LSE Investor Presentation Deck

Operating expenses well controlled Expenses (before depreciation) up 1% Total operating expenses up 7% LSEG expenses (£m) 969 2018 8 FX 977 (4) Net 2018 adjusted for underlying FX Operating expenses London Stock Exchange Group 65 Net underlying - D & A 1 Inorganic 1,039 2019 London Stock Exchange Group Operating expenses before depreciation and amortisation: £839m (2018: £834m) Headcount reduction programme in 2019: £17m achieved; programme continues Note: Excluding amortisation of purchased intangibles, non-underlying items and cost of sales Inorganic includes costs for businesses held for less than 12 months in either period: Beyond Ratings Net underlying operating expenses includes a £31 million IRFS 16 benefit, Net underlying D&A includes £26 million IFRS 16 impact - Organic investment for growth and operational improvements driving depreciation - 2019: £200m (2018: £135m) Page 5

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