.4
64.22 64.82

3,003.2 3,241.0
57.68 58.90
40.75 41.59

1.09 1.20
Intercontinental Exchange Inc (ICE US) - Standardized
In Millions of USD except Per Shar FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12 Months Ending 12/31/2009 2/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015
Total Assets
+ Cash, Cash EquivalentC&CE_AND 554.5 621.8 822.9 1,612.0 1,035.0 1,852.0 656.0
+ Cash & Cash Equival BS_CASH 552.5 621.8 822.9 1,612.0 961.0 652.0 627.0
+ ST Investments BS_MKT_S 2.0 0.0 0.0 0.0 74.0 1,200.0 29.0
+ Accounts & Notes ReceBS_ACCT 109.1 114.5 136.3 127.0 546.0 508.0 700.0
+ Accounts Receivable, BS_ACCT 109.1 114.5 136.3 127.0 546.0 508.0 700.0
+ Notes Receivable, NeNOTES_RE 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Inventories BS_INVEN 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Raw Materials INVTRY_R 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Work In Process INVTRY_I 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Finished Goods INVTRY_F 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other Inventory BS_OTHER 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other ST Assets OTHER_C 18,796.3 22,839.5 31,646.1 32,011.0 42,688.0 47,872.0 51,957.0
+ Derivative & Hedging BS_DERIV — — — 0.0 — 0.0 0.0
+ Deferred Tax Assets BS_DEFE — — — 7.0 — — —
+ Misc ST Assets BS_OTHE 18,796.3 22,839.5 31,646.1 32,004.0 42,688.0 47,872.0 51,957.0
Total Current Assets BS_CUR_ 19,459.9 23,575.8 32,605.4 33,750.0 44,269.0 50,232.0 53,313.0
+ Property, Plant & EquipBS_NET_F 91.7 94.5 131.0 144.0 889.0 874.0 1,037.0
+ Property, Plant & EquiBS_GROSS 246.5 297.6 344.8 387.0 1,175.0 1,301.0 1,623.0
- Accumulated DepreciaBS_ACCU 154.7 203.0 213.8 243.0 286.0 427.0 586.0
+ LT Investments & ReceBS_LT_IN 31.0 0.0 451.1 391.0 324.0 379.0 299.0
+ LT Investments BS_LONG 31.0 0.0 451.1 391.0 324.0 379.0 299.0
+ Other LT Assets BS_OTHE 2,302.3 2,972.0 2,960.4 2,930.0 18,940.0 16,769.0 23,338.0
+ Total Intangible Asset BS_DISCL 2,168.3 2,806.9 2,757.4 2,737.0 18,512.0 16,315.0 22,837.0
+ Goodwill BS_GOOD 1,465.8 1,916.1 1,903.0 1,938.0 9,189.0 8,535.0 12,079.0
+ Other Intangible Asse OTHER_IN 702.5 890.8 854.4 799.0 9,323.0 7,780.0 10,758.0
+ Deferred Tax Assets BS_DEFER — 0.0 1.7 — 2.0 15.0 18.0
+ Derivative & Hedging BS_DERIV — — — 0.0 — 0.0 0.0
+ Misc LT Assets OTHER_N 134.0 165.1 201.4 193.0 426.0 439.0 483.0
Total Noncurrent Assets BS_TOT_ 2,425.0 3,066.5 3,542.5 3,465.0 20,153.0 18,022.0 24,674.0
Total Assets BS_TOT_ 21,884.9 26,642.3 36,147.9 37,215.0 64,422.0 68,254.0 77,987.0

Liabilities & Shareholders' Equity

+ Payables & Accruals ACCT_PAY 132.8 125.2 146.8 125.0 696.0 614.0 613.0
+ Accounts Payable BS_ACCT_ — — — — — — —
+ Accrued Taxes BS_TAXES 23.3 6.3 22.6 — 0.0 — —
+ Other Payables & AccBS_ACCR 109.5 118.9 124.2 125.0 696.0 614.0 613.0
+ ST Debt BS_ST_B 99.0 252.8 50.0 163.0 1,135.0 2,042.0 2,591.0
+ ST Borrowings SHORT_TE 0.0 0.0 0.0 163.0 1,135.0 2,042.0 2,591.0
+ ST Lease Liabilities ST_CAPIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ ST Finance Leases ST_CAPIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Current Portion of LT BS_CURR_ 99.0 252.8 50.0 — 0.0 — —
 + Other ST Liabilities OTHER_CU18,736.0 22,749.4 31,603.5 31,958.0 42,490.0 47,780.0 51,539.0
+ Deferred Revenue ST_DEFE 0.0 0.0 0.0 0.0 58.0 69.0 98.0
+ Derivatives & HedgingBS_DERIV — — — 0.0 — 0.0 0.0
+ Deferred Tax Liabilitie BS_DEFER — — — — 14.0 — —
+ Misc ST Liabilities OTHER_CU18,736.0 22,749.4 31,603.5 31,958.0 42,418.0 47,711.0 51,441.0
Total Current Liabilities BS_CUR_L18,967.8 23,127.4 31,800.3 32,246.0 44,321.0 50,436.0 54,743.0
+ LT Debt BS_LT_B 208.5 325.8 837.5 969.0 3,923.0 2,235.0 4,717.0
+ LT Borrowings LONG_TE 208.5 325.8 837.5 969.0 3,923.0 2,235.0 4,717.0
+ LT Lease Liabilities LT_CAPITA 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ LT Finance Leases LT_CAPIT 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other LT Liabilities OTHER_NO 274.9 372.4 347.7 323.0 3,475.0 3,026.0 3,652.0
+ Accrued Liabilities BS_ACCRU 0.0 0.0 0.0 0.0 412.0 516.0 478.0
+ Pension Liabilities PENSION_L 0.0 0.0 0.0 0.0 0.0 198.0 195.0
+ Pensions BS_PENSI 0.0 0.0 0.0 0.0 0.0 — —
+ Other Post-Ret BenefiBS_OPRB_ 0.0 0.0 0.0 0.0 0.0 — —
+ Deferred Revenue LT_DEFE 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilitie BS_DEFER 181.1 268.2 235.9 216.0 2,594.0 2,028.0 2,837.0
+ Derivatives & HedgingBS_DERIV — — — 0.0 — 0.0 0.0
+ Misc LT Liabilities OTHER_NO 93.8 104.1 111.8 107.0 469.0 284.0 142.0
Total Noncurrent Liabilit NON_CUR 483.4 698.1 1,185.2 1,292.0 7,398.0 5,261.0 8,369.0
Total Liabilities BS_TOT_L 19,451.2 23,825.5 32,985.5 33,538.0 51,719.0 55,697.0 63,112.0
+ Preferred Equity and HyBS_PFD_E 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Share Capital & APIC BS_SH_CA 1,675.7 1,746.2 1,830.0 1,904.0 9,795.0 9,939.0 12,296.0
+ Common Stock BS_COMM 0.8 0.8 0.8 1.0 1.0 1.0 6.0
+ Additional Paid in CapiBS_ADD_P 1,674.9 1,745.4 1,829.2 1,903.0 9,794.0 9,938.0 12,290.0
- Treasury Stock BS_AMT_ 349.6 453.8 644.3 717.0 53.0 743.0 1,448.0
+ Retained Earnings BS_PURE_ 1,049.1 1,447.4 1,957.1 2,509.0 2,482.0 3,210.0 4,148.0
+ Other Equity OTHER_I 24.56 37.74 -21.25 -52.00 125.00 -46.00 -188.00
Equity Before Minority InEQTY_BEF 2,399.7 2,777.6 3,121.5 3,644.0 12,349.0 12,360.0 14,808.0
+ Minority/Non ControllingMINORITY 33.9 39.2 40.8 33.0 354.0 197.0 67.0
Total Equity TOTAL_EQ 2,433.6 2,816.8 3,162.3 3,677.0 12,703.0 12,557.0 14,875.0
Total Liabilities & Equity TOT_LIAB 21,884.9 26,642.3 36,147.9 37,215.0 64,422.0 68,254.0 77,987.0

Reference Items
Accounting Standard ACCOUNTUS GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
Shares Outstanding BS_SH_O 367.4 366.5 362.1 365.0 575.0 565.0 594.0
Number of Treasury ShareBS_NUM_ 20.4 25.7 34.1 35.0 — 15.0 34.0
Pension Obligations BS_PENS 0.0 0.0 0.0 0.0 0.0 198.0 195.0
Future Minimum OperatingBS_FUTUR 78.2 — 93.4 241.5 488.0 423.0 394.0
Capital Leases - Total BS_TOTAL 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Options Granted During PeBS_OPTI 0.7 0.0 0.6 0.5 0.8 0.8 0.9
Options Outstanding at PeBS_OPTIO 9.4 6.4 5.2 4.7 4.4 3.8 3.9
Net Debt NET_DEB -247.0 -43.3 64.6 -480.0 4,023.0 2,425.0 6,652.0
Net Debt to Equity NET_DEB -10.15 -1.54 2.04 -13.05 31.67 19.31 44.72
Tangible Common Equity RTCE_RATI 1.17 -0.12 1.09 2.63 -13.42 -7.61 -14.56
Current Ratio CUR_RATI 1.03 1.02 1.03 1.05 1.00 1.00 0.97
Cash Held Overseas BS_CASH — — — 463.5 576.0 426.0 419.0
Number of Employees NUM_OF_ 1,013.00 1,013.00 1,013.00 1,077.00 4,232.00 2,902.00 5,549.00
 FY 2016 FY 2017 FY 2018
2/31/2016 2/31/2017 2/31/2018

430.0 535.0 724.0

407.0 535.0 724.0
23.0 0.0 0.0
777.0 903.0 953.0
777.0 903.0 953.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
55,926.0 52,124.0 65,015.0
0.0 0.0 0.0
— — —
55,926.0 52,124.0 65,015.0
57,133.0 53,562.0 66,692.0
1,129.0 1,246.0 1,241.0
1,936.0 2,276.0 2,507.0
807.0 1,030.0 1,266.0
432.0 0.0 0.0
432.0 — —
23,309.0 23,456.0 24,858.0
22,711.0 22,485.0 23,547.0
12,291.0 12,216.0 13,085.0
10,420.0 10,269.0 10,462.0
4.0 3.0 2.0
0.0 0.0 0.0
594.0 968.0 1,309.0
24,870.0 24,702.0 26,099.0
82,003.0 78,264.0 92,791.0

618.0 689.0 801.0

— — —
— — —
618.0 689.0 801.0
2,493.0 1,833.0 951.0
2,493.0 1,833.0 951.0
0.0 0.0 0.0
0.0 0.0 0.0
— — —
55,506.0 51,653.0 64,356.0
114.0 125.0 135.0
0.0 0.0 0.0
— — —
55,392.0 51,528.0 64,221.0
58,617.0 54,175.0 66,108.0
3,871.0 4,267.0 6,490.0
3,871.0 4,267.0 6,490.0
0.0 0.0 0.0
0.0 0.0 0.0
3,725.0 2,837.0 2,891.0
430.0 243.0 204.0
172.0 6.0 3.0
— — —
— — —
0.0 0.0 0.0
2,958.0 2,298.0 2,337.0
0.0 0.0 0.0
165.0 290.0 347.0
7,596.0 7,104.0 9,381.0
66,213.0 61,279.0 75,489.0 11,238.00
0.0 0.0 0.0
11,312.0 11,398.0 11,553.0
6.0 6.0 6.0
11,306.0 11,392.0 11,547.0
40.0 1,076.0 2,354.0
4,789.0 6,858.0 8,317.0
-344.00 -223.00 -315.00
15,717.0 16,957.0 17,201.0
73.0 28.0 101.0
15,790.0 16,985.0 17,302.0
82,003.0 78,264.0 92,791.0

US GAAP US GAAP US GAAP

595.0 583.0 569.0
1.0 17.0 35.0
172.0 6.0 3.0
612.0 521.0 417.0
0.0 0.0 0.0
0.8 0.7 0.5
3.9 4.0 3.6
5,934.0 5,565.0 6,717.0
37.58 32.76 38.82
-11.80 -9.91 -9.16
0.97 0.99 1.01
250.0 325.0 253.0
5,631.00 4,952.00 5,161.00
Intercontinental Exchange Inc (ICE US) - Standardized
In Millions of USD e FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12 Months Ending 12/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017
Cash from Operating Activities
+ Net In CF_NET_I 398.3 509.7 552.0 254.0 981.0 1,274.0 1,430.0 2,526.0
+ DepreciCF_DEPR 121.2 132.3 131.0 156.0 333.0 374.0 610.0 535.0
+ Non-CaNON_CASH 48.8 63.8 44.0 288.0 93.0 -298.0 132.0 -847.0
+ Stoc CF_STOC 41.3 48.6 52.0 64.0 97.0 111.0 124.0 135.0
+ Defe CF_DEF_I -22.8 -2.9 -24.0 -35.0 21.0 -108.0 120.0 -654.0
+ Othe OTHER_NO 30.3 18.0 16.0 259.0 -25.0 -301.0 -112.0 -328.0
+ Chg in CF_CHNG -34.6 7.1 6.0 -34.0 67.0 -39.0 -23.0 -129.0
+ (Inc) CF_ACCT_ -2.7 -22.6 10.0 -35.0 -43.0 -45.0 -65.0 -135.0
+ Inc ( INC_DEC_ -31.9 29.7 -4.0 1.0 110.0 6.0 42.0 6.0
+ Net Ca CF_NET_ 0.0 0.0 0.0 71.0 40.0 — 0.0 0.0
Cash fromCF_CASH 533.8 712.8 733.0 735.0 1,514.0 1,311.0 2,149.0 2,085.0

Cash from Investing Activities

+ ChangeCHG_IN_F -47.8 -87.6 -68.0 -179.0 -250.0 -277.0 -365.0 -357.0
+ Disp DISP_FXD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Disp CF_DISPO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Disp CF_DISPO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Acq o ACQUIS_F -47.8 -87.6 -68.0 -179.0 -250.0 -277.0 -365.0 -357.0
+ Acq o CF_PURC -47.8 -87.6 -68.0 -179.0 -250.0 -277.0 -365.0 -357.0
+ Acq o CF_ACQUI 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Net Ch NET_CHG_ 0.0 0.0 0.0 -26.0 0.0 0.0 0.0 0.0
+ Dec i CF_DECR_ 0.0 0.0 0.0 16.0 0.0 0.0 0.0 0.0
+ Inc i CF_INCR_ 0.0 0.0 0.0 -42.0 0.0 0.0 0.0 0.0
+ Net Ca CF_NT_CS -553.0 -9.8 -18.0 -2,241.0 1,697.0 -3,751.0 -425.0 338.0
+ Cash CF_CASH_ 0.0 0.0 0.0 0.0 2,274.0 0.0 0.0 761.0
+ Cash CF_CASH_ -553.0 -9.8 -18.0 -2,241.0 -577.0 -3,751.0 -425.0 -423.0
+ Cash CF_CASH 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other I OTHER_IN -32.3 -517.4 -32.0 -75.0 -1,411.0 1,024.0 -70.0 111.0
+ Net Ca CF_NET_C 0.0 0.0 0.0 -2.0 -504.0 — 0.0 0.0
Cash fromCF_CASH -633.1 -614.9 -118.0 -2,523.0 -468.0 -3,004.0 -860.0 92.0

Cash from Financing Activities

+ DividenCF_DVD_P 0.0 0.0 0.0 -75.0 -299.0 -331.0 -409.0 -476.0
+ Cash FPROC_FR 271.0 309.0 245.0 1,369.0 -552.0 3,130.0 -949.0 -275.0
+ Cash CF_NET_C 271.0 309.0 245.0 1,369.0 — — — —
+ Cash CF_PROC_ 0.0 0.0 0.0 0.0 — — — —
+ Repa CF_PYMT_ 0.0 0.0 0.0 0.0 — — — —
+ Cash ( PROC_FR -69.7 -161.7 -46.0 13.0 -632.0 -660.0 -50.0 -949.0
+ Incre CF_INCR_ 20.7 13.5 7.0 13.0 13.0 0.0 0.0 0.0
+ DecreCF_DECR -90.4 -175.2 -53.0 0.0 -645.0 -660.0 -50.0 -949.0
+ Other FCF_OTHER -31.8 -42.2 -27.0 -188.0 -190.0 -163.0 -54.0 -271.0
 + Net Ca CF_NET_C 0.0 0.0 0.0 0.0 339.0 — 0.0 0.0
Cash fromCFF_ACTI 169.5 105.1 172.0 1,119.0 -1,334.0 1,976.0 -1,462.0 -1,971.0

Effect o CF_EFFE -0.9 -1.9 2.0 18.0 -21.0 -14.0 -24.0 12.0

Net ChangCF_NET_ 69.3 201.2 789.0 -651.0 -309.0 269.0 -197.0 218.0

Cash PaidCF_CASH_ 244.2 193.9 232.0 198.0 338.0 542.0 460.0 594.0
Cash PaidCF_ACT_C 13.9 16.8 29.0 32.0 140.0 123.0 170.0 171.0

Reference Items
EBITDA EBITDA 773.5 925.3 958.0 946.0 1,781.0 2,124.0 2,782.0 2,914.0
Trailing 1 EBITDA_M 67.27 69.70 70.29 59.20 57.60 63.63 61.66 62.83
Net Cash PaCF_NET_C 553.0 9.8 18.0 2,241.0 577.0 3,751.0 425.0 423.0
Tax BenefiCF_TAX_B 8.0 4.3 — — — — — —
Free CashCF_FREE 486.0 625.1 665.0 556.0 1,264.0 1,034.0 1,784.0 1,728.0
Free Cash CF_FREE 506.4 648.8 692.7 591.6 1,332.6 1,110.0 1,910.9 —
Free Cash FREE_CA 757.0 934.1 910.0 1,925.0 712.0 4,164.0 835.0 1,453.0
Free Cash FREE_CA 1.32 1.71 1.82 1.43 2.22 1.86 3.00 2.93
Price to F PX_TO_F 18.05 14.11 13.59 31.55 19.78 27.56 18.82 24.05
Cash FlowCASH_FL 1.34 1.40 1.33 2.89 1.54 1.03 1.50 0.83
 FY 2018 Current
2/31/2018 9/23/2019

1,988.0
586.0
35.0
130.0
27.0
-122.0
-76.0
-44.0
-32.0
0.0
2,533.0

-280.0
0.0
0.0
0.0
-280.0
-280.0
0.0
0.0
0.0
0.0
-1,246.0
0.0
-1,246.0
0.0
-229.0
0.0
-1,755.0

-555.0
1,330.0
—
—
—
-1,198.0
0.0
-1,198.0
-40.0
 0.0
-463.0

-11.0

304.0

533.0
202.0

3,169.0
63.65 64.50
1,246.0
—
2,253.0
2,448.6
3,583.0
3.92
19.23 22.09
1.27 1.54
Intercontinental Exchange Inc (ICE US) - Profitability
In Millions of USD e FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12 Months Ending 12/31/2009 2/31/201012/31/2011 2/31/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016
Returns
Return on RETURN_ 14.34 15.39 17.28 16.32 3.18 7.94 9.38 9.37
Return on RETURN_ 1.72 1.64 1.62 1.50 0.50 1.48 1.74 1.79
Return on RETURN_ 12.81 13.96 14.65 13.31 2.71 6.27 7.03 7.15
Return on RETURN_O 12.60 13.56 13.64 12.69 3.96 5.26 6.22 6.12

Margins
EBITDA Ma EBITDA_T 62.72 67.27 69.70 70.29 59.20 57.60 63.63 61.66
Operating OPER_MA 51.53 56.73 59.74 60.68 49.44 46.83 52.43 48.14
IncrementaINCREMEN 10.50 90.04 79.27 95.58 — 44.04 122.76 35.95
Pretax MarPRETAX_I 49.63 53.00 57.25 57.96 31.54 45.50 49.52 45.28
Income befINC_BEF_ 31.58 35.46 39.30 41.23 20.03 32.50 38.80 32.29
Net IncomePROF_MA 31.76 34.64 38.39 40.50 15.89 31.73 38.17 31.69
Net Incom NET_INC 31.76 34.64 38.39 40.50 15.89 31.73 38.17 31.69

Additional
Effective TEFF_TAX_ 36.37 33.10 31.35 28.86 36.51 28.57 21.66 28.68
Dvd PayoutDVD_PAYO 0.00 0.00 0.00 0.00 16.68 30.82 25.98 28.60
SustainablSUSTAIN 14.34 15.39 17.28 16.32 2.65 5.49 6.94 6.69
 FY 2017 FY 2018
2/31/2017 2/31/2018

15.46 11.64
3.15 2.32
11.83 9.26
9.68 7.91

62.83 63.65
51.29 51.88
164.29 59.82
54.46 50.61
55.07 40.57
54.46 39.93
54.46 39.93

— 19.84
18.84 27.92
12.55 8.39