#1DRETS PACKUM London Stock Exchange Group Creating a Financial Markets Infrastructure Leader of the Future Acquisition of Refinitiv November 2019#2Disclaimer Dukeratin 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. 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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#3Contents 1. Creating a financial markets infrastructure ("FMI") leader of the future 2. Refinitiv: a leading global provider of financial markets data, analytics and infrastructure 3. Industry defining transaction 4. Financial highlights 5. Management and governance London Stock Exchange Group Page 3#4Key transaction terms Purchase price Management Governance Headquarters London Stock Exchange Group All share transaction (1) Enterprise value of approximately $27bn with an equity value of $14.5bn (²) Total new shares issued to Refinitiv shareholders will result in approximately 37% (1) economic interest and less than 30% voting interest in LSEG Combined business will be chaired by LSEG's Chairman Don Robert and led by LSEG's CEO David Schwimmer Refinitiv's CEO David Craig will join LSEG's Executive Committee and continue as CEO of Refinitiv 3 new members to be added to the Board: 2 from Blackstone and 1 from Thomson Reuters LSEG will remain in compliance with the UK Corporate Governance Code following completion LSEG's global business continues to be headquartered in London LSEG will retain its Premium Listing on the Official List of the FCA and trade on London Stock Exchange plc's Main Market for listed securities Note: (1) LSEG may elect to settle up to $2.5bn of the consideration in cash (2) Based on Refinitiv's net debt of $12.5bn and other adjustments as of June 2019 Page 4#5London Stock Exchange Group Creates significant value and reshapes the industry Transforms LSEG's position as a leading global financial markets infrastructure group 1 Ability to benefit from global growth opportunities with greater range of leading businesses and enhanced strategic balance 2 3 Significantly enhances LSEG's customer proposition in data and analytics Combination of valuable datasets with extensive distribution and IP capabilities, boosting revenue opportunities 5 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 Compelling financial profile: Sustainable growth and substantial synergies In excess of £350m cost and £225m revenue run rate synergies Revenue (¹) CAGR of 5-7% targeted over the first three years post completion with c.70% recurring subscription-based revenue Over 30% adjusted EPS accretion in the first full year post completion and increasing in years 2 and 3 Note: (1) Revenue excludes recoveries and includes treasury income and other income Page 5#6Anticipating customer needs in the fast evolving financial markets infrastructure landscape HER Destin Historic landscape Geographic constraints Significant overheads in processing of data Voice trading in FX and fixed income markets Individual asset class based trading and investing Fragmented value chain Future landscape Global borderless trading Automation and digitisation unlocking value from data Electronification of all asset classes Highly automated multi- asset investment strategies Coverage across value chain London Stock Exchange Group Open access to platforms and services Core capabilities of future FMI provider GLOBAL FOOTPRINT LEADING DATA & ANALYTICS CAPABILITIES MULTI-ASSET CLASS COVERAGE Page 6#7Positions LSEG for future growth LSEG has successfully capitalised on structural trends in the past through M&A and organic strategies 1 Shift to passives ETF growth Expanding index requirements and innovation Leading index and analytics business FTSE Russell The Yield Book by FTSE Russell 2 Regulatory driven growth in post trade Note: (1) Minority stake (2) Refinitiv Data Platform was formerly known as Elektron Data Platform OTC clearing mandates introduced - Driving margin and capital efficiencies Increased risk management transparency Leading risk and balance sheet management offering LCH The Markets CC&G eurociear (1) 3 Acquisition positions LSEG for growth in ongoing evolution of financial markets Technology-enabled innovation Automation and digitisation unlocking value from data Rising demand for data and analytics Commercialisation of proprietary and alternative data Globalisation of markets Dukeratin London Stock Exchange Group 4 Multi-asset investment and trading strategies Investor shift to multi- asset portfolios Electronification of fixed income markets Increased importance of the buy-side Leading global financial markets infrastructure group REFINITIV REFINITIV DATA PLATFORM (2) EIKON FXall Tradeweb Page 7#8Creates a new global financial markets infrastructure leader London Stock Exchange Group A leading global financial markets infrastructure business Successful open access philosophy and customer partnership approach - Systemically important, world class businesses serving global customer base - Leading global OTC clearer with over $1,000tn of notional cleared in 2018: LCH - Leading global multi-asset index company with $15tn in AuM and $696bn ETF AuM: FTSE Russell Leading European equities trading business Strong track record of top-line organic growth and strategic M&A 2018 Revenue: £2.1bn (1) 2018 Adj. EBITDA: £1.1bn 1 GLOBAL SCALE AND GEOGRAPHIC DIVERSIFICATION 2 WORLD CLASS DATA CONTENT, MANAGEMENT AND DISTRIBUTION CAPABILITY 3 MULTI-ASSET CLASS CAPITAL MARKETS FUNCTIONALITY Note: (1) Revenue includes treasury income and other income (2) Revenue excludes recoveries (3) Refinitiv's performance for the 12 months to 31 December 2018 has been translated from USD to GBP using an FX rate of 1.34 London Stock Exchange Group - REFINITIV A leading global provider of data, analytics and financial markets solutions Open platform promoting partner community, solutions and efficiency Global reach and significant customer connectivity Best-in-class capabilities in data collection, management and distribution - Leading trading venues in FX and fixed income: FXall and Tradeweb 150,000 data sources, over 10,000 data partners and 24,000 developer community - Significant recent investment to accelerate growth High quality, highly recurring subscription- based revenue base 2018 Revenue: £4.3bn (2) (3) 2018 Adj. EBITDA: £1.5bn (³) Page 8#9Delivers attractive financial returns for shareholders 1 Enhanced revenue (1) mix with attractive growth 2) Significant synergies 3 Attractive returns Maintains current 4) capital management framework Note: (1) Revenue excludes recoveries and includes treasury income and other income - London Stock Exchange Group c.70% recurring subscription-based revenue up from c.40% 5-7% revenue CAGR targeted over the first three years post completion Annual run rate cost synergies in excess of £350m Annual run rate revenue synergies in excess of £225m Over 30% adjusted EPS accretion in the first full year post completion and increasing in years 2 and 3 ROIC expected to exceed investment criteria in the 3rd year post completion 1.0-2.0x target leverage in 24-30 months post completion, from around 3.5x at completion Maintaining current progressive dividend policy Page 9#10Refinitiv: a leading global provider of financial markets data, analytics and infrastructure Page 10#11A leading financial markets data and infrastructure provider serving over 40,000 customers in approx. 190 countries Data, distribution, analytics and workflow DATASTREAM ΕΙΚΟΝ WM/ REUTERS FX BENCHMARK LIPPER IBES FXT Financial, company, economic, commodities, deals and 'alternative data' Content workflow and analytics Benchmarks and indexes, pricing, reference and entity data Strategic workflow solutions such as FXT, REDI, Alpha Desk, etc. Ownership of proprietary data content (e.g. Lipper, ESG, financial crime, venue data) Messaging and collaboration services £3.2bn revenue in 2018 (2)(3) Leading data & analytics business with significant global reach and connectivity - - FXall - BETA Venues FX Matching Tradeweb Refinitiv Data Platform (1) Open data platform and core capabilities in data collection, integration, distribution & management to power financial markets REDI FX venues - FXall, Matching Fixed income venues - Tradeweb BETA trade processing in Wealth Note: (1) Refinitiv Data Platform was formerly known as Elektron Data Platform (2) Revenue excluding recoveries (3) Refinitiv's performance for the 12 months to 31 December 2018 has been translated from USD to GBP using an FX rate of 1.34 (4) Risk includes Risk & Other £0.8bn revenue in 2018 (2)(3) Leading FX, fixed income and multi-asset trading venues London Stock Exchange Group - Risk WORLD-CHECK CONNECTED RISK EDD Anti-financial crime data and solutions KYC/AML financial crime data and solutions Legal entity identifiers Enhanced due diligence services for customer and supplier screening £0.3bn revenue in 2018 (2)(3)(4) Leading Risk business providing innovative products to corporates Page 11#12Refinitiv's data and analytics operating model Core capabilities in data content and data management Refinitiv Data Platform (1) Data aggregation, management, distribution and enrichment Proposition, development and client servicing business model and strong global operating centres Public data Proprietary data Partnerships Third party data 150,000 data sources, over 10,000 data partners, 400,000 end users and consumed by machines globally (24,000 developer community) Note: (1) Refinitiv Data Platform was formerly known as Elektron Data Platform Open platform delivering through five distribution channels Desktop 1 2 3 Data feeds Cloud Partnerships On Premise Trading 40,000 customers across 4 key communities buksaim Investment and Advisory Wealth Risk London Stock Exchange Group TITI | Sell-side trading desks Hedge funds Asset managers Treasury management Risk management Investment management Portfolio management Research Capital raising M&A advisory Wealth advisory Wealth operations Wealth aggregators Wealth distributors Financial crime detection Compliance & fraud prevention Entity validation & verification Page 12#13● Benefit from market shift in data distribution preferences given Refinitiv's multi-channel capabilities Data market trending away from desktops towards distribution via alternative channels Clients see growing value in feeds as data consumption shifts from human to machines Global algorithmic trading market expected to grow at a 11.1% CAGR 2019-2024(1) Refinitiv well placed to take advantage of market trends A leading provider of real time and non-real time data feeds Open platform approach allowing for integration with third party applications - Providing enhanced choice and ability to integrate Refinitiv Data products into customers' workflow Enhanced data management and distribution through Refinitiv Workspace(2) Operates seamlessly across operating systems, web browsers and mobile devices Tailored solutions for each customer community, e.g. Refinitiv Workspace for traders, Refinitiv Workspace for investment bankers and Refinitiv Workspace for wealth managers Examples of Refinitiv products delivered via feeds or other channels Trading Investment & Advisory Wealth Management Note: (1) Research AndMarkets report. Global algorithmic trading market size forecast to grow from $11.1 billion in 2019 to $18.8 billion by 2024 (2) Refinitiv Workspace is a replacement for the Eikon Platform d London Stock Exchange Group Real time feeds, tick history, as well as pricing, reference, and legal entity data Company fundamentals, ownership and ESG content sets Automated dealing solutions through Electronic Trading Real time feeds from Refinitiv venues (FXAII, Tradeweb) Data to support risk models, portfolio valuations and risk metric calculations Wide range of data sets delivered by feeds and cloud for growing quant market WM/Reuters FX Benchmarks Securities Data Company for transactions / deals and issuance data Lipper for fund performance data Thomson Reuters Knowledge Direct (TRKD) providing data and tools for wealth managers and retail brokers Page 13#14Accelerating revenue growth and improving efficiency Acceleration of revenue growth Operating efficiency Expanded data platform capabilities including cloud distribution - Improved sales force and service effectiveness driving product retention New content sets, derived content and analytics capabilities (e.g. ESG data) Improved agility and speed to market - Investment in emerging and frontier market content sets and workflow On track to achieve $650m run-rate savings by end of 2020 clear roadmap to all savings Reduction in operating layers and leveraging operational centres - Technology modernisation, content automation and operating cost reduction Procurement and real estate savings Note: (1) Revenue excludes recoveries. Growth rates calculated on a reported basis 1.9% Revenue growth profile (1) 4.9% 2017A Dukeratin 440 London Stock Exchange Group Run-rate Delivered (Q3 2019) Cost savings progress ($m) 2018A 650 Dec-20 Target Page 14#15Successfully transforming business and accelerating Expansion of data content Enhanced platform capabilities Expansion into emerging and frontier markets Salesforce initiatives - Strategic Initiatives Refinitiv's data topline growth Number of initiatives underway to further expand Refinitiv's content and analytics capabilities Refinitiv's desktop proposition is undergoing significant change in response to challenging levels of historic growth in certain product areas Investment in content sets, workflow solutions and partnerships in emerging and frontier markets Enhancing the effectiveness and specialism of Refinitiv's c.2,500 sales FTES Duke paction Illustrative Actions London Stock Exchange Group Entered into agreements with MarketAxess and Tradeweb to distribute fixed income data Developing products in growth areas such as alternative data platforms and Asian and emerging markets data and analytics Significant upgrade to Refinitiv Workspace(¹) to deliver a high performance, web-based platform Over $75m invested since October 2018 Beta testing of the new platform has been met with positive user feedback Launched cloud-based delivery for Asian and Central and South American clients ✓Launched BRI Connect, a suite of data tools for analysing investment opportunities from China's Belt and Road initiative (2) Planned reduction of organisational layers and building of specialist teams better able to support customers Certain products based on customer usage of data rather than the traditional per-terminal model, better serving the needs of individual customers Note: (1) Refinitiv Workspace is a replacement for the Eikon Platform (2) China's Belt and Road Initiative focuses on building significant infrastructure projects across Asia, Europe, and Africa. Officially launched in 2013, it is already considered the largest investment program in history, accounting for more than $500 billion USD of spend in infrastructure projects across more than 70 countries Page 15#16Industry defining transaction Page 16#17London Stock Exchange Group Creates significant value and reshapes the industry 1 2 3 4 Transforms LSEG's position as a leading financial markets infrastructure group, expanding its global footprint and accelerating its strategy Significantly enhances LSEG's customer proposition in data and analytics, accelerating opportunities in valuable IP and innovative new services Creates a global multi-asset capital markets business with the addition of high-growth foreign exchange and fixed income venues Deepens and expands our shared core principles of customer partnership and open access Positions LSEG for future growth in the fast evolving financial markets infrastructure landscape Page 17#181 Transforms LSEG's position as a leading financial markets infrastructure group LSEG REDI Tradeweb London Stack and g Borsa Italiana Turquoise ALPHADESK BETA LITE AIM FX Matching Equities & LCH The Refinitiv FXall raising capital & CC&G CURVEGLOBAL FI & FX markets Capital MTS formation xecution Monte Titoli SEDOL/LET MMERGENT IBES y Open data platform and technology Clearing settlement Post trade services t and Workflow & reporting solutions UnaVista Data & research Investmen and research tools LIPPER DataStream Risk & financial solutions EDD TREP ΕΙΚΟΝ 8 Index, benchmarks Refinitiv Data Platform WM / Reuters FX benchmark WORLD-CHECK FTSE Russell The Yield Book Duke pactin - London Stock Exchange Group Refinitiv complements LSEG across the financial markets value chain Trading venues generate proprietary multi-asset class data Data and analytics enable trading and investment decisions Provides proprietary content and extensive data management capabilities Enables expansion of fixed income and ESG index business Development of high value analytics Unlocks value in post trade data Creates a multi-asset class capital markets offering Adds high-growth execution venues in the two largest traded asset classes: FX and fixed income Complements existing capital formation and execution business Underpinned by our shared core principles of Open Access and Customer Partnership Page 18#191 Creates a global footprint with significant growth opportunities 2018 Revenue diversification £2.1bn (1) London Stock Exchange Group 40% 32% UK Rest of World 28% North America £4.6bn (2) REFINITIV 15% 45% UK Rest of World 40% North America Growth opportunities in existing and new geographies Growth and scale in the US - the world's largest financial market Expands LSEG's existing position in Asia, particularly China Growth in emerging markets where Refinitiv has a significant presence Global servicing capability aligned to customers' global operating model Note: (1) LSEG revenue includes treasury income and other income, LSEG splits are based on income diversity by currency as presented on page 37 of LSEG's 2018 Preliminary Results presentation (2) Refinitiv revenue includes recoveries. Refinitiv's performance for the 12 months to 31 December 2018 has been translated from USD to GBP using an FX rate of 1.34 London Stock Exchange Group £6.8bn Combined 23% 41% UK Rest of World 36% North America Page 19#202 A leading index and analytics business and a global data platform FTSE Russell Leading multi-asset global index business First class analytics capabilities Key growth driver London Stock Exchange Group $15tn Assets benchmarked to FTSE Russell indexes (1) 80m Calculations every 24 hours on Yield Book The Yield Book by FTSE Russell 17% ETF AUM growth over last 3 years $3.5tn Fixed income assets benchmarked (1) Note: (1) Data current as at 30 June 2019 (2) Refinitiv Data Platform was formerly known as Elektron Data Platform >25 years Fixed income analytics history 22% FTSE Russell revenue CAGR in the last 3 years DATASTREAM High value proprietary and third party content sets REFINITIV DATA PLATFORM (²) IBES Leading data management & aggregation capabilities Global distribution REFINITIV FXT Dukeratin Open and efficient platform London Stock Exchange Group c.190 Countries WORLD-CHECK FX and fixed income pricing, earnings estimates, ESG, reference data, entity data, company research TREP Data and analytics key to digitisation of financial markets infrastructure 10,000 Data partners 150,000 Data sources 24,000 Developers 400,000 End users Page 20