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2016 16 Hal alf-ye year ar resu sults lts presen sentat tation ion 19 May 2016 Andrew Rashbass, CEO Cont ntext xt Weak first half the run- off of operational deficit last year and first quarter of this combined with

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19 May 2016 Andrew Rashbass, CEO

2016 16 Hal alf-ye year ar resu sults lts presen sentat tation ion

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  • Weak first half – the run-off of “operational deficit” last year and first

quarter of this combined with difficult market conditions in some of our sectors

  • Early signs of the positive impact the strategy will have
  • Full-year performance in line with expectations

Cont ntext xt

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Recap: ap: how we th thin ink k ab about ut th the bu busi sine ness: ss: four ur qua uadran ants ts

+

  • +
  • Cycle

Structure

Batten down the hatches Use the time wisely Disinvest Invest

  • Protect and enhance competitive position
  • Careful, selective investment for when the

cycle turns

  • Tight cost control
  • Fix any operational deficit
  • Opportunistic on revenue opportunities
  • New product development
  • Sales and marketing
  • Acquisition
  • Fix any operational deficit
  • Modest investment to move to top-right

quadrant above

  • Maximise shorter-term profit and cash
  • Fix any operational deficit
  • Consider divestment
  • Maximise shorter-term profit and cash
  • Divest
  • Prevent future build-up
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Three e pil illa lars rs of st strat ategy egy

Actively vely manage ge the e portfoli tfolio Invest est around nd big theme mes Transform sform the e operati rating ng model el

Page 4

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Inv nvest sting ing ar aroun und bi big th themes mes

  • Asset management

1.

  • Price discovery

2.

  • Other potential growth engines

3.

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A ne new operat rating ing mo model el – fix ixin ing g th the operational rational deficit icit

Entrep epren eneu euria ial

 Closeness to customers  Passion for brand  Knowledge of products  Accountability for top line and profits  Sub-scale  Limited sharing of best practice  Finite career prospects  Unstrategic

But ut

 Distant from customers  Slow  Expensive  Brand blancmange

But ut

 Scale  Best practice  Talent management  Strategic

Cor

  • rporate

porate

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Active tive portfol tfolio io ma mana nagemen ment

Lower margin Margin-enhancing Higher margin Lower quality Improving quality High quality FY14/FY15 growth (underlying) Disinvest Batten down the hatches Use the time wisely Invest, Organic Achievable

  • rganic

growth Invest, Acquisitions Achievable growth

New Existing

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Page 8 Source: Euromoney management accounts Note: Proportion of revenues based on reported revenues.

Fir irst st hal alf – qua uadran rant t proporti portion

  • ns

+

  • +
  • Cycle

Structure

Batten down the hatches Use the time wisely Disinvest Invest

16% 16% 9%

H1 2016 proportion

18% 12% 64% 6%

59%

FY 2015 proportion H1 2016 proportion FY 2015 proportion

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Page 9 Source: Euromoney management accounts Note: Growth represents underlying revenue growth, excluding the impact of acquisitions, disposals, currency movements and event timing differences.

Fir irst st hal alf – growth wth/(decline (decline)

+

  • +
  • Cycle

Structure

Batten down the hatches Use the time wisely Disinvest Invest

(4%) (15%) +4% (5%)

FY 2015 growth

(9%) (27%) +2% (5%)

H1 2016 growth H1 2016 growth FY 2015 growth

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Early signs of the positive impact the strategy will have

Looking king forwar ard

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Deal alin ing g wit ith th the drag ag from m th the bo bott ttom

  • m le

left

Add ddressin ressing 22% 22% Still to be addressed 15% Add ddressed essed 63% 63%

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So Sorti ting ng th the operationa ational l deficit icit

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

BCA book of business

2014 2015 2016

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So Sorti ting ng th the operationa ational l deficit icit

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

NDR book of businesses

2014 2015 2016

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Page 14 1) Excludes grace revenues

Not there with everything with subs but …

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

Total book of business at constant GBP/US$ rate

2014 2015 2016

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19 May 2016 Colin Jones, Finance Director

2016 16 Hal alf-ye year ar resu sults lts presen sentat tation ion

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£m 2014 2015 2016 2016 Chan ange ge Revenue 195.8 197.7 19 194. 4.2

  • 2%

Adjusted PBT1 53.4 53.4 46 46.9

  • 12%

Statutory PBT1 42.8 93.3 23 23.4

  • 75%

Adjusted EPS1 32.0p 34.1p 29 29.9p 9p

  • 12%

Dividend 7.00p 7.00p 7. 7.00 00p = Net (debt)/cash (28.6) (10.6) 55 55.9

1. As reconciled in appendix to Interim Financial Report

Hal alf-yea year r resu sult lts s sn snap apshot shot1

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  • Underlying1 revenues (excl timing) down 6%, in line with trend and expectations
  • Q2 subscription revenue growth close to zero – expected to be low point
  • Adjusted operating margin down 1.4% points to 24.1%
  • Revenue and margin declines largely due to disinvest quadrant – strategy addresses these

challenges

  • Favourable US$ throughout period
  • Adjusted PBT down 12% to £46.9m
  • Strong operating cash conversion and £56m net cash at March 31
  • Post March 31 disposal of Gulf/PE for $18m
  • H2 performance expected to be similar to last year’s

Key y me mess ssages ages

1. Excludes acquisitions/disposals and at constant exchange rates

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  • Statutory profit £23.4m vs Adjusted PBT £46.9m1
  • Exceptional items – Indaba impairment £12.9m1
  • Underlying tax rate 19% consistent with 20151
  • Unchanged interim dividend of 7p
  • Strong cash flows (see waterfall)
  • Underlying cash conversion 114% (2015: 105%)1
  • Deferred subscription revenue up 1%1

1. See appendix for further details

St Stat atut utory ry nu numb mbers, s, cas ash flo low & ba bala lanc nce sheet et

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St Strong ng cas ash flo lows s in in th the fir irst st hal alf

17.7 2.9 14.4 21.1 1.0 6.5 3.6 49.7 55.9 Net c et cas ash a at Sept 3 Sept 30 2 0 201 015 Ca Capex ex M& M&A Di Divid idend ends FX/Other er Net ta et tax Wor Workin king ca g capital ital Op Opera erati ting ng c cash in infl flow Net c et cas ash a at Mar Mar 31 31 20 2016 16 Cash Movemen ement t (£m)

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  • Net cash at March 31 £56m
  • Net cash at April 30 £76m….
  • …. including proceeds from sale of Gulf/PE1
  • $160m borrowing facility, due to expire in April 2016, extended to November 2018….
  • …. provides significant acquisition firepower
  • No imminent disposals but further active portfolio management expected in H2

1. See appendix for further details

Active tive portfol tfolio io ma mana nagemen ment

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Page 21 1. As reconciled in appendix to Interim Financial Report

Operating ating su summ mmar ary

£m 2014 2014 2015 2015 2016 2016 Chan ange ge Revenue 195.8 197.7 19 194. 4.2

  • 2%

Adjusted operating profit1 54.2 50.5 46 46.8

  • 7%

Adjusted PBT 53.4 53.4 46 46.9

  • 12%

Operating margin 27.7% 25.5% 24 24.1% 1%

  • 1.4%
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Page 22 1. Excludes acquisitions/disposals and at constant exchange rates

Reve venu nue e by t y typ ype - hig ighli hlights ghts im impac act t of dis isin invest vest quad adran rant

£m 2015 2015 2016 2016 Reported Underlying1 Underlying1 excl timing Subscriptions 103.6 109.3 +6% +1% +1% Advertising 20.0 18.4

  • 8%
  • 13%
  • 13%

Sponsorship 26.3 25.5

  • 3%
  • 8%
  • 8%

Delegates 39.0 37.1

  • 5%
  • 6%
  • 17%

Other 6.3 5.2

  • 17%
  • 19%
  • 19%

Sold business 1.5

  • FX

1.0 (1.3)

  • Total

197.7 194.2

  • 2%
  • 4%
  • 6%
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Page 23 1. Excludes acquisitions/disposals and at constant exchange rates 2. After closed business and FX

Revenue enue ch change ange (underl nderlyin ying1 excl cl tim imin ing) ) – H1 1 fol

  • llo

lows ws 2015 015 H2 2 tre rend, nd, as expec pected ted

Y-o-Y % change 2015 2016 H1 H2 H1 Subscriptions +2% +3% +1% Advertising

  • 11%
  • 11%
  • 13%

Sponsorship +7%

  • 6%
  • 8%

Delegates +3%

  • 12%
  • 17%

Other

  • 6%
  • 16%
  • 19%

Total2 +1%

  • 5%
  • 6%
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Page 24 1. Excludes acquisitions/disposals and at constant exchange rates 2. After closed business and FX

Reve venu nue e chan ange ge by by q qua uarter ter (u (und nderlying rlying1 excl l ti timi ming ng) ) – su subs bscrip ription tion lo low poin int? t?

Y-o-Y % change FY2015 HY2016 Q1 Q2 Q3 Q4 Q1 Q2 Subscriptions +2% +2% +4% +2% +2% +0% Advertising

  • 6%
  • 16%
  • 8%
  • 13%
  • 6%
  • 21%

Sponsorship +1% +11%

  • 9%
  • 2%
  • 7%
  • 8%

Delegates +3% +5%

  • 11%
  • 14%
  • 18%
  • 14%

Other

  • 4%
  • 10%
  • 24%
  • 9%
  • 37%

+5% Total2 +2% +1%

  • 5%
  • 6%
  • 6%
  • 6%
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%

Adjusted operating margin H1 2015 25.5 2015 drivers: Dealogic transaction (0.4) Property costs (0.3) 24.8 2016 drivers: Event timing difference 0.6 Disinvest quadrant (1.6) Other 0.3 Adjusted usted operat rating ing mar argi gin n H1 1 20 2016 16 24 24.1

Fal all l in in un underly lying ing operating rating ma margin in al also so la largely ly due ue to to dis isin invest vest qua uadrant ant

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Adjusted justed PBT helped lped by by fa favo vour urab able le FX rat ates

46.9 53.4 1.3 2.5 4.9 1.0 3.2 HY 20 2015 15 M& M&A CAP CAP Di Disin inves est q t quad uadra rant nt Oth Other er FX FX HY 20 2016 16

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Bene nefit it from m st strength ngth of US US$ vs vs GBP sh should uld cont ntinue inue in in H H2

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  • Structural and cyclical headwinds remain:

– Banking & capital markets – Q1 IB revenues weakest since 2009 – Commodities and energy – recovery from lows? – Asset management – signs of budget tightening

  • Markets haven’t yet bottomed out….
  • …. but strategy is starting to show positive signs
  • …. and forward indicators suggest subscription growth rate close to point of inflection
  • FX remains favourable
  • Costs will continue to be managed tightly
  • No significant H2 investment requirements
  • Continued focus on active portfolio management and plenty of acquisition firepower
  • Board comfortable with H2 expected performance similar to last year’s

Out utlo look

  • k
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Andrew Rashbass, CEO

Su Summ mmar ary

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  • Weak first half
  • Full-year performance should be in line with Board’s expectations
  • Strategy being implemented and early signs encouraging

Q&A

Su Summ mmar ary

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Q&A

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19 May 2016 Andrew Rashbass, CEO

2016 16 Hal alf-ye year ar resu sults lts presen sentat tation ion

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Appendix: Supplementary Information

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Reve venu nue e by by di divi visi sion

  • n

£m 2015 2015 2016 2016 Reported Underlying Research & Data 62.0 64 64.1 +3%

  • Financial Publishing

34.5 34 34.8 +1%

  • 3%

Business Publishing 31.6 30 30.5

  • 3%
  • 7%

Conferences, Seminars & Training 67.1 66 66.1

  • 1%
  • 5%

Other/closed 1.5

  • FX

1.0 (1. 1.3) 3)

  • 197.7

19 194. 4.2

  • 2%
  • 4%
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Page 35 1. After closed business and FX

Reve venu nue e chan ange ge by by q qua uarter ter (repor ported ted)

Y-o-Y % change FY2015 FY2016 Q1 Q2 Q3 Q4 Q1 Q2 Subscriptions +3% +7% +12% +6% +5% +6% Advertising

  • 4%
  • 10%

+1%

  • 9%
  • 2%
  • 15%

Sponsorship

  • 12%

+33%

  • 3%

+3%

  • 4%
  • 3%

Delegates

  • 1%

+17%

  • 9%
  • 11%
  • 18%

+6% Other

  • 3%
  • 4%
  • 21%
  • 7%
  • 35%

+6% Total1

  • 5%

+6%

  • 1%
  • 4%
  • 5%

+1%

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Page 36 1. At constant exchange rates and excluding acquisitions/disposals 2. After closed business and FX

Reve venu nue e chan ange ge by by q qua uarter ter (u (und nderlying rlying1)

Y-o-Y % change FY2015 FY2016 Q1 Q2 Q3 Q4 Q1 Q2 Subscriptions +2% +2% +4% +2% +2% +0% Advertising

  • 6%
  • 16%
  • 8%
  • 13%
  • 6%
  • 21%

Sponsorship

  • 12%

+8%

  • 9%
  • 2%
  • 7%
  • 8%

Delegates

  • 1%
  • 24%
  • 11%
  • 14%
  • 19%

+4% Other

  • 4%
  • 10%
  • 24%
  • 9%
  • 37%

+5% Total2

  • 1%
  • 5%
  • 5%
  • 6%
  • 6%
  • 3%
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Adjusted justed operat rating ing profit it

46.8 50.5 1.3 4.9 0.7 3.2 HY 20 2015 15 M& M&A Di Disin inves est q t quad uadra rant nt Oth Other er FX FX HY 20 2016 16

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Page 38 1. Headline profit before effect of FX hedging

Operating ating profi fit t by by di divi vision sion1

£m 2015 2015 2016 2016 Change Research & Data 20.3 22 22.8 +12% Financial Publishing 7.8 6. 6.6

  • 15%

Business Publishing 9.5 9. 9.0

  • 5%

Conferences, Seminars & Training 19.7 14 14.7

  • 25%

Sold/closed businesses 1.3

  • Corporate costs

(8.1) (6. 6.3) 3)

  • 22%

Total 50.5 46 46.8

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Page 39 1. After corporate costs

Operating ating ma margin in by by di divi visi sion

  • n

H1 2015 H2 2015 FY 2015 H1 1 20 2016 16 Research & Data 33% 37% 35% 36% 36% Financial Publishing 23% 26% 25% 19% 19% Business Publishing 30% 38% 35% 29% 29% Conferences, Seminars & Training 29% 22% 25% 22% 22% Group operating margin1 26% 26% 26% 24% 24%

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Sta tatu tuto tory ry profit it

46.9 7.9 12.9 1.9 0.8 23.4 Adju justed ted PBT PBT Acqui uired red in inta tang ngib ible am amor

  • rti

tisat ation ion Goodw Goodwil ill i l imp mpair airment ment Shar Share of e of ass associates iates and nd J JV am amor

  • rti

tisat ation ion Acqui uisition co ition commi mmitments tments St Statu tuto tory ry PBT PBT

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Page 41 1. See note 4 of Interim Financial Report

Excepti ption

  • nal

al it items ms

£m HY 2015 HY HY 2016 2016 Profit on disposal of Cap DATA & Cap NET 48.4

  • Profit on disposal of business

2.4

  • Profit on disposal of properties

4.3

  • 55.1
  • Goodwill impairment

(7.8) (12 12.9) 9) Restructuring and other exceptional items (1.5)

  • 45.8

(12 12.9) 9)

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Page 42 1. See note 6 of Interim Financial Report

Tax ax1

£m FY 2015 HY 2015 HY 2016 Adjusted PBT 107.8 53.4 46.9 St Stat atuto utory ry tax ax char arge ge (17 17.6) 6) (13 13.3) 3) (6. 6.2) 2) Other tax adjustments (1.3) 2.9 (2.7) Underlyi rlying ng tax ax char arge ge (18 18.9) 9) (10 10.4) 4) (8. 8.9) 9) Underlyi rlying ng tax ax rat ate 18% 18% 19% 19% 19% 19%

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Page 43 1. See note 5 of Interim Financial Report

Net t fin inan ance costs sts1

£m FY 2015 HY 2015 HY 2016 Interest on debt facility (1.1) (0.7) (0.4) Interest on tax (0.4) (0.3) (0.3) Other 0.2 0.2 0.1 Underlyi rlying ng net finan ance e costs ts (1. 1.3) 3) (0. 0.8) 8) (0. 0.6) 6) Acquisition deferred consideration (2.9) (1.3)

  • Acquisition commitments

4.7 5.1 (0.8) St Stat atuto utory ry net finan ance ce costs sts 0. 0.5 3. 3.0 (1. 1.4) 4)

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  • Sale of Gulf/PE in April for $18m
  • $15m cash received, net of escrow and working capital adjustments
  • FY15 revenues £11.3m, FY16 £4.3m to date of sale
  • FY15 operating profit £2.9m, FY16 £0.1m to date of sale

Dis isposa posal l of bu busi sine ness ss

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Cas ash conv nversion ersion

Cash generated from

  • perations

Adjusted

  • perating

profit Cash conversion HY2016 Cash conversion HY2015 Repor

  • rte

ted d cas ash conv nversion ersion 53 53.3 46 46.8 114% 114% 108% 108% Property adjustment

  • (3%)

Underlyi rlying ng cas ash h conversion version 53 53.3 46 46.8 114% 114% 105% 105%

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Deferred rred reve venu nue

Mar-15 to Mar-16 Sept-15 to Mar-16 £m £m Subs Subs Other Subs Subs Other Opening balance 93.4 32.6 86.2 25.9 Assets held for sale (0.9) (0.6) (0.9) (0.6) FX 1.5 0.8 3.3 1.1 Adjusted opening balance 94.0 32.8 88.6 26.4 Underlying movement 1.4 0.8 6.8 7.2 Closi sing ng ba balan ance ce 95 95.4 33 33.6 95 95.4 33 33.6 Underlying growth % 1% 2% 8% 27%

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USD HY 2016 HY HY 2015 2015 Average rate 1.47 1.56 Closing rate 1.44 1.48 USD 1¢ moveme ement nt Revenue +/- £1.4m Profit before tax +/- £0.6m

Imp mpac act t of FX