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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. #31816-9991

ITG Investor Overview March 2016

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

International and Multi-Asset Growth

• ITG is expanding product offerings and market share in Europe, Canada and Asia Pacific

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

• Expansions to FX, Corporates, Futures & Options offer new revenue opportunities

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

• Unique liquidity, market-leading execution, platform 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

• Total cash and equivalents of $331 million and $110 million of excess cash as of December 31, 2015

• Only $13 million in long-term debt

• Active share buyback program: $231 million in repurchases since 1Q10 have reduced share count, net of issuances, by more than 24%

• $0.07 quarterly dividend paid since 2Q15.

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SubtitleGlobal Product Groups

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18%

9%

51%

22%Platforms

Analytics

Electronic Brokerage

Research S&T

2015 Adjusted Revenues$527m*

*Excludes gain on energy research business sale in late Dec. 2015. Source: ITG

12%

9%

54%

25%Canada

Asia Pac

US

Europe

2015 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

PLATFORMS

Triton® broker-neutral execution management

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

ITG Net® FIX connectivity to 650+ destination

ITG RFQ-hub for OTC connectivity and trading

ELECTRONIC BROKERAGE

POSIT® dark crossing in 36 countries

ITG Algorithms® in 40 countries

ITG Smart Routing

POSIT® FI and POSIT® FX launched

ANALYTICS

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

RESEARCH

Data-driven research in Consumer, TMT, and Macro sectors

Energy research through partnership with RS Energy Group

High Touch and Portfolio Trading

Corporate Access services

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• 1,037 employees worldwide • Offices in 9 countries

including 9 trading desks

• 250 awards and honors over last 6 years across Electronic Brokerage, Analytics, and Platforms

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Global Presence, Local Expertise

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95%+ of clients who suspended trading with ITG post-SEC settlement in 3Q15 have resumed trading.

Trading activity and market share improving sequentially in all operating regions.

4Q15 Jan-Feb 16 4Q15 Jan-Feb 16 4Q15 Jan-Feb 16 4Q15 Jan-Feb 160

100

200

300

400

500

600

700

800

Average Daily Trading Comms ($ thousands)

Canada EMEA Asia PacificUS

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Client Recovery Underway

Source: ITG

SubtitleSubtitleSizing the Opportunity Upside Potential from Market Share Gains

North America (#15) Europe (#20) Asia Pacific (#21)0

50

100

150

200

250

300

350

400

450

500 Revenue Gap to #10 Broker

ITG Cash Commissions ($M)

ITG cash equity commissions and broker rankings in FY15. Source: McLagan. Excludes all sell-side commissions and some buyside clients not in McLagan reporting universe.

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SubtitleRising ElectronificationA Key Growth Opportunity

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2014 2015 2018e46

47

48

49

50

51

52

53

Canadian Electronic Equity Trading

Electronic Trading (Algo, Portolio Trading, Crossing) as % of total trading. 2018 forecasts based on buyside trader surveys. Source: Greenwich Associates

US Electronic Equity Trading

2014 2015 2018e0

5

10

15

20

25

30

35

2014 2015 2018e46

48

50

52

54

56

58

EU Electronic Equity Trading

2014 2015 2018e32333435363738394041

Asia Pacific Electronic Equity Trading

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Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '150

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

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• Consistent capital return program has reduced outstanding shares by >24% since 1Q 2010. • Dividend payout since 2Q 2015 of approximately $2mm/quarter.

• Sale of Energy Research group increased available free cash to $110mm at Dec 31, 2015.

• ITG is well capitalized to take advantage of investment opportunities.

*Cash over and above the amount needed for regulatory capital, clearing margin, compensation accruals and other liabilities.

Source: ITG

Basic Shares Outstanding (millions)

Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '150

20

40

60

80

100

120

Available Excess Cash* ($millions)

Strong Capital Position

SubtitleSubtitleCore Business Strength

Europe

• Ranked #1 for Electronic Trading Quality and Best Portfolio Trading

• POSIT had over 14% share of European dark trading in 2015, a new record

• Full suite of ITG products now available in Europe; Algo trading and POSIT access in 21 EMEA markets

Canada

• Top 10 institutional broker by market share• Ranked #1 by Greenwich in electronic

trading, portfolio trading, algos and CSAs • Operates MATCH NowSM broker neutral

crossing system, Canada’s largest dark pool

US

• Ranked #1 US Equity Brokerage by Elkins McSherry and #1 among pension funds in Greenwich survey

• Named top CSA provider among large institutions by Greenwich and #1 for pre-and post-trade analytics

Asia• POSIT crossing available in Hong Kong,

Australia, Japan, India, Taiwan, Korea, Malaysia, Indonesia, Singapore and the Philippines

• Named Best Agency Broker by Asian Investor, ranked #1 in Electronic Trading Quality by Greenwich

• Move towards unbundling trading gaining traction with TCA research and CSAs

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*Offerings in red currently in development/planning

Equities ETFs Derivatives FX Fixed Income

Triton global broker

neutral portfolio trading execution

management system

Global ETF Trading from Triton

RFQ Hub integration

Expand to cover Global Futures & Options trading

from Triton

RFQ Hub integration

Global algorithms, smart routing and

trading desk services

POSIT Alert 20+ markets

POSIT crossing 30+ markets

US Futures algorithms, smart routing and DMA

High touch options trading

Index Futures Post Trade Analytics 

FX TCA

Pre Trade Analytics

Real Time Analytics

Platforms

Liquidity

Analytics

Global algorithms, smart routing and

trading desk services

POSIT Alert 20+ markets

POSIT crossing 30+ markets

Triton for FX

FX Connect integration

FX algorithms

POSIT FX

POSIT Fixed Income

(global coverage)

Pre Trade Analytics

Real time Analytics

Post Trade Analytics

Pre Trade Analytics

Real time Analytics

Post Trade Analytics

Triton for Fixed Income

including RFQ Hub

Fixed Income TCA

Multi-Asset Opportunities

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SubtitleSubtitleITG at a Glance

• Unique, market-leading assets for execution, liquidity, platforms and analytics

• Strong international business with favorable macro trends and ample room for market share gains

• Solid balance sheet to fund organic and inorganic growth initiatives

• Strong cash flow generation, active buyback program and quarterly dividend

• Disciplined expense management increases operating leverage: 50%+ incremental pre-tax margins

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SubtitleAppendicesProduct Offerings

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SubtitleSubtitleElectronic Brokerage

Featuring: ITG Algorithms®

POSIT®

Large pool of accessible dark liquidity. Average US Daily Volume of 75m shares in 2015

ITG Algorithms®

Sophisticated strategies for equities and futures

ITG Smart RoutingOne-point high-speed connection to liquidity

ITG Net®

Global FIX connectivity with trading insights

ITG Trading ServicesGlobal expertise across asset classes

Featuring: POSIT Alert®

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

(ex-algos) >30,000 shares.• POSIT Alert available in 36 countries• #1 for Dark Pool Access, The Trade• #1 for Best Anonymity in a Dark Pool,

Greenwich Associates

• 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®

Platforms

Featuring: ITG Net®

• FIX connectivity and management to more than 650 global destinations

• Industry-leading tools for pre-, intra-day, 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 SystemsGlobal, broker-neutral and multi-asset EMSs

ITG Order Management SystemsITG OMS: Global, multi-asset enterprise OMSITG Position Manager: Dedicated Hedge Fund 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

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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Featuring: ITG Portfolio TradingITG Industry Investment ResearchData-driven insights on more than 300 companies in 20+ sectors in Consumer, Macro, Internet and TMT areas. Energy research through partnership with RS Energy Group.

ITG High Touch and Portfolio TradingHigh touch traders provide expert execution coupled with ITG Investment Research insights. Seasoned 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.

• Ranked #1 for US Portfolio Trading by Greenwich

• Global coverage: 7500+ names in 40+ countries and 200 execution venues

• Regular index research and analysis

Research, Sales & Trading

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SubtitleSubtitleDisclaimersThese 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.

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