Investor Day 9 March 2016 Introduction to the day 1. Strategy - - PowerPoint PPT Presentation

Euromoney Institutional Investor PLC Investor Day 9 March 2016

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Investor Day 2016

Introduction to the day 1. Strategy Andrew Rashbass, Chief Executive Officer 2. Strategy in action Euromoney divisional directors 3. Q&A 4. Demos

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Important notice

Certain statements in this presentation are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events described

• herein. Forward looking statements contained in this

presentation regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward looking statements, which apply only as of the date of this presentation. This presentation does not constitute or form part of any

• ffer or invitation to sell, or any solicitation of any offer

to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis

• f, or be relied on in connection with, any contract or

commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares of the Company. Past performance cannot be relied upon as a guide to future performance.

Andrew Rashbass Chief Executive Officer Strategy

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Contents

Strategy Capital allocation Strong hand Conclusion Operating model

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Euromoney has a strong hand to play

• 1. Strong brands
• 3. Highly cash generative
• 4. Strong balance sheet
• 5. Commercial
• 7. Successfully acquisitive
• 8. Supportive majority shareholder
• 6. Digital information company, not a print media company
• 2. Good people

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• 1. Strong brands

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• 2. Good people

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• 3. Cash machine

140% 100%

Source: Euromoney regulatory reporting Note: Adjusted operating profit represents adjusted operating profit before acquired intangible amortisation, long-term incentive credit/(expense) and exceptional items. Underlying cash conversion calculated as cash generated from operations / adjusted operating profit

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• 4. Firepower from strong balance sheet

Source: Euromoney regulatory reporting

Net cash/(debt) (£m)

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• 5. Experienced at spotting and monetising trends

Source: Euromoney regulatory reporting

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• 6. Transitioned from being a traditional media company

Source: Euromoney management accounts

Subscriptions and events Advertising

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• 7. Established acquisition record

Source: Euromoney management accounts

75% of growth M&A related

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• 8. DMGT is a supportive long-term shareholder focussed on value creation for all

Source: FactSet (as at 2nd March 2016)

Annualized TSR

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Contents

Strategy Capital allocation Strong hand Conclusion Operating model

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Plan for growth – starting point Historical strength of Euromoney and fixing the operational deficit

Entrepreneurial

 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

 Distant from customers  Slow  Expensive  Brand blancmange

But

 Scale  Best practice  Talent management  Strategic

Corporate

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Contents

Strategy Capital allocation Strong hand Conclusion Operating model

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Our capital allocation framework

+

• +
• Cycle

Structure

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Actions for each quadrant

+

• +
• 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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Source: Euromoney management accounts Note: proportion of revenues based on FY15 reported revenues

59%

Proportion of revenues by quadrant

+

• +
• Cycle

Structure

Batten down the hatches Use the time wisely Disinvest Invest

16% 16% 9%

Great businesses in e.g.: Asset management Insurance Telecoms Infrastructure finance Aviation finance Other specialist finance

59%

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Source: Euromoney management accounts Note: proportion of revenues based on FY15 reported revenues. ’14/15 growth represents underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

59%

Proportion of revenues by quadrant

+

• +
• Cycle

Structure

Batten down the hatches Use the time wisely Disinvest Invest

16% 16% 9%

’14/15 growth

• 4%
• 15%

+4%

• 5%

59%

’14/15 growth

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FY15 underlying revenue growth

Source: Euromoney management accounts Note: represents underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

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Plan for revenue growth – starting point

+4%

• 15%
• 5%
• 4%

+

• +
• Cycle

Structure ’14/15 growth ’14/15 growth

• Protect and enhance

competitive position

• Operating model
• Tight cost control
• Opportunistic on revenue
• pportunities
• Operating model
• Acquisition
• Operating model
• Maximise shorter-term

profit and cash

• Consider divestment
• Maximise shorter-term

profit and cash

• Divest
• Prevent future build-up

Batten down the hatches Invest Disinvest Use the time wisely

16% 16% 9% 59%

FY15 proportion FY15 proportion

Source: Euromoney management accounts Note: proportion of revenues based on FY15 reported revenues. ’14/15 growth represents underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

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Plan for revenue growth – starting point Achievable plan for revenue growth (not guidance)

+

• +
• Cycle

Structure

• 5%

+4% +5%/7%

• 5%/0%
• 1%/+1%
• Protect and enhance

competitive position

• Operating model
• Tight cost control
• Opportunistic on revenue
• pportunities
• Operating model
• Acquisition
• Operating model
• Maximise shorter-term

profit and cash

• Consider divestment
• Maximise shorter-term

profit and cash

• Divest
• Prevent future build-up

Batten down the hatches Invest Disinvest Use the time wisely

• 4%
• 15%

acquisitions

+

Source: Euromoney management accounts Note: proportion of revenues based on FY15 reported revenues. ’14/15 growth represents underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

• 1%/+1%

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Achievable revenue growth (not guidance)

New 2015 Existing

Margin: Lower margin Margin-enhancing Higher margin Quality: Lower quality Improving quality High quality

1

1. Underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

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Contents

Strategy Capital allocation Strong hand Conclusion Operating model

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• Operating model
• Acquisition
• Operating model

Invest Invest Invest

Strategy Strategy

+

• +
• Cycle

Structure

• Protect and enhance

competitive position

• Operating model
• Tight cost control
• Opportunistic on revenue
• pportunities
• Operating model
• Maximise shorter-term

profit and cash

• Consider divestment
• Maximise shorter-term

profit and cash

• Divest
• Prevent future build-up

Batten down the hatches Use the time wisely Disinvest

• Operating model
• Operating model
• Operating model
• Acquisition
• Consider divestment
• Divest
• Operating model
• Operating model

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Plan for growth – starting point Three pillars of strategy

Actively manage the portfolio Invest around big themes Transform the operating model

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Plan for growth – starting point Three pillars

Actively manage the portfolio Invest around big themes Transform the operating model

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Plan for growth – starting point Big themes

• Asset management

1.

• Price discovery

2.

• Other potential growth engines

3.

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Plan for growth – starting point Market tailwind

1. 2008 and 2014 data from BCG. 2020 figure based on PwC Asset Management 2020

Global assets under management1

2008 2014 2020 $46 tr $74 tr > $100 tr

8% CAGR ~5% CAGR

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Plan for growth – starting point Opportunity

Our market-leading platforms Trends

• 1. AuM growing
• 2. New sources of capital
• 3. Shifting product mix
• 4. Regulatory and legal
• 5. Fintech

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Plan for growth – starting point Big themes

• Asset management

1.

• Price discovery

2.

• Other potential growth engines

3.

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Plan for growth – starting point Global Business Information Market

Source: Burton-Taylor International Consulting LLC Note: Market size data as of 2014. CAGR based on growth over period 2010 - 2014

Price Discovery 9% CAGR

News, Research, Real-time & Trading Data, Portfolio Management & Analytics 3% CAGR

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Plan for growth – starting point Why Euromoney?

Source: BCG

The market is large and growing We already have some presence and assets It is part of a broader shift to structured data There are potential acquisition targets to go after Existing players are doing well There are barriers to entry and economies

• f scale

Factors that make price discovery an appealing proposition for us

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Plan for growth – starting point Example platforms

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• Asset management

1.

• Price discovery

2.

• Other potential growth engines

3.

Plan for growth – starting point Big themes

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Plan for growth – starting point Other potential growth engines

Telecoms Risk and compliance Fintech Insurance Soft commodities / agriculture Infrastructure finance

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Plan for growth – starting point Three pillars

Actively manage the portfolio Invest around big themes Transform the operating model

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Plan for growth – starting point A new operating model People

Performance management Pay and benefits Succession planning Training and development Organisation Recruitment

Marketing

Mend Pricing Key account management Brand and proposition Lead generation Reporting

Sales

Solution selling Commissions Reporting Sales training Cross-selling Price

Technology

Business focussed Secure, robust and scalable Fast Mobile Collaborative Coping with legacy

NPD

Product+ “New” Market and customer insight Product roadmap Test, fail fast, fail cheap Governance

China

Incorporate Chinese national as head More Mandarin speaking sales Centralised Client-centred (top 50) Mandarin content

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Plan for growth – starting point Transforming the operational deficit into growth

Sales and marketing “Quadrant moving” New customer segments Price optimisation New product development approval

Covering today

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Plan for growth – starting point Three pillars

Actively manage the portfolio Invest around big themes Transform the operating model

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Actively manage the portfolio

New 2015 Existing

Margin: Lower margin Margin-enhancing Higher margin Quality: Lower quality Improving quality High quality

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Contents

Strategy Capital allocation Strong hand Conclusion Operating model

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Potential growth

Margin: Lower margin Margin-enhancing Higher margin Quality: Lower quality Improving quality High quality

New 2015 Existing 1

1. Underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

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Plan for growth – starting point From

Strong hand Deliverable strategy and plan Capital allocation clarity and rigour

Invest around big themes Transform the

• perating

model Actively manage the portfolio Batten down the hatches Use the time wisely Disinvest Invest

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Plan for growth – starting point Running order

Topic Presenter BCA Research Bashar AL-Rehany Institutional Investor Memberships & Conferences Diane Alfano Institutional Investor Research David Antin Ned Davis Research Matthias Paul Break and Demos Airfinance Danny Williams Euromoney John Orchard Metal Bulletin Raju Daswani Telcap & Telecoms Rosalind Irving M&A Christopher Fordham Q&A

Andrew Rashbass Chief Executive Officer Strategy

Bashar AL-Rehany CEO BCA Research Inc.

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BCA sits firmly in the INVEST category

Cycle Structure +

• +
• Invest

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Favourable market trends

Proportional rise in alternative and smart beta strategies

5 10 15 20 25 30 35 40 2010 2015 2020 Alternatives Passives & ETFs

Source: Integrity Research

Fastest rising segments have strong demand for high- quality research (US$ Tr)

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Market leading investment research since 1949

 Market-leading analysis and forecasting  Proprietary modelling & indicators  Global account management  Multi-asset investment recommendations  2300 clients in 90 countries  Used by 7 of top 10 investment firms  70 strategists & analysts in 4 locations  Pioneered macroeconomic themes BCA Strengths BCA Highlights

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Accelerated growth under Euromoney…

8.7% CAGR Operational deficit

…but operational deficit has impacted last few years

30 40 50 60 70 80 90 100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

(US$m)

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Customer satisfaction and value

BCA Research Inc. Customer Satisfaction Survey Responses (2016)

Source: Simon Kucher Partners analysis; *3.2% respondents answered “I don’t know”

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Poor value Fair value Good or excellent value 75%: Respondents rated BCA as good or excellent value for money Of the many advisories I subscribe to, BCA is my no. 1 most trusted. Of course, it's also the most expensive, but I appreciate the high quality. It is my most expensive subscription, but challenging times make it essential.

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Addressing the operational deficit - change Addressing the

• perational

deficit Digital delivery New product development Commercial & pricing Marketing & customer service

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BCA Edge: The future of investment research

"BCA set a new benchmark. Increasing our ability to make more informed investment decisions and reducing the time it takes to convert research into actionable insight.” London-based Institutional Investment Manager “Ease of use, access to some resource hadn't appreciated, highlight stuff you might have missed flicking through, hammers home the message” Australian Pension Fund “Just about every bank has tried to produce something, research portals, rating agencies. BCA Edge is one of the newer and best.” Asia-based Monetary Authority “Convenient, fast, useful!” Sovereign Wealth Fund

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BCA Edge: Redefining investment research

PDF-based delivery …to Digital Platform

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BCA Analytics: Unlocking BCA’s quantitative analysis

Static charts …to Interactive charting

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BCA Analytics: Unlocking BCA’s quantitative analysis BCA Analytics enables us to build upon BCA’s deep expertise and experience in data analysis and modelling to quickly identify and support investment ideas. With BCA Analytics, we are able to quickly find, build upon and use charts in presentations, rapidly lowering the time this activity used to take. BCA Analytics user

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Making digital a way of life

Industry Leading Digital Platform – 4 Innovation Awards Number of clients on digital platform: 281 (13%) Targeting 100 % adoption within 2 years

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New product development – expanding depth and breadth of research

Deepening macro research to specific geographies and asset classes Applying macro framework to sector research Scalable stocks and FI issues research

Expanding geographies and asset classes

Frontier Market Strategy China Sector Strategy EM Equity Strategy EM FX/Rates Strategy Japan Strategy UK Strategy European Equity Strategy

Covering 75% S&P Market Cap

Financial Technology Energy Healthcare

Expanding micro research coverage

Equity Trading Strategy ETFs Tracking & Ranking Strategy BCA ETFs FI Instruments Strategy

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Pricing

• Determine price based on customer

profiling Value-based pricing system

• Based on market segments

Product bundles

• Capturing client behaviour and

commercial data Detailed analytics

• Integrated Edge and Analytics

pricing Digital platform

Revenue Impact + 3% per annum

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Marketing and Customer Service Improve lead qualification to target adjacent market segments Enhance servicing through developing institutional sales capabilities Repurpose and redesign content to support digital native consumption habits

Bashar AL-Rehany CEO BCA Research Inc.

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BCA Research - key takeaways

+

• +
• Cycle

Structure

Invest

• Asset management
• New product development
• Sales and marketing
• Pricing
• ETFs
• Delphi
• Margin

Diane Alfano Chairman Institutional Investor

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Institutional Investor Memberships and Forums

Cycle Structure +

• +
• MEMBERSHIPS

Invest

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Institutional Investor Memberships and Forums – global presence

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Two types of institutes Marketing Peer to peer

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Institutional Investor Memberships & Forums revenues 2005 – 2015

20 25 30 35 40 45 50 55 60 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Existing Memberships & Forums New Memberships & Forums

CAGR 5% CAGR 9%

Recent growth has been fuelled by new product launches

(US$m)

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A networking platform for institutional investors

Buyers Sellers

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Origin

Developed out of II’s conference business

Based on three insights:

• 1. Allocators are seeking better ways to identify highly skilled, smaller managers.
• 2. We’re not fully capturing the value we create when introducing investment

managers to Asset Owners at our events.

• 3. If an Asset Owner invests in a manager’s fund, the manager will typically make $4.8

million in fees over 5 years*. We can use data technology to make targeted introductions and capture more of that value.

* Based on an average $110m mandate with fees of 88bps over 5 years

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Targeting Secure online communities provide the foundation

Investor Intelligence Network

• 1,965 Institutions
• CIOs/Senior Investors
• 103 countries
• $27.5 trillion assets
• Av. AuM = $27 billion
• Min. AuM = $1 billion

Manager Intelligence Network

• 1,244 Asset Managers
• Sales Heads
• 39 countries
• 3,615 users
• Min. AuM = $500 m

Requests For Information (RFIs) A flow of mandates (manager searches)

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New Discovery service for targeted searches We are best placed to ‘match make’ accurately

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Access to Discovery

• Regulated entity
• Technology platform

Family

• ffices

Sovereign wealth

Institutional Investors

HNWI

IIN link RFI Discovery

Investment Managers

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Significant capital introduced since launch A great start: capital placed so far

4,138 Proposals from managers sent

• ver the

Network $27.5 trn Assets managed by the members 3,865 Institutional investors are members $11.6 bn Value of mandates placed with users

* Data accurate on February 11th, 2016

$26.6 bn Total value of ‘searches’ posted 94 Mandates awarded 252 Searches conducted through the platform

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Moving to a regulated earnings model Charging basis points on capital placed:

 Research with investment managers shows they are willing to pay us 15 per cent of their first-year fee on any capital they raise through RFI Service:  On a $250million EME search (assuming the winning manager’s fee is 88bps), our fee = $330K

Diane Alfano Chairman Institutional Investor

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DISCLAIMERS

• This presentation and any associated materials are for professional/institutional investors only.
• This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
• The contents of this presentation and the accompanying materials are confidential and for the sole use of the intended recipient. If you

are not the intended recipient (or believe that you have received this presentation error) please destroy this presentation.

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Institutional Investor Memberships & Conferences - key takeaways

+

• +
• Cycle

Structure

Invest

• Asset management
• New sources of capital
• Fintech
• New product development
• No operational deficit

David Antin CEO Institutional Investor Publishing

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Quadrant

Cycle Structure +

• +
• Invest

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Opportunity - Tailwind

Today

The services provided to the buy side by the sell side — namely research, sales and corporate access — are paid for through a bundled trading commission.

Future

Changing regulation (MIFID II) will force the unbundling of these services.

After unbundling, the industry will need an effective way to evaluate these services

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Why Institutional Investor?

II will leverage its brand, relationships and expertise to rank all sellside services including:  Analysts / research  Trading  Corporate access  Sales

Pre-MIFID II

II ranks research analysts around the globe  The buy side uses these rankings to determine the best analysts  The sell side uses these rankings to compensate their analysts and for marketing

Post-MIFID II

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Challenges

Had led to:  Long cycle to getting products to market (18 months)  Editorially driven product development  Tendency to build expensive, high-risk technology platform solutions Main challenges Our operating structure & corporate culture Our technology

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Solution

Bring a new product to market in three months and spend no money Instead of redeveloping the existing technology platform we are creating a scaled-down platform to take advantage of this new

• pportunity and quickly bring a new product to market.

HOW?

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Investor Day 2016

New product launch

 Different voter universe  Voters with short attention spans  Easily cloned to cover additional geographic regions  Identifying those best at various aspects of trading is highly valuable post unbundling All-America Trading Survey

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Product to market

NEW OLD

18 months 3 months

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Development

NEW OLD

Build platform

Buy components (MVP)

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Budget

NEW OLD

$1,000,000 $50,000

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Product development

NEW OLD

Editorially driven Commercially driven

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Risk of execution

NEW OLD

High risk Low risk

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Our progress – as of today

Milestone Status Assign & recruit project team Define MVP & requirements Develop survey execution plan & budget Draft RFP and select survey vendor Gather client feedback and draft ballot Recruit panel to test ballot before launch Build ballot in new survey tool Select CRM partner & integrate Launch ballot Complete survey fielding & data clean up Mar 15 Create report & editorial feature Mar 30 Release results & meet clients to review data Mar 31 And we are on track to deliver this within the budget

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If successful, we will…

 Have figured out how to scale II Research  Be able to launch six new surveys in the time that it previously took us to launch one  Build a platform and process that can be further developed to handle the entire business.  Learn from our mistakes without taking any significant risk  Put ourselves in a position to integrate into or build our own corporate access administration and payment compliance tools, opening up new revenue streams for the business

David Antin CEO Institutional Investor Publishing

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Institutional Investor Research - key takeaways

+

• +
• Cycle

Structure

Invest

• Asset management
• Regulation – sellside unbundling
• New product development
• Technology
• Best of both worlds operating model

Matthias Paul CEO Ned Davis Research

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Where NDR sits in Euromoney’s strategy

Cycle Structure +

• +
• Invest

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 900 clients, approx. 6,500 users  95% of revenues from Institutional Clients  85% of revenues in North American  $50k is average subscription price  Renewal rates >90%  +$5m with custom services & models

NDR – strong brand and high customer satisfaction

 Strong expertise around charts & data  Breadth of research with US focus  Custom research expertise  Scalable infrastructure  High quality quant team  Reputation & brand value in the US  Very service oriented

NDR strengths Performance highlights

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NDR‘s revenues declined by 13% since the acquisition in 2011

Revenue development 2011 - 2015

FY2011 FY2012 FY2013 FY2014 FY2015

• 1.8%

0.2%

• 5.3%
• 7.1%
• 13%

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NDR had a good start into FY16 – strong net business growth

Cancels & downsells New sales Pricing & upsells Change in BoB Cancels & downsells New sales Pricing & upsells Change in BoB

Change in Book of Business Oct-Jan 2015 Change in Book of Business Oct-Jan 2016

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The NDR Strategy Cube: matching client needs with NDR capabilities

Products

New Existing

Markets

Existing New

Improved go-to- market approach Data, charts & tools Modelling & signal providing on AUM basis

1 2 3

Internationalisation Custom research & consulting

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• 1. New product & pricing structure introduced October 2015

Strategy products Strategy products Strategy products  Unbundle full-service product  Introduce value-based pricing structure  Charge for premium services Strategy products Research implementation Premium services

 Global strategy  US strategy  Data explorer  Data sets  ETF solution  Custom solutions  Analyst access  Chart maintenance

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• 1. Rolling out NDR’s new product & pricing structure has already yielded $1.2m in

growth, $2m FY16 goal

Target for 2016  +250 clients  +$2m in growth YTD results  150 clients  +$1.3m in growth

NDR Strengths

“I was wondering when this was coming” “I value your work and I believe it is underpriced”

What we heard from clients…

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• 2. Data Solutions - sample datasets

ASSET & REGIONAL ALLOCATION

Global Balanced Asset Allocation ETF Asset Allocation & Portfolio Global Regional Equity Allocation

FIXED INCOME

Global Reg. Fixed Income Allocation 10yr Treasury Note Fair Value

ECONOMIC STRENGTH

Recession Probability Global Recession Probability Eurozone Recession Asia Recession Economic Timing US Economic Timing Eurozone Economic Timing Japan Economic Timing

UK Economic Timing Inflation Timing

US Inflation Timing Eurozone Inflation Timing

SENTIMENT GAUGES

Crowd Poll Daily Trading Composite Daily Model for the CCI (Commodities)

Crude Oil Composite US Dollar Daily Composite Gold Daily Model Bond Daily Model

EQUITY

Market Timing Big Mo Multi-Cap (US) Fab Five Composite (US) Adaptive Trading (US)

• Strength of Trend Composite
• Trend-Following
• Mean-Reverting

Europe ex. UK Stock Market UK Stock Market Cap & Style US Nine-Way Style Allocation

• US Small/Mid/Large
• Europe ex. UK Cap

UK Cap US Industry Selection Sector & Industry Momentum Ranks Sector & Industry Fundamental Focus Ranks Stock Selection Equity Focus Rank (US & Europe) Dynamic Focus Rank (US & Europe) Fundamental Focus Rank (US & Europe)

Stock Sentiment Score (US Only) Stock Insider Score (US Only) Factor Portfolios

ETF Selection ETF Score ETF Global Market Momentum Rank ETF Relative Strength Rank ETF Sentiment Score ETF Insiders Score

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• 2. Data Explorer – focused on client needs

Users want:

 Access our 40k charts …  …through a modern front-end…  …with the right filters, and in a guided way  Able to discover charts which match their needs…  …interact with the charts…  …and be able to customize them as well

Therefore we created:

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• 3. NDR structured products model & index portfolio

Tactical Asset Allocation Smart Beta Category Products for the market place  Global asset allocation  Country rotation  Bond rotation  Commodity rotation  Sector rotation  MLP Index  NDR equity model portfolio’s  GARP - growth stocks at a value price  Stock baskets based on thematic strategy research or quant factors

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• 3. NDR as a signal provider – go direct to RIA market

…focus is our Global AA model:  Global View, part of the Summit structure, which contains multiple RIAs  Funds Evaluation Group helped NDR get on the Envestnet platform  Carson Wealth, contained RIA

Next steps:

 Drive assets to NDR active strategies  Active support of sales teams / whole sellers

• f partners

NDR closed three RIA partnerships…

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• 3. NDR as a model / index provider – ETF & Structured Products

 Van Eck – Long Flat  Van Eck – Global Asset Allocation Mutual Fund  Advanced discussions with other ETF providers  Strong interest to partner with us due to NDR’s strong brand value in US

Next steps:

 Support Partner in approval processes  Later Stage: Sales support

NDR will launch several ETFs & structured products over next 9 months:

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… NDR is back in the game …

Matthias Paul CEO Ned Davis Research

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Ned Davis Research - key takeaways

+

• +
• Cycle

Structure

Invest

• Asset management
• Shifting product mix
• New product development
• Pricing and product unbundling
• Fintech
• Sales and marketing

Break

Product demonstrations:

3.15pm – 3.30pm: BCA (Brijesh Malkan) IIN (Alistair Morrison) 3.30pm – 3.45pm: NDR (Hugh Taggart) Metal Bulletin (Spencer Wicks)

Danny Williams Managing Director Specialist Finance Group

Page 115

Investor Day 2016

Specialist Finance Group businesses

Cycle Structure +

• +
• Invest

Page 116

Investor Day 2016

Airfinance – how we changed quadrant

Cycle Structure +

• +
• Use the

time wisely Invest

Page 117

Investor Day 2016

Aviation finance – supply & demand factors

Boeing and Airbus produce 1,100 new aircraft per year and there is a 10-year backlog of orders

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2014 2034 Growth Replacement Retained 21,960 58% 16,090 42% 5,510 21,600 43,560 38,050

Sources of financing (US$ bn)

2014 2015 2016 2017 2018 2019 Export Credit Bank Debt Alternatives/Institutions Cash Tax Credit 115 124 125 132 141 156

2% 24% 28% 31% 15% 2% 23% 32% 28% 15%

Source: Boeing Capital Corporation Source: Airfinance estimates

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Investor Day 2016

Product evolution

Airfinance

New Pricing Platform business Legacy Magazine business Transaction information Deal News Deal data 2 1 3rd party analysis

✓ ✓

Fleet /asset data

✓

Valuation data Platform partners

✗ ✗

Proprietary analysis

✓ ✗

Danny Williams Managing Director Specialist Finance Group

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Investor Day 2016

Airfinance - key takeaways

+

• +
• Cycle

Structure

Invest

• Shifted quadrants
• Infrastructure finance
• Price discovery
• New product development
• Acquisition

John Orchard Managing Director Banking & Capital Markets Group

Page 122

Investor Day 2016

Euromoney Magazine in context

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Investor Day 2016

Growth in digital advertising is offset by declining print advertising

Source: PwC: Global entertainment and media outlook 2015-2019

(US$ bn)

2 4 6 8 10 12 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Print Digital

Global trade magazine advertising revenue

Page 124

Investor Day 2016

Rise of content marketing

More important 88% The same 10% Less important 2%

Is Content Marketing becoming more

• r less important?

Decrease 12% Increase 53% Stay the same 31% Don't know 4%

What will happen to your Content Marketing budget?

Financial sector marketers expect content marketing to become more important and see increased budgets in the near future

Source: Editions Financials (Financial Content Marketing: The State of Play; 2015 Benchmarks, Budgets, Trends)

Page 125

Investor Day 2016

Strategy for moving quadrants

Cycle Structure +

• +
• Print magazine
• Share of advertising budget
• Thought leadership through multiple

channels

• Share of marketing budget
• P2P benchmarking system

Page 126

Investor Day 2016

Grudging AdvocatesTM

“We’re just behind ICBC in the Panda Bond book- runner league-table” “Deutsche needs to do a UBS”

“After RBC, we’re the best Private Bank in Canada” “BAML only got that deal because of their balance sheet” “We’re setting up a ‘Smart Banking’ digital platform like DBS”

“Of course, Goldman, but they’re also talking to us and a local bank about the listing”

“It’s going to be an award

• winner. I’m sure even the

leads – Deutsche, Goldman and HSBC - would have thought you were crazy if you said they’d do €9bn”

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Investor Day 2016

Why do you need Grudging AdvocatesTM?

 Banks are innately difficult to differentiate through product  Attracting and retaining talent is the first priority for any bank, and how they are seen in the community is key to that  Thought leadership only works if it defines a language and language is validated by the community  It puts you “in” the competitor meetings you’re not at  The industry vernacular is a status-anxious one: a perpetual benchmarking against competitors  It is inherently authentic  It’s a competitive industry where participants talk about themselves and each other

Page 128

Investor Day 2016

Why Euromoney?

Page 129

Investor Day 2016

Euromoney has unparalleled channels, franchises and communities

Banking & Capital Markets Asset Management Commodities Specialist Finance

John Orchard Managing Director Banking & Capital Markets Group

Page 131

Investor Day 2016

Euromoney - key takeaways

+

• +
• Cycle

Structure

Batten down the hatches

Raju Daswani Managing Director Metal Bulletin Information Division

Business Logo

Page 133

Investor Day 2016

 MB provides price discovery and information services to the metals and mining industry  The principal activity is the discovery and publication of commodity price data  Content includes data, commentary, news, forecasts and statistics

Overview of the Metal Bulletin Information Division

Business Description Business Model Client base

Exploration & Mining End-User Markets Refining & Production Professional Services

 Primary revenue stream is annual subscription fees for access to content  Benchmarks and Reference Prices in the portfolio can be significantly further monetised  Other revenue channels include consulting, advertising and special reports

Brands

Financing & Trading

Business Logo

Page 134

Investor Day 2016

Metal Bulletin’s portfolio is in the top left quadrant Batten down the hatches

Cycle Structure +

• +

Business Logo

Page 135

Investor Day 2016

Metal Bulletin has remained a strong and resilient business despite challenging business cycle environment

50 100 150 200 250 300 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Trend in Metal Bulletin revenue vs. commodity prices (1995 = 100)

LME Index MB Revenue

Business Logo

Page 136

Investor Day 2016

Metal Bulletin has the potential for greater revenue generation

1

Existing Customers  Data feeds & licences  Raise prices via product improvements  New account management approach New Customers Existing Products New Products

Business Logo

Page 137

Investor Day 2016

Metal Bulletin has the potential for greater revenue generation

Existing Customers New Customers Existing Products New Products  Industry Data Feed Product  Monetising pricing benchmarks  New Mexican pricing product

2

Business Logo

Page 138

Investor Day 2016

Benchmarking opportunities and value curve

 While iron ore and metallurgical coal are already well along the track to market maturity, several of MB’s indices are yet to evolve into mature markets with exchange trading and derivatives - this presents a huge opportunity for markets such as alumina, manganese ore & copper concentrates 2

Iron Ore Aluminium premiums Steel MnOre Ferrous Scrap Copper Concentrates Bauxite Ferroalloys Metallurgical Coal Alumina

Value of Data Sales. Licensing & Exchange Fees Reference Pricing Benchmarks Exchange Contracts Key Illustrative market Size & MB benchmark position in pricing within this market

Oil & Gas Minor Metals All other MB Reference Prices

Market maturity

Business Logo

Page 139

Investor Day 2016

Metal Bulletin has the potential for greater revenue generation

Existing Customers New Customers Existing Products New Products  New Mexican pricing product  Pricing products for key mineral markets  Launching new price benchmarks

3

Business Logo

Page 140

Investor Day 2016

Metal Bulletin has the potential for greater revenue generation

Existing Customers New Customers Existing Products New Products  New Chinese & Iranian pricing services  Procurement tools for end-user markets  Content sold by vertical markets

4

Business Logo

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Investor Day 2016

Creating a single portal for access to our products and vertical segmentation of our content

New metalbulletin.com launch benefits:  Integration of Steel First into MB  Content can be sold by metal vertical  Better ability to track client usage  Better marketing infrastructure to drive conversions 4

Business Logo

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Investor Day 2016

 Metal Bulletin is a great business  Untapped opportunities will drive growth  Investment needed is manageable Conclusions

Raju Daswani Managing Director Metal Bulletin Information Division

Page 144

Investor Day 2016

Metal Bulletin - key takeaways

+

• +
• Cycle

Structure

Batten down the hatches

• Price discovery
• Careful, selective investment
• Pricing and customer segmentation
• New product development
• Account management
• Cross-selling

Rosalind Irving Managing Director TelCap

Page 146

Investor Day 2016

TelCap’s place in the quadrant

Cycle Structure +

• +
• Invest

Page 147

Investor Day 2016

The events swingometer

Training Discussion Networking Prospecting Trading Initiation Workshops Conference agenda Exhibition Speed Networking MeetMe Innovation Station Bilateral tables Meeting rooms TRAINING → INFORMATION → DISCUSSION → NETWORKING → TRADING Dealmaking

Page 148

Investor Day 2016

TelCap overview

5 10 15 20 2007 2009 2011 2013 2015

(£m)

 TelCap focuses on the wholesale/carrier-to-carrier telecommunications market  Through its brands Capacity Magazine, Capacity Conferences and International Telecoms Week (ITW), TelCap is the leading source of information for the industry  Annual revenue growth 2007 – 2015: 31%  Annual operating profit growth 2007 – 2015: 34%

TelCap revenues 2007 - 2015

Page 149

Investor Day 2016

Where we are moving to Where we are

Trend of value growth migration: from infrastructure to software

Technology vendors Infrastructure Connectivity Devices Platforms Services Network equipment Infrastructure management Components Chipsets Wholesale Retail Smartphone / Tablet Wearable / Smart device Consumer Enterprise Multiple verticals

Page 150

Investor Day 2016

Telecoms value is migrating away from network infrastructure and connectivity-based business models

Network analytics Data security IoT Enterprise ICT Content Delivery IoT Enterprise ICT

Platforms Services

IP-based based services Network-based services Infrastructure

Connectivity

Proposition layer

Wholesale connectivity provider business

Business model

Cloud Platform as a Service Cloud Platform as a Service

Migration of value growth

xxx

Opportunities for wholesale provider business model evolution

Rosalind Irving Managing Director TelCap

Page 152

Investor Day 2016

Telcap & Telecoms - key takeaways

+

• +
• Cycle

Structure

Invest

• Telecoms
• Trading events
• Geo-cloning
• Shift away from publishing

Christopher Fordham Managing Director Corporate Development

Business Logo

Page 154

Investor Day 2016

Acquisitions have been a vital part of Euromoney’s growth  Net cash spent by Euromoney on acquisitions, 2005-2015 = £460m  Source of Euromoney’s revenue growth, FY05-15

Organic growth 25% Acquisitions/disposals 40% Post-acquisition growth 35% Total 100%

75%

Business Logo

Page 155

Investor Day 2016

M&A within Euromoney’s strategy

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
• Opportunistic on revenue opportunities
• New product development
• Sales and marketing
• Acquisition opportunities
• Modest investment to move to top—

right quadrant above

• Maximise shorter-term profit and cash
• Consider divestment
• Maximise shorter-term profit and

cash

• Divest

Business Logo

Page 156

Investor Day 2016

Euromoney’s acquisition criteria  Is it a good business?  Is it strategic?  Do we have a robust plan?  Do the financials stack up so it creates value for our shareholders?

Business Logo

Page 157

Investor Day 2016

Some sectors for acquisition focus  Research and data businesses in asset management  Aviation  Telecoms  Price-discovery  Other strategic sectors where we can add value

Christopher Fordham Managing Director Corporate Development

Page 159

Investor Day 2016

M&A - key takeaways

+

• +
• Cycle

Structure

Invest Use the time wisely Disinvest

• Acquisition
• Consider divestment
• Divest

Andrew Rashbass Chief Executive Officer Conclusion

Page 161

Investor Day 2016

Plan for growth – starting point What you’ve heard

Strong hand Deliverable strategy and plan Capital allocation clarity and rigour

Invest around big themes Transform the

• perating

model Actively manage the portfolio Batten down the hatches Use the time wisely Disinvest Invest

Page 162

Investor Day 2016

Potentially delivering by 2018

Margin: Lower margin Margin-enhancing Higher margin Quality: Lower quality Improving quality High quality (2%) FY14/FY15 growth (underlying) Disinvest Batten down the hatches Use the time wisely Invest, Organic Achievable

• rganic

growth Invest, Acquisitions Achievable growth

New 2015 Existing 1

1. Underlying revenue growth from FY14 to FY15, excluding the impact of acquisitions, disposals, currency movements and event timing differences

Page 163

Investor Day 2016

Plan for growth – starting point Resulting in

Rigorous capital allocation Return to growth Earnings management, stable margins and quality of earnings Maintained dividend policy

Thank you

Q&A