Fourth Quarter 2017 Earnings Call. Jim Peck, President and CEO Todd Cello, Chief Financial Officer

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1 Fourth Quarter 2017 Earnings Call Jim Peck, President and CEO Todd Cello, Chief Financial Officer FEBRUARY 13, 2018

2 Forward Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of These statements are based on the current beliefs and expectations of TransUnion s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause TransUnion s actual results to differ materially from those described in the forward-looking statements can be found in TransUnion s Annual Report on Form 10-K for the year ended December 31, 2017, as modified in any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion's website ( and on the Securities and Exchange Commission's website ( TransUnion undertakes no obligation to update the forward-looking statements to reflect the impact of events or circumstances that may arise after the date of the forward-looking statements TransUnion LLC All Rights Reserved 2

3 Fourth Quarter and Full Year 2017 Highlights TransUnion completed another year of strong performance Double-digit increases in Revenue, Adjusted EBITDA and Adjusted Diluted EPS for both the fourth quarter and the full year Adjusted EBITDA margin expanded by ~135 bps in 2017 Growth continues to be driven by new products, growth verticals and emerging markets, which accounted for 50%+ of revenue growth over the past three years Focused set of strategies to deliver top-tier revenue growth at attractive margins Grow through innovation Expand in attractive geographic and vertical markets Enable and empower consumers Leverage our enterprise operating model 2018 TransUnion LLC All Rights Reserved 3

4 CreditVision and CreditVision Link Have Delivered Significant Growth and Are Well Positioned for More Combined these two products grew ~130% in the U.S. in 2017 Currently sold in all lending end markets with considerable growth opportunities Almost two-thirds of combined business is outside of mortgage Customers gain greater understanding of consumer credit behaviors and consumers benefit from greater access to credit CreditVision allows lenders to score an additional 26 million U.S. consumers CreditVision grew ~50% outside of the U.S. in 2017 Launched in Canada, Hong Kong, India, S. Africa, Colombia, and a number of other LATAM countries 2018 TransUnion LLC All Rights Reserved 4

5 FactorTrust Acquisition Offers Entry Point into Attractive New Market and Provides Valuable Data FactorTrust serves as a credit bureau for short-term lending This industry has consolidated around larger, more sophisticated players and FactorTrust is very well positioned Strong management team and fastest growing player in the space Collects both positive and negative data on more than 25 million U.S. consumers Benefits Data is valuable to TransUnion as we expand our alternative data assets We can provide our customers with a more holistic view of the consumer Attractive cross-selling opportunities 2018 TransUnion LLC All Rights Reserved 5

6 Strong International Positions Continue to Deliver Double-Digit Growth Developed markets are growing as we aggressively lift and shift new products, verticals and capabilities Emerging markets benefit from generally strong underlying market growth coupled with our lift and shift strategy 2018 TransUnion LLC All Rights Reserved 6

7 Healthcare Vertical is Growing Rapidly and is Positioned for Strong Future Performance Strong position on the front-end of revenue cycle management Offerings more accurately verify patient identity, insurance eligibility, benefits and authorization requirements and payment estimates Larger, faster growing part of the vertical is the back-end of revenue cycle management Our Insurance Discovery products uncover unidentified sources of third-party insurance coverage to help providers receive full payment for care provided Well positioned to continue to deliver strong growth Favorable industry trends, large backlog of new business coming on, significant new product pipeline and meaningful plans to further enhance yield of Insurance Discovery products 2018 TransUnion LLC All Rights Reserved 7

8 TransUnion is Committed to Enabling and Empowering Consumers A free product that allows consumers to see and monitor their TransUnion credit file and to lock and unlock their TransUnion credit file A flexible, customizable platform that allows us to meet our customers requirements 2018 TransUnion LLC All Rights Reserved 8

9 Information Security is a Top Priority Established, strong team with highly relevant experienced and seasoned leader Direct access to Audit Committee and Board of Directors Quarterly updates to senior leadership team High degree of internal awareness where every employee is part of information security efforts In recent years, information security team has quadrupled while budget has tripled and incremental spend and hiring in 2018 Regularly utilize third parties to assess and measure the effectiveness of our program Customers regularly audit our program 2018 TransUnion LLC All Rights Reserved 9

10 2018 Market Expectations U.S. lending markets should continue to be solid Personal Finance/FinTech: Should continue to be strong Auto: Expected to be strong driven by used car sales Mortgage: Better than 2017 but expected to be flat to down slightly Credit Cards: Anticipate continued modest softness International markets are generally expected to be favorable India and Colombia continue to be strong South Africa continues to be challenging 2018 TransUnion LLC All Rights Reserved 10

11 v v Financial Review and Guidance

12 Consolidated Fourth Quarter 2017 Financial Highlights YOY change Revenue +16% Constant Currency Revenue +16% Organic Revenue +13% Adjusted EBITDA +16% Constant Currency Adjusted EBITDA +15% Adjusted Diluted EPS +13% Other items Cost of Services +20% due to higher product costs related to revenue growth and investments SG&A +2% Recognized a tax benefit of $175 million as a result of U.S. tax reform Adjusted Operating Income +16% 2018 TransUnion LLC All Rights Reserved 12

13 Segment Fourth Quarter 2017 Financial Highlights YOY Change YOY Constant Currency change YOY Organic change USIS Revenue +16% NM +12% Online Data Services +18% NM +10% Marketing Services +14% NM NM Decision Services +15% NM NM Adj. Operating Income +11% NM NM International Revenue +12% +9% NM Emerging Markets +10% +8% NM Developed Markets +15% +12% NM Adj. Operating Income +6% +4% NM Consumer Interactive Revenue +18% NM NM Adj. Operating Income +23% NM NM NM=Not Meaningful 2018 TransUnion LLC All Rights Reserved 13

14 Balance Sheet and Cash Flow Highlights Cash and Cash Equivalents on 12/31/17 of $116, down from $182 on 12/31/16 Used cash on hand and some short-term borrowings to fund the acquisitions of ebureau and FactorTrust Total Debt essentially flat 2017 Cash from Operations $468 million, up $78 million from 2016 Capital Expenditures of $135 million (~7% of sales) Free Cash Flow of $333 million, up $67 million from TransUnion LLC All Rights Reserved 14

15 Capital Allocation Strategy Top priority continues to be fully funding all good organic and inorganic investments to drive long-term top and bottom line performance Board of Directors has decided to implement a dividend with a 10-15% payout target over time For 2018, we expect to pay a $0.30/share annual dividend This is a 13% payout ratio based on our 2018 Adjusted Diluted EPS guidance Results in ~$57 million of cash returned to shareholders Equates to ~50 bps of yield at current capitalization Will continue to repurchase shares but will do so opportunistically 2018 TransUnion LLC All Rights Reserved 15

16 Full Year 2018 Guidance Revenue: $2.12 to $2.14 billion, +9-10% Constant Currency; includes 2 points of M&A and 50 bps of one-time incremental monitoring Adjusted EBITDA: $817 to $832 million, +9-11% Adjusted EBITDA margin: ~39%, up slightly from 2017 Adjusted Diluted EPS: $2.26 to $2.31/share, %; excluding estimated benefit of tax reform +8-10% New estimated adjusted tax rate of approximately 29% Net Interest Expense $85 to $90 million compared to $82 million in 2017 D&A unrelated to change-in-control and subsequent acquisitions of $110 to $120 million compared to $102 million in 2017 Share count up ~1 million to 191 million Targeting Capital Expenditures of ~8% of sales 2018 TransUnion LLC All Rights Reserved 16

17 Full Year 2018 Segment Expectations USIS Should deliver another strong year with high-single-digit organic revenue growth, driven by our successful innovation and the strength of our vertical market positions International Constant currency revenue is expected to also increase low-double-digits as we benefit from generally solid underlying macro growth combined with our aggressive plans to lift and shift innovation and capabilities into new markets Consumer Interactive Should grow in the low-single-digits as we expect some softness as we lap some nonrecurring indirect revenue from the first half of 2017 and as we continue to see a slowdown in three-bureau monitoring revenue 2018 TransUnion LLC All Rights Reserved 17

18 First Quarter 2018 Guidance Revenue: $503 to $508 million, % Constant Currency; includes 3 points of M&A and 1 point from one-time incremental monitoring Adjusted EBITDA: $187 to $190 million, +9-11% Adjusted Diluted EPS: $0.51 to $0.52/share, %; excluding estimated benefit of tax reform +9-11% 2018 TransUnion LLC All Rights Reserved 18

19 v v Final Comments

20 Questions & Answers