Nasdaq Investor Presentation — March 2022

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Investor Presentation

Raymond James Institutional Investor Conference

Non-GAAP Information

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non -GAAP results of ope rations, including, but not limited to, non -GAAP net income attributable to Nasdaq, non -GAAP diluted

earnings per share, non -GAAP operating income, non -GAAP operating expenses, and non -GAAP EBITDA, that include certain adjustment s or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to

non-GAAP information provided at ir.nasdaq.com/Income -Statement -Trend -Summary -and-GAAP -to-Non-GAAP -Reconciliation . Management uses this non -GAAP information internally, along with U.S. GAAP information, in evaluating our

performance and in making financial and operational decisions. We believe our presentation of these measures provides investo rs with greater transparency and supplemental data relating to our financial condition and results of

operations. In addition, we believe the presentation of these measures is useful to investors for period -to-period comparisons o f results as certain items do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non -GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate

such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single f inancial measure when evaluating our business. This information should be considered as supplemental in

nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this presentation. When viewed in conjunction with our U.S.