#1DICTUM MEL M. TACLAM London Stock Exchange Group LSEG acquisition of Refinitiv Prospectus information December 2020#2Disclaimer London Stock Exchange Group No liability whatsoever is accepted and no representation, warranty or undertaking, express or implied, is or will be made by London Stock Exchange Group plc ("LSEG") or any of LSEG's subsidiaries, respective legal or financial advisors or respective agents, being their directors, officers, employees, advisers, representatives or other agents, for any information, projections or any of the opinions. contained in this presentation or for any errors, omissions or misstatements in this presentation. If any such representation, warranty or undertaking is given or made, such information must not be relied upon. None of LSEG, or any of LSEG's subsidiaries, respective legal or financial advisors or respective agents makes or has authorised to be made any representations or warranties (express or implied) in relation to any of the matters described herein (or otherwise referred to in the presentation) or as to the truth, accuracy or completeness of this presentation, or any other written or oral statement provided. This disclaimer does not exclude any liability for, or remedy in respect of, fraud or fraudulent misrepresentation. This presentation shall not be deemed to be an offer to sell or invitation to invest in securities of LSEG, or any of its assets and no information set out in this presentation is intended to form the basis of any contract, investment decision or any decision to purchase or invest in any such assets. Recipients should rely solely on their own judgement, review and analysis in evaluating the information set out herein. To the fullest extent permitted by applicable law, none of LSEG, or any of LSEG's subsidiaries, respective legal or financial advisors or respective agents undertakes any obligation to provide the recipient. with access to any additional information or to update or correct any inaccuracies in or omissions from this presentation. This presentation (together with any further verbal or written information) is being made on the condition that the information herein is disclosed on a confidential basis and is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction) and that it shall not be passed to any other person or reproduced in whole or part, or any information herein otherwise disclosed, electronically or otherwise, and shall be returned along with any other copies at any time at the request of LSEG. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. These materials are not for general distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States or the District of Columbia). These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. LSEG's shares have not been and will not be registered under the US Securities Act of 1933 (the "US Securities Act") or under the securities laws of any state or other jurisdiction of the United States. Accordingly, LSEG's shares may not be offered, sold, resold, delivered, distributed or otherwise transferred, directly or indirectly, in or into the United States absent registration under the US Securities Act or an applicable exemption therefrom. There will be no public offer of LSEG shares in the United States in connection with the transaction referred to in this presentation and any LSEG shares issued in connection with such transaction will be made pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. This document (including the information incorporated by reference into this document) contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of LSEG and Refinitiv, and certain plans and objectives of LSEG and Refinitiv with respect to the combined group following completion of the transaction. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", “intend”, “plan”, "goal", "hope", "continue", "believe", "aim", "will", "may", "would", "could" or "should" or other words of similar meaning or the negative thereof. Forward-looking statements at the presentation reflect beliefs and expectations of LSEG and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the following: (i) future capital expenditures, expenses, revenue, economic performance, financial conditions, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of the operations of LSEG, and Refinitiv; and (iii) the effects of government regulation on the business of LSEG and Refinitiv. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of what are outside the control of LSEG and Refinitiv and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this presentation. Except as required by applicable law, LSEG makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in their respective expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Page 2#3Acquisition of Refinitiv creates significant value and reshapes the industry Transforms LSEG's position as a leading global financial markets infrastructure group 2 3 DEGE ESCUR 1 Ability to benefit from global growth opportunities with greater range of leading businesses and enhanced strategic balance London Stock Exchange Group Significantly enhances LSEG's customer proposition in data and analytics Combination of valuable datasets with extensive distribution and IP capabilities, boosting revenue opportunities Creates a global multi-asset class capital markets business Adds high-growth execution venues in the two largest traded asset classes: FX and fixed income Deepens and expands our shared core principles of customer partnership and open access 4 Continued partnership with customers to deliver innovative solutions across the financial markets value chain Note: (1) Revenue excludes recoveries and includes net treasury income and other income. Growth in 2021 expected to be below the bottom end of this range Compelling financial profile: Sustainable growth and substantial synergies - In excess of £350m cost and £225m revenue run rate synergies 5 - Revenue (¹) CAGR of 5-7% targeted over the first three years post completion with.70% recurring subscription-based revenue Over 30% adjusted EPS accretion in the first full year post completion and increasing in years 2 and 3 Page 3#4Delivers attractive financial returns for shareholders High quality revenue (1) mix with attractive growth Significant synergies Attractive returns Maintains current capital management framework - High quality business mix increasing recurring subscription-based revenue from 36% to 70% (1) London Stock Exchange Group Rev nue (2) CAGR 7% targeted over the first three years post completion, with growth in 2021 expected to be below the bottom end of this range Strong geographic diversification and broader customer reach - Targeted annual run-rate revenue synergy benefits in excess of £225 million by the end of year five following completion - Targeted annual run-rate cost synergies in excess of £350m by the end of year five following completion Target combined adjusted EBITDA margin of around 50% in the medium term post completion (3) Delivers enhanced returns for shareholders, with over 30% adjusted EPS accretion in the first full year post completion and increasing in years 2 and 3 - Expected to deliver a ROIC that exceeds LSEG's investment criteria from the third year post completion 1.02.0x target leverage in the 24 months post completion - Maintaining LSEG's progressive dividend policy Note: (1) 2019 pro forma revenue for the Combined Business would have comprised 70% recurring subscription-based revenue compared to LSEG standalone of 36% (2) Revenue excludes recoveries and includes LSEG net treasury income and other income (3) 2019 adjusted EBITDA margin for LSEG was 54.7% and 2019 adjusted EBITDA margin for Refinitiv was 39.8% (excluding recoveries) Page 4#5Combined business will operate across three core business areas 1 Data & Analytics - Leading information and data products including: I ■ Trading workflow Refinitiv Data Platform Real-time data Fundamental data and content Pricing and referencing services Indices and analytics Delivered via multiple distribution channels such as data feeds, cloud and desktop solutions £4.6bn Total Revenue (1) 71% Total Revenue contribution (1) 2 Capital Markets - Provides access to capital for domestic and international businesses - Efficient electronic platforms for secondary market trading of equities, FX and fixed income products Combines LSEG's Capital Markets division with Refinitiv's FXall and Tradeweb platform £1.1bn 16% Total Revenue (1) Total Revenue contribution (1) 3 Post Trade - Provides clearing and regulatory reporting services to support clients' risk and balance sheet management, regulatory reporting and capital efficiency - Effective management of cash collateral contained in the margin and collateral funds £0.8bn London Stock Exchange Group Total Revenue (1) (2) Note: (1) Based on 2019 Pro-forma of the combined company which includes LSEG total income and Refinitiv total revenue, excluding recoveries and revenues associated with the Borsa Italiana divestment (2) Post Trade revenue includes net treasury income 13% Total Revenue contribution (1) (2) Page 5#61 Data & Analytics Data & Analytics split into five key areas (1) Investment Solutions Wealth FTSE Russell Workspace EDD For Wealth WM/Reuters FX benchmarks Workspace Investment Management StarMine / SentiMine QA Direct Risk BETA Quants and Feed World- Check ΕΙΚΟΝ Trading, FI, Commodities Data & Analytics Fundamental Data and Content Pricing & reference services Data Stream AlphaDesk Autex SEDOL Real-time data Enterprise Data REDI Trading (2) Refinitiv Data Platform Key strategic priorities Invest in new content to enable customers to make better informed decisions - Utilise Refinitiv's extensive data sets in conjunction with LSEG's analytics and index capabilities to create new products in areas of growing investor interest such as ESG and multi-factor indexes Invest in a simplified global data platform and desktop experience through Refinitiv Workspace to provide faster content onboarding and an improved customer journey Work with the Capital Markets and Post Trade divisions to create new transactional data sets and tools Use expertise in data to create new and value additive data-enabled products for customers Introduce Refinitiv Access to select accounts to give customers flexibility on the consumption and pricing of data needs Revenue composition (FY19) FY19 £m Trading Enterprise Data Investment Solutions Wealth Risk Total (4) LSEG (³) 18 121 664 London Stock Exchange Group 803 Refinitiv Total Note: (1) Recoveries revenues will also sit within the Data & Analytics division but has been excluded from the diagram. Recoveries revenue amounted to £328m for 2019 and £165m for H1 2020 (2) The Refinitiv Data Platform will work across business divisions but is not identified as a separate revenue item (3) LSEG revenues excludes revenues associated with the Borsa Italiana Group divestment (4) Total Data & Analytics Revenue excludes recoveries 1,680 1,013 382 461 266 3,802 1,698 1,134 1,046 461 266 4,605 Subscriptions constitute the majority of Data & Analytics revenue Page 6#72 Capital Markets Providing access to liquidity across multiple asset classes Fixed Income, ives and Other Tradeweb CURVEGLOBAL (1) London Stock Exchange Retail bonds Primary Markets AIM London Stock Exchange Shanghai London Stock-Connect Capital Markets LSEG Technology Hosting & Millennium RNS London Stock Exchange Main Market & AIM Turquoise FX matching FX all FX Equities Key strategic priorities Develop offering across the end-to-end capital markets workflow Provide efficient access to liquidity across multiple asset classes and regions supporting customers who seek to trade and raise capital on a global basis Work in partnership with customers to address the changing landscape Continued electronification of markets Prominence of buy-side firms Demand for investment in alternative asset classes Seek to broaden solutions for issuers via data, analytics and distribution capabilities in Information Services - ● ● Simplify connectivity across multiple venues and asset classes Extend global reach and access of capital markets beyond Europe Revenue composition (FY19) LSEG (2) FY19 £m Primary Markets Secondary Markets - Equities Total Secondary Markets - FX Secondary Markets - Fixed income, derivatives & Other Note: (1) LSEG currently owns 43.4% of CurveGlobal and as such, revenues are not consolidated into Group Revenues but rather recognised as profit / loss from associates (2) LSEG revenues excludes revenues associated with the Borsa Italiana Group divestment (3) Totals may not net due to roundings 139 87 79 305 Refinitiv 201 London Stock Exchange Group 563 764 Total (3) 139 87 201 641 1,069 Page 7#83 Post Trade Supporting clients' risk and balance sheet management UnaVista Treasury Income Handling Fees Investment Income Other Una Vista Compression Non-cash Collateral SwapClear Post Trade ForexClear RepoClear Equity Clear Commodity Clear Listed Derivatives Non-OTC CDSClear SwapAgent Note: (1) LSEG revenues excludes revenues associated with the Borsa Italiana Group divestment OTC Key strategic priorities Continue to invest in systemically important regulated services in partnership with customers in line with customer priorities (e.g. SwapClear and ForexClear) Continue to operate on a open access basis Continue to develop the post trade footprint beyond clearing and settlement by building on LCH SwapAgent and Una Vista Collaboration with other divisions to enhance LSEG offerings across the value chain including enhanced margin and risk analytics and pre-trade analytics tools and insights Revenue composition (FY19) FY19 £m Refinitiv OTC Non-OTC Other Una Vista NTI Total LSEG (1) 307 140 103 47 206 803 London Stock Exchange Group Total 307 140 103 47 206 803 Page 8#9Growth opportunities in each of the combined company's key segments Data & Analytics (3) Capital Markets Post Trade Pro Forma Business Mix (¹) (2) (2019A) £4.6bn £1.1bn £0.8bn 37% Trading 23% Investment Solutions 6% Risk 13% Primary 19% FX 68% LCH 26% LCH-Net Treasury Income 24% Enterprise Data 10% Wealth 8% Equities 60% Fixed Income, Derivatives & Other 6% UnaVista Key Growth Drivers London Stock Exchange Group Digitisation, Al and automation driving demand for direct data-driven solutions Customers increasingly need enhanced data management, more sophisticated analytics and data solutions and effective data distribution Growing demand for unified user experience and simplified access Passive and alternative investment AUM expected to more than double by 2025 Largely subscription based revenue with some asset based revenue components from FTSE Russell Increasing demand for coverage across the investment value chain Electronification of asset classes and automation of multi-asset class investment strategies Global trading driven by the growth and changing distribution of global wealth Increased numbers of market participants and volumes of financial transactions Largely transaction based revenue drivers, however annual primary markets fees are more recurring in nature Regulatory mandates and economic incentives driving demand for post trade services Phase in of uncleared margin rules will drive market participants to centrally clear more trades Increased customer focus on margin, capital efficiencies and risk management capabilities Expanded product offering using Refinitiv's data management and enrichment capabilities Note: (1) Unaudited all revenues exclude Recoveries and revenues associated with the divestment of Borsa Italiana. (2) Pro-forma income for the combined company has been prepared for illustrative purposes only and does not necessarily reflect future segmental reporting of the combined company post completion (3) Data & Analytics revenue excludes recoveries Page#10Improving performance at Refinitiv Good revenue growth at Refinitiv and highly effective cost saving plan resulting in significant margin expansion with further benefits to be realised from integration with LSEG Revenue¹ ($m) Adjusted EBITDA Margin² (%) 5,850 5,650 5,450 5,250 50% 40% 30% 20% CAGR - 3.2% 5,472 2017 28.9% 5,739 2017 2018 36.0% 5,832 Note: (1) Revenue excludes recoveries (2) Margin is calculated as a % of Refinitiv revenue excluding recoveries (3) Refinitiv revenue includes recoveries 2019 7 2018 18 2 2019 39.8% Revenue¹ ($m) Adjusted EBITDA Margin² (%) 3,050 3,000 2,950 2,900 2,850 2,800 50% 40% 30% 20% 3.5% 2,912 40.8% 3,013 H1 2019 H1 2020 44.8% H1 2019 H1 2020 London Stock Exchange Group High proportion of recurring subscription-based revenue $5.8bn (1) 82% Recurring $6.3bn (3) 18% Transactions Diversified revenue across the globe 38% US 19% Asia Pacific 4% Other Americas 25% ΕΜΕΑ 15% UK Page 10#11Divestment of Borsa Italiana Group Announced the sale Borsa Italiana Group to Euronext for €4.325 billion in the context of the EC's Phase II review of the Refinitiv Transaction - - Expected completion H1 2021 likely post completion of the Refinitiv transaction All cash transaction with proceeds used to reduce indebtedness and general corporate purposes Approved by LSEG and Euronext shareholders Financial performance associated with Borsa Italiana will be recognised as discontinued item in LSEG's accounts when more certainty on regulatory approvals are achieved Assets forming part of the Borsa Italiana Group divestment perimeter include: Data & Analytics Borsa Italiana - Real Time Data Capital Markets MTA / AIM Italia / MIV ELITE MTS / MOT / Extra MOT / ETFplus / ATFund / SeDeX / IDEM Note: (1) Post Trade includes net treasury income generated by CC&G (2) All numbers presented in the table below are on an underlying basis Post Trade CC&G Monte Titoli CC&G - NTI Financial performance (2) relating to the Borsa Italiana Group £m Data & Analytics Capital Markets Post Trade (1) Other revenue Total income Cost of sales Gross profit Adjusted operating expenses Adjusted EBITDA Underlying depreciation and amortisation Adjusted operating profit Net interest expense Tax Profit after tax London Stock Exchange Group Non-controlling interest Underlying profit Adjusted EBITDA Margin FY2019 36 203 152 4 395 (17) 378 (132) 247 (29) 218 (1) (61) 156 (7) 149 62.5% H1 2020 19 108 80 1 Page 11 208 (8) 200 (68) 132 (14) 117 0 (35) 82 (3) 79 63.5%#12Transaction Update Expect to complete the acquisition of Refinitiv in Q1 2021 EC Phase Il approval due January 2021 Commitments to the EC in relation to non-discriminatory access to the Combined Group's Information Services division and OTC IRDS clearing services provided by LCH SwapClear 16 merger control approvals received to date, small number of remaining merger control and regulatory approvals are expected by Q1 2021 Refinitiv achieved $613 million of run-rate cost savings as at Q3 with the full $650 million target expected by the end of 2020 Combined business well positioned in an environment impacted by Covid-19 with a mix of recurring and transaction-based revenues supported by scale and efficiency Leadership for the combined company - Executive committee represents a combination of both companies reflecting customer facing expertise and deep market knowledge Note: (1) Balbir Bakhshi will join LSEG and the LSEG Executive Committee on 25 January 2021, following the retirement of Diane Côté. LSEG Executive Committee (post close) David Schwimmer CEO Anna Manz CFO David Craig Group Head, D&A Daniel Maguire Group Head, Post Trade Murray Roos Group Head, Capital Markets Catherine Johnson General Counsel Anthony McCarthy Chief Information Officer Tim Jones Chief People Officer Balbir Bakhshi Chief Risk Officer (1) London Stock Exchange Group David Shalders COO and Head of Integration Brigitte Trafford Chief Communications Officer Andrea Remyn Stone Chief Product Officer, D&A Debra Walton Chief Revenue Officer, D & A Page 12#13Appendix Page 13#14Refinitiv Performance $m Revenue (excl. recoveries) Revenue (incl. recoveries) Cost of sales Gross profit Adjusted operating expenses Share of profit after tax of associates Adjusted EBITDA Underlying depreciation and amortisation Adjusted operating profit Adjusted EBITDA Margin (1) FY 2017 5,472 5,946 (839) 5,107 (3,528) 2 1,581 (518) 1,063 28.9% FY 2018 5,739 5,832 6,205 6,250 (870) (956) 5,335 5,294 (3,268) (2,976) 1 2,068 (555) 1,513 36.0% FY 2019 Note: All numbers are on an underlying basis (1) Adjusted EBITDA Margin is calculated as a % of Refinitiv revenue excluding recoveries (2) H1 2019 figures are unaudited 2 2,320 (659) 1,661 39.8% CAGR ('17-'19) 3.5% 1.8% 21.1% 25.0% H1 2019 (2) 2,912 3,118 (480) 2,638 (1,450) 1 1,189 (348) 841 40.8% H1 2020 3,013 3,221 (485) 2,736 (1,388) 1 1,349 (350) 999 44.8% Growth 3.5% 3.7% 13.5% 18.8% London Stock Exchange Group#15Pro Forma Combined Company P&L (1) £m Total income (excl. recoveries) Recoveries Total income (incl. recoveries) Cost of sales Gross profit Adjusted operating expenses Income from equity investments Share of profit/ (loss) after tax of associates Adjusted EBITDA Underlying depreciation and amortisation Adjusted operating profit Net interest expense Tax Profit after tax Non-controlling interest Underlying profit from continuing operations Adjusted basic earnings per share (p) (2) Adjusted diluted earnings per share (p) (³) Adjusted EBITDA Margin (4) FY2019 6,485 328 6,813 (942) 5,872 (3,038) Note: (1) Excludes income, costs and earnings associated with the Borsa Italiana Group divestment (2) Based on basic weighted-average ordinary shares of 553 million for 2019, 554 million for 2020 H1 (3) Based on diluted weighted-average ordinary shares of 557 million for 2019, 558 million for 2020 H1 (4) All numbers are on an underlying basis 7 (5) 2,836 (687) 2,150 (620) (365) 1,164 (144) 1,020 184.4p 183.0p 43.7% H1 2020 3,416 165 3,581 (498) 3,084 (1,470) (1) 1,613 (362) 1,250 (313) (278) 658 (88) 571 103.1 102.3 47.2% London Stock Exchange Group Page 15#16Contacts Paul Froud Group Head of Investor Relations Tel: +44 (0)20 7797 1186 email: [email protected] Gaurav Patel Investor Relations Senior Manager Tel: +44 (0)20 7797 1154 email: [email protected] lan Hughes Investor Relations Manager Tel: +44 (0)20 7797 3334 email: [email protected] Natanya Grant Investor Relations Analyst Tel: +44 (0)20 7797 1215 email: [email protected] London Stock Exchange Group London Stock Exchange Group plc 10 Paternoster Square London EC4M 7LS For information on the Group: www.lseg.com/investor-relations Page 16