Q3 15 results presentation final unencrypted

1. Third quarter 2015 financial
results
November 10th, 2015

2. 2
Important notice
Forward-looking statements
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to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking
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Non-IFRS financial measures
This presentation also includes measures defined by the SEC as non-IFRS financial measures. Markit believes that these non-IFRS
measures can provide useful supplemental information to securities analysts, investors and other interested parties regarding financial and
business trends relating to its financial condition and results of operations when read in conjunction with the company’s reported results.
Definitions and reconciliations of these non-IFRS measures to most directly comparable IFRS financial measures are available in the
Appendix of this presentation and in Markit’s earnings release dated November 10th, 2015.
Copyright ©2015, Markit Group Limited. All rights reserved and all intellectual property rights are retained by Markit.

3. 3
Agenda
Third quarter 2015 overview
Lance Uggla, CEO
Third quarter and nine months 2015 financial results
Jeff Gooch, CFO
Appendix

4. 4
Third quarter 2015 overview
Lance Uggla

5. 5
Q3 2015 overview
Q3 2015 financial highlights and recent developments
─ Revenue increased +5.6% on a constant currency basis
─ Information organic revenue growth +5.1%
─ Solutions organic revenue growth +13.1%, acquired growth +10.7%
─ Processing organic revenue decline (13.6)%, acquired growth +1.2%
─ Continued profitability with strong margins maintained
─ Adjusted EBITDA margin of 44.9%
─ Adjusted Earnings of $68.2 million
─ Adjusted diluted EPS of $0.37
─ Closed acquisitions of DealHub and CoreOne Technologies
─ Agreed to US antitrust class action settlement related to CDS
─ Announced the launch of Know Your Third Party (KY3PTM)

6. 6
Q3 and 9 months 2015 financial results
Jeff Gooch

7. 7
Q3 and 9M 2015 financial results
Summary financial results
($ million)
Q3 2015 Q3 2014 YoY% 9M 2015 9M 2014 YoY%
Revenue 277.3 269.7 2.8% 821.9 793.7 3.6%
Constant currency growth - - 5.6% - - 6.8%
Adjusted EBITDA (1) 123.5 126.8 (2.6)% 365.1 363.5 0.4%
Adjusted EBITDA margin (2) 44.9% 47.3% N/A 44.7% 45.9% N/A
Adjusted Earnings (3) 68.2 68.7 (0.7)% 205.1 209.9 (2.3)%
Adjusted EPS, diluted (4) $0.37 $0.37 - $1.08 $1.14 (5.3)%
Weighted average number of shares
used to compute earnings per share,
diluted (million)
185.4 187.9 (1.3)% 190.4 183.6 3.7%
1. Adjusted EBITDA is defined as profit for the period from continuing operations before income taxes, net finance costs, depreciation and amortisation on fixed assets and
intangible assets (including acquisition related intangible assets), acquisition related items, exceptional items, share based compensation and related items, net other
gains or losses, including Adjusted EBITDA attributable to joint ventures and excluding Adjusted EBITDA attributable to non-controlling interests.
2. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue, excluding revenue attributable to non-controlling interests.
3. Adjusted Earnings is defined as profit for the period from continuing operations before amortisation of acquired intangibles, acquisition related items, exceptional items,
share based compensation and related items, net other gains or losses and unwind of discount, less the tax effect of these adjustments and excluding Adjusted Earnings
attributable to non-controlling interests.
4. Adjusted EPS diluted is defined as Adjusted Earnings divided by the weighted average number of shares used to compute earnings per share diluted.

8. 8
Q3 and 9M 2015 financial results
Revenue growth
($ million)
$269.7
$6.2
$8.8 $(7.4)
$277.3
Q3 2014
revenue
Organic
growth
Acquired
growth
FX /
Currency
impact
Q3 2015
revenue
+2.3%
(2.8)%
+3.3%
+2.8%
Q3 2015 vs. Q3 2014
$793.7
$35.4 $18.5 $(25.7)
$821.9
9M 2014
revenue
Organic
growth
Acquired
growth
FX /
Currency
impact
9M 2015
revenue
+4.5%
+2.3%
(3.2)%
+3.6%
9M 2015 vs. 9M 2014

9. 9
53.6% 57.4%
41.3% 36.5%
5.1% 6.1%
Q3 2014 Q3 2015
Non-recurring
revenue
Recurring variable
revenue
Recurring fixed
revenue
Q3 and 9M 2015 financial results
Revenue mix
($ million) Q3 2015 % Q3 2014 % YoY % YoY
Recurring fixed $159.1 57.4% $144.6 53.6% $14.5 10.0%
Recurring variable $101.2 36.5% $111.4 41.3% $(10.2) (9.2)%
Non-recurring $17.0 6.1% $13.7 5.1% $3.3 24.1%
Total Revenue $277.3 $269.7 $7.6
Q3 overview:
─ Maintained total recurring
revenue at ~94%
─ Recurring fixed revenue
grew 10%, primarily due to
new business wins in
Information and Solutions
─ Recurring variable revenue
decrease driven by
Processing
─ Q3 renewal rate c. 90%

10. 10
Q3 and 9M 2015 financial results
Operating and exceptional expenses
($ million)
Q3 2015 Q3 2014 YoY% 9M 2015 9M 2014 YoY%
Personnel
costs
(87.9) (86.7) 1.4% (271.6) (265.1) 2.5%
Non
personnel
costs
(61.8) (55.9) 10.6% (173.4) (164.8) 5.2%
Total
operating
expenses
(149.7) (142.6) 5.0% (445.0) (429.9) 3.5%
Exceptional
costs
(45.5) (9.4) n/a (48.7) (51.8) n/a
Q3 overview:
─ Operating expenses
increased due to
acquisitions, continued
investment in new product
development, increased
royalties and SOX
implementation
─ $45m exceptional costs
relate to settlement of US
antitrust class action lawsuit

11. 11
Q3 and 9M 2015 financial results
Information
($ million)
123.4 126.1
61.1 62.3
0
20
40
60
80
100
120
140
Q3 2014 Q3 2015
Revenue Adjusted EBITDA
+2.2% Q3 overview:
─ Growth across fixed income
pricing and reference data
products
─ Double digit organic growth
in Indices
─ Maintained YTD adjusted
EBITDA margin
Organic
revenue
growth
+5.1%
Q3 2015 Q3 2014 YoY% 9M 2015 9M 2014 YoY %
Revenue 126.1 123.4 2.2% 370.0 363.3 1.8%
Organic growth - - 5.1% - - 5.4%
Adjusted EBITDA 62.3 61.1 2.0% 179.8 174.9 2.8%
Adjusted EBITDA margin 49.4% 49.5% (0.1)% 48.6% 48.1% 0.5%

12. 12
Q3 and 9M 2015 financial results
Processing
($ million)
Q3 overview:
─ Derivatives processing: rates volume
increases offset by price changes
and adverse FX movements, and
continued weakness in credit
volumes
─ Loans processing: contraction in
primary loan issuance from prior
quarter
─ DealHub acquisition (closed Sept 1)
contributing 1.2% to revenue growth
72.2
61.3
41.9
31.4
0
10
20
30
40
50
60
70
80
Q3 2014 Q3 2015
Revenue Adjusted EBITDA
(15.1)%
Q3 2015 Q3 2014 YoY% 9M 2015 9M 2014 YoY %
Revenue 61.3 72.2 (15.1)% 196.2 216.4 (9.3)%
Organic growth - - (13.6%) - - (6.1)%
Acquisition related - - 1.2% - - 0.4%
Adjusted EBITDA 31.4 41.9 (25.1)% 103.0 120.1 (14.2)%
Adjusted EBITDA margin 51.2% 58.0% (6.8)% 52.5% 55.5% (3.0)%
Organic
revenue
growth
(13.6)%

13. 13
Q3 and 9M 2015 financial results
Solutions
($ million)
74.1
89.9
24.1
30.4
0
10
20
30
40
50
60
70
80
90
100
Q3 2014 Q3 2015
Revenue Adjusted EBITDA
+21.3%
Q3 2015 Q3 2014 YoY% 9M 2015 9M 2014 YoY%
Revenue 89.9 74.1 21.3% 255.7 214.0 19.5%
Organic growth - - 13.1% - - 13.6%
Acquisition related - - 10.7% - - 8.2%
Adjusted EBITDA 30.4 24.1 26.1% 84.0 68.8 22.1%
Adjusted EBITDA margin 33.8% 32.5% 1.3% 32.9% 32.1% 0.7%
Q3 overview:
─ Largest products in Managed
Services and Enterprise software
(On Demand, WSO, EDM)
continued to drive organic growth
─ Acquisition related revenue
growth driven by Information
Mosaic, Tax Solutions and
thinkFolio
─ Integration of Information Mosaic
on track
Organic
revenue
growth
+13.1%

14. 14
Q3 and 9M 2015 financial results
Net debt / leverage
($ million)
September
30th, 2015
December
31st, 2014
Bank borrowings 497.1 224.5
Share buyback 149.5 211.1
Total borrowings 646.6 435.6
Cash and cash equivalents (283.6) (117.7)
Net debt 363.0 317.9
LTM Adjusted EBITDA (1) 489.8 488.2
Leverage (2) 0.74x 0.65x
9M overview:
─ Borrowings increased due to
acquisitions of Information
Mosaic and DealHub for $100.2
million
─ On November 4, 2015 we
completed a $500m private
placement of debt with $210m at
3.73% (due 2022) and $290m at
4.05% (due 2025)
1) LTM Adjusted EBITDA is defined as Adjusted EBITDA for the previous twelve month period to date reported
2) Leverage is defined as net debt divided by LTM Adjusted EBITDA

15. 15
Appendix

16. 16
Q3 and 9M 2015 financial results
Shares outstanding
Summary
─ Average share price is a key driver of the
dilution calculation, an indicative estimate of
the impact of share price fluctuations on
diluted share count is shown in the table
─ Weighted average number of shares, diluted
is calculated in accordance with IFRS
─ The majority of options with a strike price
below $26.70 vested on IPO
─ Options with a strike price at $26.70 largely
vest in tranches over a 5 year period from
IPO date or January 2014
─ Option exercises will generate substantial
cash inflows as well as cash tax benefits
(million except share price) Q3 2015 Q3 2014
Number of shares outstanding at the reporting date 179.6 181.7
Weighted average number of shares, basic 175.8 180.0
Option dilution 8.1 6.9
Restricted shares dilution 1.5 1.0
Weighted average number of shares, diluted 185.4 187.9
Share price used for quarter end dilution calculation $28.11 $25.14
Illustrative average
share price
Illustrative diluted average
number of shares (million)
$24 181.2
$27 183.7
$30 188.3
$33 192.3
Exercise price Outstanding (million) Unvested (million)
< $15.00 3.3 –
$15.00- $19.99 3.1 –
$20.00- $26.69 16.9 6.2
> $26.69 30.4 27.5
Total 53.7 33.7
Three months ended September 30th – Reported
Illustrative weighted average diluted number of shares three
months ended September 30th 2015
Total outstanding options at September 30th 2015

17. 17
Q3 and 9M 2015 financial results
Reconciliation to Adjusted EBITDA
($ million)
Q3 2015 Q3 2014 9M 2015 9M 2014 FY2014
LTM ended
Sep 2015
Profit for the period 6.5 79.2 105.5 148.4 164.1 121.2
Income tax expense 6.7 11.6 50.1 36.8 56.5 69.8
Finance costs – net 3.9 4.5 11.7 12.8 16.9 15.8
Depreciation and amortisation - other 26.9 25.1 78.2 71.9 100.1 106.4
Amortisation – acquisition related 16.5 15.0 45.3 43.3 57.9 59.9
Acquisition related items 2.2 (16.0) 2.2 (11.0) (12.4) 0.8
Exceptional items 45.5 9.4 48.7 51.8 84.9 81.8
Share based compensation and related
items
17.6 0.7 36.2 6.8 16.0 45.4
Other (gains) / losses – net (1.0) (2.4) (9.1) 3.0 6.0 (6.1)
Share of results from joint venture not
attributable to Adjusted EBITDA
(0.7) -- (2.0) - (1.1) (3.1)
Adjusted EBITDA attributable to non-
controlling interests
(0.6) -(0.3) (1.7) (0.3) (0.7) (2.1)
Adjusted EBITDA 123.5 126.8 365.1 363.5 488.2 489.8

18. 18
Q3 and 9M 2015 financial results
Reconciliation to Adjusted Earnings
($ million)
Q3 2015 Q3 2014 9M 2015 9M 2014
Profit for the period 6.5 79.2 105.5 148.4
Amortisation – acquisition related 16.5 15.0 45.3 43.3
Acquisition related items 2.2 (16.0) 2.2 (11.0)
Exceptional items 45.5 9.4 48.7 51.8
Share based compensation and related items 17.6 0.7 36.2 6.8
Other (gains) / losses – net (1.0) (2.4) (9.1) 3.0
Unwind of discount
(1)
2.2 2.9 7.0 7.8
Tax effect of above adjustments (20.7) (20.4) (29.0) (40.5)
Adjusted Earnings attributable to non-controlling interests (0.6) 0.3 (1.7) 0.3
Adjusted Earnings 68.2 68.7 205.1 209.9
Weighted average number of shares for computation of
earnings per share, diluted
185,388,002 187,893,323 190,442,937 183,630,386
1. Unwind of discount represents the non-cash unwinding of discount, recorded through finance costs – net in the income statement, primarily in relation to our share buyback liability.

19. 19
Q3 and 9M 2015 financial results
Definitions
Revenue growth
We measure revenue growth in terms of organic revenue growth, acquisition related revenue growth, foreign currency impact on revenue growth and constant currency revenue growth. We
define these components as follows:
Organic – Revenue growth from continuing operations from factors other than acquisitions and foreign currency fluctuations. We derive organic revenue growth from the development of new
products and services, increased penetration of existing products and services to new and existing customers, price changes for our products and services and market driven factors such as
increased trading volumes or changes in customer assets under management.
Acquisition related – Revenue growth from acquired businesses through the end of the fiscal year following the fiscal year in which the acquisition was completed. This growth results from our
strategy of making targeted acquisitions that facilitate growth by complementing our existing products and services and addressing market opportunities.
Foreign currency – The impact on revenue growth resulting from the difference between current revenue at current exchange rates and current revenue at the corresponding prior period
exchange rates.
Constant currency – Total revenue growth, excluding the impact of exchange rate movements from the prior period to the current period. This is equal to the combination of organic and
acquisition related revenue growth, as described above.
Revenue by type
Revenue by type is how we classify the income recognised from the sale of our products and services into three groups as defined below:
Recurring fixed revenue – Revenue generated from contracts specifying a fixed fee for services delivered over the life of the contract. The fixed fee is typically paid annually, semiannually or
quarterly in advance. These contracts are typically subscription contracts where the revenue is recognised across the life of the contract. The initial term of these contracts can range from one to
five years and usually includes auto-renewal clauses.
Recurring variable revenue – Revenue derived from contracts that specify a fee for services which is typically not fixed. The variable fee is typically paid monthly in arrears. Recurring variable
revenue is based on, among other factors, the number of trades processed, assets under management or the number of positions we value. Many of these contracts do not have a maturity
date while the remainder have an initial term ranging from one to five years.
Non-recurring revenue – Revenue that relates to certain software license sales and the associated consulting revenue.
Other Non-IFRS Measures
Adjusted EBITDA is defined as profit for the period from continuing operations before income taxes, net finance costs, depreciation and amortisation on fixed assets and intangible assets
(including acquisition related intangible assets), acquisition related items, exceptional items, share based compensation and related items, net other gains or losses, including Adjusted EBITDA
attributable to joint ventures and excluding Adjusted EBITDA attributable to non-controlling interests.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue, excluding revenue attributable to non-controlling interests.
LTM Adjusted EBITDA is defined as Adjusted EBITDA for the previous twelve month period from date reported.
Adjusted Earnings is defined as profit for the period from continuing operations before amortisation of acquired intangibles, acquisition related items, exceptional items, share based
compensation and related items, net other gains or losses and unwind of discount, less the tax effect of these adjustments and excluding Adjusted Earnings attributable to non-controlling
interests.
Adjusted EPS diluted is defined as Adjusted Earnings divided by the weighted average number of shares used to compute earnings per share, diluted.