Markit Announces $200 Million Accelerated Share Repurchase

Markit Ltd. (Nasdaq: MRKT), a leading global provider of financial information services, today announced an aggregate $200 million accelerated share repurchase (ASR) with J.P. Morgan Securities LLC ("JPMorgan"), as agent for JPMorgan Chase Bank, National Association, London Branch and Morgan Stanley & Co. LLC (“Morgan Stanley”). The transaction completes the $500 million share repurchase program announced in June 2015, with an additional $50 million share repurchase approved by Markit’s board of directors in connection with the ASR.

Jeff Gooch, chief financial officer at Markit, said: “Our share repurchases in 2015 demonstrate our disciplined and balanced capital allocation strategy and our confidence in Markit’s growth prospects. Our strong balance sheet and significant free cash flow generation provide the flexibility to complete buybacks while continuing to pursue value enhancing acquisitions. With this transaction, we’re delivering on our commitment to drive shareholder value.”

Under the ASR, Markit will pay an initial $200 million in the aggregate to JPMorgan and Morgan Stanley to repurchase outstanding Markit common shares. Upon commencement of the ASR, Markit expects to initially reduce its share count by approximately 5.1 million shares and Markit may receive additional shares at or prior to maturity of the ASR. The total number of shares ultimately to be repurchased by Markit under the ASR will generally be based on the daily volume-weighted average price of the shares during the calculation period for each ASR, less an agreed discount. At final settlement of each ASR, Markit may be entitled to receive additional shares, or, under certain limited circumstances, be required to deliver shares to the relevant ASR counterparty.

Markit anticipates that all repurchases under the ASR Agreements will be completed by the third quarter of 2016, although each ASR counterparty has the right to accelerate settlement of its respective ASR under certain circumstances. The ASR will be funded through a combination of cash on hand and Markit’s revolving credit facility. All common shares repurchased under the ASR will be cancelled.

Forward-looking statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this release that address activities, events or developments that Markit expects, believes or anticipates will or may occur in the future are forward-looking statements. Markit’s estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Markit believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Markit. When used in this release, the words “anticipate,” “believe,” “could,” “intend,” “expect,” “estimate,” “should,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Markit, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Markit’s filings with the US Securities and Exchange Commission, including its annual report on Form 20-F. Markit undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. All forward-looking statements are qualified in their entirety by this cautionary statement.

About Markit

Markit is a leading global provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 4,000 people in 11 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.

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