Intercontinentalexchange 2008 ANNUAL REPORT ICE 2008 PERFORMANCE

IntercontinentalExchange 2008 ANNUAL REPORT ICE 2008 PERFORMANCE DIVERSE PRODUCT OFFERING – 2008 REVENUE ANNUAL REVENUE - ICE TOTAL (in millions) OTC ENERGY - 36% $900 OTHER $813 $800 OTC CREDIT - 6% $700 MARKET DATA $600 $574 OTC CREDIT MARKET DATA/OTHER - 15% $500 OTC ENERGY $400 ENERGY FUTURES - 24% $314 $300 FX & INDEX FUTURES SOFT/AG FUTURES - 16% $200 $156 $108 SOFT/AG FUTURES $100 FX & INDEX FUTURES - 3% $- ENERGY FUTURES 2004 2005 2006 2007 2008 ANNUAL OPERATING INCOME – ICE TOTAL ANNUAL CONTRACT VOLUME – ICE TOTAL* (in millions) (in millions) $550 550 $494 $500 500 484 $450 450 $400 400 372 $354 $350 350 $300 300 268 $250 250 $205 $200 200 142 $150 150 98 $100 $56 100 $50 $32 50 $0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 ICE is a leading global exchange operator with a history of growth and innovation. By leveraging technology and enhancing risk management, the company has established a solid record of creating value for customers and shareholders. PERFORMANCE SUMMARY (in millions, except per share data and percentages) 2008 2007 Change Total Revenues $813 $574 42% Operating Income $494 $354 40% Operating Margin 61% 62% (1) Net Income $301 $241 25% Net Margin 37% 42% (5) Diluted EPS $4.17 $3.39 23% Diluted Weighted Average Shares Outstanding 72.2 71.0 1.7% BALANCE SHEET & CASH FLOW (in millions, except percentages) Unrestricted Cash and Short Term Investments $287 $261 10% Operating Cash Flow $375 $288 30% *Includes pro-forma volumes for ICE Futures U.S. and ICE Futures Canada prior to their acquisitions by ICE on 1/12/07 and 8/27/07, respectively. IN 2008, ICE’S TOTAL VOLUME REACHED A RECORD 484 MILLION CONTRACTS, AN INCREASE OF 30% OVER 2007, RESULTING IN RECORD REVENUES, NET INCOME AND OPERATING CASH FLOW. DEAR FELLOW SHAREHOLDERS: While I am pleased to be able to report on the strong financial and strategic results ICE achieved in 2008, I want to acknowledge the context in which these results were achieved. Even as this letter goes to press, the economic contraction that began well over a year ago continues. In 2008, capital markets, and the companies who rely on them, experienced unprecedented challenges and volatility. As credit markets deteriorated and the financial crisis spread beyond the U.S., comparisons to previous recessionary periods continued to dominate the headlines. Against a backdrop of sharply elevated levels of market volatility, the primary duties of ICE are to provide customers with a comprehensive range of trading and risk management services in a marketplace that engenders trust and confidence. From developing our industry’s first cleared over-the-counter (OTC) products early in this decade, to the 2008 launch of London’s first new clearing house in over a century, ICE has a history of bringing stability and transparency — the prerequisites of trust and confidence — to the global derivatives markets. The ICE team worked diligently in 2008 to ensure the integrity of our markets, expand our range of risk management tools, and provide greater transparency for our customers. We remained focused on successfully implementing our strategic objectives, including leveraging synergies related to our acquired businesses; enhancing our technology infrastructure; launching ICE Clear Europe; transitioning Russell index futures to exclusive trading on ICE; and identifying new strategic opportunities. Our results during a very challenging year are encouraging. A RECORD YEAR IN REVIEW In 2008, more market participants relied upon our products and services than ever before. Our operating results demonstrate our ability to deliver growth despite difficult market conditions. Volume for all ICE contracts increased 30% to a record 484 million contracts. ICE Futures Europe achieved its 11th consecutive year of record volume, with contract growth of 10% over 2007. ICE Futures U.S. set its sixth consecutive year of record volume, increasing 51% over 2007. And, in 2008 our OTC transaction and clearing fees rose 61% over 2007 to a record $342 million. Record operating performance in 2008 drove record financial performance: • Revenues grew 42% to a record $813 million; • Consolidated operating income increased 40% to $494 million; • Operating margin was 61%; • Net income grew 25% to $301 million; • And diluted earnings per share increased 23% to $4.17. While our share price was pressured along with the entire financial sector, ICE out-performed its peers on nearly every financial and operating measure, as well as delivered earnings growth that exceeded many sectors outside of our own. IN 2007, ICE ANNOUNCED A STRATEGY TO BRING CLEARING IN-HOUSE FOR ALL OF ITS MARKETS. IN 2008, ICE SUCCESSFULLY LAUNCHED ICE CLEAR EUROPE, THE FIRST MAJOR CLEARING HOUSE IN THE U.K. IN OVER A CENTURY. CEO LETTER (CONT) Importantly, while delivering strong performance, we also CORE MARKETS GROWTH AND INNOVATION continued to diversify our business, establishing a solid foundation Along with laying the groundwork for new markets, we continued for future growth. In less than a decade, ICE has expanded from to build infrastructure in the marketplaces we already serve. On one OTC marketplace to a global operator of three regulated November 3, ICE Clear Europe began clearing trades for ICE’s futures exchanges, two OTC markets, four regulated clearing OTC energy and European futures contracts. 100 percent of houses and a vibrant market data business. Over the past two open positions, or 28.5 million contract sides, were transferred years, our product line has grown from a single category — energy to ICE Clear Europe, with total margin balances of $16 billion. — into five asset classes, including agricultural commodities, The result of more than two years of planning and development, energy, foreign exchange, equity indexes and credit derivatives. ICE Clear Europe is London’s first new clearing house in more than a century. Within weeks of the launch, we announced Our early leadership in clearing OTC markets is widely recognized the introduction of more than 75 new cleared energy swaps — as the model for transforming marketplaces that are constrained products our customers have long requested to improve their by counterparty and credit risks. And, as a result of this leadership, risk management capabilities. Today, ICE offers more than 170 we have established ourselves as a key participant in the broader cleared OTC energy contracts, and in the fourth quarter, 95% of initiative to bring transparency and stability to the vital credit our OTC contract volume was cleared. default swaps (CDS) market — one of our top priorities for 2009. In 2008, ICE also expanded its futures offerings. On September ICE has also proven to be a leader in cross-border regulatory 19, futures based on Russell Investments’ industry-leading U.S. cooperation. As the financial crisis has demonstrated, risk has equity indexes, including the Russell 1000® Index and Russell no regard for national borders, and in 2008, ICE took steps to 2000® Index futures, transitioned to exclusive trading on ICE enhance coordination between its U.S. and U.K. regulators. As Futures U.S. The Russell contracts were a key source of growth crude oil prices neared the $150 mark last summer, we worked in the fourth quarter, and we remain enthusiastic about the value with the U.S. Commodity Futures Trading Commission (CFTC) and this franchise brings to our customers. the Financial Services Authority (FSA) in the U.K. on a precedent- setting coordination and information-sharing agreement that OPPORTUNITIES AMID CHANGE provides each regulatory agency with data to assess activity in Like many business leaders, I am concerned about the current the global oil markets. business cycle. The economy is working through major imbalances, and the energy and financial sectors — including many of our RISK MANAGEMENT FOR NEW MARKETS customers — will continue to be impacted. Nevertheless, I am In the third quarter of 2008, we acquired Creditex Group Inc., very confident about ICE’s future. Fundamentally, we are in the an industry leader in the credit derivatives marketplace, with business of providing transparency and stability, both of which operations in New York, London and Singapore. Among many are of increasing importance to markets, regulators and the other standard-setting innovations, Creditex pioneered electronic management of risk. We have learned from experience that by trading of CDS instruments and played a leadership role in the listening to and addressing our customers’ evolving needs, we design and implementation of credit event auctions, which have can continue to help bridge the present and the future through been widely relied upon by U.S. and European markets over the innovation, leadership and delivering on our promises. past six months. We believe a transparent and stable CDS market is important to the health of capital markets. Debt is increasingly Our company has an excellent strategic position, outstanding priced off CDS spreads, and global market participants rely on technology, diverse global markets, a deep foundation of trading these instruments as a valuable tool for managing risk. Creditex, and risk management services and a strong track record of like ICE, has a proven track record of anticipating customer needs execution. We will continue to build on these assets to lead our and creating important market- and technology-based services industry, and to create long-term value for our shareholders. to meet them. Sunil Hirani and the team at Creditex will continue to provide strong leadership as the credit derivatives marketplace evolves. Thank you for your continued interest in ICE. To that end, ICE also made substantial progress during the fourth quarter of 2008 toward establishing a new risk management framework for the CDS market, including the development of a specialized clearing house. In March of 2009, we closed our acquisition of The Clearing Corporation and received regulatory approvals for ICE Trust, which will serve as our CDS central counterparty clearing house in the U.S.

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