NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

Markit Ltd. (the “Company”) is an exempted company incorporated in Bermuda. The Company’s principal executive offices are located at 4th Floor, Ropemaker Place, 25 Ropemaker Street, London, England, EC2Y 9LY. The Company maintains a registered office in Bermuda at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The consolidated interim financial information (hereafter “financial information”) comprises the results of the Company and its subsidiaries (hereafter the “Group”).

The Company became the parent of the Group as a result of reorganisation transactions which were completed prior to the initial public offering of the shares of the Company. The Company historically conducted its business through Markit Group Holdings Limited (“MGHL”).

The financial period represents the three months, ended March 31, 2016, with the prior period representing the three months ended March 31, 2015.

The financial statements were authorised for issue by the Company’s Board of Directors on May 5, 2016.

On March 20, 2016, the Company entered into a definitive agreement under which Markit and IHS, Inc. (“IHS”) would combine in an all-share merger. Upon completion of the proposed merger, the Company will be renamed IHS Markit Ltd. and headquartered in London.

The transaction is expected to close in the second half of 2016, subject to customary closing conditions, including regulatory approvals and approval by both IHS and Markit shareholders. As part of the merger plans and agreements entered into, the Group is subject to completion fee and contingent termination related obligations.

Other than certain exceptional costs relating principally to the merger announcement (see note 8), the merger has had no other impact on these consolidated interim financial statements.

The financial information for the three months, ended March 31, 2016 has been prepared in accordance with IAS 34, “Interim financial reporting”.

The financial information does not amount to full financial statements and does not include all of the information and disclosures required for full annual financial statements. It should be read in conjunction with the consolidated annual financial statements of the Group for the year ended December 31, 2015 which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The Group continues to adopt the going concern basis in preparing its consolidated financial statements. The Company’s Board of Directors has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current facilities.

The accounting policies applied by the Group are consistent with those of the year ended December 31, 2015. No changes to accounting standards have since come into force that will have a material impact on the Group.

New standards and interpretations not yet adopted

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after January 1, 2016, and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on the consolidated financial statements of the Group, except the following set out below:

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MARKIT LTD.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.

Critical accounting estimates and assumptions

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these consolidated interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2015.

The Group’s operations expose it to a variety of financial risks: market risk (including foreign exchange risk, market price risk, and cash flow and fair value interest rate risk), credit risk and liquidity risk.

The financial information does not include all financial risk management information and disclosures required in annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended December 31, 2015.

There have been no changes in any risk management policies.

Except for foreign currency derivatives, available for sale financial assets and contingent consideration in respect of past acquisitions, the Group holds no financial instruments at fair value. The Group uses the following hierarchy for determining and disclosing the fair value of these financial instruments:

Foreign currency derivatives are valued using inputs provided by the respective counterparties, which are large financial institutions, and are based on the difference between the spot rate and the forward rate (level 2). The fair value of the available for sale financial asset and the contingent consideration is based on the Group’s estimates (level 3), the inputs for which are not based on observable market data (that is, unobservable inputs). The movements in available for sale financial assets and contingent consideration are shown in note 5.3.

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MARKIT LTD.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

The table below presents the Group’s assets and liabilities that are measured at fair value at March 31, 2016:

The table below presents the Group’s assets and liabilities that are measured at fair value at December 31, 2015:

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MARKIT LTD.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

The Group has obligations to pay additional consideration for prior acquisitions, based upon revenue performance contractually agreed at the time of purchase. These are measured using significant unobservable inputs and as at March 31, 2016, the Group held liabilities of $57.6m (December 31, 2015: $67.2m). The Group believes that additional payments in connection with these transactions would not have a material impact on the consolidated financial statements.

Excluding contingent consideration linked to revenue share agreements which were valued at $4.5m at March 31, 2016 (December 31, 2015: $14.5m), the total undiscounted maximum potential consideration payable over and above that already recognised would amount to $16.1m (December 31, 2015: $16.4m).

The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. There have been no transfers between levels in the period.

There were no changes in valuation techniques during the period.

The Group’s finance department performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. These valuations are reviewed by the Group Financial Officer.

At each reporting period the Group revalues its contingent consideration payment obligations relating to past business acquisitions. The main level 3 inputs in calculating these fair values are the business performance of acquirees and discount rates. The actual performance of relevant acquirees is discounted to a present value at a discount rate that reflects the proportionate risk a market participant would incur in meeting this liability. The resultant present values form the bases of the contingent consideration due. Changes in fair values are analysed at each reporting date by the business.

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MARKIT LTD.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

The Group’s only derivatives are forward foreign exchange contracts. These contracts are initially recognised at fair value, which is equal to the contract value based on the forward rate at the time of entering into the contract. Subsequently, each contract is revalued to its fair value on a monthly basis, based on the difference between the spot rate and the forward rate. These valuations are provided by the respective hedge counterparties, which are large financial institutions.

The fair values of all financial assets and liabilities held at amortised cost were not materially different from their carrying values.

Operating segment information

The Chief Executive Officer (“CEO”) is the Group’s chief operating decision-maker. Management has determined the operating segments based on the information received by the CEO for the purposes of allocating resources and assessing performance.

The CEO considers the performance of the business primarily from the perspective of groups of similar products.

The CEO assesses the performance of the operating segments based on Adjusted EBITDA, a measure of earnings before income taxes, net finance costs, depreciation and amortisation on fixed assets and intangible assets (including acquisition related intangible assets), acquisition related items, exceptional items, share based compensation and related items, other gains/(losses) – net, including share of Adjusted EBITDA attributable to joint ventures and excluding Adjusted EBITDA attributable to non-controlling interests.

This measure excludes the effects of charges or income from the operating segments such as restructuring costs, legal expenses and goodwill impairments when those items result from an isolated event. The measure also excludes the effects of equity-settled share based payments and foreign exchange gains/(losses).

Finance costs are not allocated to segments as this type of activity is driven by Group Treasury which manages the financing position of the Group.

Central costs are allocated to segments based on various metrics, including revenue, EBITDA and headcount, reflecting the nature of the costs incurred.

The Group’s operating segments are as follows:

Information: The Group’s Information division provides enriched content comprising pricing and reference data, indices, valuation and trading services across multiple asset classes and geographies through both direct and third-party distribution channels. The Group’s Information segment products and services are used for independent valuations, research, trading, and liquidity and risk assessments. These products and services help the Group’s customers price instruments, comply with relevant regulatory reporting and risk management requirements, and analyse financial markets.

Processing: The Group’s Processing division offers trade processing solutions globally for over-the-counter (“OTC”) derivatives, foreign exchange and syndicated loans. The Group’s trade processing and connectivity services enable buy side and sell side firms to confirm transactions rapidly, which increases efficiency by optimising post-trade workflow, reducing risk and complying with reporting regulations. The Group believes it is the largest provider of end-to-end multi-asset OTC derivatives trade processing services.

Solutions: The Group’s Solutions division provides configurable enterprise software platforms, managed services and hosted custom web solutions. The Group’s offerings help its customers capture, organise, process, display and analyse information, manage risk and meet regulatory requirements.

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¹ Adjusted EBITDA is defined as profit for the period from continuing operations before income taxes, net finance costs, depreciation and amortisation on fixed assets and intangible assets (including acquisition related intangible assets), acquisition related items, exceptional items, share based compensation and related items, net other gains or losses, including Adjusted EBITDA attributable to joint ventures and excluding Adjusted EBITDA attributable to non-controlling interests.

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No individual customer accounts for more than 10% of Group revenue.

The operating expenses above exclude exceptional items (see note 8), acquisition related items (see note 9), other gains/(losses) – net, share based compensation and related items (see note 10), depreciation on property, plant and equipment (see note 13) and amortisation of intangible assets (see note 14).

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MARKIT LTD.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

Exceptional items are considered by management to constitute items that are significant either because of their size, nature or incidence of occurrence, and are presented on the face of the income statement. The separate reporting of exceptional items is set out below to provide an understanding of the Group’s underlying performance.

Legal advisory costs represent fees for the consolidated class action lawsuit relating to credit derivative and related markets and the associated ongoing antitrust investigations by both the US Department of Justice and the European Commission. These costs have been classified as exceptional due to the complexity and individual nature of these related cases along with the size of the costs being incurred. These costs represent an industry-wide issue and are consequently not considered part of the Group’s normal course of business.

Merger costs are associated with the preparation work for the proposed merger with IHS (see note 2). The costs relate to banking, legal, accounting and other advisory fees associated with the merger. This one-off transformational arrangement and associated costs will have a significant impact on the Group and as such is not treated as part of the Group’s normal course of business.

Acquisition costs primarily relate to legal and tax advisory costs attributable to completed acquisitions.

Remuneration on acquisition relates to equity-based remuneration issued to senior management of the acquiree, this is dependent on future performance and their continued employment within the Group.

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MARKIT LTD.

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

Income tax expense is recognised based on management’s estimate of the annual income tax expected for the period. The weighted estimated average annual tax rate used for the three months ended March 31, 2016 is 29.8% (three months ended March 31, 2015: 27.6%).

Earnings per share, basic is calculated by dividing the net income attributable to owners of the Company by the weighted average number of common shares issued and outstanding during the period.