Intercontinental Exchange 2016 ANNUAL REPORT DEAR FELLOW SHAREHOLDERS

ILLUMINATING MARKETS Intercontinental Exchange 2016 ANNUAL REPORT DEAR FELLOW SHAREHOLDERS: As I reflect on what was a dynamic year, I’m pleased to report on Intercontinental Exchange’s continued growth and am excited about our positioning as we evolve to meet a rapidly changing global marketplace. Throughout 2016, we continued our sharp focus on solving our customers’ challenges with innovative solutions, in many cases well before these solutions were widely appreciated by the market. As a result, our focus on near-term execution and long-term growth delivered another record-breaking year in 2016. It was our 11th consecutive year of record revenue and adjusted earnings growth — an unmatched achievement in our sector. 2016 CONSOLIDATED RESULTS Our record results are detailed in this report, but I want to take a few minutes to highlight our performance on certain metrics. Adjusted net income attributable to ICE from continuing operations1 was $1.7 billion, up 23% over 2015, and driven by $4.5 billion in revenues, which grew 35% year on year. Consistent with our long-term strategic approach, we’ve delivered these results through both focused organic growth and strategic acquisitions. Growth was well balanced across our business lines, including in our Data and Listings segment revenue, which was up 88% over 2015 to $2.4 billion, and revenues in our Trading and Clearing segment, which rose 2% to $2.1 billion. We continued to integrate our Interactive Data and NYSE acquisitions, realizing $120 million in expense synergies during 2016, $45 million more than our annual guidance at the start of the year, and we increased our total synergy target — adding another $25-30 million — demonstrating our ability to integrate efficiently. Also in 2016, we increased dividends paid by 24% over the prior year, restarted our share repurchase “It was our 11th consecutive year program and repaid approximately $1 billion in debt. We remain intensely focused on maximizing our of record revenue and adjusted capital structure and capital return to provide for long-term growth while maximizing total return for shareholders. And it’s worth noting we’ve returned nearly $2.5 billion to shareholders over three earnings growth - an unmatched years. Our 5-for-1 stock split during 2016 represents our commitment to broadening our shareholder achievement in our sector.” base while ensuring market liquidity as our company continues to grow. OUR TRADING AND CLEARING BUSINESS Volume in our global futures markets continued to rise in 2016. Average daily volume (ADV) was up 8% year over year, driven by Brent and WTI, up 15% and 16%, respectively. ICE’s Brent crude futures and options recorded a remarkable 20th year of consecutive record volume. We continue to grow our global oil business around the Brent and WTI benchmarks, with hundreds of related oil products seeing increasing volumes. In 2016, our European interest rate daily volume increased 12% over 2015, demonstrating the global relevance of these products at a time when the U.S. Fed began to raise rates. Customers are increasingly adopting hedging practices and seeking solutions to do so in the most capital efficient manner. Hedging is an important part of the commodity markets regardless of price levels. Nearly two years ago, when oil prices began falling, many suggested that trading and clearing volumes would decline with prices. The reality is just the opposite because absolute price levels tend not to drive risk management activities — volatility does. In our global oil, equity derivatives, interest rate and agriculture products, we’ve seen consistent demand for the risk management that our exchanges and clearing houses offer. ICE’s trading and clearing segment has uniquely grown year in and year out, despite the dramatic impact of forces like the financial crisis, zero interest rate policies and low energy prices — and 2016 was no exception. We finished the year with record open interest levels in Brent, WTI, European natural gas, agriculture, and MSCI equity index futures and options. While many of our commodity markets have natural volatility, we have not simply waited for cyclical change but have enhanced them with new products, clearing and data solutions. We continue to see growth on two fronts. First, there is an ever present need for commercial customers to manage their risk. The need to evolve today’s NET REVENUE ADJUSTED DILUTED OPERATING CASH FLOW (IN MILLIONS) EPS FROM (IN MILLIONS) CONTINUING OPS1 $1,363 $1,598 $3,092 $3,338 $4,499 $1.60 $1.68 $1.92 $2.43 $2.78 $733 $714 $1,463 $1,311 $2,149 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 1 Adjusted figures represent non-GAAP measures. Please refer to page 71 in the company’s 2016 10-K filed on February 7, 2017 for reconciliations to the equivalent GAAP measures. market solutions to meet tomorrow’s needs through technology, regulatory compliance or capital efficiency leverages one of our core strengths, which is helping markets manage through change. We live in a world were volatility is becoming the norm — whether driven by capital markets, geopolitical shifts, regulation, economic or monetary policy, commodity prices or force majeure. Risk management is a necessity, and we provide the tools necessary to manage that risk. We also drive growth through innovation, with the introduction of new services and products; for example, the MSCI Emerging Markets Index, which had average daily volume growth of almost 50% year over year in 2016, or our recently announced partnership with Platts to provide our natural gas market pricing for use in their North American natural gas price benchmarks. Finally, NYSE’s cash equities was also a solid contributor in 2016, posting volume growth of 6% for the year, fueled by market volatility stemming from monetary policy and geopolitical shifts - including central bank moves, Brexit and the U.S. elections. THE NEW DATA GENERATION Data is an emerging secular growth area that was not first discovered in the financial markets but long ago within the technology sector. As financial services and technology converge, the concept of fintech is the new buzzword. As an innovator in the financial markets through the deployment of technology, we are not surprised to see that data is now being recognized as the lifeblood of technology, decision making, regulation and workflow. Anecdotally, at the New York Stock Exchange, we take many tech companies public that are innovating solutions, applications and technology to deliver, store, protect and produce data. And as consumers, we are all requiring and using data more than ever — whether through our personal technology ranging from watches and appliances to social media and even the cars we drive. The virtuous cycle created by our ecosystem of global exchanges, clearing houses, information and connectivity is an unparalleled model. Data, risk management and trading are symbiotic, and serve as integral inputs into our customers’ businesses. For many customers, access to our data drives more trading, which in turn creates the information used for investing, settlement, compliance, collateral management, reporting, and numerous other functions. It is incumbent on us to find new ways of delivering information in an increasingly data intensive world. As we look back at our own data services business, which formally began in 2003, we now see the trend of consistent growth being the result of technology advancements and innovation. Following the financial crisis, many new opportunities to provide valuable services have emerged. Increased compliance, the move to independent pricing, demand for information security, algorithmic trading, and the trend toward passive investing — each of these drives an increasing demand for data. We believe we are in the early stages of bringing our comprehensive and flexible enterprise data solution to bear, and we’ll continue to update you as we build out an integrated data platform. We are introducing innovative products to serve the needs of our customers — such as best execution and continuous evaluated pricing — all innovations in the fixed income market in the last couple of years. Additionally, growth in exchange traded funds, or ETFs, has continued to build over the last decade with nearly $3 trillion in assets across the globe and industry experts expecting it to double by 2020. These ETFs not only need an exchange with which to list, but also benchmarking to best in class indices, access to underlying data and world class brands to propel the products. Our company is extremely well positioned to benefit from this trend with our vast portfolio of assets and industry expertise. In 2016, we reorganized our data services sales team to better serve our customers and demonstrate the breadth of our products. We also added to our data franchise with the acquisition of S&P’s Securities Evaluations and Credit Market Analysis. The quality of our data business was recognized at Inside Market Data’s 2016 awards where ICE won best market data provider, best evaluated prices service provider, and acquisition of the year, for ICE’s acquisition of Interactive Data. I’m excited about our opportunity and what the future holds given our solid head start and the assets and team we’ve assembled in this very dynamic part of our business. TRADING & CLEARING DATA & LISTINGS NET REVENUE REVENUE “We focused throughout 2016 on (IN MILLIONS) (IN MILLIONS) solving our customers’ challenges with innovative solutions well before they were widely appreciated by the market.” $1,202 $1,319 $2,034 $2,062 $2,102 $161 $279 $1,058 $1,276 $2,397 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 LISTING LEADERSHIP We are delivering continued growth in our listings business, where the NYSE is the premier listings venue in the world, with over 2,400 listed companies representing approximately $27 trillion in market capitalization.

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