INC Research Investor Presentation Jefferies 2015 Global Healthcare Conference

INC Research Investor Presentation Jefferies 2015 Global Healthcare Conference June 1-4, 2015

Safe Harbor Forward-Looking Statements Except for historical information, all of the statements, expectations, and assumptions contained in this presentation are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to: fluctuations in our financial results; our ability to maintain or generate new business awards; our backlog not being indicative of future revenues and our ability to realize the anticipated future revenue reflected in our backlog; our ability to adequately price our contracts and not overrun cost estimates; our customer or therapeutic area concentration; international economic, political and other risks; our ability to increase our market share, grow our business and execute our growth strategies; our ability to perform services in accordance with contractual requirements, regulatory standards and ethical considerations; risks related to healthcare reform and other applicable regulations; our current and potential future indebtedness; and the other risk factors set forth from time to time in our Form 10- K for the year ended December 31, 2014, Form 10-Q for the quarter ended March 31, 2015 and other SEC filings, copies of which are available free of charge on our website at www.investor.incresearch.com. INC Research assumes no obligation and does not intend to update these forward-looking statements, except as required by law. Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with GAAP, this presentation contains certain non-gaap financial measures, including Adjusted Net Service Revenue, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income (including Adjusted Diluted Earnings per Share), EBITDA, and Adjusted EBITDA. A non-gaap financial measure is generally defined as a numerical measure of a company s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. We define Adjusted Net Service Revenue as net service revenue excluding the impact of higher-than-normal change order activity that occurred during 2014. We define Adjusted Income from Operations as income from operations excluding the higher-than-normal change order activity and certain expenses such as management fees that terminated in connection with our initial public offering, acquisitionrelated amortization, restructuring costs, transaction expenses, non-cash stock compensation expense, contingent consideration related to acquisitions, and asset impairment charges. We define Adjusted Operating Margin as adjusted income from operations as a percent of adjusted net service revenue. We define Adjusted Net Income (including Adjusted Diluted Earnings per Share) as net income (including diluted earnings per share) excluding debt refinancing expenses, other income (expense) and the items excluded from adjusted income from operations mentioned previously. After giving effect to these items, we have also included an adjustment to our income tax rate to reflect the expected long-term income tax rate. EBITDA represents earnings before interest, taxes, depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA excluding higher-than-normal change order activity and certain expenses such as management fees that terminated in connection with our initial public offering, restructuring costs, transaction expenses, non-cash stock compensation expense, contingent consideration related to acquisitions, asset impairment charges, debt refinancing expenses, results of and gains or losses from the sale of unconsolidated subsidiaries and other income/expense. The Company presents EBITDA because it believes it is a useful metric for investors as it is commonly used by investors, analysts and debt holders to measure our ability to service our debt obligations, fund capital expenditures and meet working capital requirements. Each of the non-gaap measures noted above are used by management and the Board to evaluate our core operating results as they exclude certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the core operations of the business. Adjusted Net Service Revenue, Adjusted Income from Operations, Adjusted Operating Margin, and Adjusted Income (including Adjusted Diluted Earnings per Share) are used by management and the Board to assess our business, as well as by investors and analysts, to measure our performance. Adjusted EBITDA is also a helpful metric for management and investors to measure our ability to service our debt obligations. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Investors are encouraged to review the reconciliations of the non-gaap financial measures to their most directly comparable GAAP measures included in our Form 10-K for the year ended December 31, 2014, Form 8-K for the quarter ended March 31, 2015 and in the appendixes of our Q4 2014 and Q1 2015 earnings presentations which are available free of charge on our website at www.investor.incresearch.com. 2

INC Research at a Glance Business Overview Adjusted Net Service Revenue ($M) 2 A leading global clinical contract research organization ( CRO ) focused exclusively on Phase I to IV clinical development and related consulting services $ 652 $ 801 Not distracted by lower growth, lower margin non-clinical businesses Therapeutically-focused business model drives highly successful customer outcomes, strong top-line growth and above industry EBITDA margins Over 67% of backlog as of 3/31/15 in the largest and fastest growth therapeutic areas, including CNS, Oncology, and other complex diseases CRO industry analysts report that the most influential factor of choice for customers is therapeutic expertise Diversified customer base includes large, small, and mid-sized biopharmaceutical and medical device companies Top 5 customers account for 37% of net service revenue in 2014 and 36% of net service revenue in Q1 2015 Top 10 customers account for 49% of net service revenue in both 2014 and Q1 2015 Scale to deliver anywhere in the world Perform clinical trials in over 100 countries ~5,800 employees in more than 50 countries across six continents as of 3/31/15 $ 106 $ 145 $ 33 $ 51 % 2013 2014 Q1 2014 Q1 2015 Margin 16.2% 18.1% 17.6% 24.2% $ 16 $ 45 $ 185 $ 212 2013 2014 Q1 2014 Q1 2015 Adjusted EBITDA ($M) 1,2 Adjusted Net Income ($M) 1,2 $ 6 $ 26 2013 2014 Q1 2014 Q1 2015 1. Adjusted EBITDA was favorably impacted by $6.2M of non-recurring items in Q1 2015. The impact of these items on Adjusted Net Income was $4.0 million, which is net of tax of 36%. 2. During the second and third quarters of 2014, we experienced higher-than-normal change order activity estimated to be between $6.0M and $12.0M. Both Adjusted Net Service Revenue and Adjusted EBITDA have been adjusted by $9.0M in 2014 to remove the impact of this higher-than-normal change order activity. Adjusted Net Income, net of tax of 37%, has been adjusted by $5.7M. For a complete reconciliation of GAAP to Non-GAAP measures for current and historical periods, please refer to our Form 10-K for the year ended December 31, 2014, Form 8-K for the quarter ended March 31, 2015 and the appendixes of our Q4 2014 and Q1 2015 earnings presentations which are available free of charge on our website at www.investor.incresearch.com. 3

What Differentiates INC Research? Exclusively Focused on Phase I IV Clinical Development Therapeutically Focused Down to CRA Level (over 80% of CRAs Principally Focused on One Therapeutic Area) Strong Position in Largest, Fastest Growing Therapeutic Areas Highly Diversified Customer Base Outstanding Financial Growth Profile 4

Industry Trends and Growth Drivers Trends in Late-Stage Outsourcing ($B) INC s Market Industry Growth Drivers Continued prioritization of late-stage outsourcing in high-growth end markets Desire for therapeutic expertise, specifically in complex areas such as CNS and Oncology $ 76.9 $(9.9) $(11.8) $ 23.1 $ 35.8 Increasing need to access protocol-eligible patient populations for improved, actionable data Expanding commercial value of products through applications for regulatory approvals in multiple countries $(32.1) Growing drug development spend by biopharmaceutical companies as cost and complexity of development increase Drug Dev. Spend Pre- Clinical Dev. Non-CRO Indirect Fees In-House Clinical Dev. CRO Clinical Dev. Market (2014E) CRO Clinical Dev. Market (2020E) Biopharmaceutical focus on core competencies related to drug discovery and commercialization, driving continued use of full-service CROs for timely, accurate and complete data to aid decision making in clinical development Source: William Blair Equity Research (Oct 2014) 5

INC Research Key Investment Highlights 1 Deep and Long-Standing Expertise in the Largest and Fastest Growing Therapeutic Areas Clinical Development Focus and Innovative Operating Model Industry-Leading Principal Investigator and Clinical Research Site Relationships 2 Diversified, Loyal and Growing Customer Base Broad Global Reach with In-Depth Local Market Knowledge 3 Highly Experienced Management Team with a Deep-Rooted Culture of Quality and Innovation 4 Strong, Multi-Pronged Growth Strategy 5 Outstanding Financial Profile and Robust Momentum 6

1 Deep and Long-Standing Expertise in the Largest and Fastest Growing Therapeutic Areas INC s Backlog is Focused in High Growth Areas CNS, Oncology & Other Complex Diseases as a % of for Which Performance Exceeds Overall Industry Growth 2013 2014 Growth 60% 1 67% 24% 26% 9% Total Phase III Drugs in Development INC Backlog as of 3/31/15 CRO Industy Net Service Revenue 4 (Overall) INC Net Service Revenue Growth (Overall) INC Net Service Revenue Growth (Complex Diseases) Increasing Trial Complexity Requires Deep Therapeutic Expertise 106 Total Procedures 2 in Clinical Trial Protocols 167 2000-2003 2008-2011 Complexity has increased by 57% between 2000 and 2011 3 1. E&Y report, Beyond borders, Unlocking value (2014). 2. Clinical trial procedures include blood-work, routine exams, X-rays, etc. 3. Tufts CSDD presentation, Clinical Trial Complexity (2012). 4. William Blair Equity Research (Oct 2014). Complex trial design expertise is a significant competitive advantage for INC CRO industry analysts report that the most influential factor of choice for customers is therapeutic expertise CNS and oncology often require more complex testing protocols than other indications INC requires that oncology CRAs have oncologyspecific training and experience Over 80% of INC s CRAs are principally focused in one therapeutic area, and over 70% are solely focused in their area of expertise 7

1 Third Party Recognition of Industry-Leading Principal Investigator Site Relationships Top CRO to Work With among large global CROs in biannual CenterWatch Global Investigative Site Relationship Survey for a second straight time (2015 and 2013) #1 Top-three CRO on 4 of 5 attributes rated most important to study conduct success Professional medical staff in clinical operations Only CRO to rank consistently among Top 3 in all 7 CenterWatch surveys since 2007 Total Number of Attributes Ranked Top - 3 33 TOP 3 Professional, knowledgeable, welltrained monitors/cras 4 TOP 3 TOP 3 Ensures timely drug availability Easily accessible staff/ timely resolution Average % Good / Excellent Ratings Across Attributes INC Median 83% 80% CROs were evaluated against a total of 37 attributes INC ranked top 3 on 33 out of 37 attributes Source: CenterWatch 2015 Global Site Survey; more than 1,900 sites responded. 11 CROs evaluated, including top 5 by revenue 8

2 Diversified, Loyal and Growing Customer Base Diversified base of over 300 customers and performed work for 19 of the largest 20 biopharma companies, as ranked by sales, since the beginning of 2014 Added 58 new customers in 2014, with particularly strong growth among small to mid-sized biopharma companies Top five customers represented approximately 66 compounds in 40 indications across 167 active projects in 2014 Customer Profile Customer Loyalty Limited Customer Concentration 2014 Revenue 2014 New Business Awards Q1 2015 Revenue Astellas 11% Large BioPharma 57% Small to Mid-Sized BioPharma 43% Repeat Customers 92% Rest of Top-10 13% Rest of Top-5 25% Top-5 = 36% Top-10 = 49% 2013 Revenue 2013 New Business Awards 2014 Revenue Otsuka 14% Large BioPharma 57% Small to Mid-Sized BioPharma 43% Repeat Customers 90% Rest of Top-10 12% Astellas 12% Rest of Top-5 11% Top-5 = 37% Top-10 = 49% 9

3 Highly Experienced Management Team with a Deep-Rooted Culture of Quality and Innovation Experienced senior management, each with over 20 years of relevant experience, is well-positioned to capitalize on attractive industry growth trends Jamie Macdonald Chief Executive Officer Alistair Macdonald President and Chief Operating Officer Michael Gibertini President Clinical Development and General Manager, CNS Greg Rush EVP & Chief Financial Officer v Chris Gaenzle Chief Administrative Officer and General Counsel Neil Ferguson EVP of Global Business Development v Innsight Medical Devices Caremark Jean Chitwood Senior VP of Corporate Strategy Therapeutic Business Heads Nicholas Kenny EVP Clinical Development and General Manager, Global Oncology Ian Braithwaite EVP Clinical Development and General Manager, General Medicine Sally Osmond EVP Clinical Development and General Manager, Cardiovascular & Endocrinology, Post Approval and Strategic Services Note: Logos in dotted boxes represent prior work experience. 10

4 INC s Strong, Multi-Pronged Growth Strategy Focus on Attractive, High-Growth Late-Stage Clinical Development Services Market Late stage CRO market estimated to grow 7-8% annually through 2020 1 Leverage INC s Expertise in Complex Clinical Trials Deep expertise in complex therapeutic areas positions INC to win new clinical trials in largest and fastest growth areas Capitalize on INC s Geographic Scale Significant presence across key markets and strong relationships with principal investigators and global sites Continuous Enhancement of Trusted Process Methodology to Deliver Superior Outcomes Strong alignment with key best-in-class technology providers improves operational efficiencies and reduces need for significant future investments, driving attractive returns Continue Identifying and Successfully Integrating Acquisitions to Augment Organic Growth Successfully integrated ten acquisitions since 2001; future focus is on smaller, tuck-in acquisitions Driving Human Capital Asset Base to Grow Existing Relationships Over 80% of CRAs principally focused in one therapeutic area and over 70% of CRAs solely focused in their area of expertise 1. Source: William Blair Equity Research (Oct 2014) 11

5 Strong Historical Financials Adjusted Net Service Revenue ($M) 2 Adjusted EBITDA ($M) 1,2 Adjusted Net Income ($M) 1,2 $ 579 $ 652 $ 801 $ 84 $ 106 $ 145 $ 45 $ 26 $ 185 $ 212 $ 33 $ 51 $ 45 $ 2 $ 16 $ 6 $ 22 2012 2013 2014 Q1 '14 Q1 '15 2012 2013 2014 Q1 '14 Q1 '15 2012 2013 2014 Q1 '14 Q1 '15 Net Service Revenue Drivers Driven by strength of new business awards and backlog position Therapeutic expertise and global reach resonating with customers Execution by experienced management team On a constant currency basis, net service revenue grew by 19.5% in Q1 2015 3 Adjusted EBITDA Drivers Continued cost focus, leveraging global infrastructure particularly in SG&A Further synergies in consolidating facilities and information technology systems Utilization efficiency gains realized through Trusted Process Adjusted Net Income Drivers Continued strong net service revenue growth Cost initiatives under Adjusted EBITDA drivers Continued deleveraging resulted in annual interest expense reduction of -15% (-$9.2M) from 2012 to 2014 Refinancing from Term Loan B to Term Loan A expected to reduce interest expense by additional $4-5M in 2015 1. Adjusted EBITDA was favorably impacted by $6.2M of non-recurring items in Q1 2015. The impact of these items on Adjusted Net Income was $4.0 million, which is net of tax of 36%. 2. During the second and third quarters of 2014, we experienced higher-than-normal change order activity estimated to be between $6.0M and $12.0M. Both Adjusted Net Service Revenue and Adjusted EBITDA have been adjusted by $9.0M in 2014 to remove the impact of this higher-than-normal change order activity. Adjusted Net Income, net of tax of 37%, has been adjusted by $5.7M. 3. Excludes a foreign currency headwind of approximately $9.1M in Q1 2015. For a complete reconciliation of GAAP to Non-GAAP measures for current and historical periods, please refer to our Form 10-K for the year ended December 31, 2014, Form 8-K for the quarter ended March 31, 2015 and the appendixes of our Q4 2014 and Q1 2015 earnings presentations which are available free of charge on our website at www.investor.incresearch.com. 12

5 Industry Leading Margins with Sustainable Path to Continued Expansion Increasing Adjusted EBITDA Margin 14.6% 16.2% 2 18.1% 17.6% 1 24.2% Several identified and discrete margin expansion opportunities exist 21.3% 2012 2013 2014 Q1 2014 Q1 2015 Drivers of Incremental Margin Upside SG&A as a percentage of net service revenue projected to decline as a result of operating leverage Streamlining project management systems from 5 clinical trial management systems (CTMS) to primarily 1 Optimizing global footprint to achieve cost synergies from facility consolidation Continual process improvement to decrease time required / resources committed to specific trial components 25% reduction in time required for finalization of clinical monitoring trip reports 1. Adjusted EBITDA was favorably impacted by $6.2M of non-recurring items in Q1 2015 (a favorable margin impact of approximately 295 basis points). Additionally, Q1 2015 was favorably impacted by approximately 70 basis points due to foreign currency fluctuations. 2. During the second and third quarters of 2014, we experienced higher-than-normal change order activity estimated to be between $6.0M and $12.0M. Both Adjusted Net Service Revenue and Adjusted EBITDA have been adjusted by $9.0M in 2014 to remove the impact of this higher-than-normal change order activity (a negative margin impact of approximately 90 basis points). For a complete reconciliation of GAAP to Non-GAAP measures for current and historical periods, please refer to our Form 10-K for the year ended December 31, 2014, Form 8-K for the quarter ended March 31, 2015 and the appendixes of our Q4 2014 and Q1 2015 earnings presentations which are available free of charge on our website at www.investor.incresearch.com. 13

5 Strong Cash Flow and Leverage Profile $M 2013 2014 Q1 2014 Q1 2015 Cash Flow from Operations $ 37.3 $ 131.4 $ 31.2 $ 43.6 Less: Capital Expenditures 17.7 25.6 4.6 4.9 Free Cash Flow 1 19.6 105.8 26.6 38.8 Adjusted EBITDA 105.5 145.3 32.6 51.2 $M 12/31/2013 12/31/2014 3/31/2014 3/31/2015 Cash $ 97.0 $ 126.5 $ 114.2 $ 156.3 Total Debt 2 599.0 425.5 593.3 424.2 Net Debt 502.0 299.0 479.2 267.8 Net Leverage 3 4.8 x 2.1 x 4.0 x 1.6 x Note: Due to rounding of specific line items, line item figures may not sum to subtotals. These metrics do not reflect the potential impact of refinancing our existing debt, the potential share repurchase or the incremental $101.1 million in debt to be incurred to fund the share repurchase. 1. Free cash flow represents cash flow from operations less capital expenditures. 2. Total debt includes all outstanding indebtedness as of the end of the specified time period, prior to any related discount, plus any capital lease obligations. 3. Net leverage is calculated as Net Debt as of the date presented, divided by trailing twelve month Adjusted EBITDA of $105.5M for 12/31/13, $145.3M for 12/31/14, $120.1M for 3/31/14, and $163.9M for 3/31/15. For a complete reconciliation of GAAP to Non-GAAP measures for current and historical periods, please refer to our Form 10-K for the year ended December 31, 2014, Form 8-K for the quarter ended March 31, 2015 and the appendixes of our Q4 2014 and Q1 2015 earnings presentations which are available free of charge on our website at www.investor.incresearch.com. 14

5 High Quality Backlog Supports Long-Term Growth Backlog Roll Forward ($M) Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Beginning Backlog $ 1,491 $ 1,594 $ 1,493 $ 1,506 $ 1,589 + Acquired Backlog 3 - - - - + Net Awards 281 103 249 316 256 - Revenue, as reported (185) (204) (208) (214) (212) + FX Adjustment 4 (1) (28) (19) (39) Ending Backlog $ 1,594 $ 1,493 $ 1,506 $ 1,589 $ 1,595 As of March 31, 2015 Backlog by Therapeutic Area Other Complex Diseases 12% Central Nervous System 34% Oncology 21% CNS, Oncology, & Other Complex Diseases = 67% of Backlog Backlog Coverage ($M) Backlog Burn Rate 2 RoY Backlog Revenue 1 $893 $765 $810 $807 $652 $577 15% 14% 13% 12% 14% 13% 12% 13% 14% 14% 13% 12% 11% 2013A 2014A 2015E 11% Backlog as of Coverage Ratio YoY Revenue Growth 3/31/13 88.5% 12.7% 3/31/14 94.5% 24.1% 3/31/15 90.4% 10.2% 10% Note: Due to rounding of specific line items, line item figures may not sum to subtotals. Financials and related key operating metrics have not been adjusted to exclude the $9.0M of higher-than-normal change order activity for full year 2014. 1. 2015 revenue estimate represents the mid-point of the guidance issued on April 27, 2015 included in our Form 8-K for the quarter ended March 31, 2015. This guidance was as of April 27, 2015, and is not being hereby updated. 2. Backlog burn represents current quarter net revenue divided by previous quarter ending backlog. 15

5 Consistently Strong Net New Business Awards Growth Driving Book-to-Bill Historical Net New Business Awards ($M) Net Book-to-Bill $ 676.3 $ 814.2 1.2 x 1.2 x 1.2 x 1.2 x 2012 2013 $ 814.2 $ 949.8 2013 2014 2012 2013 2014 Q1 2015 Six out of the last seven quarters have net book-to-bill of 1.2x or higher (ranging from 1.2x to 1.8x in those quarters) Book-to-bill for 2014 was 1.2x, particularly strong given revenue growth profile of over 20% for same period Net new business awards growth of 20.4% in 2013 and 16.7% in 2014, providing strong future revenue growth Net new business awards growth keeping pace with strong adjusted revenue growth of 12.7% in 2013 and 22.7% in 2014 Despite a large ~$132M customer cancellation in Q2 14 (related to drug profile and FDA discussions), customer remained a top-5 customer 16

5 Long-Term Financial Goals and Strategy Through continued growth, strategic focus, and financial discipline, we are targeting the following long-term financial growth and margin profile: Approximately 10-12% long-term revenue growth (above late-stage development market growth of 7-8%) Average long-term net book-to-bill ratio of ~1.2x Approximately 13-15% long-term Adjusted EBITDA growth Adjusted EBITDA margins consistently at or above 20% over the long term Gain efficiencies via global infrastructure, facility and IT systems consolidation; improve service delivery model through enhancements to the Trusted Process Approximately 20% long-term Adjusted Net Income growth Benefits from reduced interest costs and tax structure 17