Edgar Filing: NYSE Euronext

425

IntercontinentalExchange

First Quarter 2011 Earnings Presentation

May 4, 2011

Filed by Intercontinental Exchange, Inc.

(Commission File No. 001-32671)

Pursuant to Rule 425 under the

Securities Act of 1933, as amended

Subject Company:

NYSE Euronext

(Commission File No. 001-33392)

Forward-Looking Statement

Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. ICE and NASDAQ OMX caution readers that any forward-looking information is

not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i)

projections about future financial results, growth, trading volumes, tax benefits and achievement of synergy targets, (ii) statements about the implementation dates and benefits of certain strategic initiatives, (iii)

statements about integrations of recent acquisitions, and (iv) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond ICE’s and

NASDAQ OMX’s control. These factors include, but are not limited to, ICE’s and NASDAQ OMX’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations,

government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in each of ICE’s and NASDAQ OMX’s filings with the U.S. Securities and Exchange Commission (the

“SEC”), including (i) ICE’s annual reports on Form 10-K and quarterly reports on Form 10-Q that are available on ICE’s website at http://theice.com and (ii) NASDAQ OMX’s annual reports on Form 10-K and

quarterly reports on Form 10-Q that are available on NASDAQ OMX’s website at http://nasdaqomx.com. ICE’s and NASDAQ OMX’s filings are also available on the SEC website at www.sec.gov. Risks and

uncertainties relating to the proposed transaction include: ICE, NASDAQ OMX, and NYSE Euronext will not enter into any definitive agreement with respect to the proposed transaction; required regulatory

approvals and financing commitments will not be obtained on satisfactory terms and in a timely manner, if at all; the proposed transaction will not be consummated; the anticipated benefits of the proposed

transaction will not be realized; and the integration of NYSE Euronext’s operations with those of ICE or NASDAQ OMX will be materially delayed or will be more costly or difficult than expected. ICE and

NASDAQ OMX undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important Information About the Proposed Transaction and Where to Find It:

Subject to future developments, additional documents regarding the transaction may be filed with the SEC. This material is for informational purposes only and does not constitute an offer to exchange, or a

solicitation of an offer to exchange, shares of common stock of NYSE Euronext.

This material is not a substitute for the tender offer statement, registration statement, offer to exchange/prospectus and other documents that are intended to be filed with the SEC by ICE, NASDAQ OMX, and

their affiliates regarding an exchange offer for shares of common stock of NYSE Euronext. Nor is this material a substitute for the joint proxy statement/prospectus or any other documents ICE, NASDAQ OMX

and NYSE Euronext would file with the SEC. Such documents, however, are not currently available. INVESTORS ARE URGED TO CAREFULLY READ THE TENDER OFFER STATEMENT, REGISTRATION

STATEMENTS, OFFER TO EXCHANGE/PROSPECTUSES AND OTHER EXCHANGE OFFER DOCUMENTS NASDAQ OMX, ICE AND THEIR AFFILIATES WILL FILE WITH THE SEC, AS WELL AS ANY

AMENDMENTS OR SUPPLEMENTS THERETO, WHEN THEY BECOME AVAILABLE, AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER

DOCUMENTS NASDAQ OMX, ICE AND NYSE EURONEXT WOULD FILE WITH THE SEC, IF AND WHEN THEY BECOME AVAILABLE, BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT

INFORMATION. All such documents, when filed, are available free of charge at the SEC’s website (http://www.sec.gov) or by directing a request, in the case of NASDAQ OMX’s filings, to NASDAQ OMX at One

Liberty Plaza, New York, New York 10006, Attention: Investor Relations or, in the case of ICE’s filings, to ICE, at 2100 RiverEdge Parkway, Suite 500, Atlanta, Georgia, 30328, Attention: Investor Relations; or by

emailing a request to

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be

unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of

the U.S. Securities Act of 1933, as amended.

Participants in the Solicitation:

ICE, NASDAQ OMX, and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. You can find

information about NASDAQ OMX and NASDAQ OMX’s directors and executive officers in NASDAQ OMX’s Annual Report on Form 10-K, filed with the SEC on February 24, 2011, and in NASDAQ OMX’s proxy

statement for its 2011 annual meeting of stockholders, filed with the SEC on April 15, 2011. You can find information about ICE and ICE’s directors and executive officers in ICE’s Annual Report on Form 10-K,

filed with the SEC on February 9, 2011, and in ICE’s proxy statement for its 2011 annual meeting of stockholders, filed with the SEC on April 1, 2011. Additional information about the interests of potential

participants will be included in the joint prospectus/proxy statement, if and when it becomes available, and the other relevant documents filed with the SEC.

GAAP and Non-GAAP Results

This presentation includes non-GAAP measures that exclude certain items ICE considers are not part of ICE’s core business. ICE believes that the presentation of these measures provides investors with greater

transparency and supplemental data relating to our financial condition and results of operations. These non-GAAP measures should be considered in context with ICE’s GAAP results. A reconciliation of Adjusted

Consolidated Net Income Attributable to ICE and Adjusted Diluted Earnings Per Common Share Attributable to ICE to the equivalent GAAP measure and an explanation of why ICE deems these non-GAAP

measures meaningful appears in ICE’s earnings press release dated May 4, 2011 and in the appendix to this presentation. The reconciliation of Adjusted Total Operating Expenses, Adjusted Operating Income,

Adjusted Operating Margin and Adjusted EBITDA to the equivalent GAAP results appears in the appendix to this presentation. ICE’s earnings press releases and this presentation are available in the Investors &

Media section of our website at www.theice.com. Our earnings press release is also available in our Current Report on Form 8-K filed with the SEC on May 4, 2011.

ir@theice.com.

Earnings Conference Call -

1Q 2011

Jeffrey C. Sprecher

Chairman and Chief Executive Officer

Scott A. Hill

Senior Vice President, Chief Financial Officer

Kelly L. Loeffler, CFA

Vice President, Investor Relations &

Corporate Communications

Charles A. Vice

President, Chief Operating Officer

Melanie A. Shale, CFA

Director, Investor & Public Relations

Consistent Growth and Outperformance

SLIDE 4

Highest revenue quarter on record +19% y/y, adjusted net

income

attributable

ICE

+29%

y/y

Adjusted

operating

expenses

increased

y/y

Solid operating leverage with 62% adjusted operating

margins

vs. 58% in prior year

Solid operating cash flow, low leverage and strong cash

balance support growth initiatives, M&A and opportunistic

stock repurchases

Net Income Attributable to ICE

Annual Revenue Growth

+19% y/y

+27% y/y

Record volume: futures +26% y/y, OTC energy +25% y/y

Combined 26 new futures and OTC products launched

CDS

clearing

revenues

$13MM,

Creditex

revenues

$26MM

96% of OTC energy volume cleared

Capitalizing on trends in commodities and risk management

Solutions for market participants adapting to new rules

1Q11 Financial Performance

1Q11 Operational Performance

Adjusted net income attributable to ICE, adjusted operating margins and adjusted operating expenses are non-GAAP measures.

Please

refer

the

slides

the

end

this

presentation

for

reconciliation

the

equivalent

GAAP

measures

ICE Financial Highlights –

1Q11

Double-digit top and bottom line growth and

margin expansion.

Solid revenues in futures & OTC Energy

o

Futures: $157MM,+28% y/y

o

OTC Energy: $103MM, +20% y/y

Futures & OTC energy volume +25% y/y

o

Record Futures volume, +26% y/y

o

Record OTC energy volume, +25% y/y

OTC Credit revenues

$39MM

o

Creditex

$26MM; 55% electronic revenue

o

CDS clearing $13MM, up 15% y/y

Futures ADV 1.6MM contracts, +24% y/y

Record OTC Energy ADC $1.6MM, + 18 y/y

Adjusted operating margin 62%, +4pts y/y

o

Adjusted core operating

margin : 67%

NOTE: Figures may not foot due to rounding.

(1)

These are non-GAAP measures. Please refer to the slides at the end of the presentation for a

reconciliation to the equivalent GAAP measures.

(2)

Excludes Creditex

SLIDE 5

In millions, except per share amounts

INCOME STATEMENT

1Q11

1Q10

Change

y/y

Total Revenues

$334

$282

19%

Total Expenses

$131

$118

11%

Operating Income

$204

$164

24%

Operating Margin

61%

58%

3 pts

Tax Rate

34%

flat

Net Income Attributable to ICE

$129

$101

27%

Adj

Net Income Attributable to ICE

$131

$101

29%

EPS (Diluted)

$1.74

$1.36

28%

Adj

EPS (Diluted)

$1.77

$1.36

30%

CASH METRICS

1Q11

1Q10

Change

y/y

Adj

EBITDA

$219

$175

25%

Operating Cash Flow

$155

$102

53%

Cap Ex & Cap Software

$12

$11

16%

Revenue & Expense Detail –

1Q11

1Q11 Consolidated Revenues

1Q11 Consolidated Expenses

OTC Energy

SG&A

Non-Cash Comp

Prof Services

& Acq. Costs

Cash Comp

D&A

NOTE: Figures may not foot due to rounding.

(1)

Adjusted Total Expenses and Adjusted Operating Margin are non-GAAP measures.

Please refer to slide 22 of this presentation for a reconciliation to the equivalent GAAP measures.

(2) Excludes Creditex

SLIDE 6

(In millions)

1Q11

1Q10

y/y %

OTC Energy

$103

$86

20%

OTC Credit

$39

$43

-9%

OTC Total

$142

$128

10%

Futures

$157

$123

28%

Transaction & Clearing

$299

$251

19%

Market Data

$29

$27

10%

Other

58%

Total Revenues

$334

$282

19%

(In millions)

1Q11

1Q10

y/y %

Comp. & Benefits

$62

$58

Professional Services

-9%

Acquisition Costs

n/a

SG&A

$25

$22

11%

D&A

$33

$28

17%

Total Expenses

$131

$118

11%

Adj Total Expenses

$127

$117

Adj Operating Margin

62%

58%

Core Operating Margin

67%

+28% y/y

$157

ICE Futures –

1Q11

Quarterly Futures & Options Revenues

SLIDE 7

NOTE: Figures may not foot due to rounding.

(1) Volumes include pro-forma 2006 data for both ICE Futures U.S. and ICE Futures Canada, which were acquired by ICE on 1/12/07 and 8/27/07, respectively.

Historical average daily volume and rate per contract information can be found in the Appendix on slides 18 and 19 of this presentation as well

as on theice.com.

Annual Futures & Options Volume

+26% y/y

$157MM in futures revenues, +28% y/y

ADV of 1.6MM contracts, +24% y/y

Strong growth in Brent, Gasoil, WTI, Cotton, Emissions

o

Energy futures ADV of 1.2MM, +36% y/y

o

Ag & Fin ADV of 445K, +1% y/y

o

Emissions (ECX) volume, +22% y/y; full integration of

CLE successfully completed

Open Interest +11% y/y at March 31, 2011

Rate Per Contract

April 2011 ADV of 1.3MM, RPC up in Energy & Ags

Energy

Ags

Financials

1Q11

1Q10

1Q11

1Q10

1Q11

1Q10

$1.55

$1.53

$2.15

$2.13

$1.03

$0.92

(In 000)

1Q11

1Q10

y/y %

Total Volume

98,962

78,653

26%

ADV

Brent Futures & Options

532

401

33%

Gas Oil Futures & Options

287

214

34%

WTI Futures & Options

276

190

45%

Sugar Futures & Options

146

175

-17%

Cotton Futures & Options

45%

Russell Futures & Options

146

144

Emissions & Options

20%

Other

139

113

23%

Total ADV

1,596

1,289

24%

ICE OTC –

1Q11

Quarterly CDS Revenues

Annual OTC ADC

$142MM in OTC revenues; record OTC energy volume of

97MM contracts

Quarterly OTC energy revenue of $103MM, +20 y/y

o

Energy ADC of $1.6MM in 1Q11, +18% y/y

o

April ADC of $1.5MM

Cleared OTC energy open interest 40MM contracts at

March 31, 2011, +20% y/y

Quarterly CDS revenues of $39MM

o

$26MM from Creditex, 55% electronic versus 43% in 1Q10

o

$13MM from CDS clearing; up 15% from 1Q10

o

2Q11 guidance for CDS clearing revenue is $15-$17MM

$18TR CDS cleared, $1TR open interest, 490K trades

cleared, 295 clearable CDS products

o

Leading buy-side solution with $6BN cleared

SLIDE 8

-9% y/y

+9% y/y

(In 000)

1Q11

1Q10

y/y %

Energy Contracts Traded

96,510

77,269

25%

Cleared

92,795

73,381

26%

% Cleared

96%

95%

Energy ADC

$1,626

$1,373

18%

OTC Transaction & Clearing Fees

Natural Gas

$63,831

$51,431

24%

Power

$24,284

$25,044

-3%

Credit

$39,077

$42,722

-9%

Oil & Other

$14,600

$9,246

58%

Total OTC Fees

$141,792

$128,443

10%

ICE Operating Cash Flow

SLIDE 9

Solid Cash Generation & Returns

(1)

The intangibles balances are net of the related deferred tax liabilities.

(2)

ROIC=(Operating

Income

(1-Tax

Rate))

(Avg

Debt

Avg

Shareholders

Equity

Avg

Minority

Interest

Avg

Cash,

Cash

Equivalents,

Investments)

1Q 2011 operating cash flow of $155MM, +53% y/y

$694 MM in unrestricted cash at March 31, 2011

Debt to EBITDA leverage ratio of 0.6x at March 31,

2011 with significant available capacity

Disciplined M&A

o

Goodwill and Intangibles ~32% of ICE’s market

capitalization

o

Early

investor

growth

areas

–

i.e.,

clearing,

emissions and credit derivatives

Consistently strong and industry leading returns on

investment

Return on Invested Capital Comparison

+53% y/y

Strong fundamentals driving top- and bottom-line

Track Record of Growth and Innovation

SLIDE 10

2010:

Acquired

Climate

Exchange

Leadership in Dodd-Frank Implementation

U.S. Regulation

Post -Reform

Required Central Clearing of Standardized Derivatives

ICE Trust to transition to ICE Clear Credit

(Designated Clearing Organization and Clearing

Agency); ICE Clear U.S., ICE Clear Europe, ICE

Canada meet applicable Rules

Standardized Swaps must be traded on a Swap Execution

Facility (SEFs) or Designated Contract Market (DCM)

ICE OTC Energy (SEF)

ICE OTC Credit (SEF)

ICE Futures US (DCM)

Yellow Jacket (Independent Software Vendor)

Recording Keeping and Data Reporting

ICE Trade Vault

(Swap Data Repository)

Position Limits

ICE’s

futures and OTC Exchanges prepared to

address final CFTC rules

Clearing Margin and Capital Requirements

ICE Clearing Houses prepared to address final rules

Payment, Clearing,

Settlement Supervision

(Uniformity of Financial Market Utilities)

ICE Trust and ICE Clear Europe have been working

with U.S. and EU regulators to meet financial market

utility standards. ICE prepared to meet CPSS,

IOCSO standards.

Registration of Foreign Boards of Trade (FBOT)

ICE Futures Europe and ICE Futures Canada will be

registered as FBOTs

in the United States

SLIDE 11

The Facts: Execution Risk

Proven ability to successfully

integrate businesses

Consistently met or exceeded

synergy targets on or ahead of

schedule

No write downs in past

acquisitions

Acquisitions have resulted in

write downs of over $2.5 billion

combined in the last three

years

Proven inability to realize

stated synergies

Sudden new found synergies

by NYX are not credible

REGULATORY

APPROVAL RISK

HSR review is well underway

Second request for information is

currently in process

No expected competition issues in

Europe

$350mm reverse breakup fee

Subject to a lengthy and

extensive regulatory and

competition review in Europe

NYX shareholders will have no

clarity on decision prior to NYX

shareholder vote

No protection for NYX

stockholders in the event that DB

fails to receive regulatory

approval

NASDAQ

OMX

ICE

proposal

has

substantially

less

execution

risk

INTEGRATION AND

OPERATIONAL RISK

FINANCIAL

PERFORMANCE RISK -

TRACK RECORD (’07-’10

CAGR)

NASDAQ OMX / ICE

DB / NYSE Euronext

ICE

NASDAQ

NYSE

Revenue

EBITDA

(1)

EPS

26%

25%

17%

23%

22%

10%

(1)%

(9)%

(6)%

(2)%

(3)%

(8)%

Revenue

EBITDA

(1)

EPS

NASDAQ OMX / ICE proposal is

more likely to receive antitrust

approval

NYX shareholders will be forced

to vote without any certainty

around regulatory approvals in

Europe under the DB proposal

NASDAQ OMX and ICE are

clearly best-in-class integrators

which results in much less

operational execution risk than

proposed DB combination

NASDAQ OMX and ICE have a

demonstrated ability to achieve

superior financial results

(1) EBITDA is a non-GAAP number calculated by taking operating income and adding back D&A, merger related expenses and impairment charges.

SLIDE 12

The Facts: Conglomerate Discount in DB1 Deal

NASDAQ

OMX

ICE

proposal

will

unlock

significantly

greater

short

and

long-term

shareholder value

NYX and DB receive a

substantial conglomerate

valuation discount

Intrinsic value of each respective

NYX and DB business suggests

they should be valued 13-15%

higher

DB proposal meaningfully

undervalues the intrinsic value of

NYX’s businesses

NASDAQ OMX / ICE proposal to

create two pure play exchanges

will unlock greater value than the

conglomerate strategy

NASDAQ OMX / ICE proposal

currently represents 16.4x NYX

2011 earnings vs. DB proposal of

14.9x

(13)%

$(1.3)bn

(15)%

$(2.7)bn

(1)

NYX

based

price

and

2011

EPS

estimate

2/8/11

$33.41

and

EPS

2.54

and

basic

outstanding

261.2mm.

based

4/28/11

price

€55.50

and

2011

EPS

€4.40;

converted to US$ using an exchange ratio of 1.4823x. Derivatives P/E multiple based on avg. of ICE and CME. Cash Equities multiple based on avg. of NYX (unaffected), NDAQ, TMX, LSE and DB.

(2) NYX earnings weighted between Derivatives and Cash Equities based on segment contributions to operating income: 48.8% for Derivatives and 51.2% for Cash Equities and Info and Tech.

(3)

earnings

weighted

between

Derivatives

and

Cash

Equities

based

segment

contributions

adjusted

EBIT:

48.8%

for

Eurex

and

51.2%

for

Cash

Equities

and

Other.

PRICE / EARNINGS

MULTIPLE

MARKET

CAPITALIZATION

($BN)

SLIDE 13

NYSE Euronext

(2)

Deutsche Börse

(3)

NYX

and

Conglomerate

Valuation

Discount

(1)

The Facts: Diversity of Business Mix

NASDAQ

OMX

ICE

proposal

will

create

stronger

and

balanced

businesses

PRO FORMA DERIVATIVES

BUSINESS MIX

(2010 VOLUMES)

(1)

PRO FORMA CASH

EQUITIES & OPTIONS

BUSINESS MIX

(2010 NET REVENUES)

More balanced

derivatives product mix

of ICE will lead to

greater long-term

stability and generate

superior value through

economic cycles

(1) Excludes

ICE

OTC

CDS

volumes

and

Bclear

volumes.

Highly synergistic and

complementary lines of

business that have well

diversified revenue base

with no significant

concentrations

SLIDE 14

NASDAQ OMX / ICE

DB / NYSE Euronext

ICE / NYSE Liffe

NASDAQ OMX / NYSE Euronext

APPENDIX

ICE Summary Balance Sheet

Strong operating cash flow

o

$155MM, + 53% y/y

Low leverage with debt to trailing

twelve-month EBITDA of 0.6x

Cash and unrestricted short-term

investments $694MM; $523MM debt

outstanding

1Q11 capital expenditures $12MM

o

Cap ex hardware $5MM

o

Capitalized software of $8MM

Existing credit facilities $725MM

o

$422MM available for general

corporate use

o

$303MM available for clearing

houses

Remaining authorization of $210MM

share repurchase

Note: Figures may not foot due to rounding. Please see press release, dated May 4, 2011 for more detail available

on www.theice.com.

In millions

SLIDE 16

BALANCE SHEET

3/31/11

12/31/10

CHANGE

Assets

Cash & ST Investments

$694

$624

$70

Other Current Assets

24,813

22,952

1,861

Current Assets

25,507

23,576

1,931

PPE (net)

Other Assets

3,021

2,972

Total Assets

$28,622

$26,642

$1,980

Liabilities & Equity

Current Liabilities

$24,986

$23,127

$1,859

Long Term Debt

260

326

(66)

Other Liabilities

405

372

Total Liabilities

25,651

23,825

1,826

Total Equity

2,972

2,817

155

Total Liabilities & Equity

$28,622

$26,642

$1,980

Guidance 2011

SLIDE 17

Metric

Guidance

Non-Cash Compensation

$52MM-$56MM in 2011, assuming achievement of

above target Board-approved levels

Depreciation & Amortization

$126MM-$132MM in 2011

Adjusted Expense Growth

Range of 4-6% for 2011

Capital Expenditures

Including capitalized software,$50MM-$55MM in 2011

Interest Expense

$7MM-$9MM per quarter in 2011

Tax Rate

31%-34% for the remainder of 2011

CDS Clearing Revenue

Increase of 15-20% versus 2010

Diluted Share Count

2Q11: 74.2MM-75.2MM; FY2011: 74.1MM-75.1MM

Share Repurchase Program

Approximately $210MM remains in existing program

ICE Average Daily Volume History

SLIDE 18

ICE Average Daily Volume

January

February

March

April

May

June

July

August

September

October

November

December

ICE Futures Europe

1,176,543

1,241,612

1,055,675

866,718

ICE Futures U.S.

383,157

469,596

422,741

389,364

ICE Futures Canada

17,775

26,311

15,533

21,298

CCFE

752

680

484

170

TOTAL

1,578,227

1,738,199

1,494,433

1,277,550

January

February

March

April

May

June

July

August

September

October

November

December

ICE Futures Europe

811,477

893,151

839,652

939,957

983,100

831,487

760,765

795,113

955,277

899,305

895,470

753,564

ICE Futures U.S.

387,680

458,107

434,530

431,498

446,542

492,636

378,078

388,174

508,290

399,676

454,151

332,674

ICE Futures Canada

12,129

18,832

12,548

19,979

11,925

24,527

10,179

13,701

18,513

25,622

15,218

23,594

CCFE

1,204

860

1,460

1,214

1,830

1,487

TOTAL

1,211,286

1,370,090

1,286,730

1,391,434

1,441,567

1,348,650

1,150,226

1,197,848

1,483,540

1,325,817

1,366,669

1,111,319

January

February

March

April

May

June

July

August

September

October

November

December

ICE Futures Europe

672,150

613,368

627,784

569,511

620,112

628,829

716,796

607,352

701,970

704,188

724,934

639,974

ICE Futures U.S.

298,432

356,319

395,896

396,465

369,571

444,457

287,602

391,550

452,364

355,752

347,254

330,014

ICE Futures Canada

13,269

18,986

12,998

17,952

14,552

15,239

8,039

9,863

14,097

16,558

12,007

18,224

TOTAL

983,851

988,673

1,036,678

983,928

1,004,235

1,088,525

1,012,437

1,008,765

1,168,431

1,076,498

1,084,195

988,212

January

February

March

April

May

June

July

August

September

October

November

December

ICE Futures Europe

590,530

588,048

672,159

568,965

642,999

617,990

540,552

536,054

629,474

630,607

558,624

514,458

ICE Futures U.S.

382,602

385,430

342,956

279,122

218,147

325,931

204,216

208,608

428,907

416,142

310,446

318,887

ICE Futures Canada

17,709

20,341

16,568

15,238

11,069

14,515

8,100

9,312

11,224

14,063

7,323

12,964

TOTAL

990,841

993,819

1,031,683

863,325

872,215

958,436

752,868

753,974

1,069,605

1,060,812

876,393

846,309

Indicates record ADV

2011

2008

2009

2010

N/A -

ICE acquired Climate Exchange on 7/8/10

ICE Futures Rate Per Contract History

SLIDE 19

Rolling Three-Month Average Rate per Contract

2011

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

ICE Futures Europe Futures

1.53

1.50

1.55

1.59

ICE Futures U.S. Agricultural Futures & Options

2.06

2.08

2.15

2.26

ICE Futures U.S. Financial Futures & Options

0.94

1.00

1.03

0.97

2010

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

ICE Futures Europe Futures

1.57

1.54

1.53

1.51

1.49

1.51

1.52

1.54

1.53

1.56

1.57

ICE Futures U.S. Agricultural Futures & Options

2.10

2.15

2.13

2.17

2.13

2.19

2.18

2.13

2.09

2.08

2.07

ICE Futures U.S. Financial Futures & Options

0.94

0.96

0.92

0.84

0.77

0.71

0.73

0.80

0.83

0.93

2009

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

ICE Futures Europe Futures

1.54

1.55

1.57

1.61

1.58

1.56

1.53

1.52

1.54

ICE Futures U.S. Agricultural Futures & Options

2.25

2.33

2.34

2.33

2.23

2.16

2.15

2.10

2.08

2.05

2.10

ICE Futures U.S. Financial Futures & Options

0.74

0.81

0.78

0.77

0.84

0.86

0.91

0.89

0.86

0.85

0.86

2008

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

ICE Futures Europe Futures

1.27

1.25

1.24

1.21

1.22

1.32

1.42

ICE Futures U.S. Agricultural Futures & Options

2.08

2.16

2.14

2.16

2.13

2.21

2.22

2.23

2.22

2.24

2.25

ICE Futures U.S. Financial Futures & Options

n/a

1.18

1.01

0.88

0.78

Non-GAAP Net Income Attributable to ICE & EPS Reconciliation

In thousands, except per share amounts

SLIDE 20

3 Months

Ended

3/31/11

3 Months

Ended

3/31/10

Net income attributable to ICE

$128,904

$101,163

Add: Acquisition-related transaction costs

3,437

545

Less: Income tax benefit related to the items above

(1,301)

(210)

Adjusted net income attributable to ICE

$131,040

$101,498

Earnings per share attributable to ICE common shareholders:

Basic

$1.76

$1.37

Diluted

$1.74

$1.36

Adjusted earnings per share attributable to ICE common shareholders:

Adjusted basic

$1.78

$1.38

Adjusted diluted

$1.77

$1.36

Weighted average common shares outstanding:

Basic

73,433

73,676

Diluted

74,201

74,527

Non-GAAP EBITDA Reconciliation

In thousands

SLIDE 21

3 Months

Ended

3/31/11

3 Months

Ended

3/31/10

$128,904

$101,163

65,950

53,217

(988)

(726)

8,206

7,110

33,131

28,214

235,203

188,978

276

696

(4,766)

(4,865)

(7,695)

(5,883)

(4,320)

(3,600)

$218,698

$175,326

Less capitalized software development costs

Less Russell payments

Non-GAAP Adjusted EBITDA

Plus depreciation and amortization expense

Non-GAAP EBITDA

Plus other expense, net

Net income attributable to ICE

Plus income tax expense

Less interest and investment income

Plus interest expense

Less capital expenditures

Non-GAAP Operating Income, Operating Margin &

Operating Expense Reconciliation

In thousands, except operating margins

SLIDE 22

3 Months

Ended

3/31/11

3 Months

Ended

3/31/10

Total revenues

$334,280

$281,620

Total operating expenses

130,682

117,805

Less: acquisition-related trasaction

costs

(3,437)

(545)

Adjusted total operating expenses

$127,245

$117,260

Adjusted operating income

$207,035

$164,360

Operating margin

61%

58%

Adjusted operating margin

62%

58%