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Current Investor Presentation - November 2015

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1) INVESTOR PRESENTATION November 2015

2) DISCLAIMERS Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, net income attributable to Nasdaq, diluted earnings per share, operating income, and operating expenses, that make certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of GAAP to non-GAAP information provided in the appendix to this presentation. Management believes that this non-GAAP information provides investors with additional information to assess Nasdaq's operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance. The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP. Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions 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 our future financial results, growth, trading volumes, products and services, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain strategic, restructuring, technology, de-leveraging and capital return initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’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 Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Website Disclosure We intend to use our website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations. These disclosures will be included on our website under “Investor Relations.” 2 November 2015 Investor Presentation

3) STRATEGY, OBJECTIVE & GROWTH BLUEPRINT STRATEGY: CAPITAL GENERATION CORE BUSINESS OPPORTUNITIES GROWTH DISCIPLINED INTERNAL INVESTMENT GROWTH & DIVERSIFICATION Leverage our technology and relationship resources to build profitable businesses and deliver attractive returns for our shareholders. OPPORTUNISTIC ACQUISITIONS • #1 or #2 share in business units representing 96% of 3Q15 revenues. • Information Services expansion • Corporate Solutions extension • Access Services evolution • Nasdaq Private Market • IR Insight platform • Index Weightings & Components • NFX • Dorsey Wright and Associates • Mergent • Thomson Reuters IR, PR & Multimedia • eSpeed OBJECTIVE: Become a deeply-embedded, growing and highly profitable service provider to the global securities market. 3 November 2015 Investor Presentation

4) CONSISTENT PROFIT AND CASH FLOW GENERATION WITH SIGNIFICANT MOMENTUM AND OPPORTUNITIES HIGH QUALITY MODEL KEY GROWTH DRIVERS • 74% subscription and recurring revenues(1) • Consistent organic growth in subscription and recurring revenues • Intense profitability focus, with high operating leverage • Majority of trading revenues from derivatives and fixed income drives long-term growth, near-term benefiting from cyclical tailwinds • Strong cash flow generation and moderate capital requirements – ~7% avg. FCF yield over LTM(2) • Disciplined, ROI-focused capital deployment, coupled with growing, significant dividend payout and yield. 1. 2. • Revenue and synergy opportunities from significant investments and acquisitions 2015 YTD revenue through 9/30/15 4Q14-3Q15 FCF excluding SEC Section 31 Fees of $614 million divided by average last twelve months (LTM) market capitalization of $8.5 billion, per FactSet 4 November 2015 Investor Presentation

5) DIVERSIFIED MIX OF RECURRING AND TRANSACTION REVENUE RECURRING (~75%) • Correlated to market growth • Not tied to market volumes Technology Solutions 26% Leverages exchange businesses • • $2.1B November 2015 Investor Presentation (1) Listing Services 12% 1. Represents last 12 months revenues less transaction-based expenses Market Services 38% Information Services 24% • High operating leverage • Secular growth in derivatives and fixed income • NET REVENUE Consistent growth through penetration and expansion 5 TRANSACTIONDRIVEN (~25%) Cyclical volatility rebound opportunity • Specific growth initiative investments

6) ORGANIC REVENUE GROWTH AND OUTLOOK NASDAQ REVENUE GROWTH EXCLUDING ACQUISITIONS, CONSTANT CURRENCY 12% 12% 8% 4% 4% 3% 0% 0% -2% 8% 4% 5% 5% 4% 4% 3% 2% -4% 3% NonTransaction al Segments (IS, TS, LS) 2% -3% Market Services -3% -8% -6% 3Q14 4Q14 1Q15 2Q15 3Q15 2012 2013 2014 2015 YTD NASDAQ MEDIUM-TERM (3-5 YR) ORGANIC REVENUE GROWTH OUTLOOK U.S. GDP1 2% - 3% 1. 2. S&P 500 REVENUE CONSENSUS2 INFORMATION SERVICES TECHNOLOGY SOLUTIONS LISTING SERVICES NON-TRANSACTIONAL SEGMENTS 4% - 5% Mid Single Digits Mid Single Digits Low Single Digits Mid-Single Digits Company estimate. Factset consensus est. 2015-2017 revenue growth, as of 10/14/2015 6 November 2015 Investor Presentation (IS, TS, LS)

7) INFORMATION SERVICES NET REVENUE CONTRIBUTION SUBSCRIPTION & FEE-BASED REVENUE BUSINESS • • 25% Data Products: Primarily proprietary information from Nasdaq’s trading markets, and also includes shared revenues from industrywide “tape plans” in U.S. equities & options. Index Licensing & Services: Index licenses for financial products: Exchange-traded funds (ETFs), futures, options, mutual funds, structured products. Third-party index calculations and intra-day portfolio valuation (IPV) calculations. 3Q15 OPERATING MARGIN INFORMATION SERVICES NET REVENUE 600 100% 80% 140 500 (US$ millions) 60% 40% 20% 0% 400 300 $360 $52 $385 $400 $58 $63 $436 $74 $473 $89 $308 $327 $337 $362 $384 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 100 $29 $29 40 $92 $91 $100 3Q14 4Q14 1Q15 $99 $103 Total 0 2011 2012 2013 2014 Index Licensing & Services Data Products 20 Information Services’ operating margins reflect the allocation of certain joint costs that support the operation of various aspects of Nasdaq’s business, including Market Services and Information Services, to business units other than Information Services. November 2015 Investor Presentation $25 $22 60 200 2010 7 100 $132 $113 $22 $128 80 0 1. 120 $125 $114 2Q15 3Q15

8) INFORMATION SERVICES METRICS Market Data & Index Licensing & Services PROPRIETARY MARKET DATA ($M) U.S. Prop. Data Euro Prop. Data # OF NASDAQ INDEX LICENSED ETPS Index Data 225 200 175 150 125 100 75 50 25 - 80 60 40 20 - 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 35% 33% 31% 29% 27% 25% 30 20 10 - 100 75 50 25 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 November 2015 Investor Presentation 3Q12 40 8 AUM NASDAQ INDEX LICENSED ETPS ($B) 125 % of Mkt Data Rev. Source: Nasdaq 2Q12 Tape Plan Rev 1Q12 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 SHARED TAPE PLAN MKT. DATA REV. ($M)

9) TECHNOLOGY SOLUTIONS NET REVENUE CONTRIBUTION RECURRING REVENUE BUSINESS W/ MARGIN EXPANSION OPPORTUNITY • Market Technology: Leading technology supplier to exchanges, clearinghouses, central securities depositories and regulators worldwide, with over 70 markets in over 50 countries. Provider of compliance services to over 65 market participants in over 100 countries. • Corporate Solutions: Leading provider of investor relations, governance, public relations & other technology/services to publicly listed and private companies 26% 3Q15 OPERATING MARGIN TECHNOLOGY SOLUTIONS NET REVENUE 600 20% $560 $475 500 15% 160 140 $135 $142 $130 $135 $131 (US$ millions) 120 10% 5% 400 $289 300 200 0% 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 100 $220 $313 $75 $224 $230 $245 $246 $76 $72 $60 $64 $55 $59 $59 3Q14 4Q14 1Q15 2Q15 3Q15 0 2010 November 2015 Investor Presentation $75 2011 2012 Corporate Solutions Market Technology 40 20 0 9 $75 $78 60 $63 $157 100 80 $89 $214 $314 2013 2014 Total

10) TECHNOLOGY SOLUTIONS METRICS Market Technology & Corporate Solutions MARKET TECHNOLOGY ORDER INTAKE ($M) CORPORATE SOLUTIONS CROSS SALES ($M) 200 5 150 4 3 100 2 50 1 - 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 MARKET TECHNOLOGY BACKLOG ($M) 0 CORPORATE SOLUTIONS PRODUCT HIGHLIGHTS 1,000 3Q14 4Q14 1Q15 2Q15 3Q15 YOY % GROWTH YOY % GROWTH YOY % GROWTH YOY % GROWTH YOY % GROWTH DIRECTORS DESK CLIENTS 750 16% 18% 18% 24% 23% PRESS RELEASES DISTRIBUTED 21% 8% 11% 10% 9% PRODUCT 500 250 3Q15 2Q15 1Q15 4Q14 Source: NASDAQ OMX November 2015 Investor Presentation 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 10

11) LISTING SERVICES NET REVENUE CONTRIBUTION RECURRING REVENUE BUSINESS • Leader in U.S. listings by number of companies, and in Nordics by both number and market capitalization of listed companies. Nasdaq is home to over 3,600 listed companies with a market value of over $9.6 trillion. 13% • The majority of listings revenue is from annual listing fees, which are priced according to size tiers (in the U.S.) or as a ratio to market cap (in the Nordics), as well as from initial listings fees and listings of additional shares fees, which are amortized over multi-year periods. 3Q15 • In addition, Nasdaq Private Market (NPM) seeks to provide liquidity, cap table management, and other services to private companies. OPERATING MARGIN LISTING SERVICES REVENUE 100% 300 80% 250 60% 80 200 $229 $224 $228 $238 70 (US$ millions) 60 40% 20% 0% 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 November 2015 Investor Presentation $59 $61 3Q14 4Q14 $64 $66 $66 1Q15 2Q15 3Q15 50 150 40 30 100 20 50 10 0 0 2010 11 $236 2011 2012 2013 2014

12) LISTINGS METRICS U.S. and Nordic Listings # OF U.S. AND NORDIC NDAQ LISTINGS # OF U.S. IPOS WINS (2015 YTD ANNUALIZED) 3,900 200 3,700 150 3,500 37 3,300 3,100 2,900 3,558 3,456 3,331 3,395 3,574 3,685 100 50 126 89 78 2011 2012 111 72 2010 2,700 2,500 189 2010 2011 2012 2013 2014 3Q15 GLOBAL NEW LISTINGS (2015 YTD ANNUALIZED) 2013 2014 2015 NDAQ WIN RATE OF U.S. IPOS 500 70% 400 65% 60% 300 200 399 185 176 2010 100 220 2011 2012 271 70 50% 209 0 45% 61% 54% 55% 54% 52% 2010 2011 2012 2013 40% 2013 Source: Nasdaq 12 72% 55% November 2015 Investor Presentation 2014 2015 2014 2015 YTD

13) MARKET SERVICES NET REVENUE CONTRIBUTION MIX OF VARIABLE/RECURRING REVENUE BUSINESS • • Equity Derivatives: A Leader in U.S. equity options trading, as well as trading and clearing of derivatives on Nordic equities and equity indices. • Fixed Income, Currency and Commodities (FICC): Consists of eSpeed government bond trading, Nordic fixed income clearing, and energy, freight and other commodity trading and clearing products. • 38% Cash Equities: A leader in U.S. and Nordic equity trading. Access/Broker Services: Connects customers to Nasdaq & other markets, as well as providing risk management and back office services. 3Q15 OPERATING MARGIN MARKET SERVICES NET NON-GAAP REVENUE 1000 100% 800 (US$ millions) 80% 60% 40% 20% 400 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 November 2015 Investor Presentation $780 $796 $737 $756 $245 $713 $207 $190 $223 $245 $223 $222 $208 $126 $250 $205 200 $69 $73 $73 $109 $217 $234 $235 2011 2012 2013 2014 $201 $200 Cash Equities $62 $67 Equity Derivatives $46 $44 $51 $188 $189 $59 $51 $59 $50 $53 $29 $24 $24 $23 Access/Broker Srvcs $58 100 $239 2010 $189 $30 150 $189 200 0% 13 600 250 $60 $59 $59 $59 Total 3Q14 4Q14 1Q15 2Q15 3Q15 FICC 50 0 0

14) MARKET SERVICES METRICS Derivative, Equity & Fixed Income Trading U.S. EQUITY ADV (B) & OPTION ADC (M) US Equity ADV US Options ADC PRIMARY DEALER UST AVG. DAILY VOL. ($B) 600 Avg. VIX 500 20 40 15 30 10 20 200 5 10 100 0 0 2009 2010 2011 2012 2013 2014 400 300 0 2015 YTD NORDIC EQUITIES DAILY VALUE TRADED ($B) 2009 2010 2011 2013 2014 2015 YTD NORDIC DERIVATIVE ADC (000’S) 4.0 Nordic Equity Derivatives 3.0 2012 Nordic Fixed Income Derivatives 500 400 300 200 100 0 2.0 1.0 2009 2010 2011 2012 2013 Source: Nasdaq, Options Clearing Corp., NY Federal Reserve, FactSet 14 November 2015 Investor Presentation 2014 2015 YTD 2009 2010 2011 2012 2013 2014 2015 YTD

15) REVENUE, EARNINGS AND CASH FLOW STABILITY1 (MILLIONS) $600 Net Revenue $400 Operating Expense $200 EBITDA $0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 $0.76 $0.78 $0.81 $0.80 $0.83 $1.00 $0.80 $0.78 3Q15 Operating Income $0.88 $0.60 Non-GAAP EPS $0.40 $0.20 $1Q14 2Q14 3Q14 4Q14 1. Reflects non-GAAP results. Please refer to the Appendix for a complete reconciliation of non-GAAP to GAAP numbers. 15 November 2015 Investor Presentation 1Q15 2Q15 3Q15

16) DIVIDENDS TO COMMON SHAREHOLDERS Significant, growing component of NDAQ investment proposition 35% 2.5% 31% 30% 25% 1.5% 20% 15% 1.0% 10% 0.5% 5% 0% 0.0% 2011 1. 2. 3. 2012 Includes pro forma 1Q15 dividend of $0.25. Full-year dividends paid divided by prior-year non-GAAP net income Average daily dividend yield (Source: FactSet). 16 November 2015 Investor Presentation 2013 2014 2015 YTD Annualized 2015 Pro Forma YTD Annualized(1) Average Dividend Yield(3) Dividend Payout Ratio(2) 2.0% 2.0%

17) HISTORICAL CASH FLOW / USES OF CASH FLOW FREE CASH FLOW CALCULATION (US$ MILLIONS) 2009 2010 2011 2012 2013 2014 2015YTD 2009 – 3Q15 Cash flow from operations $582 $440 $669 $588 $574 $687 $472 $4,021 Capital expenditure (59) (42) (88) (87) (115) (140) (91) (622) FREE CASH FLOW 523 398 581 501 459 547 381 3,390 Section 31 fees (62) 46 (22) 13 8 (28) 84 (39) FREE CASH FLOW EX. SECTION 31 FEES 461 444 559 514 467 519 465 3,429 - 797 100 275 10 178 310 1,670 Net repayment/(borrowing) of debt 340 (193) 248 145 (606) 235 (190) (21) Acquisitions (less dispositions) (46) 189 26 112 1,164 - 256 1,701 - - - 65 87 98 108 358 294 793 374 597 655 511 484 3,708 USES OF CASH FLOW Share repurchases Dividends TOTAL USES OF CASH FLOW 17 November 2015 Investor Presentation

18) APPENDIX 19 November 2015 Investor Presentation

19) HISTORICAL REVENUE, OPERATING PROFIT AND MARGIN TRENDS NON-GAAP RESULTS(1) 2010 2011 2012 2013 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Net Revenues $1,522 $1,690 $1,663 $1,895 $2,067 $529 $523 $497 $517 $507 $518 $529 Operating Expenses (770) (866) (877) (1,059) (1,137) (297) (290) (267) (280) (272) (281) (276) Operating Income 752 824 786 836 930 232 233 230 237 235 237 253 Operating (2) Margin 49% 49% 47% 44% 45% 44% 45% 46% 46% 46% 46% 48% EBITDA 799 878 838 895 998 249 250 247 254 254 256 272 Net Income 445 489 464 484 542 136 131 136 139 138 143 151 DILUTED EPS $2.15 $2.72 $2.69 $2.83 $3.13 $0.78 $0.76 $0.78 $0.81 $0.80 $0.83 $0.88 (US$ Millions, except EPS) 1. 2. Please refer to the Appendix for a complete reconciliation of GAAP to non-GAAP numbers Operating margin equals operating income divided by net revenues. 20 November 2015 Investor Presentation 2014

20) 2015 NON-GAAP OPERATING EXPENSE(1,2,3) AND TAX RATE GUIDANCE (US$ MILLIONS) All figures on a non-GAAP basis excluding restructuring and integration charges 2015 GUIDANCE Core Expenses $1,055-$1,070 New Initiatives $30-$40 TOTAL EXPENSES EFFECTIVE TAX RATE 1. 2. 3. 21 $1,085-$1,110 33%-35% Includes $10 million of estimated non-GAAP expenses associated with the announced DWA acquisition 2015 guidance calculated using March 2015 average FX rates The guidance does not reflect the impact of any restructuring or integration charges, and excludes amortization of acquired intangibles. November 2015 Investor Presentation

21) DEBT OBLIGATIONS 3Q15 total debt increased by $154M vs. 2Q15 primarily due to a $150M revolver draw, a $3M increase in Euro bond book value (caused by stronger Euro) and a $1 million increase due to amortization of debt issuance costs â–¶ Manageable debt maturities, with largest maturity in 2021 â–¶ Net interest expense for 3Q15 was $27M, a decrease of $1M as compared to $28M in 3Q14, primarily due to impact of foreign exchange â–¶ 9/30/15 ($ millions)2 Maturity Date Revolver (Libor +137.5 bps) 310 11/25/19 5.25% Bond 368 01/16/18 5.55% Bond 597 01/15/20 3.88% Euro Bond 665 06/07/21 4.25% Bond 495 06/01/24 $ 2,435 Total Debt Obligations Less Cash and Cash Equivalents (290) $2,145 Net Debt DEBT MATURITIES Net Debt to EBITDA 1 = 2.1x 800 Total Debt to EBITDA 1 = 2.3x (US$ Millions) LTM EBITDA 1 = $1,041 million 700 600 500 400 300 200 100 2015 1. 2. 2016 2017 2018 2019 2020 2021 2022 See Appendix for EBITDA reconciliation. Pro forma leverage ratios have been calculated for Q3’15 to reflect the acquisition of Dorsey, Wright & Associates, LLC The debt obligations have been reduced for debt issuance costs per early adoption of FASB guidance ASU 2015-03 by Nasdaq. 22 November 2015 Investor Presentation 2023 2024

22) NET REVENUES1 Reconciliation of GAAP to non-GAAP ANNUAL (US$ Millions) GAAP REVENUES Less transaction-based expenses Income from open positions relating to the operations of the Exchange NON-GAAP REVENUES Less transaction-based expenses FY10 FY11 FY12 FY13 FY14 $1,522 $1,690 $1,674 $1,895 $2,067 - - (11) - - $1,522 $1,690 $1,663 $1,895 $2,067 1. Certain reclassifications of prior period amounts have been made to conform to the current period presentation 23 November 2015 Investor Presentation

23) PRO FORMA EBITDA Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization QUARTERLY (US$ Millions) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 NON-GAAP OPERATING INCOME $232 $233 $230 $237 $235 $237 $253 17 17 17 17 19 19 19 EBITDA of TR/eSpeed Pre-acquisition* - - - - - - EBITDA of DWA** - 3 4 4 1 - Plus Depreciation and Amortization of Tangibles Pro forma EBITDA $249 $253 $251 $258 $255 $256 $272 ANNUAL (US$ Millions) FY10 FY11 FY12 FY13 FY14 NON-GAAP OPERATING INCOME $752 $824 $786 $836 $930 47 54 52 59 68 EBITDA of TR/eSpeed Preacquisition* - 50 - EBITDA DWA** - - - Plus Depreciation and Amortization of Tangibles Pro forma EBITDA $799 $878 $838 $945 $998 * 2Q13 EBITDA and FY13 EBITDA of TR/eSpeed contain only April’13 to May’13 EBITDA for TR and April’13 to June’13 EBITDA for eSpeed. 2013 EBITDA contains only Jan’13 to May’13 EBITDA for TR and Jan’13 to June’13 EBITDA for eSpeed. The sources of the pro forma information were LTM financials provided by eSpeed and Thomson-Reuters overlaid by Nasdaq’s indirect expenses ** 1Q15 EBITDA of DWA contains January’15 EBITDA for Dorsey, Wright & Associates, LLC. February’15 to March’15 DWA EBITDA is not included in EBITDA of DWA because it is included in Non-GAAP operating income and Depreciation and Amortization of tangibles (Nasdaq). The sources of the pro forma information were LTM financials provided by Dorsey, Wright & Associates, LLC. 24 November 2015 Investor Presentation

24) OPERATING EXPENSES Reconciliation of GAAP to non-GAAP (US$ Millions) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 FY10 FY11 FY12 FY13 FY14 $345 $332 $290 $344 $480 $301 $298 $891 $994 $984 $1,207 $1,313 Voluntary Accommodation Program - - - - - - - - - (44) - Securities and Exchange Commission matter - - - - - - - - - (10) - (28) (14) (5) (35) - (3) (4) (4) (38) (4) (22) (81) Restructuring charges - - - - (150) (2) (8) - - (44) (9) - Extinguishment of debt - (9) - (2) - - (40) (31) - - (11) Special legal expenses (1) (1) - - (31) - - - (7) (3) (2) Sublease reserve - - - (11) - - (5) - - - (11) Reversal of value added tax refund - - - - (12) - - - - - - Amortization of acquired intangible assets* (18) (18) (17) (16) (15) (15) (56) (55) (52) (63) (69) Other (1) - (1) - - - (16) (4) - 3 (2) GAAP OPERATING EXPENSES Merger and strategic initiatives Insurance recovery (15) 5 Total adjustments (48) (42) (23) (64) (208) (20) (22) (121) (128) (107) (148) (176) NON-GAAP OPERATING EXPENSES $297 $290 $267 $280 $272 $281 $276 $ 770 $ 866 $ 877 $ 1,059 $1,137 * Amortization expense related to intangible assets results primarily from business combinations. These non-cash expenses are fixed in connection with an acquisition, are then amortized over a number of years after the acquisition and generally cannot be changed or influenced by management after the acquisition. Management does not consider these expenses for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources. Therefore, such expenses are shown as a non-GAAP adjustment. 25 November 2015 Investor Presentation

25) OPERATING INCOME Reconciliation of GAAP to non-GAAP (US$ Millions) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 FY10 FY11 FY12 FY13 FY14 GAAP OPERATING INCOME $184 $191 $207 $173 $27 $217 $231 $631 $696 $690 $688 $754 Income from open positions relating to the operations of the Exchange - - - - - - - - (11) - - Voluntary Accommodation Program - - - - - - - - - 44 - Securities and Exchange Commission matter - - - - - - - - - 10 - 28 14 5 35 - 3 4 4 38 4 22 81 Restructuring charges - - - - 150 2 8 - - 44 9 - Extinguishment of debt - 9 - 2 - - 40 31 - - 11 Special legal expenses 1 1 - - 31 - - - 7 3 2 Sublease reserve - - - 11 - - 5 - - - 11 Reversal of value added tax refund - - - - 12 - - - - - - Amortization of acquired intangible assets* 18 18 17 16 15 15 56 55 52 63 69 Other 1 - 1 - - - 16 4 - (3) 2 Merger and strategic initiatives Insurance recovery Total adjustments 15 (5) 48 NON-GAAP OPERATING INCOME 42 23 64 208 20 22 121 128 96 148 176 $232 $233 $230 $237 $235 $237 $253 $ 752 $ 824 $ 786 $ 836 $930 * Amortization expense related to intangible assets results primarily from business combinations. These non-cash expenses are fixed in connection with an acquisition, are then amortized over a number of years after the acquisition and generally cannot be changed or influenced by management after the acquisition. Management does not consider these expenses for the purpose of evaluating the performance of the business or its managers or when making decisions to allocate resources. Therefore, such expenses are shown as a non-GAAP adjustment. 26 November 2015 Investor Presentation

26) NET INCOME AND DILUTED EPS Reconciliation Of GAAP To Non-GAAP - Quarterly (US$ millions, except EPS) 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 GAAP NET INCOME ATTRIBUTABLE TO NASDAQ $103 $101 $123 $87 $9 $133 $138 Voluntary Accommodation Program - - - - - - - Securities and Exchange Commission matter - - - - - - - Other income from OCC equity investment - - - - (13) - - Gain on sale of investment security - - - - - - - 28 14 5 35 - 3 4 Extinguishment of debt - 9 - 2 - - - Asset impairment charges - - - 49 - - - Sublease reserve - - - 11 - - - Reversal of value added tax refund - - - - 12 - - Restructuring charges - - - - 150 2 8 Special legal expenses 1 1 - - 31 - - Amortization of acquired intangible assets 18 18 17 16 15 15 15 Other 1 - 1 - - - - Merger and strategic initiatives Insurance recovery TOTAL NON-GAAP ADJUSTMENTS Adjustment to the income tax provision to reflect non(1) GAAP adjustments Total Non-GAAP Adjustments, net of tax (5) 48 42 23 113 195 20 22 (15) (12) (10) (61) (66) (10) (9) 33 30 13 52 129 10 13 NON-GAAP NET INCOME ATTRIBUTABLE TO NASDAQ $136 $131 $136 $139 $138 $143 $151 GAAP diluted EPS $0.59 $0.59 $0.71 $0.50 $0.05 $0.77 $0.80 Total adjustments from non-GAAP net income, above $0.19 $0.17 $0.07 $0.31 $0.75 $0.06 $0.08 NON-GAAP DILUTED EPS $0.78 $0.76 $0.78 $0.81 $0.80 $0.83 $0.88 1. Nasdaq determines the tax effect of each item based on the tax rules in the respective jurisdiction where the transaction occurred 27 November 2015 Investor Presentation

27) NET INCOME AND DILUTED EPS Reconciliation Of GAAP To Non-GAAP - Annual (US$ millions, except EPS) FY10 FY11 FY12 FY13 FY14 GAAP NET INCOME ATTRIBUTABLE TO NASDAQ Voluntary Accommodation Program Securities and Exchange Commission matter Income from open positions relating to the operations of the Exchange Gain on sale of investment security Merger and strategic initiatives Extinguishment of debt Asset impairment charges Loss on divestiture of a business Sublease reserve Restructuring charges Special legal expenses Asset retirement Workforce reductions Amortization of acquired intangible assets Other TOTAL NON-GAAP ADJUSTMENTS Adjustment to the income tax provision to reflect non-GAAP (1) adjustments Significant tax adjustments, net Total Non-GAAP Adjustments, net of tax NON-GAAP NET INCOME ATTRIBUTABLE TO NASDAQ GAAP diluted EPS Total adjustments from non-GAAP net income, above NON-GAAP DILUTED EPS $395 4 40 11 5 2 9 56 5 132 $387 38 31 18 55 4 146 $352 (11) 4 40 14 44 7 52 150 $385 44 10 (30) 22 14 9 3 63 (3) 132 $414 81 11 49 11 2 69 2 225 (50) (49) (52) (37) (98) (32) 50 $445 $1.91 $0.24 $2.15 5 102 $489 $2.15 $0.57 $2.72 14 112 $464 $2.04 $0.65 $2.69 4 99 $484 $2.25 $0.58 $2.83 1 128 $542 $2.39 $0.74 $3.13 1. Nasdaq determines the tax effect of each item based on the tax rules in the respective jurisdiction where the transaction occurred 28 November 2015 Investor Presentation

28) FOR ADDITIONAL INVESTOR RELATIONS INFORMATION Investor Relations Website: http://ir.nasdaq.com Investor Relations Contact: Ed Ditmire, CFA Vice President, Investor Relations (212)401-8737 ed.ditmire@nasdaq.com Neil Stratton, CFA Investor Relations (212)401-8769 neil.stratton@nasdaq.com