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NYSE Euronext Announces Fourth Quarter and Full-Year 2012 Financial Results


Attachment:

  NYSE Euronext Announces Fourth Quarter and Full-Year 2012 Financial Results

    -- Fourth Quarter GAAP Diluted EPS of $0.12 vs. $0.43 in Prior Year --

  -- Non-GAAP Diluted EPS of $0.43 vs. $0.50 Excluding Merger Expenses, Exit
                      Costs and Other Discrete Items --

       -- Global Leader in IPOs in 2012 for Second Consecutive Year --

 -- Announced Acquisition by ICE Presents Opportunity to Create Global Player
                        and Risk Management Leader --

   -- Separate Clearing Agreement with ICE Designed to Ease Transition for
                                  Clients --

          -- $115 Million in Project 14 Savings Achieved in 2012 --

Financial and Operating Highlights^1, 2

  * Diluted EPS of $0.43, down from $0.50 in 4Q11
  * Net revenue of $562 million, down 11%, including $4 million negative FX
    impact
  * Fixed operating expenses of $392 million, down 9% on a constant dollar /
    portfolio basis
  * Operating income of $170 million, down 20%, including $3 million negative
    FX impact
  * Repurchased 1.1 million shares at average price of $24.67 in 4Q12 and 17.0
    million shares in FY 2012
  * Board declares first quarter 2013 cash dividend of $0.30 per share

^1 All comparisons versus 4Q11 unless otherwise stated. Excludes merger
expenses, exit costs and other discrete items.

^2 A full reconciliation of our non-GAAP results to our GAAP results is
included in the attached tables. See also our statement on non-GAAP financial
measures at the end of this earnings release.

Business Wire

NEW YORK -- February 5, 2013

NYSE Euronext (NYX) today reported net income of $28 million, or $0.12 per
diluted share, for the fourth quarter of 2012, compared to net income of $110
million, or $0.43 per diluted share, for the fourth quarter of 2011. Financial
results for the fourth quarter of 2012 included a higher level of merger and
exit costs, reflecting a write-off of clearing investments in connection with
the decision to move to ICE Clear, the unwind of BlueNext and merger related
expenses. Fourth quarter of 2012 financial results also included costs of $24
million, consisting primarily of the premium paid to former bondholders, to
refinance a portion of company debt outstanding. Excluding the impact of these
items, net income in the fourth quarter of 2012 was $105 million, or $0.43 per
diluted share, compared to $130 million, or $0.50 per diluted share, in the
fourth quarter of 2011. For the full-year 2012, excluding the discrete items
noted in the tables accompanying this press release, net income was $462
million, or $1.84 per diluted share, compared to net income of $653 million,
or $2.48 per diluted share for full-year 2011. Financial results for the
full-year 2011 benefited from extreme levels of volatility in the third
quarter which drove strong trading volumes across all trading venues, setting
new quarterly records for orders and executions. Since the third quarter of
2011 and through 2012, market volatility declined to multi-year lows, driving
significant declines in trading volumes.

“Our fourth quarter results reflect both the beneficial actions we took to
refinance our debt and rationalize our clearing plans for Liffe in connection
with the announced move to ICE Clear,” said Duncan L. Niederauer, CEO, NYSE
Euronext. “Along with the continued progress we are making on reducing
expenses as part of Project 14, we are focused on building momentum in our
business prior to closing the deal with ICE, which we expect to close in the
second half of this year. We believe that combining our highly complementary
businesses will create a global exchange player with a particularly compelling
and diverse global derivatives franchise, and an ‘end-to-end’ multi-asset
business that would be very well positioned to compete and serve a global
client base, while creating meaningful value for shareholders.”

The table below summarizes the financial results^1 for the fourth quarter and
full-year of 2012:

                                             % Δ                          % Δ
                                             4Q12    Full-Year            FY
                                                                          '12
($ in millions,                              vs.                          vs.
except EPS)         4Q12    3Q12    4Q11     4Q11    2012        2011     FY
                                                                          '11
Total Revenues^2    $909    $902    $1,054   (14%)   $3,749      $4,552   (18%)
Total Revenues,
Less                562     559     628      (11%)   2,324       2,672    (13%)
Transaction-Based
Expenses^3
Other Operating     392     388     416      (6%)    1,581       1,666    (5%)
Expenses ^4
Operating Income    $170    $171    $212     (20%)   $743        $1,006   (26%)
^4
Net Income^4        $105    $108    $130     (19%)   $462        $653     (29%)
Diluted Earnings    $0.43   $0.44   $0.50    (14%)   $1.84       $2.48    (26%)
Per Share^4
Operating Margin    30%     31%     34%      (4      32%         38%      (6
                                             ppts)                        ppts)
Adjusted EBITDA     42%     42%     45%      (3      43%         48%      (5
Margin                                       ppts)                        ppts)

     A full reconciliation of our non-GAAP results to our GAAP results is
^1   included in the attached tables. See also our statement on non-GAAP
     financial measures at the end of this earnings release.
^2   Includes activity assessment fees.
^3   Transaction-based expenses include Section 31 fees, liquidity payments
     and routing & clearing fees.
^4   Excludes merger expenses, exit costs and the BlueNext tax settlement.
      

“Our fourth quarter results were in line with the third quarter, but trailed
prior year. The impact of lackluster trading volumes was somewhat mitigated by
lower costs and lower share count. Operating expenses declined $24 million, or
6% in the fourth quarter and for the full-year 2012, excluding the impact of
currency fluctuations and new business initiatives, core operating expenses
were down $115 million from the 2011 expense base of $1,666 million, which far
exceeded the initial guidance of $63 million in Project 14 savings,” commented
Michael S. Geltzeiler, Group Executive Vice President and CFO, NYSE Euronext.
“Furthermore, we are continuing to deliver on our commitment to optimize the
business portfolio with the un-wind of BlueNext, the planned sale of all or
part of our MCX stake and our decision to move to ICE Clear, which will
increase savings and reduce investment costs in 2013.”

FOURTH QUARTER & FULL-YEAR 2012 CONSOLIDATED RESULTS

Total revenues, less transaction-based expenses, which include Section 31
fees, liquidity payments and routing and clearing fees (net revenue), were
$562 million in the fourth quarter of 2012, down $66 million, or 11% compared
to the fourth quarter of 2011 and included a $4 million negative impact from
foreign currency fluctuations. The $62 million decrease in net revenue, on a
constant currency basis, compared to the fourth quarter of 2011 was primarily
driven by lower average daily volumes (“ADV”), mostly attributable to the
derivatives business. For the full-year 2012, net revenue was $2,324 million,
a decrease of $348 million, or 13% compared to $2,672 million for full-year
2011 and included a $55 million negative impact from foreign currency
fluctuations. The $293 million decrease in net revenue, on a constant currency
basis, compared to full-year 2011 was driven primarily by lower ADV, mostly
attributable to the derivatives business.

Operating expenses, excluding merger expenses, exit costs and the BlueNext tax
settlement were $392 million in the fourth quarter of 2012, down $24 million,
or 6% compared to the fourth quarter of 2011. Excluding the impact of new
business initiatives and a $1 million positive impact attributable to foreign
currency fluctuations, other operating expenses were down $36 million, or 9%,
compared to the fourth quarter of 2011. For the full-year 2012, other
operating expenses on the same basis were $1,581 million compared to $1,666
million in 2011. Excluding the impact of acquisitions, new initiatives and a
$27 million positive impact attributable to foreign currency fluctuations,
other operating expenses were down 6% compared to full-year 2011.

For the full-year 2012, Project 14 savings were $115 million, which represents
46% of the total $250 million expected to be saved by the end of 2014, running
well above the 25%, or $63 million, originally expected for full-year 2012.

Operating income, excluding merger expenses, exit costs and the BlueNext tax
settlement, was $170 million, down $42 million, or 20% compared to the fourth
quarter of 2011 and included a $3 million negative impact attributable to
foreign currency fluctuations. For the full-year 2012, operating income on the
same basis was $743 million, a decrease of $263 million, or 26% compared to
$1,006 million for full-year 2011 and included a $28 million negative impact
attributable to foreign currency fluctuations.

Adjusted EBITDA, excluding merger expenses, exit costs and the BlueNext tax
settlement, was $234 million, down $46 million, or 16% compared to the fourth
quarter of 2011. Adjusted EBITDA margin was 42% in the fourth quarter of 2012,
compared to 45% in the fourth quarter of 2011. For the full-year 2012,
adjusted EBITDA on the same basis was $1,003 million, compared to $1,286
million for full-year 2011 representing a decrease of $283 million, or 22%.
Adjusted EBITDA margin for the full-year 2012 was 43% compared to 48% in 2011.

Loss from associates is primarily related to New York Portfolio Clearing. Net
(income) loss attributable to non-controlling interest consists primarily of
net income attributable to NYSE Amex Options which was partially offset by the
net loss attributable to NYSE Liffe U.S.

The effective tax rate for the fourth quarter and full-year 2012, excluding
merger expenses, exit costs, direct costs of refinancing and discrete tax
items, was 24% compared to approximately 26% for the fourth quarter and
full-year 2011 excluding the same items and the BlueNext tax settlement.

The weighted average diluted shares outstanding in the fourth quarter of 2012
was 244 million, down from 262 million in fourth quarter of 2011. During the
fourth quarter of 2012, a total of 1.1 million shares were repurchased at an
average price of $24.67 per share and for the full-year 2012, a total of 17.0
million shares were repurchased at an average price of $26.55.

At December 31, 2012, total debt was $2.5 billion. Total debt includes $0.4
billion remaining from the 4.8% June 2013 notes which we expect to retire in
the second quarter of 2013. Cash, cash equivalents and short term financial
investments (including $99 million related to Section 31 fees collected from
market participants and due to the SEC) were $0.4 billion and net debt was
$2.1 billion at the end of the fourth quarter of 2012. The ratio of
debt-to-EBITDA at the end of the fourth quarter of 2012 was 2.5.

On October 5, 2012, NYSE Euronext closed on its public offering of $850
million 2.00% notes due in October 2017. The proceeds from this offering were
used to fund the tender of $336 million of our outstanding $750 million 4.80%
notes due in June 2013 and €80 million of our €1 billion 5.375% notes due in
June 2015 and for other general corporate purposes, including the reduction in
outstanding commercial paper. As a result of the refinancing, recurring
interest expense declined by approximately $1 million in the fourth quarter of
2012.

Total capital expenditures were $66 million in the fourth quarter of 2012 and
$191 million for the full-year 2012.

Headcount as of December 31, 2012 of 3,079 was slightly above year-end 2011
with the addition of 99 employees from the acquisition of Corpedia in June of
2012 and increased staff for the UK derivatives clearing initiative.

The Board of Directors declared a cash dividend of $0.30 per share for the
first quarter of 2013. The first quarter 2013 dividend is payable on March 28,
2013 to shareholders of record as of the close of business on March 14, 2013.
The anticipated ex-date will be March 12, 2013.

FULL-YEAR 2013 GUIDANCE (NON-GAAP)

For the full-year 2013, management is providing the following guidance:

  * We are guiding total operating expenses to decline to approximately $1,525
    million on a reported basis at constant currency rates. When compared to
    Project 14 goals and the 2011 expense base of $1,666 million, we expect
    core operating expenses, on a constant currency basis and excluding
    discrete investments, to be approximately $1,465 million, which is about
    $200 million below the 2011 base.
  * The debt refinancing in the fourth quarter of 2012, is expected to save an
    annualized $15 million and $24 million in interest expense in 2013 and
    2014, respectively.
  * The anticipated effective tax rate is expected to be between 24% and 25%.
  * The ratio of debt-to-EBITDA is expected to be at, or below 2.0X in 2013,
    declining from 2.5X in 2012.
  * Total capital expenditures are expected to be approximately $150 million.

FOURTH QUARTER & FULL-YEAR 2012 SEGMENT RESULTS

Below is a summary of business segment results:

            Derivatives                        Cash Trading & Listings            Info. Svcs. & Tech. Solutions
($ in       Net         Operating   Adjusted   Net         Operating   Adjusted             Operating   Adjusted
millions)
            Revenue^1   Income^2    EBITDA^2   Revenue^1   Income^2    EBITDA^2   Revenue   Income^2    EBITDA^2
4Q12        $160        $63         $72        $282        $100        $141       $120      $35         $49
3Q12        $164        $68         $78        $282        $104        $145       $113      $23         $36
4Q11        $186        $86         $96        $315        $125        $168       $127      $31         $46
FY 2012     $682        $295        $334       $1,168      $450        $617       $473      $113        $167
FY 2011     $861        $473        $523       $1,323      $533        $715       $490      $126        $174

     Net revenue defined as total revenues less transaction-based expenses
^1   including Section 31 fees, liquidity payments and routing & clearing
     fees.
^2   Excludes merger expenses, exit costs and the BlueNext tax settlement.
      

DERIVATIVES

Derivatives net revenue of $160 million in the fourth quarter of 2012
decreased $26 million, or 14% compared to the fourth quarter of 2011 and
included a $1 million positive impact from foreign currency fluctuations. The
$27 million decrease in derivatives net revenue, on a constant currency basis,
compared to the fourth quarter of 2011, was driven by lower ADV. For the
full-year 2012, Derivatives net revenue of $682 million decreased $179
million, or 21%, and included a $12 million negative impact from foreign
currency fluctuations. The $167 million decrease in net revenue, on a constant
currency basis, compared to full-year 2011 was driven by a decline in ADV.

  * IntercontinentalExchange and NYSE Euronext announced that ICE Clear Europe
    Limited and LIFFE Administration and Management have entered into a
    clearing services agreement pursuant to which ICE Clear Europe will
    provide clearing services to the London market of NYSE Liffe.
  * İstanbul Menkul Kıymetler Borsası (IMKB) and NYSE Liffe, announced the
    launch of futures and options contracts based on some of the constituents
    of the IMKB 30 Index.
  * NYSE Liffe announced the expansion of Bclear, NYSE Liffe’s trade
    confirmation, administration and clearing service, with the introduction
    of Fixed Income products. The new contracts available through Bclear will
    be Three Month Euro (Euribor) Futures, Three Month Sterling (Short
    Sterling) Futures and Long Gilt Futures.
  * In 2012, NYSE Amex Options and NYSE Arca Options reached their highest
    combined market share of 28.5% in October, retaining the #1 or #2 position
    in U.S. equity options.
  * The new NYSE Liffe U.S. futures contracts based on the DTCC GCF Repo
    Index® were named ‘New Contract of the Year’ in Interest Rates by Futures
    and Options Week (FOW) Magazine at the 2012 FOW International Awards in
    London. Since launch in mid-July 2012, NYSE Liffe U.S. has traded more
    than 375,000 total contracts valued at nearly $2 trillion as of December
    17. Momentum continues to grow for GCF Repo futures with a new daily
    volume record set on January 18^th of 17,556 lots traded.

CASH TRADING AND LISTINGS

Cash Trading and Listings net revenue of $282 million in the fourth quarter of
2012 decreased $33 million, or 10% compared to the fourth quarter of 2011 and
included a $3 million negative impact from foreign currency fluctuations. The
$30 million decrease in net revenue, on a constant currency basis, compared to
the fourth quarter of 2011 was primarily driven by lower ADV. For the
full-year 2012, Cash Trading and Listings net revenue of $1,168 million
decreased $155 million, or 12%, and included a $29 million negative impact
from foreign currency fluctuations. The $126 million decrease in net revenue,
on a constant currency basis, compared to full-year 2011 was driven primarily
by a decline in ADV.

  * NYSE Euronext was ranked #1 in initial public offerings (IPOs) globally
    for the second consecutive year. NYSE Euronext raised $37 billion in total
    global proceeds on 120 IPOs. In the U.S., NYSE Euronext led the market
    with 79 IPOs and 17 transfers. NYSE Euronext has steadily captured share
    in technology-based IPOs. NYSE Euronext listed 53% of the technology IPOs
    in the U.S., including Exact Target Inc. (NYSE: ET), Millennial Media Inc.
    (NYSE: MM), Palo Alto Networks (NYSE:PANW), Service Now Inc (NYSE: NOW),
    Workday (NYSE: WDAY) and Yelp Inc. (NYSE: YELP).
  * In 2012, 17 companies moved or announced transfer to NYSE Euronext’s U.S.
    markets (15 to NYSE, 2 to NYSE MKT) with six departures from the NYSE and
    three from NYSE MKT. Of the 15 companies that moved or announced transfer
    to the NYSE in 2012, three were among the top 100 largest companies by
    market capitalization listed on Nasdaq - Infosys Ltd. (NYSE: INFY), TD
    Ameritrade Holding Corporation (NYSE: AMTD) and Teva Pharmaceutical
    Industries Ltd. (NYSE: TEVA). Both Teva and Infosys were previously in the
    Nasdaq-100 Index.
  * In 2012, NYSE Euronext welcomed 25 listings in Europe from a variety of
    sectors including healthcare, consumer goods, technology and
    telecommunications, raising total IPO proceeds of €2.7 billion ($3.5
    billion) and representing an aggregate market capitalization of €22.8
    billion ($30 billion). Key listings on NYSE Euronext's European platforms
    included: Ziggo (Euronext: ZIGGO), the Dutch cable operator launched NYSE
    Euronext's largest European IPO in 2012 on NYSE Euronext in Amsterdam,
    D.E. Masterblenders 1753 (Euronext: DE), the spin-off from ex-Sara Lee
    Corp, also listed on NYSE Euronext in Amsterdam; Groupe Eurotunnel
    (Euronext: GET), the first company to be admitted to trading on NYSE
    Euronext in London and BTG Pactual (Alternext: BTGP), Brazil's largest
    investment bank listed on NYSE Alternext in Amsterdam.
  * LCH.Clearnet SA, the Paris-based clearing house of LCH.Clearnet Group, and
    NYSE Euronext jointly announced an agreement on the main terms and
    conditions of a six year clearing contract with respect to NYSE Euronext’s
    continental cash equities markets. The new agreement commenced on January
    1, 2013 and will run through 2018. Under the new contract, LCH.Clearnet SA
    has further reduced clearing fees for clearing members by 20%.
  * European cash market share (value traded) in NYSE Euronext’s four core
    markets was 66% in the fourth quarter of 2012, in-line with the fourth
    quarter of 2011, but down from 68% in the third quarter of 2012.

INFORMATION SERVICES AND TECHNOLOGY SOLUTIONS

Information Services and Technology Solutions revenue was $120 million in the
fourth quarter of 2012, a decrease of $7 million, or 6% compared to the fourth
quarter of 2011 and included a $2 million negative impact from foreign
currency fluctuations. Revenue in the fourth quarter of 2012, however,
increased $7 million, or 7% compared to the third quarter of 2012 which
included a $2 million positive impact from foreign currency fluctuations.
Operating margin for the fourth quarter of 2012 returned to 29% from 20% in
the third quarter of 2012 and 24% in the fourth quarter of 2011. For the
full-year 2012, Information Services and Technology Solutions revenue of $473
million decreased $17 million, or 3%, and included a $14 million negative
impact from foreign currency fluctuations. The $3 million decrease in revenue,
on a constant currency basis, compared to full-year 2011 was driven by the
challenging environment for financial services technology sales which has
delayed client decisions on purchases of software and connectivity services.
Highlights for the fourth quarter of 2012 included:

  * Russell Indexes, a leading global index provider and NYSE Euronext, one of
    the world's premier exchange operators and technology innovators,
    announced a global alliance which includes the transition of RussellTick,
    an index feed for real-time, intra-day values for the Russell family of
    indexes in the U.S. and globally, to NYSE Technologies' Global Index Feed
    (GIF) protocol and extensive global distribution. The migration of
    RussellTick to NYSE Technologies' GIF protocol makes Russell the first
    major index family distributed through the global Secure Financial
    Transaction Infrastructure® (SFTI®) network. The alliance also includes a
    commitment to develop additional joint global services and products, such
    as new index-based options. Approximately $3.9 trillion in assets are
    currently benchmarked to the Russell Indexes globally.
  * Americas Trading Group (ATG) announced the formation of a new company that
    will develop a liquidity center targeting the Brazilian exchange market
    called Americas Trading System Brasil, or ATS Brasil. Utilizing trading
    solutions developed by NYSE Technologies, the technology unit of NYSE
    Euronext, ATS Brasil will offer customers a new equities matching platform
    in Latin America. ATG will maintain the controlling interest as well as
    operational management of the company with NYSE Technologies as a minority
    shareholder and the core technology provider.
  * NYSE Technologies announced the continued expansion of its Secure
    Financial Transaction Infrastructure (SFTI) in Asia with the introduction
    of two access centers located in Hong Kong. Customers now, for the first
    time, have direct access to the SFTI network, allowing them to connect to
    the NYSE Euronext capital markets community and all other major
    international trading venues.
  * NYSE Technologies announced the launch of the OpenMAMA Enterprise Edition
    as a part of its Open Platform. The OpenMAMA Enterprise Edition is a
    commercial offering that is a fully supported, tested and certified
    distribution of the industry standard Open Source Middleware Agnostic
    Messaging API (OpenMAMA1). It provides an open, vendor-neutral integration
    layer for a variety of middleware systems, including NYSE Technologies
    Data FabricSM.
  * NYSE Technologies announced the addition of the Appia Business Center, a
    management interface that allows front-end users to configure FIX
    infrastructure without special coding, to its FIX capabilities. With the
    new Appia Business Center, business users can build, maintain, and monitor
    their FIX infrastructure without the help of specialists to on-board new
    clients, communicate with new matching engines, or implement new rules.

The accompanying tables include information integral to assessing the
Company’s financial performance.

Analyst / Investor / Media Call: February 5, 2013 at 8:00 a.m. (NY / ET) /
2:00 p.m. (Paris / CET)

A presentation and live audio webcast of the fourth quarter and full-year 2012
earnings conference call will be available on the Investor Relations section
of NYSE Euronext’s website, http://www.nyseeuronext.com/ir. Those wishing to
listen to the live conference via telephone should dial-in at least ten
minutes before the call begins. An audio replay of the conference call will be
available approximately one hour after the call on the Investor Relations
section of NYSE Euronext’s website, http://www.nyseeuronext.com/ir or by
dial-in beginning approximately two hours following the conclusion of the live
call.

Live Dial-in Information:
United States: 866.203.2528
International: 617.213.8847
Passcode: 11676007
 
Replay Dial-in Information:
United States: 888.286.8010
International: 617.801.6888
Passcode: 41798941
 

Non-GAAP Financial Measures

To supplement NYSE Euronext’s consolidated financial statements prepared in
accordance with GAAP and to better reflect period-over-period comparisons,
NYSE Euronext uses non-GAAP financial measures of performance, financial
position, or cash flows that either exclude or include amounts that are not
normally excluded or included in the most directly comparable measure,
calculated and presented in accordance with GAAP. Non-GAAP financial measures
do not replace and are not superior to the presentation of GAAP financial
results, but are provided to (i) present the effects of certain merger
expenses, exit costs, disposal activities, the BlueNext tax settlement, debt
refinancing costs and discrete tax items, and (ii) improve overall
understanding of NYSE Euronext’s current financial performance and its
prospects for the future. Specifically, NYSE Euronext believes the non-GAAP
financial results provide useful information to both management and investors
regarding certain additional financial and business trends relating to
financial condition and operating results. In addition, management uses these
measures for reviewing financial results and evaluating financial performance.
The non-GAAP adjustments for all periods presented are based upon information
and assumptions available as of the date of this release.

NYSE Euronext Earnings News Release with Tables and Operating Data

About NYSE Euronext

NYSE Euronext (NYX) is a leading global operator of financial markets and
provider of innovative trading technologies. The company's exchanges in Europe
and the United States trade equities, futures, options, fixed-income and
exchange-traded products. With approximately 8,000 listed issues (excluding
European Structured Products), NYSE Euronext's equities markets - the New York
Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca -
represent one-third of the world’s equities trading, the most liquidity of any
global exchange group. NYSE Euronext also operates NYSE Liffe, one of the
leading European derivatives businesses and the world's second-largest
derivatives business by value of trading. The company offers comprehensive
commercial technology, connectivity and market data products and services
through NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more
information, please visit: http://www.nyx.com.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This communication contains “forward-looking statements” made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by words such
as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future”
or the negative of those terms or other words of similar meaning. You should
carefully read forward-looking statements, including statements that contain
these words, because they discuss our future expectations or state other
“forward-looking” information. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties which change over time. ICE and
NYSE Euronext caution readers that any forward-looking statement is not a
guarantee of future performance and that actual results could differ
materially from those contained in the forward-looking statement.

Forward-looking statements include, but are not limited to, statements about
the benefits of the proposed merger involving ICE and NYSE Euronext, including
future financial results, ICE’s and NYSE Euronext’s plans, objectives,
expectations and intentions, the expected timing of completion of the
transaction and other statements that are not historical facts. Important
factors that could cause actual results to differ materially from those
indicated by such forward-looking statements are set forth in ICE’s and NYSE
Euronext’s filings with the U.S. Securities and Exchange Commission (the
“SEC”). These risks and uncertainties include, without limitation, the
following: the inability to close the merger in a timely manner; the inability
to complete the merger due to the failure of NYSE Euronext stockholders to
adopt the merger agreement or the failure of ICE stockholders to approve the
issuance of ICE common stock in connection with the merger; the failure to
satisfy other conditions to completion of the merger, including receipt of
required regulatory and other approvals; the failure of the proposed
transaction to close for any other reason; the possibility that any of the
anticipated benefits of the proposed transaction will not be realized; the
risk that integration of NYSE Euronext’s operations with those of ICE will be
materially delayed or will be more costly or difficult than expected; the
challenges of integrating and retaining key employees; the effect of the
announcement of the transaction on ICE’s, NYSE Euronext’s or the combined
company’s respective business relationships, operating results and business
generally; the possibility that the anticipated synergies and cost savings of
the merger will not be realized, or will not be realized within the expected
time period; the possibility that the merger may be more expensive to complete
than anticipated, including as a result of unexpected factors or events;
diversion of management’s attention from ongoing business operations and
opportunities; general competitive, economic, political and market conditions
and fluctuations; actions taken or conditions imposed by the United States and
foreign governments or regulatory authorities; and adverse outcomes of pending
or threatened litigation or government investigations. In addition, you should
carefully consider the risks and uncertainties and other factors that may
affect future results of the combined company, as will be described in the
section entitled “Risk Factors” in the joint proxy statement/prospectus to be
delivered to ICE’s and NYSE Euronext’s respective shareholders, and as
described in ICE’s and NYSE Euronext’s respective filings with the SEC that
are available on the SEC’s web site located at www.sec.gov, including the
sections entitled “Risk Factors” in ICE’s Form 10-K for the fiscal year ended
December 31, 2011, as filed with the SEC on February 8, 2012, and ICE’s
Quarterly Reports on Form 10-Q for the quarters ended June 30, 2012, as filed
with the SEC on August 1, 2012, and September 30, 2012, as filed with the SEC
on November 5, 2012, and “Risk Factors” in NYSE Euronext’s Form 10-K for the
fiscal year ended December 31, 2011, as filed with the SEC on February 29,
2012, and NYSE Euronext’s Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2012, as filed with the SEC on May 4, 2012, and September 30,
2012, as filed with the SEC on November 8, 2012. You should not place undue
reliance on forward-looking statements, which speak only as of the date of
this communication. Except for any obligations to disclose material
information under the Federal securities laws, NYSE Euronext undertakes no
obligation to publicly update any forward-looking statements to reflect events
or circumstances after the date of this communication.

IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO FIND IT

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval. In
connection with the proposed transaction, ICE has filed with the SEC a
registration statement on Form S-4, which includes a joint proxy
statement/prospectus with respect to the proposed acquisition of NYSE
Euronext. The final joint proxy statement/prospectus will be delivered to the
stockholders of ICE and NYSE Euronext. INVESTORS AND SECURITY HOLDERS OF BOTH
ICE AND NYSE EURONEXT ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS
REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN ITS ENTIRETY, INCLUDING
ANY DOCUMENTS PREVIOUSLY FILED WITH THE SEC AND INCORPORATED BY REFERENCE INTO
THE JOINT PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS
TO THOSE DOCUMENTS, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION REGARDING
ICE, NYSE EURONEXT AND THE PROPOSED TRANSACTION. Investors and security
holders may obtain a free copy of the joint proxy statement/prospectus, as
well as other filings containing information about ICE and NYSE Euronext,
without charge, at the SEC’s website at http://www.sec.gov. Investors may also
obtain these documents, without charge, from ICE’s website at
http://www.theice.com and from NYSE Euronext’s website at http://www.nyx.com

PARTICIPANTS IN THE MERGER SOLICITATION

ICE, NYSE Euronext and their respective directors, executive officers and
other members of management and employees may be deemed to be participants in
the solicitation of proxies in respect of the transactions contemplated by the
Merger Agreement.

You can find information about ICE and ICE’s directors and executive officers
in ICE’s Annual Report on Form 10-K for the year ended December 31, 2011, as
filed with the SEC on February 8, 2012, and ICE’s proxy statement for its 2012
annual meeting of stockholders, as filed with the SEC on March 30, 2012.

You can find information about NYSE Euronext and NYSE Euronext’s directors and
executive officers in NYSE Euronext’s Annual Report on Form 10-K for the year
ended December 31, 2011, as filed with the SEC on February 29, 2012, and NYSE
Euronext’s proxy statement for its 2012 annual meeting of stockholders, filed
with the SEC on March 26, 2012.

Additional information about the interests of potential participants will be
included in the joint proxy statement/prospectuses, when it becomes available,
and the other relevant documents filed by ICE and NYSE Euronext with the SEC.

 
NYSE Euronext
Condensed consolidated statements of income (unaudited)
(in millions, except per share data)
                                                                      
                   Three months ended                    Year ended Dec. 31,
                   Dec. 31,     Sept.      Dec. 31,        2012        2011   
                   2012         30, 2012   2011
                                          
Revenues
Transaction and    $  565       $ 570      $ 701         $ 2,393     $ 3,162
clearing fees
Market data           85          85         90            348         371
Listing               114         112        112           448         446
Technology            87          81         95            341         358
services
Other revenues        58          54         56            219         215    
Total revenues        909         902        1,054         3,749       4,552
Transaction-based
expenses:
Section 31 fees       75          74         84            301         371
Liquidity
payments, routing     272         269        342           1,124       1,509  
and clearing
Total revenues,
less                  562         559        628           2,324       2,672  
transaction-based
expenses
Other operating
expenses
Compensation          144         145        159           601         638
Depreciation and      64          64         68            260         280
amortization
Systems and           43          44         45            176         188
communications
Professional          81          76         80            299         299
services
Selling, general      60          59         106           245         303
and administrative
Merger expenses       73          18         46            134         114    
and exit costs
Total other           465         406        504           1,715       1,822  
operating expenses
                                                                      
Operating income      97          153        124           609         850
Net interest and
investment income     (52   )     (28  )     (28   )       (136  )     (116  )
(loss)
Loss from             (3    )     (2   )     (4    )       (8    )     (9    )
associates
Net loss on
disposal              -           -          -             (2    )     -
activities
Other income          3           1          -             7           -      
(loss)
Income before         45          124        92            470         725
income taxes
Income tax
(provision)           (14   )     (12  )     4             (105  )     (122  )
benefit
Net income            31          112        96            365         603
Net (income) loss
attributable to       (3    )     (4   )     14            (17   )     16     
noncontrolling
interest
Net income
attributable to    $  28        $ 108      $ 110         $ 348       $ 619    
NYSE Euronext
                                                                      
Basic earnings per
share attributable $  0.12      $ 0.44     $ 0.43        $ 1.39      $ 2.37
to NYSE Euronext
                                                                      
Diluted earnings
per share          $  0.12      $ 0.44     $ 0.43        $ 1.39      $ 2.36
attributable to
NYSE Euronext
                                                                      
Basic weighted
average shares        243         246        260           250         261
outstanding
Diluted weighted
average shares        244         247        262           250         263    
outstanding
                                                                              

We use non-GAAP financial measures of operating performance. Non-GAAP measures
do not replace and are not superior to the presentation of our GAAP financial
results but are provided to improve overall understanding of our current
financial performance and our prospects for the future.

                 Three months ended                        Year ended Dec. 31,
Non-GAAP         Dec. 31,      Sept. 30,     Dec. 31,        2012       2011  
Reconciliation   2012          2012          2011
                                                                       
Income (loss)
before income    $  45         $  124        $  92         $ 470      $ 725
taxes - GAAP
Excluding:
Merger expenses     73            18            46           134        114
and exit costs
Debt refinancing    24            -             -            24         -
costs
BlueNext tax        -             -             42           -          42
settlement
Net loss on
disposal            -             -             -            2          -     
activities
Income before
income taxes -      142           142           180          630        881
as adjusted
Income tax          (34   )       (30   )       (47  )       (151 )     (227 )
provision
Net income - as     108           112           133          479        654
adjusted
Net (income)
loss
attributable to     (3    )       (4    )       14           (17  )     16
noncontrolling
interest
Excluding:
Noncontrolling
interest impact     -             -             (17  )       -          (17  )
on BlueNext tax
settlement
Net income
attributable to  $  105        $  108        $  130        $ 462      $ 653   
NYSE Euronext -
as adjusted
                                                                       
Diluted earnings
per share        $  0.43       $  0.44       $  0.50       $ 1.84     $ 2.48  
attributable to
NYSE Euronext
                                                                              

 
NYSE Euronext
Segment Results (unaudited)
(in millions)
                                                                                                                                                      
                      Three months ended                                                      Three months ended
                      December 31, 2012                                                       December 31, 2011
                                                Information                                                             Information                 
                                                Services      Corporate                                     Cash        Services       
                                                and                                                                     and
                                    Cash        Technology    and                                           Trading     Technology    Corporate
                                    Trading                                                                 and                       and
                      Derivatives   and         Solutions     Eliminations   Consolidated     Derivatives   Listings    Solutions     Eliminations   Consolidated
                                    Listings
                                                                                                                                                      
Revenues
Transaction and       $   198       $ 367       $   -         $   -          $  565           $  221        $ 480       $   -         $   -          $  701
clearing fees
Market data               10          42            33            -             85               13           46            31            -             90
Listing                   -           114           -             -             114              -            112           -             -             112
Technology                -           -             87            -             87               -            -             96            (1    )       95
services
Other revenues            13          45            -             -             58               10           45            -             1             56      
Total revenues            221         568           120           -             909              244          683           127           -             1,054
Transaction-based
expenses:
Section 31 fees           -           75            -             -             75               -            84            -             -             84
Liquidity
payments, routing         61          211           -             -             272              58           284           -             -             342     
and clearing
Total revenues, less
transaction-based         160         282           120           -             562              186          315           127           -             628
expenses
Depreciation and  [a]     9           41            14            -             64               10           43            15            -             68
amortization
BlueNext tax      [b]     -           -             -             -             -                -            42            -             -             42
settlement
Merger expenses
and exit costs    [c]     12          13            6             42            73               -            8             -             38            46
(M&E)
Other operating           88          141           71            28            328              90           147           81            30            348     
expenses
Operating income  [d] $   51        $ 87        $   29        $   (70   )    $  97            $  86         $ 75        $   31        $   (68   )    $  124     
- GAAP
                  [d]
Operating income  +
excluding M&E     [c] $   63        $ 100       $   35        $   (28   )    $  170           $  86         $ 125       $   31        $   (30   )    $  212     
                  +
                  [b]
                  [d]
                  +
                  [c]
Adjusted EBITDA   +   $   72        $ 141       $   49        $   (28   )    $  234           $  96         $ 168       $   46        $   (30   )    $  280     
                  [b]
                  +
                  [a]
                                                                                                                                                      
Operating margin
excluding M&E &           39   %      35    %       29   %        N/M           30     %         46     %     40    %       24   %        N/M           34     %
BlueNext tax
settlement
Adjusted EBITDA           45   %      50    %       41   %        N/M           42     %         52     %     53    %       36   %        N/M           45     %
margin
                                                                                                                                                      
                                                                                                                                                      
                      Year ended                                                              Year ended
                      December 31, 2012                                                       December 31, 2011
                                                Information                                                             Information
                                                Services      Corporate                                     Cash        Services
                                                and                                                                     and
                                    Cash        Technology    and                                           Trading     Technology    Corporate
                                    Trading                                                                 and                       and
                      Derivatives   and         Solutions     Eliminations   Consolidated     Derivatives   Listings    Solutions     Eliminations   Consolidated
                                    Listings
                                                                                                                                                      
Revenues
Transaction and       $   821       $ 1,572     $   -         $   -          $  2,393         $  1,046      $ 2,116     $   -         $   -          $  3,162
clearing fees
Market data               43          173           132           -             348              48           193           130           -             371
Listing                   -           448           -             -             448              -            446           -             -             446
Technology                -           -             341           -             341              -            -             360           (2    )       358
services
Other revenues            46          172           -             1             219              41           174           -             -             215     
Total revenues            910         2,365         473           1             3,749            1,135        2,929         490           (2    )       4,552
Transaction-based
expenses:
Section 31 fees           -           301           -             -             301              -            371           -             -             371
Liquidity
payments, routing         228         896           -             -             1,124            274          1,235         -             -             1,509   
and clearing
Total revenues, less
transaction-based         682         1,168         473           1             2,324            861          1,323         490           (2    )       2,672
expenses
Depreciation and  [a]     39          167           54            -             260              50           182           48            -             280
amortization
BlueNext tax      [b]     -           -             -             -             -                -            42            -             -             42
settlement
Merger expenses
and exit costs    [c]     33          28            18            55            134              3            19            4             88            114
(M&E)
Other operating           348         551           306           116           1,321            338          608           316           124           1,386   
expenses
Operating income  [d] $   262       $ 422       $   95        $   (170  )    $  609           $  470        $ 472       $   122       $   (214  )    $  850     
- GAAP
                  [d]
Operating income  +
excluding M&E     [c] $   295       $ 450       $   113       $   (115  )    $  743           $  473        $ 533       $   126       $   (126  )    $  1,006   
                  +
                  [b]
                  [d]
                  +
                  [c]
Adjusted EBITDA   +   $   334       $ 617       $   167       $   (115  )    $  1,003         $  523        $ 715       $   174       $   (126  )    $  1,286   
                  [b]
                  +
                  [a]
                                                                                                                                                      
Operating margin
excluding M&E &           43   %      39    %       24   %        N/M           32     %         55     %     40    %       26   %        N/M           38     %
BlueNext tax
settlement
Adjusted EBITDA           49   %      53    %       35   %        N/M           43     %         61     %     54    %       36   %        N/M           48     %
margin
                                                                                                                                                                

                         We use non-GAAP financial measures of operating
                         performance. Non-GAAP measures do not replace and are
                         not superior to the presentation of our GAAP
                         financial results but are provided to improve overall
N/M = Not meaningful     understanding of our current financial performance
                         and our prospects for the future.
                          

                                                              
NYSE Euronext
Fixed operating expenses (unaudited)
(in millions)
                                                                
Expense Base Development on a Constant $ /
Constant Portfolio Basis
                                                                
Fixed operating expenses for the three months      $ 465
ended December 31, 2012 - GAAP
Less:
Merger expenses and exit costs                       (73   )
                                                   $ 392
Excluding the impact of:
Currency translation                                 1
New business initiatives                             (13   )
                                                    
Fixed operating expenses for the three months      $ 380       [a]
ended December 31, 2012 - as adjusted
                                                                
Fixed operating expenses for the three months      $ 504
ended December 31, 2011 - GAAP
Less:
Merger expenses and exit costs                       (46   )
BlueNext tax settlement                              (42   )
                                                   $ 416       [b]
                                                                
Variance ($)                                       $ (36   )   [a] - [b] = [c]
Variance (%)                                         -9    %   [c] / [b]
                                                                
                                                                
Fixed operating expenses for the year ended        $ 1,715
December 31, 2012 - GAAP
Less:
Merger expenses and exit costs                       (134  )
                                                   $ 1,581
Excluding the impact of:
Currency translation                                 27
New business initiatives                             (42   )
                                                    
Fixed operating expenses for the year ended        $ 1,566     [a]
December 31, 2012 - as adjusted
                                                                
Fixed operating expenses for the year ended        $ 1,822
December 31, 2011 - GAAP
Less:
Merger expenses and exit costs                       (114  )
BlueNext tax settlement                              (42   )
                                                   $ 1,666     [b]
                                                                
Variance ($)                                       $ (100  )   [a] - [b] = [c]
Variance (%)                                         -6    %   [c] / [b]
                                                                
                                                                
Expense Base Development Versus Project 14
Cost Savings Plan
                                                                
Fixed operating expenses for the year ended        $ 1,715
December 31, 2012 - GAAP
Less:
Merger expenses and exit costs                       (134  )
New business initiatives                             (44   )
Currency translation^(1)                             14     
Fixed operating expenses for the year ended        $ 1,551     [a]
December 31, 2012 - as adjusted
                                                                
Fixed operating expenses for the year ended        $ 1,822
December 31, 2011 - GAAP
Less:
Merger expenses and exit costs                       (114  )
BlueNext tax settlement                              (42   )
Fixed operating expenses for the year ended        $ 1,666     [b]
December 31, 2011 - as adjusted
                                                                
                                                                
Year to Date Project 14 Cost Savings - ($)         $ 115       [b]-[a] = [c]
                                                                
Year to Date Project 14 Cost Savings - (%)           7     %   [c] / [b]
                                                                
Project 14 Cost Savings to date as % of total        46    %
$250 million plan
                                                                

(1)   We measure the Project 14 cost savings utilizing constant currency rates
      of $1.35 for the Euro and $1.60 for the Pound Sterling.
       
      We use non-GAAP financial measures of operating performance. Non-GAAP
      measures do not replace and are not superior to the presentation of our
      GAAP financial results but are provided to improve overall understanding
      of our current financial performance and our prospects for the future.
       

 
NYSE Euronext
Condensed consolidated statements of financial condition (unaudited)
(in millions)
                                                                     
                                                         December 31,
                                                          2012         2011 
                                                                       
Assets
Current assets:
Cash, cash equivalents, and short term financial         $ 380        $ 432
investments
Accounts receivable, net                                   405          497
Deferred income taxes                                      67           108
Other current assets                                       156          152
Total current assets                                       1,008        1,189
                                                                       
Property and equipment, net                                948          963
Goodwill                                                   4,163        4,027
Other intangible assets, net                               5,783        5,697
Deferred income taxes                                      74           594
Other assets                                               580          637
Total assets                                             $ 12,556     $ 13,107
                                                                       
Liabilities and equity
Accounts payable and accrued expenses                    $ 824        $ 992
Deferred revenue                                           138          130
Short term debt                                            454          39
Deferred income taxes                                      -            23
Total current liabilities                                  1,416        1,184
                                                                       
Long term debt                                             2,055        2,036
Deferred income taxes                                      1,435        1,900
Accrued employee benefits                                  602          620
Deferred revenue                                           378          371
Other liabilities                                          27           63
Total liabilities                                          5,913        6,174
                                                                       
Redeemable noncontrolling interest                         274          295
                                                                       
Equity                                                     6,369        6,638
                                                                       
Total liabilities and equity                             $ 12,556     $ 13,107
                                                                         

                                                                                                                                                                                                            
NYSE Euronext
Selected Statistical Data:
Volume Summary
                                                                                                                                                                                                              
                  Average Daily Volume                                         Total Volume                                                    Average Daily Volume              Total Volume
                                            % ∆                    % ∆                                     % ∆                     % ∆
(Unaudited)       4Q12         3Q12         4Q12      4Q11         4Q12        4Q12          3Q12          4Q12      4Q11          4Q12        FY 2012    FY 2011    % ∆         FY 2012       FY 2011       % ∆
                                            vs.                    vs.                                     vs.                     vs.
                                            3Q12                   4Q11                                    3Q12                    4Q11
                                                                                                                                                                                                              
Number of
Trading Days -      64           65                     64                       64            65                      64                      256        257                    256           257
European Cash
Number of
Trading Days -      64           65                     64                       64            65                      64                      257        257                    257           257
European
Derivatives
Number of
Trading Days -      62           63                     63                       62            63                      63                      250        252                    250           252
U.S. Markets
                                                                                                                                                                                                              
European
Derivatives
Products            3,534        3,383      4.5   %     3,615      -2.3  %       226,159       219,866     2.9   %     231,383     -2.3  %     3,719      4,469      -16.8 %     955,802       1,148,498     -16.8 %
(contracts in
thousands)
of which Bclear     1,190        829        43.6  %     868        37.1  %       76,142        53,856      41.4  %     55,525      37.1  %     1,103      1,141      -3.3  %     283,554       293,243       -3.3  %
Avg. Net
Revenue Per       $ 0.673      $ 0.657      2.4   %   $ 0.698      -3.6  %     $ 0.673       $ 0.657       2.4   %   $ 0.698       -3.6  %
Contract (ex.
Bclear)
Avg. Net
Revenue Per
Contract (ex.     $ 0.673      $ 0.667      0.9   %   $ 0.713      -5.6  %     $ 0.673       $ 0.667       0.9   %   $ 0.713       -5.6  %
Bclear) -
Currency
Neutral
                                                                                                                                                                                                              
Total Interest      1,562        1,731      -9.8  %     1,802      -13.3 %       99,978        112,531     -11.2 %     115,305     -13.3 %     1,754      2,250      -22.0 %     450,896       578,255       -22.0 %
Rate Products^1
                                                                                                                                                                                                              
Short Term
Interest Rate       1,406        1,583      -11.2 %     1,668      -15.7 %       89,977        102,912     -12.6 %     106,737     -15.7 %     1,602      2,111      -24.1 %     411,806       542,541       -24.1 %
Products
Medium and Long
Term Interest       156          148        5.6   %     134        16.7  %       10,001        9,619       4.0   %     8,568       16.7  %     152        139        9.5   %     39,089        35,714        9.5   %
Rate Products
                                                                                                                                                                                                              
Total Equity        1,875        1,551      20.9  %     1,742      7.6   %       120,005       100,803     19.0  %     111,480     7.6   %     1,875      2,138      -12.3 %     481,969       549,513       -12.3 %
Products^2
                                                                                                                                                                                                              
Individual          1,430        1,100      30.0  %     1,215      17.7  %       91,542        71,513      28.0  %     77,775      17.7  %     1,398      1,560      -10.4 %     359,382       401,004       -10.4 %
Equity Products
Futures             1,049        696        50.6  %     707        48.3  %       67,140        45,265      48.3  %     45,273      48.3  %     959        974        -1.6  %     246,542       250,442       -1.6  %
Options             381          404        -5.6  %     508        -24.9 %       24,402        26,248      -7.0  %     32,503      -24.9 %     439        586        -25.1 %     112,841       150,562       -25.1 %
Equity Index        445          451        -1.3  %     527        -15.6 %       28,463        29,290      -2.8  %     33,705      -15.6 %     477        578        -17.5 %     122,587       148,509       -17.5 %
Products
                                                                                                                                                                                                              
of which Bclear     1,190        829        43.6  %     868        37.1  %       76,142        53,856      41.4  %     55,525      37.1  %     1,103      1,141      -3.3  %     283,554       293,243       -3.3  %
Individual          1,106        754        46.7  %     789        40.2  %       70,803        49,014      44.5  %     50,508      40.2  %     1,027      1,060      -3.1  %     263,840       272,384       -3.1  %
Equity Products
Futures             1,038        670        54.9  %     698        48.8  %       66,435        43,560      52.5  %     44,658      48.8  %     938        959        -2.2  %     240,967       246,425       -2.2  %
Options             68           84         -18.7 %     91         -25.3 %       4,368         5,454       -19.9 %     5,850       -25.3 %     89         101        -11.9 %     22,873        25,959        -11.9 %
Equity Index        83           74         12.0  %     78         6.4   %       5,339         4,842       10.3  %     5,017       6.4   %     77         81         -5.5  %     19,714        20,858        -5.5  %
Products
                                                                                                                                                                                                              
Commodity           97           100        -4.0  %     72         34.3  %       6,176         6,532       -5.4  %     4,598       34.3  %     89         81         10.6  %     22,937        20,730        10.6  %
Products
                                                                                                                                                                                                              
U.S.
Derivatives
Products
(contracts in
thousands)
Avg. Net
Revenue Per
Contract (ex.     $ 0.142      $ 0.144      -1.4  %   $ 0.148      -4.1  %     $ 0.142       $ 0.144       -1.4  %   $ 0.148       -4.1  %
Liffe U.S.
volumes)
                                                                                                                                                                                                              
Equity Options      4,000        3,533      13.2  %     4,286      -6.7  %       248,007       222,578     11.4  %     270,024     -8.2  %     3,893      4,406      -11.6 %     973,140       1,110,193     -12.3 %
Contracts^3
Total
Consolidated        14,318       13,812     3.7   %     15,497     -7.6  %       887,740       870,150     2.0   %     976,280     -9.1  %     14,727     16,764     -12.2 %     3,681,821     4,224,605     99.8  %
Options
Contracts
                                                                                                                                                                                                              
Share of Total
Consolidated        27.9   %     25.6   %               27.7   %                 27.9    %     25.6    %               27.7    %               26.4   %   26.3   %               26.4      %   26.3      %
Options
Contracts
                                                                                                                                                                                                              
NYSE Liffe U.S.
                                                                                                                                                                                                              
Futures and
Futures Options     55.2         66.4       -16.8 %     91.2       -39.4 %       3,591.0       4,247.6     -15.5 %     5,837.8     -38.5 %     72.7       81.2       -10.4 %     18,769.2      20,937.6      -10.4 %
Volume*
                                                                                                                                                                                                              
European Cash
Products            1,179        1,318      -10.6 %     1,585      -25.6 %       75,457        85,695      -11.9 %     101,450     -25.6 %     1,445      1,711      -15.5 %     370,013       439,717       -15.9 %
(trades in
thousands)
Avg. Net
Revenue Per       $ 0.583      $ 0.537      8.6   %   $ 0.582      0.2   %     $ 0.583       $ 0.537       8.6   %   $ 0.582       0.2   %
Transaction
Avg. Net
Revenue Per
Transaction -     $ 0.583      $ 0.556      4.9   %   $ 0.560      4.1   %     $ 0.583       $ 0.556       4.9   %   $ 0.560       4.1   %
Currency
Neutral
                                                                                                                                                                                                              
Equities            1,134        1,272      -10.9 %     1,522      -25.5 %       72,560        82,698      -12.3 %     97,434      -25.5 %     1,396      1,644      -15.1 %     357,365       422,517       -15.4 %
Exchange-Traded     12           13         -5.5  %     20         -40.5 %       762           819         -6.9  %     1,281       -40.5 %     13         21         -35.0 %     3,412         5,270         -35.2 %
Funds
Structured          28           28         -2.3  %     38         -27.4 %       1,760         1,831       -3.8  %     2,426       -27.4 %     31         41         -25.7 %     7,886         10,649        -26.0 %
Products
Bonds               6            5          9.4   %     5          21.0  %       375           348         7.7   %     309         21.0  %     5          5          5.8   %     1,350         1,281         5.3   %
                                                                                                                                                                                                              
U.S. Cash
Products            1,551        1,583      -2.1  %     2,133      -27.3 %       96,158        99,758      -3.6  %     134,373     -28.4 %     1,685      2,283      -26.2 %     421,338       575,223       -26.8 %
(shares in
millions)
Avg. Net
Revenue Per 100   $ 0.0399     $ 0.0401     -0.5  %   $ 0.0394     1.3   %     $ 0.0399      $ 0.0401      -0.5  %   $ 0.0394      1.3   %
Shares Handled
                                                                                                                                                                                                              
NYSE Listed
(Tape A) Issues
^4
                                                                                                                                                                                                              
Handled Volume      1,115        1,134      -1.7  %     1,490      -25.2 %       69,126        71,463      -3.3  %     93,849      -26.3 %     1,207      1,607      -24.9 %     301,769       404,910       -25.5 %
^5
Matched Volume      1,069        1,078      -0.9  %     1,412      -24.3 %       66,250        67,921      -2.5  %     88,942      -25.5 %     1,147      1,523      -24.7 %     286,785       383,863       -25.3 %
^6
Total NYSE
Listed              3,405        3,412      -0.2  %     4,172      -18.4 %       211,117       214,981     -1.8  %     262,852     -19.7 %     3,659      4,370      -16.3 %     914,654       1,101,268     -16.9 %
Consolidated
Volume
                                                                                                                                                                                                              
Share of Total
Consolidated
Volume
Handled Volume      32.7   %     33.2   %               35.7   %                 32.7    %     33.2    %               35.7    %               33.0   %   36.8   %               33.0      %   36.8      %
^5
Matched Volume      31.4   %     31.6   %               33.8   %                 31.4    %     31.6    %               33.8    %               31.4   %   34.9   %               31.4      %   34.9      %
^6
                                                                                                                                                                                                              
NYSE Arca, MKT
and Regional
(Tape B) Listed
Issues
                                                                                                                                                                                                              
Handled Volume      225          222        1.1   %     372        -39.7 %       13,928        14,005      -0.5  %     23,458      -40.6 %     248        381        -35.0 %     61,957        96,040        -35.5 %
^5
Matched Volume      208          202        2.8   %     335        -38.0 %       12,889        12,741      1.2   %     21,120      -39.0 %     225        343        -34.6 %     56,127        86,460        -35.1 %
^6
Total NYSE Arca
& NYSE MKT
Listed              971          939        3.3   %     1,452      -33.1 %       60,182        59,184      1.7   %     91,461      -34.2 %     1,055      1,474      -28.4 %     263,832       371,409       -29.0 %
Consolidated
Volume
                                                                                                                                                                                                              
Share of Total
NYSE Arca &
NYSE MKT Listed
Consolidated
Volume
Handled Volume      23.1   %     23.7   %               25.6   %                 23.1    %     23.7    %               25.6    %               23.5   %   25.9   %               23.5      %   25.9      %
^5
Matched Volume      21.4   %     21.5   %               23.1   %                 21.4    %     21.5    %               23.1    %               21.3   %   23.3   %               21.3      %   23.3      %
^6
                                                                                                                                                                                                              
Nasdaq Listed
Issues (Tape C)
                                                                                                                                                                                                              
Handled Volume      211          227        -6.8  %     271        -22.0 %       13,104        14,289      -8.3  %     17,066      -23.2 %     230        295        -21.8 %     57,612        74,274        -22.4 %
^5
Matched Volume      189          196        -3.8  %     234        -19.4 %       11,688        12,342      -5.3  %     14,727      -20.6 %     199        254        -21.6 %     49,756        63,941        -22.2 %
^6
Total Nasdaq
Listed              1,736        1,661      4.5   %     1,854      -6.4  %       107,620       104,663     2.8   %     116,830     -7.9  %     1,749      2,022      -13.5 %     437,168       509,421       -14.2 %
Consolidated
Volume
                                                                                                                                                                                                              
Share of Total
Nasdaq Listed
Consolidated
Volume
Handled Volume      12.2   %     13.7   %               14.6   %                 12.2    %     13.7    %               14.6    %               13.2   %   14.6   %               13.2      %   14.6      %
^5
Matched Volume      10.9   %     11.8   %               12.6   %                 10.9    %     11.8    %               12.6    %               11.4   %   12.6   %               11.4      %   12.6      %
^6
                                                                                                                                                                                                              
Exchange-Traded
Funds ^5,7
                                                                                                                                                                                                              
Handled Volume      213          205        3.9   %     359        -40.7 %       13,193        12,903      2.3   %     22,619      -41.7 %     233        360        -35.4 %     58,195        90,741        -35.9 %
^5
Matched Volume      197          186        5.9   %     323        -38.9 %       12,229        11,739      4.2   %     20,350      -39.9 %     211        324        -34.9 %     52,682        81,632        -35.5 %
^6
Total ETF
Consolidated        940          890        5.6   %     1,433      -34.4 %       58,263        56,048      4.0   %     90,268      -35.5 %     1,020      1,420      -28.2 %     255,004       357,841       -28.7 %
Volume
                                                                                                                                                                                                              
Share of Total
ETF
Consolidated
Volume
Handled Volume      22.6   %     23.0   %               25.1   %                 22.6    %     23.0    %               25.1    %               22.8   %   25.4   %               22.8      %   25.4      %
^5
Matched Volume      21.0   %     20.9   %               22.5   %                 21.0    %     20.9    %               22.5    %               20.7   %   22.8   %               20.7      %   22.8      %
^6
                                                                                                                                                                                                              

^1   Data includes currency products.
^2   Includes trading activities for Bclear, NYSE Liffe's service for Equity
     OTC derivatives.
^3   Includes trading in U.S. equity options contracts, not equity-index
     options.
^4   Includes all volume executed in NYSE Euronext's U.S. crossing sessions.
     Represents the total number of shares of equity securities and ETFs
^5   internally matched on the NYSE Euronext's U.S. exchanges or routed to and
     executed at an external market center. NYSE Arca routing includes
     odd-lots.
^6   Represents the total number of shares of equity securities and ETFs
     executed on the NYSE Euronext's U.S. exchanges.
^7   Data included in previously identified categories.
^*   ADVs calculated with the appropriate number of NYSE Liffe U.S. trading
     days.
     Source: NYSE Euronext, Options Clearing Corporation and Consolidated Tape
     as reported for equity securities.
     All trading activity is single-counted, except European cash trading
     which is double counted to include both buys and sells.
      

*Story too large*
 
NYSE Euronext
Selected Statistical Data:
Other Operating Statistics
                                                                       
              Three Months Ended                                 Full Year
(Unaudited)   Dec. 31, 2012   Sept. 30, 2012   Dec. 31, 2011     2012   2011

[TRUNCATED]
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