#1Ice 1Q23 Earnings Supplement May 4, 2023#2CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE's business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future results, performance, levels of activity or achievements, and actual results may differ materially from what is expressed or implied in any forward-looking statement. The factors that might affect our performance include, but are not limited to: conditions in global financial markets, domestic and international economic and social conditions, inflation, risk of recession, interest rate changes, political uncertainty and discord, geopolitical events or conflicts and international trade policies and sanctions laws; introduction of or any changes in domestic and foreign laws, regulations, rules or government policy with respect to financial markets, climate change or our businesses generally, including increased regulatory scrutiny or enforcement actions and our ability to comply with these requirements; volatility in commodity markets, equity prices and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, foreign exchange rates, and mortgage origination trends; impact of climate change and the transition to renewable energy; our business environment and industry trends, including trading volumes, prevalence of clearing, demand for data services, mortgage lending activity, competition and consolidation; the success of our clearing houses and our ability to minimize the risks associated with operating multiple clearing houses in multiple jurisdictions; our ability to minimize risks related to owning and operating cash equity and options exchanges, the success of our exchanges and clearing houses and their compliance with regulatory and oversight responsibilities; the impact of computer and communication systems failures or delays; the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans; changes in renewal rates of subscription-based data revenues; our ability to execute our growth strategy and maintaining our growth effectively; our ability to complete or realize the anticipated cost savings, growth opportunities, synergies and other benefits anticipated from our acquisitions, including our pending acquisition of Black Knight, Inc., or anticipated growth opportunities or expected benefits of our strategic investments, including our majority investment in Bakkt and the additional risk that its evolving business model may pose to our business; requirements to recognize impairments of our goodwill, other intangible assets or investments; performance and reliability of our technology and the technology of our third-party service providers; our ability to minimize the impacts of an interruption or cessation of an important service, data or content supplied by a third party; our ability to keep pace with technological developments and client preferences; our ability to successfully offer new products and technologies and identify opportunities to leverage our risk management capabilities and enhance our technology in a timely and cost-effective manner; our ability to ensure that the technology we utilize is not vulnerable to cyber-attacks, hacking and other cybersecurity risks; our ability to keep information and data relating to the customers of the users of the software and services provided by our ICE Mortgage Technology business confidential; impacts of pandemics or other public health emergencies, including the emergence of new COVID-19 variants, on our business as well as on the broader business environment; our ability to identify trends and adjust our business to respond to such trends, especially trends in the U.S. mortgage industry; our ability to evolve our benchmarks and indices in a manner that maintains or enhances their reliability and relevance; the accuracy of our estimates and expectations; our belief that cash flows from operations will be sufficient to service our current levels of debt and fund our working capital needs and capital expenditures for the foreseeable future; our ability to secure additional debt and pay off our existing debt in a timely manner; our ability to maintain existing customers and attract new customers; our ability to attract, retain and develop key talent, including our senior management; our ability to protect our intellectual property rights, including the costs associated with such protection, and our ability to operate our business without violating the intellectual property rights of others; and potential adverse results of litigation and regulatory actions and proceedings. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to ICE's most recent Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023 and ICE's most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as filed with the SEC on May 4, 2023. These filings are available in the Investors section of our website. We caution you not to place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. GAAP AND NON-GAAP RESULTS This presentation includes non-GAAP measures that exclude certain items we do not consider reflective of our cash operations and core business performance. We believe that the presentation of these non-GAAP measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. These adjusted non-GAAP measures should be considered in context with our GAAP results. A reconciliation of Adjusted Net Income Attributable to ICE, Adjusted Earnings Per Share, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Operating Expenses and Adjusted Free Cash Flow to the equivalent GAAP measure and an explanation of why we deem these non-GAAP measures meaningful appears in our Form 10-Q and in the appendix to this presentation. The reconciliation of Adjusted Operating Expense, Adjusted Non-Operating Income/Expense Reconciliation, Adjusted Effective Tax Rate, and Adjusted Debt-to-EBITDA to the equivalent GAAP results appear in the appendix to this presentation. Our Form 10-Q, earnings press release and this presentation are available in the Investors and Media section of our website at www.theice.com. EXPLANATORY NOTES Throughout this supplement: 2 All net revenue figures represent revenues less transaction-based expenses for periods shown. All earnings per share figures represent diluted weighted average share count. Constant currency (CC) amounts are calculated holding both the pound sterling and euro at the average exchange rate from 1Q22, 1.3424 and 1.1229, respectively. References to Return on Invested Capital, or ROIC, are equal to TTM (Operating Income x (1-Tax Rate)) / (Avg Debt (Net of the pre-acquisition debt proceeds) + Avg Shareholders Equity + Avg Non-Controlling Interest - Avg Cash, Cash Equiv, & ST Investments). Adjusted ROIC includes adjustments to other income/expense, and their related tax impacts. References to Weighted Average Cost of Capital, or WACC, are equal to (Cost of Equity * % of Equity) + {(Cost of Debt * (1- Tax Rate)) * % of Debt}. Percent of Debt assumes a capital structure of 2.75x Debt to Adjusted EBITDA. Ice#33 ICE First Quarter 2023 Lice Earnings Call Participants Lice & 2 & A Jeff Sprecher Chair & CEO Ben Jackson President Chair, ICE Mortgage Technology Warren Gardiner Chief Financial Officer Katia Gonzalez Manager, Investor Relations Ice#41Q23 ICE Performance in millions except per share amounts Income statement highlights 1Q23 1Q22 % Chg, CC Revenues, net $1,896 $1,899 1% Recurring Revenues 953 921 4% Transaction Revenues, net 943 978 (2)% Adj. Op Expenses $740 $746 ―% Adj. Op Income $1,156 $1,153 1% Adj. Op Margin(1) 61% 61% Adj. Diluted EPS (1) $1.41 $1.43 (1)% Adj. Effective Tax Rate (1) 24% 22% +2 pts Cash metrics 1Q23 1Q22 % Chg Adj. Free Cash Flow $673 $660 2% Capital Return $236 $689 (66)% 4 (1) Percentage changes are not adjusted for currency impact. Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. +3% Record net exchanges revenues, CC +12% Record fixed income & data services revenues, CC $1.2 billion Record adj. op income#51Q23 Exchanges Performance in millions Revenues, net Energy Const 1Q23 1Q22 % Chg Curr $345 $353 (2)% (1)% Ags 70 61 14% 15% Financials 128 130 (1)% 6% Cash Equities & Equity Options, net 95 95 99 99 (4)% (4)% OTC & Other 101 97 4% 6% Data & Connectivity Services 232 214 8% 8% Listings 126 129 (2)% (2)% Total Revenues, net $1,097 $1,083 1% 3% Recurring Revenues 358 343 5% 5% Transaction Revenues, net 739 740 -% 2% Adj. Operating Expenses $288 $283 2% Adj. Operating Income $809 $800 1% Adj. Operating Margin 74% 74% 5 Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. +3% Record net revenues, CC +16% Global gas revenues, CC +8% Exchange data & connectivity services, CC#66 1923 Fixed Income & Data Services Performance in millions Revenues 1Q23 1Q22 % Chg Const Curr Fixed Income Execution $32 $15 106% 106% CDS Clearing 101 72 41% 42% Fixed Income Data & Analytics 276 277 -% ―% Other Data & Network Services 154 145 6% 8% Total Revenues $563 $509 11% 12% Recurring Revenues 430 422 2% 3% Transaction Revenues 133 87 53% 54% Adj. Operating Expenses $301 $305 (1)% Adj. Operating Income $262 $204 29% Adj. Operating Margin 47% 40% +7 pts Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. +12% Record total revenues, CC +10% Other data & network svCS ex-Euronext, CC +4% Recurring revenues ex-Euronext, CC#71Q23 Mortgage Technology Performance in millions Revenues 1Q23 1Q22 % Chg Origination Tech $167 $203 (18)% Closing Solutions 40 72 (45)% Data & Analytics 21 20 10% Other Total Revenues 8 12 (30)% $236 $307 (23)% Recurring Revenues 165 156 6% Transaction Revenues 71 151 (53)% Adj. Operating Expenses $151 $158 (4)% Adj. Operating Income $85 $149 (43)% Adj. Operating Margin 36% 49% (13 pts) 7 Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. Top 5 global bank to replace in-house solution with Encompass ~70% Mix of recurring revenues +6% Recurring revenues#88 Fixed Income & Data Services Energy • • Mortgage Secular Tailwinds Driving Growth Across Asset Classes Secular Tailwinds Growth Across ICE Platform ICE TTM Rev • Connectivity to ~85% of U.S. mortgages drives cross-sell Analog to digital conversion across the workflow • End-to-end platform drives efficiencies across the ecosystem • ⚫ $1.1Bn TTM revenue within a $10Bn TAM • Growing demand for energy Clean energy transition & growing complexity • Globalization of gas • Global energy markets with key benchmarks and emerging markets across all key energy products • Global gas + environmentals = over 40% of energy revenues growing double- digits on average over past 5 years • Increasing demand for data analytics $1.1Bn $1.2Bn Increased automation Growth in passive investing Sustainable finance Flexible delivery solutions • Leading proprietary pricing provider • Second largest provider of fixed income indices • Bringing transparency to ESG with climate analytics and ESG reference data $1.7Bn • Continued demand for connectivity, desktops and feeds solutions (1) This represents Fixed Income Data and Analytics and Other Data and Network Services revenues. Ice#9Consistent Track Record of Growth 1Q23 Highlights Net revenues +1% y/y, CC Recurring revenues +4% y/y, CC Record exchanges revenues +3% y/y, CC Record FIDS revenues +12% y/y, CC Record adj. op income +1% y/y, CC '06-'22 Adj. EPS (1) CAGR 16% $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.48 $4.41 $5.30 $5.06 $1.41 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 Ice (1) 2013-2023 are adjusted figures that represent non-GAAP measures. Please refer to slides in the appendix and our Q4 2022 earnings supplement available at www.ir.theice.com for reconciliations to the equivalent GAAP measures.#10Appendix 10 10 Ice#11Adjusted Operating Expense 11 in millions Compensation and benefits Technology and communication Professional services Rent and occupancy Acquisition-related transaction and integration costs Selling, general and administrative Depreciation and amortization Total operating expenses Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 GAAP Adjusted GAAP Adjusted $ 352 $ 352 359 $ 359 172 172 175 175 28 28 34 34 20 20 21 21 21 9 1 74 58 55 55 260 110 254 101 $ 927 $ 740 $ 907 $ 746 Ice#12Adjusted Non-Operating Income/Expense Reconciliation 12 in millions 1Q23 4Q22 3Q22 2Q22 1Q22 Other Income / (Expense), net Less: Gain on sale of equity investments $(35) $(190) $(1,097) $23 $(58) (41) Add: Net losses from and impairment of unconsolidated investees 35 188 1,095 15 42 Add: Other Total Adjusted Other Income / (Expense), net $ 1 9 || $(2) $(2) $(3) $(7) Interest Income $91 $66 $33 $8 $1 Less: Interest income on pre-acquisition-related debt (62) (46) (25) (5) Total Adjusted Interest Income $29 $20 $8 $3 $1 Interest Expense $(176) $(176) $(176) $(161) $(103) Add: Interest expense on pre-acquisition-related debt 56 56 56 53 Total Adjusted Interest Expense $(120) $(120) $(120) $(108) $(103) Total Adjusted Non-Operating Other Income / (Expense), net $(91) $(102) $(114) $(108) $(109) Ice#13Adjusted Effective Tax Rate Reconciliation 13 In millions Income before income taxes Income tax expense Effective tax rate Three Months Ended 3/31/2023 Three Months Ended 3/31/2022 $849 $832 175 165 21% 20% Income before income taxes Add: Amortization of acquisition-related intangibles Add: Transaction and integration costs Less: Net interest income on pre-acquisition-related debt Add: Net losses from unconsolidated investees 21 Add: Other Adjusted income before income taxes Income tax expense Add: Income tax effect for the above items Add/(Less): Deferred tax adjustments on acquisition related intangibles Add: Other tax adjustments Adjusted income tax expense Adjusted effective tax rate $849 $832 150 153 8 (6) 35 42 16 9 $1,065 $1,044 $175 $165 57 58 (1) 7 24 $255 $230 24% 22% Ice#14Adjusted Free Cash Flow Calculation 14 in millions Cash flow from operations Less: Capital expenditures and capitalized software development costs Add: Section 31 fees, net Adjusted free cash flow Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 $653 $756 (85) (103) 105 7 $673 $660 Ice#15Adjusted EBITDA Reconciliation in millions Adjusted net income (1) Add: Adjusted interest expense (1) Add: Adjusted income tax expense (1) Add: Adjusted depreciation and amortization(1) Adjusted EBITDA from Continuing Ops Debt, as reported Less: BKI Deal Related Debt, as reported (2) Adjusted Debt Adjusted Debt-to-EBITDA leverage ratio Twelve Months Ended 3/31/2023 $2,961 468 905 430 $4,764 $18,123 (4,955) $13,168 2.8x (1) Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 15 (2) BKI Deal Related Debt represents the balance of our issued 2025 Notes, the 2027 Notes, the 2029 Notes and the 2062 Notes which include special mandatory redemption provisions in the event that the deal is not consummated. Ice#16ICE Summary Balance Sheet in millions BALANCE SHEET Assets Unrestricted Cash Other Current Assets Current Assets 03/31/2023 12/31/2022 CHANGE $2,069 $1,799 $270 $2.1B unrestricted cash 112,267 155,148 114,336 156,947 (42,881) (42,611) Total debt of $18.1B; Adj. Debt-to- EBITDA (1) of 2.8x PPE (net) 1,727 1,767 (40) Other Non-Current Assets 35,487 35,624 (137) $85M 1Q23 capex / software Total Assets $151,550 $194,338 $(42,788) Liabilities & Equity Adj. ROIC of 8%; WACC 8% Short-Term Debt $4 $(4) Other Current Liabilities 106,006 149,167 (43,161) Long-Term Debt 18,123 18,118 5 Other Long-Term Liabilities 4,210 4,288 (78) Total Liabilities 128,339 171,577 (43,238) Total Equity 23,211 22,761 450 Total Liabilities & Equity $151,550 $194,338 $(42,788) 16 (1) Adjusted debt-to-EBITDA reflects the ratio of adjusted debt to adjusted EBITDA for the trailing twelve months. This reflects a non-GAAP measure. Please refer to slides in the appendix for reconciliation to the equivalent GAAP measure. Ice#17Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 1Q23 4Q22 3Q22 2Q22 1Q22 ASV(1) $1,708 $1,682 $1,643 $1,660 $1,665 Adjusted for: FX 3 20 3 (12) ASV, CC 1,708 1,685 1,663 1,663 1,653 17 (1) ASV is defined as the annual value of subscriptions under contract for the succeeding twelve months. ASV does not include new sales, contract terminations or price changes that may occur during that twelve month period or certain data services that are not subscription-based. Ice#1818 Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV RPC ADV Ags ADV & RPC RPC 3,600 1.80 500 2.50 3,200 1.60 400 2,800 2.25 2,400 1.40 300 2,000 1,600 1.20 200 2.00 2019 2020 2021 2022 1Q23 2019 2020 2021 2022 1Q23 ADV RPC ADV RPC ADV Interest Rates ADV & RPC RPC ADV Total Financials ADV & RPC RPC 2,700 0.60 3,200 0.80 2,400 2,800 2,100 2,400 1,800 0.40 0.60 2,000 1,500 1,200 1,600 900 0.20 1,200 0.40 2019 2020 2021 2022 1Q23 2019 2020 2021 2022 1Q23 ADV RPC ADV RPC Ice#1919 Average Daily Volume & Open Interest (OI) Trends lots in thousands Energy ADV & OI ADV Ol ADV 3,600 48,000 500 3,200 32,000 400 2,800 2,400 16,000 300 2,000 1,600 2019 2020 2021 2022 1Q23 Ags ADV & OI 이 4,400 اس 3,300 2,200 1,100 200 0 T 2019 2020 2021 2022 1Q23 ADV 이 ADV Ol ADV Interest Rates ADV & OI Ol 2,700 25,000 ADV 3,200 Total Financials ADV & OI OI 30,000 2,400 20,000 15,000 10,000 5,000 2,100 1,800 1,500 1,200 900 mi mi 2019 2020 2021 2022 1Q23 ADV OI 2019 2020 2021 2022 1Q23 20,000 10,000 0 2,800 2,400 2,000 1,600 1,200 ADV 이 Ice#20GAAP Results 20 INCOME STATEMENT HIGHLIGHTS in millions except per share amounts Net revenues Operating Expenses Operating Income Operating Margin GAAP 1Q23 GAAP 1Q22 % Chg $1,896 $1,899 -% $927 $907 2% $969 $992 (2)% 51% 52% (1 pt) Net Income attributable to ICE $655 $657 ―% Diluted EPS $1.17 $1.16 1% Ice#21Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation in millions Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, Consolidated Three Months Ended March 31, 2023 2022 2023 2022 2023 2022 2023 2022 Total revenues, less transaction-based expenses $1,097 $1,083 $563 $509 $236 $307 $1,896 $1,899 Operating expenses 332 299 343 354 252 254 927 907 Less: Amortization of acquisition-related intangibles 16 16 42 49 92 88 150 153 Less: Transaction and integration costs 12 8 21 8 Less: Other 16 16 Adjusted operating expenses $288 $283 $301 $305 $151 $158 $740 $746 Operating income/(loss) $765 $784 $220 $155 $(16) $53 $969 $992 Adjusted operating income $809 $800 $262 $204 $85 $149 $1,156 $1,153 Operating margin 70% 72% 39% 30% (7)% 17% 51% 52% Adjusted operating margin 74% 74% 47% 40% 36% 49% 61% 61% 21 24 Ice#22Adjusted Net Income & EPS 22 in millions except per share amounts Net income attributable to ICE Add: Amortization of acquisition-related intangibles Add: Transaction and integration costs Less: Net interest income on pre-acquisition-related debt Add: Net losses from unconsolidated investees Add: Other Less: Income tax effect for the above items Add/(Less): Deferred tax adjustments on acquisition-related intangibles Less: Other tax adjustments Adjusted net income attributable to ICE Diluted earnings per share Adjusted diluted earnings per share Diluted weighted average common shares outstanding Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 655 $ 657 150 153 21 8 (6) 35 42 16 9 (57) (58) 1 (7) (24) $ 791 $ 804 1.17 1.16 1.41 $ 1.43 561 564 Ice