#1London Stock Exchange Group Clear Strategy... Strong Delivery 2021 Preliminary Results WOW LSEG DICTUM MEUM S PACTUM#2Welcome WALSEG BICTUM HEUR PACTUM - Introduction David Schwimmer, CEO - The power of our combined business David Schwimmer, CEO - Strong 2021 financial performance Anna Manz, CFO - Delivering on our strategy in 2022 David Schwimmer, CEO - Q&A 2#3Strong delivery against our strategy and financial targets WALSEG DICTUM HEVE FACTUR Strong financial performance; all divisions delivering good revenue growth Confident in meeting or beating all targets and good momentum into 2022 Strong progress on integration driving over-delivery on cost synergies: 2021 cost synergy realisation significantly ahead of target Additional £50m of savings identified; total cost synergy target raised to at least £400m □ Delivering on our strategy to accelerate growth and build a more agile and efficient business, creating a platform for future growth 3#4Meeting or beating our financial targets Total income growth (1) EBITDA margin (2²) Revenue synergies (³) Cost synergies delivered (3) Cost synergies identified - total(³) Leverage OLSEG 6.1% 48.2% c.25% of products in our synergy plan launched £151m run-rate At least £400m 1.9x DELIVERY IN 2021 Ahead of the 4-5% range indicated at Q3 190bps pro-forma margin expansion in 2021 £15m run-rate revenue synergies in 2021; run-rate of £40-60m expected in 2022 Exceeded H1 expectation of £125m FY run-rate Additional £50m of savings identified Down from 3.3x in Dec 2020 ORIGINAL TARGET 5-7% 2020-23 CAGR >50% by exit 2023 >£225m run-rate basis by end 2025 £88m run-rate basis by end 2021 >£350m run-rate basis by end 2025 1.0-2.0x 2 years post-completion(4) ✓ ✓ Note: With the exception of EBITDA margin, all guidance is on a constant currency basis and does not factor in any movements in currencies, notably USD and EUR versus GBP All figures and prior year comparative performance are based on pro-forma performance assuming Refinitiv has been part of LSEG for the full-period with financial performance from Borsa Italiana excluded (1) Total income, excluding recoveries and the impact of the deferred revenue accounting adjustment (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Income (excl. recoveries) (3) Revenue and cost synergy targets run to 31 December 2025 (4) 24 months from the date of Completion of the Refinitiv transaction: 29 January 2021#5Building a stronger business for the future 1 2 3 LSEG Integrating our world-class businesses Driving growth Building an efficient and scalable platform Introducing next-generation products - Modernising our trading venues - Building our Data Platform - Building a more agile and efficient operating platform LO 5#6Delivery in 2021 1 Integrating our world-class businesses Single face for customers Creation of a single point of contact for key customers contributed to record retention in 2021(¹) Building revenue synergies c.25% of planned synergy-related products launched in 2021 Building on natural linkages Establishing connectivity between FX trading and clearing Proposed acquisition of Quantile extends customer offering in post trade 2 Understanding customers Stabilisation in Trading & Banking revenues Driving growth Investing in content Acceleration in Pricing & Reference Services BUILDING FOR THE FUTURE Launching next-generation products Deploying Workspace to Banking, FX, Wealth and Analyst & Portfolio Management users LSEG (1) Data & Analytics product retention for 2021, hRefinitiv product retention 2017-2020 3 | 2021 2022 Building an efficient and scalable platform Building our Data Platform 2023 & beyond... >230 new customers on our cloud- based real time data service Modernising our FX venues Market share gains at FXall aided by new customer tools & services Foundations for future growth Good progress in building a more agile, scalable operating platform - all projects on track 6#7The power of our combined business WOLSEG#8A leading global provider of financial markets infrastructure and data 0909 Global footprint A global business that partners with customers wherever they operate Facilitating the smooth functioning of critical market. infrastructure across the world Leading data and analytics capabilities A leading provider of high-value data and analysis that powers the whole financial markets value chain OLSEG - Seamless delivery of the solutions our customers need reduces their cost and complexity, and builds deeper relationships Multi-asset class coverage A leader across traditional and emerging asset classes, in both public and private markets. Integrated sustainability and ESG capabilities across asset classes We are the only group able to partner globally, across asset classes, along the whole trade lifecycle in an open way 8#9A leading global provider of financial markets infrastructure and data £6.8bn (1) 68% 13% 18% Total Income (²) LSEG Data & Analytics Post Trade Capital Markets Data & Analytics A leading market position with upside in a large but fragmented global industry --4-6% annual industry growth driven by wide-ranging demand for financial data & analytics - Post Trade >90% global share of cleared interest rate swap notional outstanding; attractively positioned in OTC FX clearing, and European repos Future growth opportunities include uncleared swaps and optimisation services FX platforms A global #1 dealer-to-client venue and leading global interbank platform in the structurally growing $2.8 trn electronic FX market Tradeweb A leading position with a 21% (3) and 14% (4) share of credit and rates segments Strong growth from new products, share gains and greater electronification of trading (1) 2021 Total Income excl. recoveries Includes <1% other income (2) (3) Share of 2021 US Investment Grade Credit volumes (4) Share of 2021 global interest rate swap volumes 9#10High-quality, highly recurring revenues 73% recurring revenues Visible revenues: Mostly subscription and license revenues; typically 12-24 month duration - Highly diversified: Revenues are broadly based across activity, product, geography and >40,000 customers High retention: c.98% annual customer retention (2) WOLSEG Total Income (¹) C 73% (1) 2021 total income excluding recoveries, includes <1% other income (2) 2021 retention of Refinitiv D&A customers, each generating >£30k in annual revenues 23% Transactional Revenue Net Treasury Income 3% Highly diversified and growing 10#11High quality transaction revenues HIGH GROWTH BUSINESSES Tradeweb 20% growth Volume gains and new products driving strength in secularly growing electronic credit and interest rate segments Customer & Third Party Risk 35% growth Broad-based double-digit organic growth, driven by demand for our screening, due diligence and identity verification products - WOLSEG Tradeweb 31% Risk 6% ESTABLISHED LEADERS IN GROWING INDUSTRIES OTC Derivatives 9% growth - – >90% global share of cleared IRS(¹) notional outstanding, with early-stage growth across uncleared swaps, FX products, and balance sheet optimisation tools Securities & Reporting 12% growth Strong offering with structural tailwind from rising government debt issuance FX 7% growth in FXall; 2% growth overall #1 dealer-to-client FX platform and leading global interbank FX venue OTC Derivatives 11% Securities & Reporting 11% FX 11% % of total transaction revenues Non-cash collateral %9 MATURE, MARKET GROWTH BUSINESSES Wealth Solutions 1% growth - Securities processing platform, primarily to US wealth managers Equities 5% growth - LSE: #1 European exchange for money raised and number of issues - Turquoise: Leading European dark pool and pan-Euro MTF (2) Wealth Solutions 12% Equities (secondary) 6% Note: All growth rates refer to total 2021 revenue (recurring and transactional) growth for each business unit and are stated on a constant currency basis, excluding the impact of the deferred revenue accounting adjustment (1) Interest Rate Swaps (2) Multilateral Trading Facility 11#12Integrating businesses to serve customers along the financial markets value chain Capital formation & issuance Private Placements Public Issuance & Issuer Services Capital Markets LSEG London Stock Exchange Group Pre-trade & liquidity discovery Investment Benchmarks & Indices Reference Data & Onboarding Analytics Pre-Trade Data & Data & Analytics Price & Liquidity Discovery Trade execution Trade Execution Workflow Execution Trading Venues Capital Markets Post-trade & balance sheet management Clearing Post-Trade Data & Analytics Post Trade Margin & Capital Optimisation ...across multiple asset classes, and on a global basis 12#13Business linkages benefit our customers and give us competitive advantage DATA PLATFORM Post Trade LSEG Clearing data informs new products Data & Analytics risk models Data to inform and manage investment decisions Data & analytics supports Improved execution efficiency and trade completion Trading information and workflow integration Trading data DATA PLATFORM DATA PLAY Capital Markets A more seamless customer experience Where we were distribution aligned with product lines, not customer needs; insufficient connectivity between activities Where we are single point of contact for key customers; increasing connectivity of our businesses Where we are going - product agnostic customer relationships built around solutions with low-friction experience across businesses 13#14Example: An asset manager hedging the currency risk of a transaction CUSTOMER JOURNEY LSEG INTEGRATED OFFERING Asset manager wants to evaluate the cost of hedging the FX risk of future. cash flows Data & Analytics News, market data and insight Workspace 212 billion market data updates per day TRADE EXECUTION Asset manager wants to obtain firm quotes from a range of banks, and execute a hedging transaction Capital Markets Global #1 dealer-to- customer FX platform FX all Unparalleled network of ~200 liquidity providers WOLSEG (1) Source: BIS. Notional outstanding as at June 2021. Estimated clearing penetration of 4% for FX derivatives CLEARING Asset manager wants to remove the counterparty risk from the transaction Post Trade FX clearing & post trade service ForexClear $22 trillion of FX derivatives notional value cleared in 2021 14#15Example: A pension fund managing their Fixed Income portfolio CUSTOMER JOURNEY LSEG INTEGRATED OFFERING Pension fund wants accurate pricing and performance measurement of their fixed income portfolio Data & Analytics Evaluated Pricing Services Fixed Income Indices FTSE Russell WOLSEG TRADE EXECUTION Pension fund wants to trade fixed income securities electronically Capital Markets Fixed income markets Tradeweb >$1 trillion traded daily (¹) with strong share across multiple rates and credit products (1) Tradeweb FY 2021 total Average Daily Volume traded: USD 1 trillion Based on a EUR debt Cleared Repo market size of €4.2trn, calculated using ICMA data as at June 2021 CLEARING Pension fund wants to eliminate the counterparty risk from the transaction and increase balance sheet netting Post Trade Repo clearing & post trade service RepoClear €238 trillion of European repos cleared in 2021 15#16Sustainability is core to our strategy and embedded in our offering Accelerating the transition to net zero Enabling the growth of the green economy In 2021 LSEG became the first global exchange group to commit to net zero carbon emissions LSEG has been a signatory and supporter of Taskforce for Climate- related Financial Disclosure (TCFD) since its launch in 2017 Committed to reducing the Group's carbon emissions by 50% by 2030, reaching net zero by 2040 Ensuring suppliers responsible for 67% of our emissions from purchased goods and services have set science- based targets by 2026 WOLSEG (1) As at Dec 2021 London Stock Exchange is a leading venue for sustainable finance in both equities and debt 115 companies listed on our exchange are green economy mark recipients (¹), recognising that >50% of their revenues contribute to the green economy FTSE Russell's Green Revenues Classification System is highly aligned with the EU Taxonomy New Voluntary Carbon market in development Driving sustainable finance, supporting emerging markets LSEG works with governments and stakeholders in emerging economies to support the development of well functioning financial markets LSEG facilitated >$3.3 trillion in trading. volumes in Emerging Markets through Auctions and Callouts in 2021 >500k new records added to World- Check in 2021, supporting more than 10,000 customers in the prevention of greenwashing, corruption, and financial and environmental crime 16#17Example: Asset Manager looking to incorporate ESG into their investment process Degree of ESG integration into the investment process HOW WE MEET THIS NEED - Light integration Asset Manager wants employees to bring an ESG lens to their day-to-day investment decisions Broad ESG integration across our products Notable increase in users accessing ESG data via desktop products in 2021 In 2021 LSEG became the first provider to combine ESG tools and mortgage analytics WOLSEG (1) 3 year revenue Compound Annual Growth Rate to Dec 2021 Medium integration Asset Manager wants raw data with which to power proprietary in-house ESG analysis & models Direct ESG data feeds >50% growth in revenues from ESG data feeds, 3 year CAGR (1) Significant expansion of cloud. distribution in 2021 Full integration Asset Manager wants performance benchmarking and attribution analysis. of their portfolios along ESG lines ESG benchmark and index services ESG versions of flagship Russell US equity indices; World Govt. Bond index, many others 12 new synergy-related ESG index products in 2021 17#18Strong 2021 financial performance Anna Manz, CFO WOLSEG#19Driving long-term sustainable financial performance WALSEG DICTUM HEVE FACTUR Strong 2021 progress across all divisions; good momentum into 2022 □ Revenue contribution from synergies accelerating in 2022 Delivered 2021 cost guidance; 2022 and 2023 unchanged □ Cost synergy programme ahead of target £50m of further cost synergies identified. Confident in delivery of all targets Good progress in building a faster growing, more agile and efficient business 19#20Strong financial performance in 2021 Total income (excl. recoveries) £6,811m 6.1% Adjusted EBITDA margin (¹) 48.2% 190bps OLSEG Adjusted EBITDA £3,283m 8.3% Adjusted EPS 287p 46% Run rate Cost synergies achieved £151m vs. £88m original target(2) Leverage Net debt / Adjusted EBITDA 1.9x from 3.3x at Dec-20 Total cost synergies identified £400m (1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Income (excl. recoveries) (2) Cost synergy target for year 1 disclosed in 2020 preliminary results (3) Provisional dividend pending shareholder approval vs. £350m original target Total dividend (³) 95p 27% Note: • All variances, except for Adjusted EBITDA Margin variance, are constant currency excluding the impact of the deferred revenue accounting adjustment All figures and prior year comparative performance are based on pro-form a performance assuming Refinitiv has been part of LSEG for the full-period with financial performance from Borsa Italiana excluded 20#21Strong 2021 revenue growth across all divisions WALSEG DICTUM HEVE FACTUR Ahead of previous guidance Broad-based growth across all businesses Particular acceleration in Data & Analytics revenues; ASV (¹) growth signals further momentum into 2022 Note: (1) Annual Subscription Value is a point-in-time year-on-year measure of subscription growth in our Data & Analytics business 21#22Strong revenue growth across all three divisions £6,767m 2020(2) +5.3% Data & Analytics OLSEG 6.1% growth (1) +12.5% Capital Markets +11.1% -20.0% Post Trade Net Treasury Other (excl. NTI) Income (NTI) revenue Non-recurring Net FX impact Deferred revenue haircut (1) Growth is on a constant currency basis excluding the impact of the deferred revenue accounting adjustment (2) Total income excl recoveries, on a pro-forma basis £6,811m 2021(2) Strong revenue trends Data & Analytics: >90% of revenues (2) from subscriptions Capital Markets: Strong secular growth dynamics, esp. Tradeweb Post Trade: Beneficiary of secular growth and interest rate uncertainty - Net Treasury Income (NTI): Now at a normal run-rate following Covid- related volatility Non-recurring headwinds Adverse FX moves in 2021 One-time deferred revenue adjustment 22#23Data & Analytics: strong growth in 2021 and ASV (1) accelerating into 2022 +1.9% 2019 Total D&A revenue growth WOLSEG +2.5% 2020 Subscription revenue growth (2), +5.3% +3.5% (2) 2021 Non-subscription revenue growth I +4.6% As at Dec-21 ASV growth rate Non-subscription revenues: Mostly asset linked revenues at FTSE Russell and transaction revenues in Customer & Third-Party Risk and Wealth Subscription revenue growth (³) Trends towards ASV growth over time Note: All growth rates are stated on a pro-forma constant currency basis excluding recoveries and the impact of the deferred revenue accounting adjustment. Organic ASV excluding impact of ERMT disposal Historical growth rates are unaudited and include estimates for accounting adjustments associated with the combination of the Refinitiv and LSEG businesses (1) Annual Subscription Value is a point-in-time year-on-year measure of subscription growth in our Data & Analytics business (2) 2021 subscription revenue growth: +3.5%. driving c60% of D&A revenue growth (3) Subscription revenues excl. AUM based fees and transaction revenues 23#24Data & Analytics 5.3% growth: broad-based improvement in performance Trading & Banking Investment Solutions. Enterprise Data Wealth Customer & Third-Party Risk WOLSEG £474m +1.0% £359m +34.6% £1.49bn -0.3% £1.15bn +9.4% £1.14bn +3.7% - Trading & Banking: improved revenue trend vs. prior years Note: All growth rates are stated on a constant currency basis excluding the impact of the deferred revenue accounting adjustment (1) Benchmark Rates, Indices & Analytics Investment Solutions: 9.4% growth in subscription revenues (1) - Enterprise Data: accelerating revenue trend 24#25Trading & Banking stabilised; reiterating medium-term growth target WOLSEG Stabilised growth in 2021 by getting closer to our customers 2019 -2.1% 2020 -1.2% 2021 -0.3% low single- digit grow th medium-term ambition Additional growth over the medium-term as we see the benefits of Workspace Note: All growth rates are stated on a pro-forma constant currency basis excluding the impact of the deferred revenue accounting adjustment Historical growth rates are unaudited and include estimates for accounting adjustments associated with the combination of the Refinitiv and LSEG businesses 25#26Capital Markets 12.5% growth: driven by Tradeweb and primary markets Equities FX Fixed Income, Derivatives & Other OLSEG £241m +5.1% £223m +2.4% £791m +18.2% - - Equities: Strongest primary listing activity in 10yrs FX: 7% growth in our dealer-to-client FXall platform Fixed Income, Derivatives & Other: Strong Tradeweb performance through market share gains and new products, supported by market tailwinds Well positioned to benefit from greater interest rate uncertainty Note: All growth rates are stated on a constant currency basis excluding the impact of the deferred revenue accounting adjustment 26#27Post Trade: 11.1% growth in core Post Trade revenues OTC Derivatives Securities & Reporting Non-Cash Collateral Net Treasury Income. OLSEG £95m +17.8% £207m -20.0% £358m +8.9% £253m +12.0% Note: All growth rates are stated on a constant currency basis | - - OTC Derivatives: Secular growth complemented by tailwind from global interest rate uncertainty and Libor reform Securities & Reporting: Strong increase in repo clearing volumes Net Treasury Income: NTI has returned to a more normal run-rate following prior- year Covid-related volatility Well positioned to benefit from greater interest rate uncertainty 27#28Costs, margins and synergies all in-line, or ahead of target WALSEG DICTUM HEVE FACTUR Strong 2021 margin performance; 190bp margin expansion □ On track to achieve >50% margin target on an exit basis by end-2023 □ Delivered 2021 cost guidance; 2022 and 2023 unchanged. □ Outperformance on cost synergies in 2021 Additional £50m of cost synergies identified; £400m total programme No change to Capex guidance; £650-700m of business as usual capex in 2022 and 2023, tapering thereafter 28#29Strong profitability across all our businesses. 190bps margin expansion 46.3% 2020 OLSEG 48.2% 2021 44% 46% 2020 2021 Data & Analytics Note: Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Income (excl. recoveries) 49% 52% 2020 2021 Capital Markets Group EBITDA margin expected to exceed 50% beyond 2023 52% 2020 50% 2021 Post Trade 29#302021 expense growth in-line with expectations; no change to 2022 & 2023 guidance Cost drivers Acquisition annualisation (Red Flag, GIACT) Technology, efficiency and dual-running costs Revenue synergy operating costs Ongoing costs (e.g. inflation, Tradeweb) In-year cost savings WOLSEG As per previous 2021 guidance 4.8% cost growth 2021 Note: All growth rates are stated on a constant currency basis No change to 2022 & 2023 cost guidance Low-single digit cost growth 2022 Low-single digit cost growth 2023 >50% EBITDA Margin and beyond... 30#31Strong start to our cost synergy programme: 43% of cost synergies (1) delivered in 2021 up from initial target of 25% (2) £88m £63m Initial 2021 target Over-delivery WOLSEG £151m Total 2021 cost synergies Leading to a 2021 in-year cost benefit of £97m - Data centre rationalisation c.40% complete Exited 27 properties; c.75% of the original property synergy plan Renegotiated c.60% of the strategic supplier contracts targeted for optimisation. - Significant reduction in net employee costs (1) End of period run-rate cost synergies (2) Initial year 1 cost synergy guidance provided at the time of announcement of the Refinitiv acquisition in August 2019 31#32Updating our cost synergy target: targeting at least £400m of cost synergies by 2025(¹), a £50m increase on initial target(2) £350m Initial target £50m WOLSEG £400m Additional savings Revised target Plus small additional benefits to depreciation and long-term capex spend - Hands-on experience has aided identification of additional savings: Property rationalisation Process simplification. Aligned with ongoing work towards creating a more seamless customer experience One-time costs of 1.9x the recurring synergy benefit, falling to 1.6x including gains on associated property disposals (1) End of period run-rate cost synergies (2) Initial cost synergy guidance provided at the time of announcement of the Refinitiv acquisition in August 2019 32#33Capex guidance unchanged: investments driving revenue growth and scalability 2021 spend: £671m Ongoing Capex £650m-£700m p.a. Expected to continue until end of 2023; tapering thereafter WOLSEG Initiative Data platform and cloud Workspace Network infrastructure Content transformation Tradeweb + Benefit to LSEG and its customers A consistent experience, making it easier for customers and partners to access, distribute, and develop with LSEG or in the cloud Next-generation user interface, cloud-based, that uses open platform technologies Software defined - better agility, higher capacity and increased resilience Improved speed and efficiency of ingestion of new data sets to support rapidly evolving customer demand for enriched data and new products Continued product and development Financial benefits Revenue growth and cost efficiency following roll-out with benefit building from 2023 Revenue benefits follow roll-out Cost benefits from 2023 onwards Driving ongoing revenue growth and cost efficiency over the next three years. Underpin double-digit growth trajectory 2021 Integration and separation capex of £109m Largely capex element of announced cost to achieve synergies Improving agility and resilience across the group Delivering high growth Note: Please refer to slide 50 in the appendix regarding cost to achieve synergies which forms the majority of integration and separation capex. Capex excludes right of use (ROU) assets. 33#34Guidance for 2022 Revenue synergies Cost synergies Underlying operating expenses Depreciation and amortisation Net finance expense Tax Capex LSEG - Expected to be between £40m and £60m run-rate Expect to deliver c.£70m run-rate cost synergies in 2022, taking total run-rate synergies to c.£220m Low single-digit increase in operating expenses - Anticipated to be c.£820m, depending on phasing of capex Financing expenses of c.£160m A 1% increase in interest rates results in an approximate £14m increase in net finance expense Effective Tax Rate of 22-24% (1) Business as usual capex of c.£650m-£700m, plus additional integration capex Note: All guidance is on a constant currency basis and does not factor in any movements in currencies (1) Based on current known tax rates. 34#35Strong cash generation £3,177 Operating cash flow WOLSEG (£208) Net interest and royalties paid (£390) Taxes paid (£690) Capex & other investments (£500) (2) Free cash flow represents the underlying cash flow generated by the Group (3) Based on a Dec 31st share count of 557m shares Dividend (1) £1,389 Free cash flow (2) Operating cash flow Strong cash generation driven by high quality subscription revenues Capex & other investments - Cash expense of both ongoing and integration & separation capex Free cash flow - Note: All figures in GBP m. Statutory view, stated after cost to achieve synergies incurred as non-underlying operating expenses and transaction related fees (1) Dividends comprises £522m of LSEG dividend offset by £22m dividend income received from EuroClear Pre-dividend free cash flow of 342p per share (3) Expected to increase over time as non-underlying expenses and integration capex fall away 35#36A strongly cash generative business with disciplined capital management LSEG 3.3x (1) Dec-20 2.2x Jun-21 1.9x Dec-21 1.0x2.0x (2) Target (1) Ratio of pro form a net debt to pro forma Underlying EBITDA for the year ended 31 December 2020 (2) Target leverage range by January 2023 (3) 31 December 2021 A3 Moodys A S&P 1.6% Blended cost of debt(³) 36#37Consistent capital management framework Continued focus on deploying capital for selected organic and inorganic investments, and shareholder returns, while maintaining a prudent balance sheet. KEY FACTORS THAT INFORM OUR CAPITAL ALLOCATION DECISIONS Maintain our existing leverage target of 1.0-2.0x Net Debt / EBITDA and manage credit rating, debt profile, and regulatory requirements Focus on meeting appropriate internal hurdles for selected organic and inorganic investment opportunities Maintain a progressive ordinary dividend policy, operating in a target 2.5-3.0x dividend cover range LSEG HOW WE DEPLOY CAPITAL Organic deployment: Pursue organic investment opportunities for growth, efficiency. and resilience Inorganic opportunities: Robust appraisal of inorganic opportunities to deliver growth through 'bolt-on' / strategic M&A Returns to shareholders: Commitment to ordinary dividends and continue to keep other options for capital returns under review 37#38Driving long-term sustainable financial performance WALSEG DICTUM HEVE FACTUR Strong 2021 progress across all divisions; good momentum into 2022 Revenue contribution from synergies accelerating in 2022 Cost synergy programme ahead of target £50m in further cost synergies identified ☐ Delivered 2021 cost guidance; 2022 and 2023 guidance unchanged Confident in delivery of all targets Good progress in building a faster growing, more agile and efficient business 38#39Delivering on our strategy in 2022 David Schwimmer, CEO WOLSEG#40Delivering on this strategy in 2022 Integrating our world-class businesses 1 Providing integrated solutions, instead of disconnected products - Integration of Yield Book analytics into human interfaces incl. Workspace Realising the power of our combined business Powering new solutions (e.g. FRTB (¹)) for customers with data from Tradeweb and LCH Expanding next-generation products Deploy Workspace to FX users at scale, reinforcing our end-to-end FX offering 2 Delivering revenue synergies £40-60m of run-rate revenue synergies by year end Driving growth Innovating to benefit customers Focus on customer solutions that cut across our business e.g. fixed income workflow, FX ecosystem BUILDING FOR THE FUTURE Partnering along the trade lifecycle Acquisition of TORA contributes to a more seamless customer experience - 3 | - 2021 2022 2023 & beyond... Building an efficient and scalable platform Building our Data Platform Delivering wealth, equities and fixed. income reference data into platform in 2022 for early access and scale adoption by 2023 LSEG (1) The Fundamental Review of the Trading Book (FRTB) is a regulatory driven requirement governing how much capital banks must hold against their market risks Foundations for future grow th Further progress on adoption of modern network technologies driving benefits from 2023 40#41Creating shareholder value through M&A 2021 Quantile Group Announced December 2021 (1) Helps customers manage their capital and margin more efficiently increasingly valuable as banks adjust to new regulatory regimes such as SA-CCR (2) A key step towards a more joined-up customer offering along the value chain in OTC derivatives 2022 TORA LSEG Announced February 2022(1) Adds leading multi-asset class order and execution management capability to Trading & Banking Provides seamless "at trade" capabilities for our next generation human interface, Workspace (1) Revenue and cost information to be provided upon completion of the transaction. Completion expected in 2022, subject to regulatory approvals (2) The Standardized approach for counterparty credit risk (SA-CCR) is the capital requirement framework under Basel III addressing counterparty risk for derivative trades 41#42Delivering against our strategy and financial targets WALSEG DICTUM HEVE FACTUR Strong 2021 performance: All divisions delivered high growth □ Delivering on our strategy: Executing on a multi-year strategy to further accelerate growth and increase agility & efficiency ☐ Excellent progress on integration: Additional £50m of cost synergies identified, taking total savings to at least £400m p.a. Strong cost management: Reconfirmed cost guidance for 2022 and 2023 Disciplined capital allocation: Optimising capital allocation while building our platform for future growth. 42#43A compelling proposition. - High quality assets in growing markets Leading businesses in multiple fast-growing global markets, with deepening linkages between them - Highly recurring, diversified revenues High proportion of subscription revenues and strong customer retention; diversified across customers, products, activities and geographies - Well placed for current environment Subscription revenues accelerating; market volatility increases transaction revenues - Disciplined capital allocation A high returns business with strong underlying cash generation and disciplined deployment of capital - Building for the future Investing in a more agile and efficient business; a platform for future growth LSEG 43#44Q&A WOLSEG#45Appendix - Modelling Information OLSEG#46Key performance indicators for 2021 DATA & ANALYTICS CAPITAL MARKETS POST TRADE LSEG ASV growth +4.6% UK Equity ADV: £4.5bn -8.2% SwapClear client avg. 10yr notional equivalent £4.2trn +14% ESG AUM: $167bn +165% FX ADV: $443bn +3.3% Non-OTC RepoClear nominal value €238trn +16% BETA volumes: 547m +1.3% Rates - Derivatives: $294bn +39% TRADEWEB ADV Average non-cash collateral: €166bn +2.7% ETF AUM: $1.14trn +31% Credit Cash: $9bn +22% Average cash collateral: €107bn -2.5% 46#472021 adjusted operating expenses 3,023 2020 (1) -191 -6.4% Net FX effects LSEG 27 0.9% Growth-related expenses 55 1.9% Acquisition Technology Annualisation 32 1.1% (1) Pro-forma adjusted operating expenses 46 1.6% 117 3.9% -133 -4.5% Investment for Tradeweb Ongoing Costs Synergies and Growth Cost savings +4.8% Constant Currency Growth 2,977 2021(1) Growth-related operating expenses: - Technology: Includes dual-running costs as infrastructure is modernised in order to deliver scalable platforms for the future - Investment for growth: Business expenses relating to growth, such as operating expenses associated with delivery of our revenue synergies - Tradeweb: Operating expenses relating to Tradeweb's strong top-line growth Synergies and cost savings: - In-year benefits associated with £151m run rate achieved in 2021 - Includes small benefit from annualisation of Refinitiv's pre- completion efficiency programme 47#48Geographically diversified revenues & costs Total Income by Geography (1) 42% 43% 15% Amers ΕΜΕΑ Asia Total Income by Currency (¹) OOO WOLSEG 60% 17% 15% 8% USD GBP EUR Other Total Costs by Currency (2) Note: (1) 2021 total income including recoveries, on a constant currency basis. Geography based on customer location. (2) Total costs on a constant currency basis, including cost of sales, adjusted operating expenses and underlying depreciation and amortisation 52% 23% 11% 14% EUR Other USD GBP 48#49Divisional income by currency(¹) Data & Analytics Capital Markets 67% 10% 12% 11% USD GBP EUR Other OOO 59% 24% 16% 1% USD GBP EUR Other Post Trade Note: WOLSEG (1) 2021 total income by division - including recoveries, on a constant currency basis 18% 46% 34% 2% EUR Other USD GBP 49#50Building a more agile, efficient and scalable business for the future WALSEG DICTUM HEVE FACTUR One-time costs of realising our synergy targets £291m of costs to achieve (CTA) in 2021 £205m of CTA recognised as non-operating costs £86m of CTA recognised as capex(1) The one-time costs relating to the realisation of the additional £50m cost synergies include the cost of exiting multi-year leases in order to optimise our property footprint. These costs are partly offset by gains on an associated property disposal. Synergy type Cost synergies Original £350m target Updated £400m target (gross) Associated property disposal Updated £400m target (net) Revenue synergies Total £225m target Total synergies 350 400 400 225 Cost to achieve 550 775 133 642 180 Ratio 1.6x 1.9x 1.6x 0.8x ☐ Expect to incur the majority of remaining CTA over the course of 2022 and 2023, with -70% of CTA to be treated as non-underlying operating expenses, and ~30% as capex Note: CTA guidance stated on a constant currency basis. (1) Capex associated with the synergy programme only; does not include Capex related to the separation of the Borsa Italiana Group or other non-BAU Capex 50#51Minor business revenue reallocation To better align with our internal reporting, some small revenue items will be reallocated between business lines from Q1 2022. At a divisional level, the impacts are: - c.£9m of annualised revenue moves from Post Trade to Data & Analytics - c.£6m of annualised revenue moves from Capital Markets to Data & Analytics Total Income incorporating anticipated reallocation (2021, actual rates) £m Trading & Banking Solutions Trading Banking Enterprise Data Solutions Real-Time Data PRS Investment Solutions Benchmark Rates, Indices & Analytics Index - Asset-Based Data & Workflow Wealth Solutions Advisor & Investor Services Operations Management (BETA) Customer & Third-Party Risk Solutions Data & Analytics WOLSEG Q1 372 297 75 279 177 102 273 121 58 94 122 69 53 85 1,131 Q2 373 297 76 283 183 100 286 126 64 96 116 70 46 90 1,148 Note: Revenues quoted on this slide are indicative only Q3 373 296 77 284 182 102 294 136 62 96 115 69 46 92 1,158 Q4 375 297 78 297 190 107 302 134 69 99 121 73 48 92 1,187 2021 1,493 1,187 306 1,143 732 411 1,155 517 253 385 474 281 193 359 4,624 £m Equities FX Fixed Income, Derivatives & Other Capital Markets OTC Derivatives Securities & Reporting Non-Cash Collateral Net Treasury Income Post Trade Other Total Income (excl. recoveries) Recoveries Total Income (incl. recoveries) Q1 61 57 200 318 87 63 22 55 227 5 1,681 88 1,769 Q2 59 53 187 299 82 59 24 53 218 10 1,675 90 1,765 Q3 60 56 193 309 86 60 24 47 217 9 1,693 90 1,783 Q4 61 57 205 323 103 62 25 52 242 10 1,762 86 1,848 2021 241 223 785 1,249 358 244 95 207 904 34 6,811 354 7,165 51#52Supplementary FY2021 information WOLSEG#53LSEG FY2021 - Results overview Continuing operations Data & Analytics Capital Markets Post Trade Other Total Income (excl. recoveries) Recoveries Total Income (incl. recoveries) Cost of sales Gross profit Adjusted operating expenses5 Income from equity investments Share of loss after tax of associates Adjusted EBITDA5 Adjusted EBITDA Margin 6 Adjusted depreciation, amortisation and impairment 5 Adjusted operating profit 5 Adjusted net finance expense 5 Adjusted profit before tax 5 Adjusted tax Adjusted profit for the year Adjusted profit attributable to: Equity holders Non-controlling interest Adjusted basic earnings per share (p) 7 WOLSEG 5 2021 £m 4,609 1,255 913 34 6,811 354 7,165 (923) 6,242 (2,977) 22 (4) 3,283 48.2% (774) 2,509 (206) 2,303 (480) 1,823 1,595 228 286.7 2020 £m Pro-forma underlying¹ 4,653 1,170 915 29 6,767 338 7,105 (946) 6,159 (3,023) (4) 3,132 46.3% (747) 2,385 (569) 1,816 (555) 1,261 1,087 174 195.7 Pro-forma Variance 2 % (0.9%) 7.3% (0.2%) 17.2% 0.7% 4.7% 0.8% (2.4%) 1.3% (1.5%) 4.8% 3.6% 5.2% (63.8%) 26.8% (13.5%) 44.6% 46.7% 31.0% 46.5% Constant Currency Variance 3 % 4.8% 12.5% 2.0% 21.5% 5.8% (0.8%) 5.5% 3.0% 5.9% 4.8% 3.1% 7.5% 7.6% 7.5% Constant Currency Variance (excl. deferred revenue adjustment) 3,4 % 5.3% 12.5% 2.0% 21.5% 6.1% (0.3%) 5.8% 3.0% 6.3% 4.8% 3.1% 8.3% 7.6% 8.5% Note: (1) The pro-form a results assume that the acquisition of Refinitiv took place on 1 January 2020. The Borsa Italiana Group was classified as a discontinued operation once the sale became highly probable on 13 January 2021 and therefore its profits and losses have been excluded from the Group's continuing operations for both years presented (2) Pro-form a variance is the difference between current and prior year on a pro-form a basis, using the average exchange rate for the respective period, therefore any changes in the exchange rates are also reflected in the variance along with business performance (3) Constant currency variance shows financial performance, excluding currency impacts, by comparing the current and prior year at consistent exchange rates (4) As a result of the acquisition of Refinitiv and the associated accounting rules, Refinitiv's deferred revenue balances were subject to a one-time haircut at the time of acquisition. This is a non-cash adjustment. The negative revenue impact was mostly in Q1 2021 at approximately £22 million, with an additional £1 million in Q2, £1 million in Q3 and £1 million in Q4. The impact is mostly in the Group's Data & Analytics division, with a much smaller impact on the Group's FX venues business in Capital Markets. There will be no impact in 2022. An adjusted variance, excluding the deferred revenue adjustment, has been presented to show business growth on a comparable basis to the prior year. (5) Before non-underlying items (6) Adjusted EBITDA margin is Adjusted EBITDA divided by Total Income (excl. Recoveries) (7) Weighted average number of shares used to calculate Adjusted basic earnings per share on a pro-forma underlying basis is 556 million 53#54Quarterly pro-forma revenue progression. £m Trading & Banking Solutions Trading Banking Enterprise Data Solutions Real-Time Data PRS Investment Solutions Benchmark Rates, Indices & Analytics Index Asset-Based Data & Workflow Wealth Solutions Advisor & Investor Services Operations Management (BETA) Customer & Third-Party Risk Solutions Data & Analytics Equities FX Fixed Income, Derivatives & Other Capital Markets OTC Derivatives Securities & Reporting Non-Cash Collateral Net Treasury Income Post Trade Other Total Income (excl. recoveries) Recoveries Total Income (incl. recoveries) Cost of sales Gross Profit WOLSEG Q1 396 316 80 285 187 98 272 118 58 96 126 66 60 67 1,146 62 64 186 312 87 59 19 67 232 11 1,701 87 1,788 (242) 1,546 Q2 410 328 82 297 197 100 282 127 54 101 131 72 59 69 1,189 56 57 175 288 82 51 21 82 236 6 1,719 77 1,796 (244) 1,552 2020 Q3 399 318 81 290 191 99 278 125 56 97 123 71 52 69 1,159 52 56 170 278 80 58 21 63 222 6 1,665 82 1,747 (228) 1,519 Q4 391 311 80 291 191 100 279 125 57 97 120 69 51 78 1,159 57 57 178 292 85 62 21 57 225 6 1,682 92 1,774 (232) 1,542 2020 1,596 1,273 323 1,163 766 397 1,111 495 225 391 500 278 222 283 4,653 227 234 709 1,170 334 230 82 269 915 29 6,767 338 7,105 (946) 6,159 Q1 372 296 76 277 177 100 272 121 58 93 122 69 53 85 1,128 669 CO LO 61 57 201 319 ܗ ܗ 87 65 22 55 229 5 1,681 88 1,769 (231) 1,538 Q2 372 295 77 280 182 98 286 126 64 96 116 70 46 90 1,144 59 53 188 300 82 62 24 53 221 10 1,675 90 1,765 (223) 1,542 2021 Q3 372 295 77 283 182 101 293 135 62 96 115 69 46 92 1,155 60 56 195 311 86 61 24 47 218 9 1,693 90 1,783 (228) 1,555 Q4 373 294 79 295 189 106 301 134 69 98 121 73 48 92 1,182 61 57 207 325 103 65 25 52 245 10 1,762 86 1,848 (241) 1,607 2021 1,489 1,180 309 1,135 730 405 1,152 516 253 383 474 281 193 359 4,609 241 223 791 1,255 358 253 95 207 913 34 6,811 354 7,165 (923) 6,242 54#55Contacts and further information Paul Froud Group Head of Investor Relations Tel: +44 (0)20 7797 1186 email: [email protected] Chris Turner Investor Relations Senior Director Tel: +44 (0)77 6993 1614 email: [email protected] lan Hughes Investor Relations Manager Tel: +44 (0)20 7797 3334 email: [email protected] Tom Ferguson Investor Relations Analyst email: [email protected] WOW LSEG DICTUM MEUM PACTUM London Stock Exchange Group plc 10 Paternoster Square London EC4M 7LS For investor relations information: Iseg.com/investor-relations For Corporate Sustainability information: Iseg.com/investor-relations/sustainability