Investor Presentation

1. Subtitle
Q4 2013 Earnings 1/30/14
Subtitle
© 2016 Investment Technology Group, Inc. All rights reserved.
Not to be reproduced or retransmitted without permission. #31816-9991
ITG Investor
Overview
March 2016

2. 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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3. Subtitle
Global Product Groups
2
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® FIX
connectivity 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

4. Subtitle
• 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
3
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.
0
100
200
300
400
500
600
700
800
4Q15 Jan-Feb 16 4Q15 Jan-Feb 16 4Q15 Jan-Feb 16 4Q15 Jan-Feb 16
Average Daily Trading Comms
($ thousands)
Canada EMEA Asia PacificUS
4
Client Recovery Underway
Source: ITG

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Sizing the Opportunity
Upside Potential from Market Share Gains
0
50
100
150
200
250
300
350
400
450
500
North America (#15) Europe (#20) Asia Pacific (#21)
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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7. Subtitle
Rising Electronification
A Key Growth Opportunity
6
46
47
48
49
50
51
52
53
2014 2015 2018e
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
0
5
10
15
20
25
30
35
2014 2015 2018e
46
48
50
52
54
56
58
2014 2015 2018e
EU Electronic Equity Trading
32
33
34
35
36
37
38
39
40
41
2014 2015 2018e
Asia Pacific Electronic Equity Trading

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0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15
7
• 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 $110mm at Dec 31, 2015.
• ITG is well capitalized to take advantage of investment opportunities.
*Cash over and above the amount needed for regulatory capital, clearing margin, compensation accruals and other liabilities.
Source: ITG
Basic Shares Outstanding (millions)
0
20
40
60
80
100
120
Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15
Available Excess Cash* ($millions)
Strong Capital Position

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Core 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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ITG 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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12. Subtitle
Appendices
Product Offerings
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Electronic 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 Routing
One-point high-speed connection to liquidity
ITG Net®
Global FIX connectivity with trading insights
ITG Trading Services
Global 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
Systems
Global, broker-neutral and multi-asset EMSs
ITG Order Management Systems
ITG OMS: Global, multi-asset enterprise OMS
ITG Position Manager: Dedicated Hedge Fund OMS
ITG Net®
Providing EMS and OMS FIX connectivity with
approximately 9,000 global connections
ITG RFQ-hub
Multi-asset platform for global listed and OTC assets
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Analytics
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 Analytics
Alpha preservation throughout the trading process
ITG Portfolio Analytics
Portfolio modeling, optimization, and pricing
ITG Analytics Services
Investment 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
Research
Data-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
Trading
High touch traders provide expert execution
coupled with ITG Investment Research insights.
Seasoned portfolio traders provide high-touch and
electronic list trading globally.
ITG Corporate Access
Experienced 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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Disclaimers
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.
Disclaimers 16