Investor presentation. March 2015

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Investor presentation

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Important notice

Forward-looking statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Markit Ltd. (“Markit” or the “Company”) expects, believes or anticipates will or may occur in the future are looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation may include the expectations of management regarding plans, strategies, objectives and anticipated financial and operating results of the Company. Markit’s estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Markit believes that these estimates and forward-looking statements are based upon reasonable

assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Markit. When used in this presentation, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are

intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Markit, which may cause actual results to differ materially from those implied or

expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Markit’s filings with the United States Securities and Exchange Commission (“SEC”). Markit’s SEC filings are available at www.sec.gov or on the investor relations section of its website, www.markit.com. Markit undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Non-IFRS financial measures

This presentation also includes measures defined by the SEC as 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 Annual Report on form 20-F.

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Markit overview

Key stock metrics

Exchange Ticker

MRKT

Share Price

(1)

_$26.05

Market Cap

(1)

_$4.7bn

Shares Outstanding

(2)

_182.5m

P/E ratio

(3)

_17.25

Revenues FY 2014

$1.065bn

1. As of market close on March 12, 2015.

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2014 overview

Key achievements in 2014

─

Strong full year 2014

financial performance

─

Successful IPO listing on Nasdaq

─

Continued innovation through

product enhancements and new

product launches to address the

needs of our customers

─

Completed two acquisitions –

thinkFolio and CTI

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Markit at a glance

Leading global provider of financial information services

Enhancing transparency

|

Reducing risk

|

Improving operational efficiency

Organisations Coverage Individuals

Banks Corporates

Asset managers Insurance companies Hedge funds Securities firms Private equity funds Clearing firms

Venture capital funds Software / data vendors

Equities FX

Credit Structured finance Loans Commodities Rates CDS

Bonds Environmental

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Our divisions

Our operating divisions

Critical financial market

information sourced, created,

enriched and delivered

Trade processing for OTC

derivatives, FX and

syndicated loans

Advanced enterprise

solutions tied to Markit

technology and software

Information

Processing

Solutions

45.7%

of revenue

26.7%

of revenue of revenue

27.6%

Pricing & reference data Indices

Valuation and trading services

Trade processing

Multi asset class trade confirmation and settlement platform

Enterprise software Managed services

2014 revenue: $486.5m

2014 revenue: $284.9m

2014 revenue: $293.7m

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Customer focus

Deeply embedded in our customers’ systems

and workflows

Create solutions to suit customer workflow Develop and adapt products Work closely with customers Leverage existing

expertise and insights

Work closely with customers to develop new offerings to enhance transparency,

reduce risk and improve operational efficiency

SUCCESSFUL COLLABORATIONS WITH CUSTOMERS

Fixed Income Pricing

INDUSTRY DRIVER

Prudent valuation

Standardised capital requirement for large banking organisations. Widespread need for robust inputs into exposure calculation.

Portfolio Valuations

INDUSTRY DRIVER

Independent valuations

Fully hosted OTC derivative valuation and risk services to support accounting, regulatory and investor reporting requirements.

Markit | Genpact KYC Services INDUSTRY DRIVER

KYC AML

Financial institutions need solution to

standardize and streamline client onboarding

─ Liquidity metrics, independent fixed income pricing data and information on underlying pricing inputs to simplify the sourcing of data for additional valuation adjustments (AVA) calculations

─ AVA calculation allowing customers to access Markit’s centralised data hub to industrialise reports in a timely and cost efficient manner.

─ Developed cross asset class coverage with transparency into mark-to-market inputs and market data available via a web front-end ─ Accounting credit valuation adjustment

(CVA) service launched in 2014 to help customers measure and calculate impact of counterparty risk

─ Developed partnership with four global banks: Citi, Deutsche Bank, HSBC and Morgan Stanley ─ Service designed to collect, enrich and centrally

administer legal entity data and documents required by banks from their clients to comply with KYC and other regulations, including Dodd-Frank, Emir, Fatca and Mifid

─ Launched Markit Genpact KYC Services in May 2014

Providing two million+ aggregated data points across Fixed Income pricing

330+ direct customers, five million+ independent valuations per month

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Industry trends

Well positioned to address critical industry trends

Addressing themes and issues that are critical to our customers

Financial services industry efficiency

Emerging markets and developing economy growth

Shifting investment styles Changing regulatory landscape

Evolving technology and communication

OTC / ET derivatives processing

Reporting and compliance Data management

Risk management

Order management systems Indices

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Management team

Founder-led management team incentivised by

ownership culture

Management team has substantial experience within the industry, with an average

industry tenure of 22 years for top 35 senior managers

_Name Years experience Tenure with Markit Armins Rusis Co-Head of Information 28 Since 2008 (Board member since 2007) Chip Carver Co-Head of Information 28 Since 2008 Brad Levy Head of Processing 22 Since 2012 (Board member since inception) Michele Trogni Head of Managed Services 26 Since 2013 Roy Flint Head of Infrastructure 29 Since 2008 Name Years experience Tenure with Markit Lance Uggla

Chief Executive Officer

28 Since inception

Kevin Gould

President

28 Since inception

Jeff Gooch

Chief Financial Officer

26 Since 2007 (Board member since 2003) Adam Kansler Chief Administrative Officer 21 Since 2009 (Advisor since inception) Shane Akeroyd

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Key corporate events

Track record of acquiring and growing

complementary businesses

CDS Pricing CDS Reference Entity Identifiers Dividend Forecasting Index Management OTC Derivatives Sell-Side Valuations Loan Pricing Daily Equity & Commodities Data ABS Pricing Credit Event Auctions OTC Derivatives Buy-Side Valuations Metrics Research Aggregation Instant Messaging Desktop and Data Feed Solutions OTC Derivative Trade Processing Portfolio Reconciliation Structured Finance Cashflow Modeling Loan CDS Indices & Pricing Bespoke Indices Document Management Macroeconomic Data Portfolio Compression Syndicated Loan Portfolio Management Software Trade Confirmations Loan Mapping Service Environmental Registry Evaluated Bond Pricing Credit Trade Confirmation Market Share Analysis Loan Settlement Valuations Management Entity Identifiers Mobile Applications Broker Voting SmartText Online Advertising Manager Liquidity Metrics Loan Processing Risk Analytics Quantitative Research and Trading Analytics FX Trade Processing Commission Management Loan Index Securities Finance Enterprise Data Management Credit Factors Instrument Reference Data ETF Data & Analytics ISDA Amend TD bank spin off

RED acquired Nine banks invest

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5 year historic financial performance

Consistent financial performance

Note: Financials presented under IFRS accounting guidelines. Adjusted EBITDA, Adjusted Earnings, Adjusted earnings per share, diluted and Adjusted EBITDA margin are non-IFRS financial measures. Please see Appendix for definitions of these measures and a reconciliation of non-IFRS financial measures to IFRS financial measures.

($ million) 668.4 762.5 860.6 947.9 1,065.1 261.0 305.0 358.2 421.3 488.2 144.9 184.8 218.4 248.4 279.0 46.2% 45.8% 47.0% _45.6% 46.0% 25% 30% 35% 40% 45% 50% 0 200 400 600 800 1,000 1,200 1,400 2010 2011 2012 2013 2014

Revenue Adjusted EBITDA Adjusted Earnings Adjusted EBITDA margin

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Financial overview

Highly recurring and diversified revenues

Recurring-fixed renewal rate (FY 2014): ~90%

(1) Based on contracting customer legal entity location

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Our longterm objectives

Longterm financial objectives

—

Maintain 5-7% organic revenue growth

—

Overall double digit revenue growth including acquisitions

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Key investment highlights

Why invest in Markit?

—

Trusted partner for diversified, global customer base

—

Well positioned to address critical industry trends

—

Founder-led experienced management team incentivised

by ownership culture

—

Demonstrated ability for product innovation and

accretive acquisitions

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Divisions

Information

431.3 459.6 486.5 214.5 217.2 239.2 0 100 200 300 400 500 600 2012 2013 2014

Revenue Adjusted EBITDA

—

Provides pricing and reference data, indices and valuation

and trading services across multiple asset classes and

geographies.

—

Offerings used for independent valuations, research, trading,

and liquidity and risk assessments

—

Serves buyside firms, sellside firms, exchanges, central

banks, regulators, government agencies, rating agencies,

research organisations, academics, accounting firms,

consultancies, technology and service providers, and other

companies using both direct and third-party distribution

channels

—

Predominantly recurring fixed fee, subscription

based revenue

49.7% 47.3% 49.2% Financial performance ($ million) 40% 41% 19% Valuation and trading services Pricing and reference data Indices

Subsegment revenue split

Pricing and

reference data Indices

Valuation and trading services

Bonds, Loans, CDS Securities finance

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Divisions

Processing

—

Offers trade processing solutions globally for OTC

derivatives, FX and syndicated loans

—

Enables inter-dealer brokers, buyside and sellside firms,

to confirm transactions rapidly and increase efficiency by

optimizing post-trade workflow

—

Reduces operational risk, facilitates compliance with

global reporting regulations and supports clearing

connectivity to 16 OTC clearing houses

—

Predominantly recurring variable-fee revenue model

MarkitServ Loan Settlement

Rates Credit

Equities FX

US Syndicated Loans European Syndicated Loans

238.8 265.3 284.9 124.5 138.1 156.6 0 50 100 150 200 250 300 2012 2013 2014

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Divisions

Solutions

190.5 223.0 293.7 67.6 77.5 93.1 0 50 100 150 200 250 300 350 2012 2013 2014

—

Provides configurable enterprise software platforms;

designs, builds and hosts financial websites; and end-to-end

managed services

—

Our offerings capture, organise, process, display and

analyse information, manage risk and meet our customers’

regulatory requirements

—

Broad customer base within the financial services industry

and other corporates including buyside and sellside firms,

custodians, private equity firms, wealth management firms

and retail brokerages

—

A combination of recurring fixed and variable-fee revenue

model, with non-recurring revenue from software sales and

associated services

Financial performance ($ million) 57% 41% Managed Services Enterprise Software

Subsegment revenue split

Enterprise Software Managed Services

Enterprise Data Management (EDM) WSO Software Analytics thinkFolio On Demand WSO Services Counterparty Manager Corporate Actions Tax Solutions

Markit Genpact KYC Services

35.5% 34.8% 31.7%

Adjusted EBITDA

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Sub-segment revenue summary

Sub-segment revenue – 3 year summary

Segments FY 2012 FY 2013 FY 2014

CAGR % FY2012 – 2014

Pricing and Reference Data 159.0 182.8 199.8 12.1%

Indices 80.3 86.6 91.5 6.7%

Valuation and Trading Services 192.0 190.2 195.2 0.8%

Information 431.3 459.6 486.5 6.2% Processing 238.8 265.3 284.9 9.2% Managed Services 108.3 131.6 167.6 24.4% Enterprise Software 82.2 91.4 126.1 23.9% Solutions 190.5 223.0 293.7 24.2% Group 860.6 947.9 1,065.1 11.2%

Note: We reorganised certain products within our Information segment between the Pricing and Reference Data, Indices and Valuation and Trading Services sub-segments in 2014. For comparability purposes, all prior year figures above have been presented to reflect this change.

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Q4 and FY 2014 financial results

Summary financial results

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, 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.100101

Q4 2014 Q4 2013 YoY% FY 2014 FY 2013 YoY%

Revenue 271.4 243.8 11.3% 1,065.1 947.9 12.4%

Constant currency growth – – 12.4% – – 10.9%

Adjusted EBITDA (1) _124.7 _108.4 _15.0% _488.2 _421.3 _15.9%

Adjusted EBITDA margin (2) _46.3% _44.5% _N/A _46.0% _45.6% _N/A

Adjusted Earnings (3) _69.1 _65.4 _5.7% _279.0 _248.4 _12.3%

Adjusted EPS diluted (4) _$0.37 _$0.37 _- _$1.51 _$1.41 _7.1%

Weighted average number of shares used to compute earnings per share, diluted

187.3 176.7 6.0% 184.5 175.6 5.1%

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Information

116.9

123.2

56.4

64.3

0 20 40 60 80 100 120 140 Q4 2013 Q4 2014

+5.4%

_{Q4 highlights:}

─ Growth in Pricing and Reference

Data, primarily in Fixed Income

─ Strong operating leverage leading to increased EBITDA margins

─ Customer retention and

renewals remain strong

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Processing

Q4 highlights:

─ Derivatives processing revenue

benefitted from higher volumes

─ Limited revenue impact from

SEF regulations

─ Cost savings are starting be to delivered

65.0

68.5

29.8

36.5

0 10 20 30 40 50 60 70 80 Q4 2013 Q4 2014

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Solutions

61.9

79.7

22.2

24.3

0 10 20 30 40 50 60 70 80 90 Q4 2013 Q4 2014

+28.8%

Q4 2014 Q4 2013 YoY% FY 2014 FY 2013 YoY% Revenue 79.7 61.9 28.8% 293.7 223.0 31.7% Organic growth - - 15.7% - - 17.8% Acquisition related - - 13.9% - - 13.1% Adjusted EBITDA 24.3 22.2 9.5% 93.1 77.5 20.1% Adjusted EBITDA margin 30.5% 35.9% - 31.7% 34.8% -

Q4 highlights:

─ Double digit organic revenue

growth driven by new business wins across both Managed

Services and Enterprise Software

─ Continued momentum in KYC

across both buy and sell side

─ Margin decrease reflects

continued investment in new initiatives

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Net debt / leverage

December 31st₂₀₁₄ December 31st₂₀₁₃ Bank borrowings 224.5 268.0 Share buyback 211.1 306.6 Total borrowings 435.6 574.6

Cash and cash equivalents (117.7) (75.3)

Net debt 317.9 499.3

Adjusted EBITDA 488.2 421.3

Leverage

(Net debt/ Adjusted EBITDA) 0.65x 1.19x

Highlights:

─ Operating cash flow was $369.9 million for the full year 2014, up 8.9% year on year

─ Capital expenditure full year 2014 was $124.9 million, down 4.3% or $5.6 million year on year

─ Net debt down 36.3% or $181.4 million

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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 priced at below $26.70 vested on IPO

─ Options priced 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) 2014 2013

Number of shares outstanding at the reporting date 182.5 176.8

Weighted average number of shares, basic 180.6 175.4

Option dilution 5.7 0.7

Restricted shares dilution 1.0 0.6

Weighted average number of shares, diluted 187.3 176.7

Share price used for Q414 dilution calculation $23.97 -

Illustrative average share price

Illustrative diluted average number of shares (million)

$23 186.4 $27 190.3 $30 195.8

Exercise price Outstanding (million) Unvested (million)

< $15.00 4.7 – $15.00- $19.99 5.8 0.7 $20.00- $26.69 22.0 6.3 > $26.69 33.7 33.0

Total 66.2 40.0

Three months ended December 31

st

– Reported

Illustrative weighted average diluted number of shares

three months ended December 31

st

₂₀₁₄

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North America – 1,600+ Europe – 1,000+ Asia Pacific – 900+ Global presence

22 offices

3,600+

total headcount

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Industry recognition

Innovation of the Year

Credit Event Fixings \ 2006

Trading Initiative of the Year

Credit Event Fixings \ 2006

Industry Platform of the Year

PortRec \ 2008

Industry Platform of the Year \

Compression \ 2009

Lifetime Achievement \ Lance Uggla \ 2012

OTC Infrastructure Service of the Year

MarkitSERV \ 2013

Back Office Technology Product of the Year

Markit Counterparty Manager \ 2013

Risk Management System of the Year

Integrated resource management \ 2014

Asia Risk

—Technology Development of the Year \ 2011

AsianInvestor

—Best Tradable Index \ 2013

The Asset

—Rising Star Index Provider \ 2011

—Best Index Provider \ 2013

Banking Technology

—Best EDM Platform \ 2013

Buy-Side Technology

—Best Pricing/Valuation Service \ 2007

—Best Data Management Product \ 2007

—Best Overall Product \ 2008

—Best TCA Provider to the Buy-Side \ 2012

—Best Overall Buy-Side Technology Provider \

2012

—Best Buy-Side Pricing\ Valuation Service \ 2014

—Best Data Management Provider \ 2014

Credit

—Best Operational Support Provider \ 2006

—Innovation of the Year \ 2008

—Best Third Party Asset Valuation Provider \

2009

2010

2011

GlobalCapital (Derivatives Intelligence)

—Data Vendor of the Year \ 2013

Environmental Finance

—Best Registry Provider \ 2010

—Best Voluntary Carbon Registry \ 2013

—Best Voluntary Carbon Registry \ 2014

Financial News

—Best Data Solution \ Derivatives \ 2005

—Best Derivatives Provider \ 2006

—Best New Vendor Solution \ 2006

—Best Data Service \ 2008

—Best New Data Service \ 2013

—Most Innovative Compliance/ Risk Management

Service \ 2014

FOW

—Innovation for IT: Connectivity \ 2011

—Best Innovation by an ISV: Regulatory Change \

2013

Funds Europe

—European Middle Office Provider \ 2008

FX Week

—Vendor e-FX Initiative of the Year \ 2012

Global Investor

—Data Firm of the Year \ 2009

Global Custodian

—Most innovative data provider \ 2013

—Best Market data provider \ 2014

HFM Week

—Best information and data vendor (US) \ 2013

—Best Research and data vendor (US) \ 2014

Inside Market Data

—Company to Watch \ 2006

—Most Innovative Market Data Product \ 2007

—Acquisition of the Year \ 2007

—Best New Data Product \ 2008

—Best Data Provider for Derivatives \ 2008

—Best New Data Provider \ 2014

Inside Reference Data

—Reference Data Provider of the Year \ 2006

—Best Reference Data Provider \ 2007

—Best Evaluated Prices Provider \ 2008

—Best EDM initiative \2009

—Best EDM initiative \ 2011

—Best Evaluated Prices Service Provider \ 2012

—Best Reference Data Provider \ 2012

—Best Evaluated Prices Service Provider \ 2013

—Best Reference Data Initiative \ 2013

Insurance Risk

—Best Data Management Service Provider \ 2012

ISR

—Editor’s Award for Innovation \ 2006

Markets Media

—Best CDS Data \ 2013

— Best Company \ 2014

Operations Management

—Vendor of the year \ 2005

—Operations Leader of the Year \ 2008

—Deal of the Year \ 2008

Profit & Loss

—Best Connectivity \ 2013

Sell-Side Technology

—Best Sell-Side Data Management Product \ 2013

— Sell-Side Technology Provider of the Year \ 2014

— Best Sell-Side Newcomer \ 2014

The Asset Investment Awards

—Rising Star Index Provider \ 2011

The Corporate Engagement Awards

—Best Sponsorship - Employee Engagement \ 2011

—Best Arts-Centred Corporate Sponsorship Activity \

2011

The Trade

—Outstanding Market data provider \ 2014

Waters Technology Rankings

—Best EDM Platform \ 2013

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Reconciliation

Reconciliation to Adjusted EBITDA

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Q4 2013 Q4 2014

Profit for the period 151.2 156.2 153.1 147.0 164.1 2.9 15.7

Income tax expense 43.8 50.6 42.7 63.7 56.5 11.6 19.7

Finance costs – net 18.2 22.9 28.9 19.4 16.9 4.4 4.1

Depreciation and amortisation - other 48.2 62.7 66.7 86.0 100.1 23.6 28.2

Amortisation – acquisition related 28.5 34.4 46.2 50.1 57.9 13.1 14.6

Acquisition related items (11.3) 4.8 0.9 (1.4) (12.4) (1.6) (1.4)

Exceptional items 30.9 11.6 40.3 60.6 84.9 48.3 33.1

Share based compensation and related items 14.9 11.7 16.2 8.1 16.0 2.2 9.2

Other losses / (gains) – net 0.1 4.6 11.6 (0.7) 6.0 3.9 3.0

Share of results from joint venture not attributable

to Adjusted EBITDA - - - - (1.1) - (1.1)

Adjusted EBITDA attributable to non-controlling

interests (63.5) (54.5) (48.4) (11.5) (0.7) - (0.4)

Adjusted EBITDA 261.0 305.0 358.2 421.3 488.2 108.4 124.7

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Reconciliation

Reconciliation to Adjusted Earnings

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.

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Q4 2013 Q4 2014

Profit for the period 151.2 156.2 153.1 147.0 164.1 2.9 15.7

Amortisation – acquisition related 28.5 34.4 46.2 50.1 57.9 13.1 14.6

Acquisition related items (11.3) 4.8 0.9 (1.4) (12.4) (1.6) (1.4)

Exceptional items 30.9 11.6 40.3 60.6 84.9 48.3 33.1

Share based compensation and related items 14.9 11.7 16.2 8.1 16.0 2.2 9.2

Other losses / (gains) – net 0.1 4.6 11.6 (0.7) 6.0 3.9 3.0

Unwind of discount(1) 3.4 8.9 9.3 12.4 10.5 2.6 2.7

Tax effect of above adjustments (14.6) (7.6) (24.1) (18.0) (47.4) (6.0) (6.9) Adjusted Earnings attributable to non-controlling

interests (58.2) (39.8) (35.1) (9.7) (0.6) - (0.9)

Adjusted Earnings 144.9 184.8 218.4 248.4 279.0 65.4 69.1

Weighted average number of shares for

computation of earnings per share, diluted 175,550,760 184,467,540 176,667,290 187,335,924

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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, 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.