Nasdaq Investor Presentation — July 2018

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July 25, 20182NASDAQ 2Q18 HIGHLIGHTS¹

Driving Accelerating Growth, Creating Sustainable Value

¹Please refer to the appendix for a reconciliation of U.S. GAAP to non-GAAP measures.2Refers to share repurchases plus dividends.Market

Y-o-YFree Cash Flow ex

+27% Y-o-YCapital Returns to

including $ 340 Million

in share repurchasesMarket

Y-o-Y3•2Q18 net revenues(3) totaled $ 615 million,

▪Revenues from non-trading segments(2)

increased 15%, or $48 million y-o-y, with

increases in Information Services,

Corporate Services and Market

▪Net revenues from Market Services(3)

increased 7%, or $ 15 million y-o-y.

▪Other revenues declined $44 million

y-o-y, due to the divestiture of the Public

Relations Solutions and Digital Media

Services businesses in mid-April.

2Q18 NON-GAAP SUMMARY(1)

(US$ millions, except per share) 2Q18 2Q17 % Δ

Revenue from non-trading segments(2)$372 $324 15%

Market Services Net Revenue(3)$237 $222 7%

Other Revenue $6 $50 (88)%

Net Revenues(3)$615 $596 3%

Operating Expenses $325 $311 5%

Operating Income $290 $285 2%

Operating Margin 47% 48% —

Net Income $198 $170 16%

Diluted EPS $1.18 $1.01 17%

Diluted Shares Outstanding 167.4 168.5 (1)%

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