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Investor Presentation – July 2021 the Next Generation Nasdaq: Positioned for Sustained Growth Key Metrics for Success

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Investor Presentation – July 2021 the Next Generation Nasdaq: Positioned for Sustained Growth Key Metrics for Success Investor Presentation – July 2021 The Next Generation Nasdaq: Positioned for Sustained Growth Key Metrics for Success Executing our strategic • Tremendous progress executing on our transformation into a higher Solutions pivot to maximize our Segments Organic opportunity growth, more scalable platform answering clients’ critical challenges Revenue CAGR¹: 6-9% (3-5 years) Strong competitive • Significant and leading positions in SaaS Revenue position in fast large, high growth markets such as % ARR: Index, Analytics, Anti-Financial Crime, growing markets and IR & ESG Services 40-50% (2025) Clear growth • Clear path to unlock growth potential Double-digit and accelerate transition to a SaaS strategy and long business model in our technology, TSR runway ahead data and analytics businesses ¹ Growth outlook assumes stable market backdrop. The medium-term organic revenue growth outlook of 6% - 9% in the Solutions segments includes the impact of Verafin, which will be included in organic revenue growth beginning the middle of the first quarter of 2022. 2 Agenda Building on a strong 1 foundation Early execution 2 results Future growth 3 opportunities Clear objectives 4 and capital plan 3 Strong Financial And Competitive Position Key Highlights / Characteristics Solutions Segments¹ Corporate Services Corporate 1 Platforms Non-Trading Revenues (LTM’21) 72% Market Services Info Volume- Annualized Recurring Rev.² $1.8B InvestmentServices DrivenMarket (2Q21) Intelligence $3.2B RevenueServices LTM Net Transaction 3 Revenues¹ Revenue Non-GAAP EBITDA Margin >50% TradeTrade (2017 – LTM’21) Market Mgmt.Mgmt. Tech ServicesServices 3 Trade Non-GAAP Diluted EPS CAGR Market 18% Mgmt. (2017-LTM’21) Technology Services Dividend payout / yield4 35% / 1.2% Non-Trading Revenues¹ ¹ LTM’21 net revenues represent last twelve months ending June 30, 2021 revenues less transaction-based expenses. Solutions segments include Corporate Platforms, Investment Intelligence and Market Technology segments. Non-trading revenues include Solutions Segments and Trade Management Services business. ² Please see page 50 for more information on Annualized Recurring Revenue, or ARR. ³ The U.S. GAAP to non-GAAP reconciliations may be found at ir.nasdaq.com/Income-Statement-Trend-Summary-and-GAAP-to-Non-GAAP-Reconciliation. 4 Dividend payout based on annualizing the 2Q21 quarter dividend of $0.54 per share divided by 2020 non-GAAP EPS of $6.18. Dividend yield calculated on 7/16/21 annualizing the quarterly dividend of $0.54 per share and using a $179 stock price. 4 Our Business Segments Reflect Our Broad Capabilities Market Investment Corporate Market Technology Intelligence Platforms Services Marketplace and Trusted data, A leading position in Diverse portfolio Anti Financial Crime index listings and C-Suite of North American technology solutions and analytics offerings and Nordic markets Single largest market in 130+ MIOs and New 2,100+ Asset Managers, 8,500+ Corporate U.S. equities and #1 Markets clients; 170+ Sell- 1,000+ Asset Owners and Platforms clients including market share in U.S. side and Buy-side firms; consultants, market data 4,500+ listed corporates equity derivatives and 2,000+ bank/credit unions clients and Index clients Nordic equities Technology & Analytics Growth Platform Foundational Marketplace Core 5 Building on a Record of Strong Financial Performance Net Revenue¹ Non-GAAP Operating Non-GAAP Diluted EPS2 ($B) Margin² (%) ($) 8% +500 18% CAGR bps CAGR $3.2B 52% $6.99 47% $2.4B $3.95 ¹ Represents total revenues less transaction-based expenses. ² Non-GAAP operating margin and non-GAAP diluted EPS are non-GAAP measures. The U.S. GAAP to non-GAAP reconciliations may be found at: ir.nasdaq.com/Income-Statement-Trend-Summary-and-GAAP-to-Non-GAAP-Reconciliation. 6 Agenda Building on a strong 1 foundation Early execution 2 2 results Future growth 3 opportunities Clear objectives 4 and capital plan 7 Significant Progress on Business Repositioning Revenues From Higher-Growth Market Market Technology and Investment Intelligence Technology ~+100% Segments Repositioned and Upscaled Increase in pro forma LTM¹ revenues compared to 2016 +81% Investment 58% $1,415 Intelligence % of Investment Intelligence LTM’21 Radically repositioned for growth revenues from Index and Analytics $781 Divested Non-Core Assets >$700M PR & Multimedia businesses, NFI, Bwise, Divestiture proceeds and LCH minority interest Reallocated 2.3x R&D Spend Increase in R&D spend related to Market Shifted towards higher Technology and Investment Intelligence growth products 2018-20 versus 2015-17 2016 LTM'21 ¹ Certain disclosures are pro forma for the Verafin acquisition, which was completed in February 2021. 8 Strategic Pivot Has Accelerated Our Performance Solutions Segments Non-GAAP Return on Organic Revenue Growth Operating Margin Invested Capital (ROIC) ~2x +300 +300 basis points basis points Acceleration increase Increase 9% organic growth average From 47% in 2017 to From 8% in 2016 2018-2020 versus 4% average 50% average 2019- to 11% 2020 between 2016-17 2020 Note: Please see appendix for reconciliation of organic revenue growth and return on invested capital. Additional U.S. GAAP to non-GAAP reconciliations may be found at: ir.nasdaq.com/Income-Statement-Trend-Summary-and-GAAP-to-Non-GAAP-Reconciliation. 9 Agenda Building on a strong 1 foundation Early execution 2 results Future growth 3 opportunities Clear objectives 4 and capital plan 10 Capitalizing on Powerful Secular Tailwinds Capital Markets Highlight Secular Megatrends Growth Offerings Cloud Enabled Digitalization Market Platforms of workflows and commerce AML and Trade Surveillance Automation/Investigative Tools Unlocking value Dynamic & Distinctive through data capture Index Suite and analysis Analytics that help professional investors be more effective Changing dynamics of investment ESG Solutions for management Corporate Issuers 11 Nasdaq Now Positioned in Large, Attractive Markets Market Technology Analytics Index IR & ESG Services Total Addressable Market¹ (TAM) $26B $19B $3B $7B • Nasdaq Financial Framework • eVestment • Nasdaq-100 • Boardvantage Key Nasdaq Offerings • Nasdaq Surveillance • Solovis • Nasdaq Biotech • IR Insight • Verafin³ • Quandl • OMXS30 • OneReport Serviceable Addressable Market² (SAM) $9.5B $7B $1.6B $1.5B LTM’21 Revenues ($M) $426M3 $189M $392M $222M Opportunity: SAM relative to LTM’21 Revenues ~22x ~37x ~4x ~7x ¹ Total addressable market based on consulting reports including Oliver Wyman, TABB, Chartis, Forestar and Nasdaq analysis. ² Serviceable addressable market is based on internal estimates reflecting current market opportunity relative to total addressable market. Market Technology SAM is pro forma for the acquisition of Verafin. ³ Last 12 months Market Technology revenues are adjusted by $17 million to add back the impact of the Verafin deferred revenue write-down. 12 Our Evolution Is Driving Expanding SaaS Contribution SaaS Revenues SaaS Contribution to ($Ms) Nasdaq’s Total ARR Outlook: 40-50% 22% $608 CAGR $448 34% 28% 21% $244 4Q16 4Q20 2Q21 4Q16 4Q20 2Q21 2025E Annualized Annualized Annualized Annualized Annualized Annualized 13 Our Technology and Analytics Growth Platforms Market Technology Investment Intelligence Marketplace Infrastructure and Trusted Data, Index Anti Financial Crime Technology and Analytics • LTM’21 revenues: $409M • LTM’21 revenues: $1,006M • 2Q21 ARR¹: $432M • 2Q21 ARR: $547M • Subscription/SaaS % of LTM’21 revenue: 40% • AUM in Nasdaq-licensed ETPs: $415B (6/30/21) • 2017 – LTM’21 revenue CAGR: 15% • LTM’21 ETP net flows: $47B Key Growth Segments 14 An Industry Leading Market Technology Provider o Verafin anti-money laundering & fraud solutions for banks & other financial 45% Anti Financial institutions Crime Technology o Trade surveillance solutions for markets, regulators, banks/brokers o Risk solutions for insurance industry $426M LTM’21 Revenues¹ o Complete marketplace solution, including pre/post-trade capabilities, for Marketplace financial exchanges Infrastructure o Hosted solutions for single-dealer 55% Technology trading platforms o Marketplace technology for non- financial markets ¹ Last 12 months Market Technology revenues are adjusted by $17 million to add back the impact of the Verafin deferred revenue write- down. 15 Interoperable SaaS Platforms Benefitting Capital Markets and Beyond Market Infrastructure Operators (MIO) • Global best practice for trade life cycle processing • Increased flexibility and decrease time to market • Transform how to transact with client network and serve them with new offerings ANTI FINCRIME PLATFORM Wide Buy-Side / Sell-Side MARKETPLACE PLATFORM range of • Strong capabilities for detection of misconduct RISK PLATFORM client • Efficiencies through automation and advanced tools needs • Increase risk coverage and workflow management across silos POST-TRADE PLATFORM COMMON NFF PLATFORM New Markets • Capabilities to trade any asset globally, accommodating trading models suited for the industry specifics • Flexible solutions with short time to market by adopting a cloud first model 16 Nasdaq’s Acquisition of Verafin: Anti FinCrime Leader with Attractive Financial Profile Leading Fraud & AML Ecosystem Of continued software, Industry Endorsements by product and services National and State Associations innovation Attractive Business Metrics ✓ Customers Retention Rate by # of Clients Exceptional Financial Metrics Organic revenue CAGR Recurring Revenue (2017A-2021E) 17 Anti FinCrime Space is Large and Growing Anti FinCrime Expected to
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