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Q4 2013 Earnings 1/30/14

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© 2016 Investment Technology Group, Inc. All rights reserved.Not to be reproduced or retransmitted without permission. #111416-28166

ITG Investor Overview November 2016

SubtitleSubtitleITG is an independent broker and financial technology firm that helps improve the efficiency and execution quality of institutional trading

Growth Opportunities

• ITG is seeking to expand product offerings and market share in Europe, Canada and Asia Pacific

• Positive trends: unbundling of research from execution and growing electronification of trading

• Multi-asset expansion strategy of cost-contained relevance in FX, Fixed Income

Robust Capital Position

Competitive Core Business

Strong Operating Leverage Potential

• Operating model and disciplined expense management provide attractive opportunities for increased profitability

• Pre-tax margins on incremental revenue exceed 50% across all regions

• Strategic operating plan launched in 3Q16 to drive revenue growth and improved margins

• Unique liquidity, market-leading execution, workflow technology and analytics assets. Technology is being deployed to boost scale and gain market share

• ITG consistently ranks at or near the top of industry analyst surveys (Greenwich, Tabb, Aite) for products and client service

• Sale of research business and closure of peripheral businesses has sharpened focus

• Total cash and equivalents of $261 million and $50 million of excess cash as of September 30, 2016, only $8 million long-term debt

• Share buybacks of $246 million since 1Q10, have reduced share count, net of issuances, by 25%

• $0.07 quarterly dividend paid since 2Q15

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SubtitleGlobal Product Groups

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20%

10%

71%

Workflow Technology

Analytics

Execution Svcs

YTD Adjusted Revenues$349mm*

*YTD through 30 Sept 2016. Excludes business recovery insurance payment of $2.4 million. Source: ITG

13%

10%

50%

26%Canada

Asia Pac

US

Europe

YTD Revenues by Region*

Data-driven research in Consumer, Macro and TMT sectors

Energy research under license from RS Energy

High Touch and Portfolio Trading

Corporate Access services

POSIT® dark crossing in 36 countries

ITG Algorithms® in 40 countries

ITG Smart Routing and Direct Market Access (DMA)

POSIT® FI and POSIT® FX in beta

Triton® broker-neutral execution management

ITG Order Management System and ITG Position Manager™ OMS for Hedge Funds

ITG Net® FIXconnectivity to 650+ destinations

ITG RFQ-hub for OTC connectivity and trading

ITG TCA® is the global market leader

Available for equities and foreign exchange, fixed income TCA in development

Pre-, real-, and post-time trade analytics

WORKFLOW TECHNOLOGY

Triton® broker-neutral execution management

ITG Net® FIX connectivity to 650+ destinations

ITG RFQ-hub for OTC connectivity and trading

ANALYTICS

ITG TCA® is the global market leader

Available for equities and foreign exchange, fixed income TCA in development

Pre-, intra-, and post-trade analytics

EXECUTION SERVICES

POSIT® dark crossing in 30+ countries

ITG Algorithms® in 40 countries

ITG Smart Routing

Global portfolio trading

Single-stock high-touch trading

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• 969 employees (as of 3Q16) • Offices in 9 countries including

9 trading desks

• 250 awards and honors over last 6 years across Execution Services, Analytics, and Workflow Technology

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Global Presence, Local Expertise

SubtitlePositive Industry Trends: Unbundling and Electronification

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US EU CA Asia20

30

40

50

60

2014 2015 2018e

Continued growth in electronic equity execution

Source: Greenwich Associates

Electronic Equity Trading (% of total value traded)

• Importance of electronic execution continues to grow in the equity markets

• ITG today has the ability to compete for ~50% of the global wallet

• With MiFID II in EU and the global trend towards unbundling research and execution, ITG expects to compete for a larger share of the total wallet

Sizable and growing addressable market

$8bn

$2bn$3bn

$8bn

Execution only

Bundled

CSA - Research CSA - Execution

Current addressable

market

Increasingly accessible as

industry unbundles

2015 global equities commission pool: $21bn

Increasing importance of best-in-class, technology-enabled executionSignificant opportunity to capture value

SubtitleSizing the OpportunityUpside Potential from Market Share Gains

Americas (#15) EMEA (#20) Asia Pacific (#21)

Revenue Gap to #10 Broker

ITG Cash Commissions ($M)

ITG cash equity commissions and broker rankings in FY15. Source: ITG and third-party analysis. Excludes sell-side commissions and some buy-side clients not in third-party reporting universe.

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Global revenue gap to #10 broker: $500mm+ revenue opportunity

Universe of ~200 large prospect accounts available to pursue

.

$237m

$134m

$194m

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Liquidity

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Execution Analytics Workflow

Evolve Brand IdentityRefocus on core capabilities, clarity of

message and industry thought leadership

Optimize Cost StructureFocus on synergistic, scalable businesses, optimize processes,

technology/platform convergence

Strengthen the Leadership and CultureAspiration to be the best operator; shared understanding of mission and strategy

Differentiate Client ExperienceBest operator status to deliver best-in-class client

experience, product performance and execution advice

Provide Best-in-Class, Technology-Driven SolutionsProvide a complete set of solutions across the trade activity chain

through targeted investments and tenacious delivery

Client Delivery

Capture Scale and Foster a Leadership Culture

Strategic Operating Plan: 3Q16 through 4Q18

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Investments: Timing and Cost Savings Targets

Investments

Cost reductions

Scoping /Initial

investments

Ongoing cost-cutting initiatives

20162H

20171H

20172H

20181H

20182H 2019+

Investment ramp-up period

Continuing investment Tail period

Ongoing development /maintenance

Initial cost-cutting

Ongoing benefits from technology

Illustrative timetable

• ~$40 million in incremental investment planned over next ten quarters - Anticipate ~½ operating, ~½ capitalized with 3-year amortization

• Cost reduction measures being phased in starting 2H16 - Areas of focus: Compensation, connectivity, market data, and vendors- Expected to reduce costs by at least $10mm/yr

• Technology investments, process improvements to cut expenses by additional $5mm/yr 2019 onwards

SubtitleFinancial Targets

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Run-rate revenue (exiting 2018)

Up 25% from 2015 pro forma¹

Revenue CAGR (2016-18)

Mid-to-high single digits

Pre-tax margin (exiting 2018) ~15%

Run-rate expense reductions

(2019 on)

Additional $5mm annually

1 FY15 Pro Forma Revenue of $478mm, excluding divested and closed businesses

• Revenue growth expected to take place over several years

- Growth expected to accelerate starting in mid-2017

• Forecasts assume flat global trading volumes

• Expense reductions from technology investments, process improvements (globalization, operations optimization)

Run-rate financial targets

SubtitleAppendicesProduct Offerings

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SubtitleSubtitleExecution Services

Featuring: ITG Algorithms®

POSIT®

Large pool of accessible dark liquidity. Average US Daily Volume of 57m shares in 1H16

ITG Algorithms®

Sophisticated strategies for equities and futures

ITG Smart RoutingOne-point high-speed connection to liquidity

ITG Portfolio TradingSeasoned portfolio traders provide high-touch and electronic list trading globally. Ranked #1 US electronic portfolio trading by Greenwich

ITG Single-Stock TradingSeasoned portfolio traders provide high-touch and electronic list trading globally.

ITG Corporate AccessExperienced team offers individual and group events with corporate decision makers at companies across a range of industries.

Featuring: POSIT Alert®

• High-quality block crossing opportunities with average US trade size

(ex-algos) of 35,000 shares.• POSIT Alert available in 30+ countries• #1 for Dark Pool Access, The Trade

• Algo trading available in 40 countries. Offer algorithms for equities, futures and options

• ITG Dynamic Open named best algo by Wall Street Letter

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Featuring: Triton®

Workflow Technology

Featuring: ITG Net®

• FIX connectivity and management to more than 650 global destinations

• Industry-leading tools for pre-, intra-trade, and post-trade cost estimating

• Execution transparency to evaluate trading and broker performance against the market and your peers

• Sophisticated, broker-neutral EMS with global connectivity, aligned to clients’ interests and trading styles

• Alternative Trading System of the Year, Asian Banker,

ITG Execution Management SystemTriton: Global, broker-neutral and multi-asset EMS

ITG Order Management SystemITG OMS: Global, multi-asset enterprise OMS

ITG Net®

Providing EMS and OMS FIX connectivity with approximately 9,000 global connections

ITG RFQ-hubMulti-asset platform for global listed and OTC assets

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SubtitleSubtitleAnalytics

Featuring: ITG TCA®

• The leader in assessing trading performance to reduce costs and improve fund rankings. Includes competitive comparisons through ITG Peer Analysis™.

• Named Top TCA provider by Waters and The Trade• Available for both Equities and Foreign Exchange

ITG Trading AnalyticsAlpha preservation throughout the trading process

ITG Portfolio AnalyticsPortfolio modeling, optimization, and pricing

ITG Analytics ServicesInvestment process consulting to improve execution

• Dynamic, interactive tool set to view real-time market data, identify outliers, and forecast long-term costs to improve performance during a trade’s lifecycle

Featuring: ITG Smart Trading Analytics

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SubtitleSubtitleDisclaimers

These materials are for informational purposes only, and are not intended to be used for trading or investment purposes or as an offer to sell or the solicitation of an offer to buy any security or financial product.  The information contained herein has been taken from trade and statistical services and other sources we deem reliable but we do not represent that such information is accurate or complete and it should not be relied upon as such.  No guarantee or warranty is made as to the reasonableness of the assumptions or the accuracy of the models or market data used by ITG or the actual results that may be achieved.  These materials do not provide any form of advice (investment, tax or legal).  ITG Inc. is not a registered investment adviser and does not provide investment advice or recommendations to buy or sell securities, to hire any investment adviser or to pursue any investment or trading strategy.  All functionality described herein is subject to change without notice.

Broker-dealer products and services are offered by: in the U.S., ITG Inc., member FINRA, SIPC; in Canada, ITG Canada Corp., member Canadian Investor Protection Fund (“CIPF”) and Investment Industry Regulatory Organization of Canada (“IIROC”); in Europe, Investment Technology Group Limited, registered in Ireland No. 283940 (“ITGL”) and/or Investment Technology Group Europe Limited, registered in Ireland No. 283939 (“ITGEL”) (the registered office of ITGL and ITGEL is First Floor, Block A, Georges Quay, Dublin 2, Ireland and ITGL is a member of the London Stock Exchange, Euronext and Deutsche Börse). ITGL and ITGEL are authorised and regulated by the Central Bank of Ireland; in Asia, ITG Hong Kong Limited (SFC License No. AHD810), ITG Singapore Pte Limited (CMS Licence No. 100138-1), and ITG Australia Limited (AFS License No. 219582). All of the above entities are subsidiaries of Investment Technology Group, Inc.  MATCH NowSM is a product offering of TriAct Canada Marketplace LP (“TriAct”), member CIPF and IIROC.  TriAct is a wholly owned subsidiary of ITG Canada Corp.

This document and the presenter’s comments relating hereto may contain forward-looking statements that reflect management’s expectations for the future.  A variety of important factors could cause results to differ materially from such statements.  These factors are noted throughout ITG’s Form 10-K and in its Form 10-Qs and include, but are not limited to, general economic, business, credit and financial market conditions, internationally and nationally, financial market volatility, fluctuations in market trading volumes, effects of inflation, adverse changes or volatility in interest rates, fluctuations in foreign exchange rates, evolving industry regulations, changes in tax policy or accounting rules, the actions of both current and potential new competitors, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, rapid changes in technology, errors or malfunctions in our systems or technology, cash flows into or redemptions from equity mutual funds, ability to meet liquidity requirements related to the clearing of our customers’ trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, our ability to attract and retain talented employees and our ability to achieve cost savings from our cost reduction plans.

This presentation also contains certain non-GAAP financial measures, adjusted to include or exclude certain unique or non-operating items.  Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on ITG’s website at investor.itg.com.

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