Informa plc
Trading update andcombination with TechTarget
Live Video Webcast
11th of January 2024
Transcript

Disclaimer
This transcript is derived from a recording of the event. Every possible effort has been madeto transcribe accurately. However, neither Informa plc nor BRR Media Limited shall be
liable for any inaccuracies, errors, or omissions.

1Stephen A. Carter:

Good morning, everybody. For those of you who are here and for those of you
who are on the webcast, thank you very much for joining us. For those of youthat are here physically, you will realise that this is a no expense spent event, so
we have no heating, of which I apologise, but look on the bright side it'll all go
towards the margin.
For those of you who are on the webcast, thank you very much for joining us atrelatively short notice. I'm joined on the stage by Gareth, who you know well,and behind that blank screen with our logo are two people who are the sort ofstars of today, Gary Nugent who's the CEO of Informa Tech and Mike Cotoia.
They're up and in Boston, but they're still making themselves look presentable
so they'll be listening to me talk which they've heard enough, but then when we
get to Q&A, they'll go live on screen, and if anyone wants to ask them questions,then you can feel free to do that.
We've got three things we wanted to skip through today, two of which I'll takeat a canter and one of which I'll dwell on, but that doesn't mean that the firsttwo are not significant, certainly to us. We're going to talk a little bit about what
happened in '23, briefly. We'll talk about what we're saying about '24, and then
we'll go into some depth on the acceleration of our strategy in digital services.
Apologies for my voice. Someone told me earlier today I sound like a crossbetween Bonnie Tyler and Rod Stewart, but that's not all bad and I promise you
I won't try and sing.
Disclaimer, make your own judgment on risk and forward guidance. We've said
for many, many years, I don't know how long we've recycled this slide for, that
this is the market in which this company seeks to operate the knowledge andinformation economy, and the good thing about that market is it continues tobe a growth market. Whatever the macro volatility may be by geography or by
sector, this is a good market to be in. And underpinning that, the more specialist
you can be, the stronger your position.
We took a view early on that we would pivot between those two points, theknowledge and information economy, and in that, servicing B2B customers, not
B2C customers. And we would seek to be a specialist provider of knowledge,
information, research, discovery and commercial services. Our mission
statement, champion the specialist, and we've chosen to try and focus thecompany very clearly in that area, and I think that has served us extremely well.
COVID was an interruption, but fortunately for lots of reasons beyond thehealth of Informa, it's an interruption that is over and you see that in our '23
numbers. I said in one of my statements today, in the releases, that I think on2

any objective measure, and I'm generally - I think the IR team would agree withthis - cautious in saying that we have done well, but I think on any measure,2023 was a standout year for the company.
Not actually least just because of the numbers, any of the numbers, the revenue
number, the margin number, the cash number, but actually, because it was
really only three years ago that no one would've believed those numbers. And
to get from where we were or where we ended up in the depths of COVID, towhere we finished 2023, has been a journey and some. And for any of thecolleagues who are watching this or are here today, who have been in Informa
through that period, they can testify to that.
The underpinning value of what we call our live and on-demand B2B event
product, that's actually come out the other side of COVID as a more valuable
product, more valuable in every sense. And you see that a bit in our numbers,
our ability to be able to price to that value, and we also see that in the customer
vindication, in customer satisfaction, customer re-booking, customer
endorsement.
It also so happens that because actually we're relatively new at scale in thismarket, we have made some very intentional decisions about where we havechosen to play our portfolio. As I'm fond of saying, we're not in the markets that
we're in by accident, we're in the markets that we service because we've chosen
to service those markets. We see long-term structural growth in the end
markets that we serve.
Our cash conversion through the year was very strong, and our cash flows werestrong. And so you see a business going into 2024 that is firmly beyond COVID.
It's beyond COVID actually in absolute terms in size, our performance to '23
takes us significantly beyond the size of the company in 2019, which was thelast full pre-COVID trading year, and that is after disposing of the Informa
Intelligence portfolio.
If you're Gareth, we have a disciplined balance sheet. If you're me, that gives us
choices, and so we go into '24 with an ambition for further growth andexpansion. You see that in our guidance for 2024, and we've used this as anopportunity to give a confirmation to market consensus, and I'm conscious thatfor many people, or for some people perhaps, that might just be a, 'So they're
confirming consensus,' but just pause and recognise that what consensus says
is, we're going to do high single digit growth.
High single digit growth is a significant performance, 7% to 9% underlying
revenue growth. Pre-COVID, we were doing 3% to 5%. We feel extremely goodabout that. That's not a recovery bounce, that's fundamental growth andquality. Our margins are ticking back, our cash flows are stepping up, andlikewise our profits.

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So we're committed to further strong growth in 2024 and we're coming off theback of a standout year in 2023. So that's where the company is. That's where
the company is pointing itself for 2024. But if I may, I'd like to go back to go
forward because I think it helps contextualise why we've made the thirdstatement that we've made today around the combination with TechTarget.
I can see some faces in the room and I'm sure there will be some faces on the
webcast who've been followers, investors, analysts of the Informa company forsome time. I've carbon dated this in a galaxy far, far away slide to 2014. You
could take it further back if you chose to. But back in 2013, 2014, essentially thiscompany was dominated by two fundamental business models, high-volume
conferences and what you might effectively call traditional formatted, academic
peer-reviewed research, of which the latter was more profitable than theformer, but in revenue terms, slightly smaller. That was the business model.
We owned, as a result of acquisition history, some residual data businesses, it'sa function of some spot acquisitions and the Datamonitor acquisition. Thosebusinesses were really very small and substantially underperforming. Some ofyou may remember, they were underperforming in kind of minus double-digit
growth rates.
Fast-forward to where we are now. We're now the market leader in the B2B live
and on-demand business, and we've exited our data businesses after repairingthem at valuations that, actually, were roughly the valuation of the entire
company back in 2012/13, and we've used that money to invest in technology,
in product, in talent, and in acquisitions to further build our market position
post-the end of COVID.
Our academic business is unrecognisable. It's twice the size of what it was inrevenue terms in 2013. The margins ticked down maybe 100 basis points, but
candidly are, on any measure, attractive. It is a fully diversified service offering
now. It's not a traditional format business and it's on a path to head towards 4%
year-on-year underlying revenue growth.
So you have a business that's extremely robust, focused on what it does, B2B
services and academic peer-reviewed research and reference specialist
information. We've taken the view that being a market leader or one of themarket leaders is just a better place to be in the world in which we live today.
It's great to be a small, agile entrepreneurial business, but it's never quite sogood to be in the middle of the road, so we've sought to build leadership
positions in markets.
And along the way, partly because of COVID and partly because it's sort ofobvious, we looked at the development that was happening in the B2B market
of other digital services, beyond what we were providing in and around our B2B
events, and came to the conclusion that there might be a market opportunity
for us there. So we took a portion of our Events portfolio, effectively our

4technology event franchises, separated them out and stood it up as astandalone business.
Some of you may remember, I called it an experiment at the time, and largely it
was. Informa Tech on day one was 85% in events business. Actually, today, it's
25% in events business. But what's standing it up on its own allowed us to do? Itallowed us to start getting more knowledgeable, more exposed to, and smarter
about what customers were actually looking for and what we describe today as
B2B digital services.
We started to acquire some small businesses to get smarter and bring sometalent into the company. We started to do some product development, so we
can understand how you brought products to market in that market. We started
to meet and get to know the competitors in that market, some of whom wethought might be part of the group in years to come. And that led us to a viewthat there was a parallel market that essentially did the same thing digitally as
we do in live and on-demand.
If you step out of the detail of the numbers, and the products, and the services,
what happens when you go to a large scale trade show or a large scale highquality conference or event? Essentially, buyers meet sellers, knowledge
seekers meet knowledge providers. That's what happens. What happens in theB2B digital services portfolio? Exactly the same thing happens. It just doesn't
happen live, it happens digitally. Knowledge seekers find what they need toknow. Buyers meet sellers or sellers meet more identifiable buyers more
efficiently and more quickly.
The essence of what we are announcing today, is we've taken the kind of Trojan
horse that was Informa Tech and used it to work out by stealth, 'How do we
become a leading player in that market?' So what you now see, is a businessthat seeks to be the leading player in live and on-demand, a leading player in
research and academic services, and a, or possibly the, leading player in digital
services to the B2B market. That's what's behind our strategy. That's really what
we're announcing today.
To unpick that a bit. So what's the composition of the group? Let's start with
Informa Markets. It's a good place to start because it's where everybody starts,and that makes sense now because it's the biggest of our businesses. Although,as I'm fond of reminding people, actually, you go back to my previous chart,back in 2013, our trade show business was smaller than Tarsus's business, which
we acquired last year.
So, it's not like we've been this big player forever and a day, but we've become
the leading player in the market. The advantage of only just having become theleading player in the market, is there's plenty we can do to drive growth, value,
digital enablement, service enhancement, and product diversification. But we've
built this business around end markets and geographies where we see growth,where we see capability, and where we see long-term value.

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We call these transaction-led live and on-demand events. These are nuanced
distinctions or definitions, but there are enough lawyers on this call toappreciate nuance. There is a fundamental difference between a transaction-led
event and a content-led event, and so we run these as different businesses. And
so I would encourage observers, investors in the company, to see that we seethese as quite distinct markets. There is of course some overlap. There is ofcourse some similarity, and at a fundamental level, there is a sharing of data. I'll
come back to that. But fundamentally, the products are different.
That is the reason why when we unpick the entity that is Informa Tech, which isinherent in the combination we've announced today, we've taken the event
franchise back, but that event franchise is a content-led franchise. For any ofyou have ever been to Black Hat or GDC or AfricaCom, these are very, very
content-rich, delegate-dominated, professional accreditation, knowledge
seeking events. They're not transaction trade shows.
And that broadly is true of the entirety of the Informa Connect portfolio. These
two businesses combined are north of $3 billion of revenue. One is probably
one and a half to two times the size of the other, but both of them are north ofa billion dollars of revenue. These are big engines, major brands, key franchises,
choiceful markets, facing end markets in growth. It is a brand portfolio of
significant embedded value.
The other change, is it's now increasingly underpinned by data capture, data
discipline, data analysis, and critically, following the prospective approval of the
combination announced today, data that can be shared for other service
benefits. IIRIS was an innovation through COVID, in truth. As we found ourselves
starved of the opportunity to be live or on-demand, we, like many, turned tomore things digital and more things data. We invested through COVID,
interestingly, much like our emerging colleagues at TechTarget, to build a datacollation capability which will serve now both the Informa company and the
TechTarget company extremely well.
So today, you see us announce a proposed combination between TechTarget, alisted company in the United States of America, which is, I think, on any
objective measure, the reference player. As I said, since we set up Informa Tech,
we've had the opportunity to meet most, if not all, of the players in this market,
almost all of whom are based in the United States of America.
And I think most people would accept and admit that TechTarget is thereference player in the market. It's been there the longest, it's probably done
the most sophisticated product development, it definitely has the most uniquecontent library and digital market position, and its audience quality andspecificity is second to none.
We are combining it or proposing a combination between the relevantbusinesses and assets inside Informa Tech, which is essentially everything otherthan those event franchises that we sort of used to give us credibility, and now

6we're rehousing inside Informa Connect. Everything else goes into the proposed
combination to create a market leading business.
So why are we doing this and how have we thought about it, and how would I
encourage you to think about this combination? I'm going to work through theleft-hand side of this slide, the left-hand side as I look at it, and then come tothe value creation, because the value creation, in a sense, is opinion. The lefthand side is broadly fact.
Number one probably, if you look externally, the technology market's had atough time. We know that because we're servicing it and we've seen that in ourown numbers. Actually, our tech business did pretty well last year in our '23
numbers, 6% growth give or take, and actually that was pretty good bycomparison to peers, but it wasn't as good as we thought it was going to be at
the beginning of the year. We were looking for higher double-digit growth.
Every player in that market that was servicing technology has experienced atough couple of years and you see that in TechTarget's numbers, but the
judgment we've made for the market to make its own judgment, that is not anin perpetuity truth. Our view, is that the technology market, mid-to-long-term,
is a place you want to be servicing. That's the world we live in. It's definitely
going to be the world we're all living in. Underpinning technology is going to be
the truth of every business.
Secondly, the market value of TechTarget makes the combination possible for
us at this point in time. Thirdly, you have to take a view on what the impliedvalue of the relevant assets are in the Informa Tech digital businesses, and you
also have to take a view on how they're valued here versus how they're valued
there. And in that difference in valuation credit, that actually opens up an
opportunity for combination.
Then there's an operational point. The judgment we've made, I've made, is that
actually we're now getting to a scale whereby the most efficient way of driving
to scale in B2B digital services is to run it as a pure play, so that you have a scale
dedicated business doing in digital services what you have in transaction-led live
and on-demand and content-led live and on-demand. All of those businesses
will share data. All of those businesses will be enhancing their products andservices through digital enablement, but the provision of digital services to theend customer, that'll be the provision of new TechTarget.
There are some synergies. They're not significant, $45 million. We're not doing
this deal for the synergies, but they're non-trivial. Markets make their own
judgment about whether they believe cost synergies or revenue synergies, but
you can do the maths on what those synergies might be worth. You can add thatto the combined market value of the two assets and you end up with a business,
objectively, that's probably valued on day one today, if it gets approved, atsomewhere between $1.5 to $1.8 billion. Then you've got to take a view about
how the technology sector will come back. Then you've got to take a view on

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how much of the synergies are going to get delivered and what they're going to
be worth. Then you've got to take a view on how the US market will value thatbusiness.
We've obviously done both the maths and more importantly, the commercial
analysis on that, and we see real value potential in having a control position in acompany that is operationally dedicated to that market, housed in the UnitedStates of America, which is where the customers are, where the value is, andwhere the valuation is. And that, in essence, is our forward ambition. Build amarket leader.
We've laid out a plan that says over three to five years, we can see a way of
doubling the size of this business from circa $500 million to a billion dollars ofrevenue. It has a full suite of services, it has a full technology capability, it has aunique data set, it has an absolutely world-class portfolio of digital brand andmedia properties. And it's an expanding market because all product, sales,
marketing players, customers in this market are looking for an increasing levelof accuracy in their go-to-market activities.
When you run that maths, that takes you to the right-hand side of the chart.
This deal is effectively earnings neutral in year one, marginally accretive in year
two, so the value here is in value creation, which is code for, what will thisbusiness be worth in year two, year three, year four, year five? Which leads you
to the question, how do you crystallise that value? And right now, that's notwhere our focus is. Our focus is on creating the value. Then we'll have a highclass problem called how do you crystallise it? But our focus is on creating thevalue, and that is the strategy that we have crystallised in our recommendation
today.
Assuming that TechTarget shareholders approve the deal, then you end up withan Informa Group that essentially looks like this. Two world-leading businesses
in live and on demand driving improved product through digital enablement,enhanced product experience, greater value, top line growth, and the ability to
price to value. A leading platform business in digital services, all three of thosebusinesses sharing data, unique, permissioned first-party data and high volume
daily contact points, both profile data and behavioural data. A leading businessin the academic markets, effectively format agnostic, building a position, an
increasingly large position in open as well as journals and reference content andincreasingly internationalising and delivering both growth and attractive
margins.
This is how we got to where we are in digital services. It has been a journey thattook a little bit of a diversion through COVID, but actually in a funny sort of way,
simultaneously accelerated through COVID because the COVID experience
further enhanced the value of the digital service product from a customer
perspective.

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There were some value distortions. You can make your own judgment about
whether or not in the depth of COVID, was Informa worth three pounds 50 orfour pounds a share? You can make a similar judgment about whether some ofthe digital services providers were worth what they peaked at, but theunderlying customer demand actually is only going in one direction. So we see aroute. If you have the products, if you have the technology and you have thecapability to see significant further growth in this business.
What is it? What will new TechTarget be and what will it do? It'll be the leading
brand in the market. In the US, I think if you do your research or analysis, youwill get that verified. It has definitely the most established buyer intent platform
and priority engine in the market.
It has a unique combined database between what they collect and collate andwhat we are now capable of doing. It has an absolutely world-class brand andmarket specialist content position, digitally. And the level and quality of that
content and its attractiveness to users in the enterprise technology market isdistinctive. It will, as a result of the combination, have through the combinationof Omdia, Canalys, ESG, and Wards, a unique market research and analyticalbusiness which will actually be enhancing for new TechTarget versus today's
TechTarget. I think our colleagues at TechTarget would agree with that, both incustomer contact and content creation capability, research-based content
capability.
It has two leading demand gen platforms that we bring and it also already owns
BrightTALK, which is a video-enabled platform, which actually a few years back
we looked very, very closely at acquiring but made a decision, which I think was
the right decision at the time, that we weren't ready for that move yet. But
we've always had a view that BrightTALK was a video-based capability that waswhere the market was going to go to. And underpinning both, we both own asignificant video and digital content creation capability in BrightTALK and StudioID.
So those are the piece parts of what will be in the new business. Think aboutdata, what does data give you? Data basically gives you knowledge about yourcustomers, or about your customer's customers more accurately. And
essentially what you're seeking to do is to go from broad anonymous
generalisations to highly specified prescriptions. That essentially is what thedata funnel seeks to do, is to take you from an anonymous, slightly inefficient
marketing and sales activity to highly specified, accurate, and highly efficientsales and marketing activity.
So to finish off the presentation, if you don't mind, I just thought it might beuseful just to step through what actually happens as you go through thisprocess. So where do you start? It's not quite as linear as this because life israrely as linear as PowerPoint presents it, or as tidy, but nevertheless, bear withme. Hopefully there's some value in this description.

9You start at the top, if you like, with high quality content, highly specified
information that's relevant to the audience that you're after. And if you're abuyer seeking to make a vendor purchasing decision in the tens or hundreds ofmillions of dollars, and I used to be on the sell side of this market, you reallyneed to know what you're talking about, what the market is doing, who'sinnovating, what are they bringing to market? What are the competitive
choices? What are the prices? And, this is very topical in the United Kingdom at
the moment, what mistakes have been made by other people when they've
deployed large scale enterprise technology systems? Because actually often the
expense is more in the mistake correction than it is in the original deployment.
That then attracts an audience of buyers. Those buyers are often decision
makers or influencers and depressingly, for those of you on this webcast who
are technology specialists, one of the things that's happened in the world, ofcourse, is that back in the day when I was a lad, the person who made all thesedecisions was the Head of IT, as they were called then. Now most businesses ofcourse have Chief Technology Officers, Chief Technology Architects, but actually
the Chief Executives now have opinion. Even the Chief Financial Officers have
opinion on technology decisions because there are so many of them and they're
so embedded in the essence of the business that it's not a niche, it's ahorizontal, and therefore the audience that you're attracting is extremely
diverse and they are both absolute decision makers and significant influencers.
So, what you then get is a series of known and unknown audience interactions,and that all generates two types of data; first-party data because to get to thispoint, you have to have consented and you have to have disclosed, and thenyou get profile data and you get behavioural data. Where do they go? How long
do they spend? Where do they hype to? Where do they link to? What do they
cross-reference to? Where did they go first? Where did they go second? And allof that tells you things about where they are interested in going and why they'reinterested in going there.
And from that, you get two things. You get insight, trend data, activity interest,
ranking, preferencing, and you get intent, how serious? How much time? How
engaged? How often do they return? And out of that, that allows you todetermine what sort of products you want to bring to market for different
buyers; for people like me who try to run companies, for people who are in sales
who are trying to bring products to market, to marketers who are trying todifferentiate their products. And those three customer groups will all becovered by the service offering from new TechTarget. We will be unique inhaving a product and service set that covers every one of those product groups,
and of those customer groups.
That will allow us to drive revenue. And that combination is why we are very
confident that we can take this business, combine it, and then double it inrevenue and keep the margins at or about where they are today in TechTarget,
rather than where they are today in the incoming businesses from Informa
Tech.

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And from that, you do the second piece of valuation maths. So what is a billion
dollar business at 30% plus margins specialising in B2B digital services in the US
going to be worth in three to five years' time? And for those of you who don't
know the answer to that question, you can ask Richard Menzies-Gow and he
won't give you an answer either.
How do you go about combinations? We've done combinations before and I've
chosen this word very deliberately. They're not acquisitions, they're not deals,
they're not takeovers, they're combinations. You don't create companies bymaths or PowerPoint. You might make the judgements that way, but that's not
how you create companies. You create companies by ensuring, in the first
instance that when you make these decisions, you start with the first criteria on
your decision sheet. Will this culturally work?
We've said no to many businesses that we've nearly bought for that reason, notbecause they're bad businesses, not because we're more virtuous businesses,
but because ultimately our judgment is, it's more likely to be oil and water. And
I'm fortunate enough to have been in enough places and spaces to have seenculture combinations that have been triumphs and culture combinations thathaven't. And nine times out of ten, when combinations go wrong, it's not themaths, it's the culture.
We spent three years, three and a half years really looking at this market, whichis the right business? Which is the right partner? And we have a high degree ofconfidence that this combination with TechTarget will work extremely well.
We've spent a lot of time with their management team, deep into the business,and likewise them to us. There's a high degree of both product service capability
but also cultural compatibility.
We deliberately wanted it to be a combination and a partnership. Why 57%?
Well, partly the answer to that is because it's not 100%. We could have a debate
about whether it should be slightly more or slightly less, but we wanted to be
the majority shareholder, we wanted it to be a controlled company in thejargon, but we wanted it to remain listed in the United States of America. We
wanted it to be a separate company, to be a pure play, to be rooted in theAmerican market where the customers are, where the value is, where thevaluation is. But we wanted to be the majority partner, but to have agovernance that allowed that company to be the best it could be in its market
whilst also being a firm part of the Informa Group.
We've now done enough partnership combinations to say, I would say it's
something that is a core part of what we're good at. And being good at thesethings isn't straightforward, but if you are good at these things, you can create
real value because the truth of the matter is, you can do more in teams often
than you can do individually. There will be some synergies, more revenue
synergies than cost synergies. But to those people who are on the webcast, toour colleagues, particularly those colleagues inside Informa Tech, we're notdoing this because we think there's a large scale human cost saving to be11

achieved here. The costs are largely harder costs, if you like, and really our focus
is on the revenue and the growth synergies.
But nevertheless, we think there are some synergies, we think there is somemargin upside, but more importantly we think the return of the market, thesharing of data, the scale of the content position, and the quality of the service
offering will drive significant revenue synergies.
It'll be a Nasdaq listed company. It'll have its own board. There'll be a number of
independents on the board. There'll be a number of colleagues named on thisslide who will represent Informa's interest. There'll be an independent chair that
we're in the process, subject to deal approval. And the business will be run by
Gary Nugent, who is the Chief Executive of Informa Tech today. Mike, who's theChief Executive of TechTarget today, will remain as a senior advisor for quite aperiod of time to the company. And importantly, the next layer of management
inside TechTarget is very strong indeed; Steve, Rebecca, Dan are on this slide.
We're building a combination team that we've got a high degree of confidence
in and an equally high degree of confidence in the team underneath them, bothin our company and in their company. And raw human talent, both at theleadership level and at the product level, the technology level, the sales level,
the marketing level, that gives you a real competitive advantage. We've got
time, there'll be a process for shareholder approval, and so we've got time towork on the combination plan. We're appointing a combination director and ateam to focus exactly on the whys and wherefores, the plumbing, the processes,
the human issues, the logistics. What does it mean for product alignment,
pricing? There's very little revenue overlap, so there's almost no leakage. So
we're not concerned about that.
But we're hopeful that this will receive approval probably by August,
September, 2024. So really, for the majority of this year, Informa trades as it is,and the first full year of trading will be '25 and '26 is really when you begin to
see this business really motor in revenue growth, margin enhancement, andwhen, I suspect you'll begin to really see the route to value crystallise for thoseof you who would like to wait till then.
So, where is the combination value creation? Well, then you get to a question,
who wins here? And my own view, and of course I would say this, is actually
everybody wins when everybody wins. And I genuinely believe this is an
example of a win-win. If you're a TechTarget shareholder, or you're an Informa
shareholder, if you're a TechTarget colleague, or you're an Informa Techcolleague, if you're an Informa Tech customer, if you're a TechTarget customer,
and perhaps most importantly of all, if you're not a TechTarget customer or if
you're not an Informa Tech target customer, because then there is an
opportunity to really build a scale reference player in a market where there isunquestioned customer demand. But what you've really seen in the last five to
six years is a group of very interesting companies create themselves and they're12all trying to get to scale. Who gets to scale first? There's a real market to take,and we are very focused on being the person and the company that does that.
The details of how that value falls are on the slide, you can take your own viewon them, but that's the underpinning logic behind our approach today. That's,
as I say, where we end up as a group. I actually think it has the other benefit,
and I say this as the Chief Executive of Informa, is it really further simplifies who
we are, because we have very, very clear market positions in each of ourmarkets, and quite distinctly so. Scale in transaction-led events, scale incontent-led events, both underpinned by digitally enabled product service
delivery, better product experience, an ability to price to value, collecting data
and underpinned by data. You have the opportunity to build a leading positionin digital services housed where the market is, where the customers are, wherethe value is, and where the valuation is, sharing data between those companies
and those products and those services. And it frees up Taylor & Francis tocontinue to be a growth engine and further enhance its service offering in all
products and formats as that market continues to remain robust and distinctive.
That's where we end up. It's what leads us to the confidence in our guidance for'24, which was the second point of today's presentation. We see continuing
growth and momentum in all of our businesses. We see return coming to theB2B digital services market. And we think 2025 will be the year where that reallyticks up and that will be the first year of the new company, subject to approvals.
I hope that gave you some colour, some context, some reasoning. And now I
would like to ask Gary and Michael to put on their screens. Gosh, you scrub up
well. Just for those of you who don't know, Gary is the gentleman in stylish blackor dark navy, and Michael, the Chief Executive of TechTarget, is the gentlemanin stylish fawn. It's really nice to see you both. Thank you for getting up early
Boston time and we've got a significant number of guests and colleagues on the
webcast, and a reasonably significant number of people in the room and we're
now just going to questions, Gary and Michael.
Gary Nugent:Thank you, Stephen. Morning, London.

Stephen A. Carter:

We'll take the vote from the Boston at the end, then open it to questions. We'll
start in the room. And then how are we going to navigate...
Okay, so Richard's holding online, and we'll go to the phone line if anyone's on
the phone. So I think we've got... I'll leave the microphone holder to choose who
speaks first because when I do it, I always get accused of favouritism or avoiding
the difficult questioners, which clearly you didn't.

Ian Whittaker:

God, I'm privileged. Ian Whittaker, Liberty Sky Advisors. Three questions please,
really more focused at the group level. First of all, so you mentioned earlier inthe presentation that Informa's gone from a business with 3% to 5% organic
revenue growth to your guidance, 7% to 9% for 2024. Can you give us a sort of13

like-for-like from where you've come from, because obviously pre-COVID, there
was a different structure to the business. Obviously you've got assets which
you've continued. What really trying to get to here is how much that growth isbeing driven by the assets that you've had, the underlying growth? And how
much is really the acquisitions that have come in? The second question is justreally about what you said, the 57% stake. It sounds very much as though you
see real fundamental strategic reasons why this company should be listed, andthat would seem to imply that certainly for the medium to longer term, youhave no plans to change of that structure, but that seem a fair reading.
And then the third thing is when you look across your other portfolio of assets,
you mentioned that Tech, for example, started off at 85% events, and now will
go to around 25%. Are there any other parts of the business, particularly when
you look at the events part, that you think where you could replicate thestrategy you've done with Tech?
Stephen A. Carter:

Okay, great questions. Why don't I take them in reverse order. And then at theend on the growth numbers, I'll toggle between Gareth and myself if that's
okay. No is the short answer to the third, your third question. That's what I
meant by, I think it simplifies the business. I don't mean this quite as
manipulatively as it's going to sound, but we saw the possibility of a market, andwe used the fact that we owned a really big tech event franchise, and also we
had a research business back in the day, although nowhere near of the scale ofOmdia today, and we had a few media properties. We had enough to be able togroup it together and give it scale and see where it might take us. We added
NetLine, we added Industry Dive, we added Tractica, we added Canalys. And we
did that because we thought the enterprise technology end market, and we've
said this, you and I've had this discussion before, Ian, that it's the mostsophisticated buying audience end market just by the nature of the product set.
For B2B services, it just is the most sophisticated end market.
What we're doing now is where we are the leading B2B transaction player,
we're going to be the best of that. Now, does that mean that the best of thatwill involve greater use of enabling digital technology? For sure. Where we're
the leading content-led brand or franchise, event franchise, we'll be the best atthat. Does that mean that that can be digitally enabled or can be more contentrich? For sure, it can be. And it is, and it will be. And over here, we will be a pureplay in that. And I think that clarity just makes it simpler, makes it simpler
internally. And I've always had the view that there is a value in being either a or
the market-leading player in the market, both in terms of recruitment,
retention, market position, and where customer expectations are.
Why 57%? 57% is slightly a maths number. Could it have been 58% or 56% forsure, but you are correct in your questioning, your line of questioning. We
definitely did not want to be 100% owner, and I'm not entirely sure Michael andhis colleagues wanted us to be 100% owner, and that gets to the heart ofcombination. As a factual matter, there's a standstill. We can't take a larger
shareholding even if we wanted to for two years I think is the period. But in14

essence, that's not our strategy. Our strategy is to create value. You're right,
there is an attraction in the US listing because that product set is better housed
in a US listed company. There's a lot of debate here in the United Kingdom. Thisis a bit parochial, Michael, I apologise, about UK listings versus US listings. The
judgment we've made is this is a tale of two listings.
Well, our primary listing will remain in London. It's very suited to leadershipbusinesses in the markets where we are, and this business is very suited tobeing listed in the United States of America. You see that even today. I think I'mcorrect in saying, Michael, your business today is, what, valued at around 15
times roughly?
Michael Cotoia:

Yes, it is, Stephen.

Stephen A. Carter:

About 15 times. The assets that we are transferring from TechTarget today on asum of the parts valuation, you know as well as I do, they're not valued at 15
times, but essentially they're the same businesses. They're not literally thesame, but you get my point. And as the technology market returns, as there's
more growth, as there's more expansion, where does that valuation go? I thinkit'll be different from where it would go here. And that's part of the logic. I also
think the clarity of having a standalone company will, again, in that market help
us on talent, technology, recruitment and customer gain.
So it's very intentional. We haven't ended up here as a result of a negotiation.
Obviously there was a negotiation, but that wasn't the point of the negotiation.
The point of the negotiation was really on many other things. On prove out thegrowth, where does it come from, Gareth will have his own view and also haveprobably a more accurate view than me. Some of it is Taylor & Francis moving
on. Now, it's not the biggest business of the group, but it's still an engine.
There's a big difference between 4% and flat. There's no real difference inperformance between acquired and previously owned. It's pretty common.
We're definitely getting accelerated growth in some geographies, I would say
particularly in the Middle East where our position is really very unique now. We
are, you know, as you will recall from history, the history of Informa and tradeshows started in Dubai.
But now, we have got a big business coming out of Dubai, we've got a big
business coming out of Egypt, we've got a big business coming out of Saudi,
we've got a big business coming out of Turkey. We've got a big business that
we're seeking to grow in a couple of other markets. We've actually made achange inside our own company. We used to run India as part of our Asian
geography. We've moved that to make it part of our Middle East, so we now callit IMEA. We run that as a geography, and that is definitely delivering significant
returns for us in top-line growth. Maybe not so much in margin, but definitely
short-term, but certainly in top-line growth. The US is performing strongly. And
then, as you say, the portfolio mix has changed.

15And so again, the simplification of the business allows us to focus much more on
attractive 5% plus growth. And we put that slide up I think a year ago,
something like that, that we could see a route to 5% growth once we got past
the kind of COVID bounce back. And that takes you to the kind of 7% to 9%.
Gareth.
Gareth Wright:

I agree with all that. I think a couple of other glosses I'd put on it, on that
Informa group slide. It's quite clear. IIRIS is the foundation across Informa
Markets, Informa Connect and TechTarget, really offering a foundational level ofdata collation. And really at the moment, that's really driving better internalmarketing. And we're starting to experiment with new external products in thatspace, but I think that's increasingly a part of the story in terms of a better
growth rate, and also just the GAP 2 process in terms of investing in platforms incontent, in better customer experience. We think all those things add more
momentum into the growth story, both in 2024 and going forward. As Stephen
said, the inorganic combinations are a mixture of things that are better growth
rates overall, but actually some other ones are more strategic and more longterm. And therefore in the mix, they're probably fairly neutral in terms of thegrowth rate. I think the geographic piece is quite important.
And Stephen mentioned Saudi there, and India may be the next cab off the rank.
Exploring those new opportunities geographically is a good part of the growthstory. So that all adds up in the mix to how we see both the '24 and the medium
term outlook.

Ian Whittaker:

Great, thank you.

Stephen A. Carter:

Pleasure.

Nick Dempsey:

Yeah. Hi, it's Nick Dempsey from Barclays. I've got three. So first of all, we'veseen TechTarget's revenues being quite volatile recently versus market
expectations, management expectations. Can you talk about the confidence
that you have on that $500 million of combined revenue you are talking about
in 2024 and the kind of visibility you can point to on that number. Second
question, can you just help us out by talking through why the deal won't beaccretive to earnings in 2024. On the face of it, it's possible to calculate a small
amount of accretion I think based on what you've given us. So are there issues
about how you account for TechTarget's profits when you bring them back into
Informa accounting, which can help us bridge that? And the third question,
we've seen a bunch of companies integrate into other ones where they bothhave big data assets, and it can be messy in terms of the combining oftaxonomies, technologies, etc. So what challenges might there be in terms ofcombining the Informa data with the TechTarget data? And how long will thosetake to overcome?

Stephen A. Carter:

Great questions. Why don't I, again, take them in reverse, but maybe bring you
in on the accretion and the accounting, how do you, if you like, repatriate theprofits and what are the differences. And Michael, if I could bring you in at the16

end on, if you could, what my English teachers used to say, explain yourself, as
to why your revenues have gone up and down a bit. I think that's what Nickwants. And I'll forewarn you because had the pleasure that I've had of being
grilled lightly toasted by Nick for many years, that he may seem charming, but
actually he isn't. On the data assets, you're a hundred percent right. What are
the advantages? Sparing Michael's blushes, it's one of the things that
TechTarget are super good at because they've been sort of built that way fromthe beginning. So that always makes it a bit easier than when you retrofit datacapability into, to put it crudely, what was previously an analogue business.
I would say the same is true for us with Iris. We only started putting together
the IIRIS software stack and its integration with our registration systems andSalesforce management systems and marketing systems really during COVID. So
I don't think we're starting with decades of layered system complexity, but you
are right to point to the fact that to get that sort of seamless data sharing, we
will need to create an overlay. Gary, do you want to add anything to that
because IIRIS is currently part of your empire?
Gary Nugent:I think you explained it actually very well. You outlined it well. I agreecompletely with the premise of the question. It will be an area that we'll need togive great focus to, but I think we're starting in a good place. And as you say,
we've been very impressed with TechTarget's discipline and rigour and structure
and years of experience in this place. And I think the strides that we've made in
the past two and a half years with IIRIS puts us in a really good position. So notunderestimating the challenge and the premise of the question, but I think westart from a good place

Stephen A. Carter:

On accretion, you might be right, actually, Nick. It's possible it might bemarginally more accretive than we're currently messaging in 25. I think thepoint we were really trying to make in the messaging is even though there may
be some accretion in '25 and a bit more in '26 I don't think it's going to be, it's
not the reason for the deal. The reason for the deal is value. And from ashareholder perspective, I think, but on both sides, that's really where theexcitement is. There are some translation issues, currency, the way in which
compensation gets accounted for in the US. Do you want to just talk through theaccretion translation?

Gareth Wright:

Yeah. And that's the key point, I think, is just one of the differences in how
stock-based compensation is treated in terms of reporting and in terms of value
creation. Because in terms of the accretion in 2025, where we're saying theaccretion is neutral, at that point, you've got stock-based comp in TechTarget, inthe structure, which takes up quite a bit of the OP. But in terms of how the asset
is valued, and this is a value creation exercise, the US equity markets look atthat in a different way, and therefore we can, I think, enjoy value creation,
despite the fact that the accretion is minimal in 2025 through that equity
market lens and valuation that the US market brings. Once you get past 2025,
then you've got growth in the business. We think there's recovery in the17technology market in the medium term. We're confident about that. We like themarket, we think it's very strong, and we think it'll come back.
And then you've got some things around the edges, around synergies, etc thatyou begin to come in as well, so you begin to become your accretor from '26
onwards. But that's why there's a bit of a drag on 2025. But as Stephen said,
we're not looking through an accretion lens, and this is very much a value
creation lens. And that is something that I think the US equity markets see, andwill pick up and adjust for
Stephen A. Carter:

You happy with that, Nick? On the first question on revenue confidence andvisibility, Michael, do you mind if I bring you in here? I think there are twoquestions there really, all joking aside, a little bit, you know, the revenue's been
a little bit volatile for the last 12 months or so. Just a view on that would be
helpful. And then looking forward, A, what's your view? You've been in thismarket for a while, you've got a good sense of customers, and what forward
visibility do you have looking into '24, '25, '26, and where do you see that going?

Michael Cotoia:

Yeah, thank you Stephen, and thank you for the question. And it's nice to be
here. In terms of the last 12 months, we have seen some volatility in the market.
You have to remember over the longevity of the TechTarget being in business.
Historically, a double-digit revenue grower in the last 12 months, the enterpriseB2B tech industry saw a lot of major pullbacks, high interest rates, inflation,companies being over, you know, valuations being higher than previous. So
we've seen some pullback on tech marketing spending and tech marketing
engagement. But what we've seen that in the past, we've always had a playbook
knowing several things. The enterprise, B2B tech market will rebound. And as
Stephen mentioned earlier, it's a long-term growth catalyst for every market.
Everything is going to be driven by technology. And during those rebounds,
technology customers really have what we call a flight back to quality.
And when I talk about flight back to quality, it's about permission-based
audience, first-party purchase intent data, and a real pure data-driven strategy
to help fuel their marketing and sales departments. So we believe on that. We'll
continue to get back to quality growth, double-digit growth. In terms of the goforward, when you're looking out one year, two years, three years, there's
several key catalysts that we believe that will support that growth number andwe hope to exceed that. Number one, the expanded product portfolio with the
combination of Informa Tech's digital business assets, along with TechTarget’s,
will enable us to provide end-to-end solutions for our enterprise B2B vendors’
go-to-market strategy. We also see a lot of growth and upside in terms
introductions and expansion in the vertical markets. As I said before, TechTarget
has been 100% focused in the enterprise B2B tech market. We're relying on thatmarket. When enterprise B2B tech scales up, it goes well. When it pulls back, weare impacted by that.
To have better revenue resiliency and diversification across in entering thesedifferent vertical adjacent B2B markets will be very beneficial and will help

18

create scale and growth. And on the last part, I would say another driver ofgrowth is the geographic reach. Being a combination across 2,000 employees
across 20 countries in its expanded portfolio of products servicing over 8,500
joint customers will be another catalyst to support the revenue targets that
we're talking about.
Stephen A. Carter:

Thanks, Michael. Nick, I hope that gives you some context of colour. The otherinside the kitchen observation I would make, and Michael is in large part
responsible for that, this is not a criticism of our own capability, which is good,but I would say the TechTarget, what we would call go-to-market capability ismarket leading. And in our case, it's good because we were retrofitting, retrotraining, retro-hiring people who were capable of taking a multi-productsolution to market to sell. In TechTarget's case, they built that from the groundup, and both in front-line sales and customer engagement capability, and inbehind them, sales enablement, sales support, which particularly in anenterprise technology, in a digital service, you need as much sales enablement
and sales support as you do front-office sales. Actually, I think the go-to-market
capability in TechTarget is very strong.
And to Michael's point, you plug our additional product set into that, that gives
you a real opportunity to go for growth. That's actually one of the reasons why
when you see in the synergies, unusually for us, we're much more confident on
the revenue synergies than we are on the cost synergies, and that's a large partof that reason. Next question. Is there anyone online with a question, Rich?
I'll take one more question. If you could find out. We'll go to the call in asecond. Take one more question in the room.

Thomas Singlehurst:

Yeah. Thank you. Tom here from Citi. The first question actually is on
TechTarget's new life as a bigger but still listed company. Can you just talk about
what the aspiration would be with regard to deploying cash flow at the
TechTarget level, in particular on M&A, and then I suppose for Gareth, whatthat then means for free cash flow collection for Informa.
Linked to that second question, obviously a deployment of $350 million right at
the beginning of the year, does that soak up the available opportunity forbuybacks and other M&A for this year or is there still more capacity at Informa
central?
And then the final question coming back to Connect, Stephen, obviously you've
brought the former Informa Tech events back into Connect and it's increasingly
looking a lot less like the Connect of old, less complex, is more sort of eventswith a mixture of exhibitions and delegates and sponsorship. Is that going to be
an area that you're going to look to build out more over time? Obviously you
might not have the room this year, but is that an area where we should expect
more inorganic development?

19

Stephen A. Carter:

Thanks, Tom. Let me have a go and then you can correct me on some of thosequestions. At a headline level, my own personal view, and I think our view isthat in the live event business, whether it's transaction led or content led, therole and value of experience is going up. I think every single person knows it inyour own life. Sort of plain vanilla cookie cutter, anything no longer cuts it. And
so the more you can enhance the quality of your event experience, both interms of the content, the nature of participation, what you put around it, in thejargon, how you festivalise it, how much information you get in real time, how
you get that information real time. That's what I mean, we talk about digitallyenabling and enhancing the products experience. That's the reality of it, Tom.
And the big advantage of the DNA inside Connect is it's got a rich producer
community.
I don't mean individually rich, although some of them might be, but I mean richin talent and capability, and we are extremely good and getting better at
producing really high quality distinctive content led events. The tech portfolio isa case in point. I don't know if any of you here have been to Black Hat, or GDC,
or AfricaCom, or LEAP inside Saudi Arabia. These are extraordinary experiences,very content rich, very three-dimensional, memorable striking experience
moments for participants. So I'm very confident that that is a growth market atthe meta level. Will we seek to grow further in that? Yes.
So to bounce into your second question. Just as a factual matter, Michael may
have a view on this, but this combination, assuming it's approved by TechTarget
shareholders, is unlikely to complete till the end of the year. So the $350 million
cash outflow is not a beginning of the year event, it's an end of the year event.
You'll see from our '23 reports today, our cash flow was $600 million plus lastyear. You can see what we're guiding to on profits. You can see if you just do
kind of simple conversion maths, that our cash flows next year will step up
again. So to cut to your cash flow, and do we have more appetite and firepowerand capability in '23? Yes, yes, yes. Obviously Gareth might say, maybe, maybe,
maybe. But between, yes, yes, yes and maybe, maybe, maybe, we might find agreat deal. Gareth, would you like to edit what I just said?

Gareth Wright:

Yeah, no, I think the capacity point, we've been clear on the sort of $350m
outflow. But I think even with that, with our generation in 2024, I think based on
current forecasts, you'd see the end of 2024 position for the group being
leveraged just over one times and liquidity over $1.5 billion. So within thosemetrics et cetera, there's substantial capacity for further investment on top ofwhat we're talking about today in terms of TechTarget.
We think from a rating point of view, this is a relatively neutral event in terms ofour credit rating, and therefore financial position-wise, I think we're in a pretty
strong position looking forward in this 2024. In terms of the cash generation
within TechTarget, we see this as we said, a very much a value creation exercise
and a value creation opportunity. And therefore I think the cash creation in the
TechTarget company, we'd be looking very much to try and invest further within
TechTarget, within the markets, both organically and inorganically. And we think20there's opportunities for both, and that's really where we would see the cash
generation of that entity being focused on. And overall in terms of free cash
flow, as Stephen said, in terms of 2024, good growth in OP year-on-year as you
can see in the guidance, and that would be our starting point for where we'dsteer you into growth year-on-year in terms of free cash flow.
Stephen A. Carter:

Thanks Gareth. Michael, do you mind if I bring you in here just maybe in shortform to give this audience here and on the webcast, just your view on process
and timing, the shareholder vote as we step from today through to completion?
What's your sense of how that steps out?

Michael Cotoia:

We got unanimous approval by our board of directors. We have our own
investor and analyst call right after this. The process over the next few months,
we'll be talking to investors and analysts and we have a good management
resolutions that we present, have a high acceptance rate and approval rate fromour shareholders. We do the right things for our shareholders. We see thetiming as you stated, Stephen, probably going into the summer, maybe August,maybe September timeframe. We're going to stay close to this whole process,and we're believe that it creates tremendous value, not just in the short term
but the long term and with the value creation for our shareholders. So yes,they're 43% participants in the go forward, but they get to participate in thatupside and that value creation while getting a day one premium with the cash of
the $350 million. So I think it's a win-win combination and we're looking forward
to the process.

Stephen A. Carter:

Thanks, Michael. Tom, does that give you what you wanted? We'll go to thetelephone line. Anyone who wants ask a question on the telephone?

Operator:

Sure. Thank you so much. As a reminder, ladies and gentlemen, if you would liketo ask a question, please press star one on your telephone keypad. Thank you.
We'll now take our first question from Steve Liechti of Numis, your line is open.
Please go ahead.

Steve Liechti:

Yeah, thank you very much. I've got three please. First question, can you justgive us a quick view on the tech market in the near term, any green shoots thatyou can see or do you want to have a stab on when recovery will happen more
precisely? That's the first question. Second question. I was slightly unclear,apologies if this is me being thick, but I was unclear, post this transaction, areyou saying that you're not going to roll out a digital services model to other
Informa verticals in different event verticals? So that's the second question. And
then the third question is, do you need to change your Informa Group midterm
guidance for like for like growth, which was plus 5% or more a margin of 30%
post this transaction? Because the comments you're making about potential
double-digit growth, revenue synergies and a high margin might speak to some
sort of change there at proof level or doesn't it make a difference?

Stephen A. Carter:

Okay, thanks Steve. I hope you get better. Let me take them in reverse order,
and again, I might bring Michael and Gary in briefly. So on forward/end market,

21

green shoots of recovery. I'm sort of not asking you, I'm trying to be Steve here
rather than Stephen, I'm not asking you belief statements, I'm asking you facts
statements. Can you see anything either in forward bookings, or customer
engagement, or increased conversion rates, or inbound market inquiry thatwould make you believe that the trough is over and that the market is comingback to transact? I think that's your question, Steve, if I hear you correctly. On
your third question on group guidance. No, I don't think for now we change it. I
think we feel comfortable with the guidance we've given. There might
conceivably be a bit of upside on the top line, but let's see how that plays out.
We're confident that we can get the margins back to circa 30% at the grouplevel. So we sort of stand behind that. Digital services, no, we're not saying that
we won't do that. IIRIS will remain the data feed for the entire group in ourother market verticals that are, if you go back to, I'm doing this in real time, I
don't know if you can see the screen, Steve. If you go back to the... I'm surethere's a more sophisticated way of doing this. If you go back to slide nine
where we look at the end verticals. In a number of these verticals, we offer a
range of other services. In a number of these verticals, we are deploying digitalenhancements to our event products, or the products and activities that arearound them. What we're saying here is that for the enterprise technology end
market, that's a discrete market for now, and it's by far and away the mostsophisticated and scale buyer of a full end-to-end suite of services.
And in that end market, to Michael's point earlier, if you put what TechTarget
has and what Informa Tech has together, you literally have a beginning to end
suite of services. Content market research analysis, product discovery, custom
content, webinar capability, buyer discovery, buyer intent, permission-based
marketing. There is nothing that a sales or a marketing or product manager
would want to buy or need to run a highly efficient marketing programme that
we couldn't deliver for them. So no is the answer on that. On the TechTarget
green shoots, maybe Gary first and then go to Michael. Gary, have you got aview on what you can see, if anything?
Gary Nugent:Yeah, let's talk about what we can see. I think the months of November andDecember are encouraging, particularly if I look at the market research andadvisory business. And the first and foremost, the annualised contract value ofthe subscription business and our renewal rates were very healthy coming into
January. And indeed we had the strongest coverage position we've had, I thinkin my memory actually on the subscription renewals for January. And as people
will recall, December and January is an incredibly important time period for thatbusiness because a lot of the annualised subscription comes up for renewal
because it's part of the fiscal calendar cycle of our customers and their buying
habits. So that's encouraging.
And actually also the consulting and advisory backlog is up year-on-year as well.
And so again, that's a cause for optimism. And then on the brand and demand
generation side of the business, I think two things I would say. First andforemost, we're certainly pacing, our bookings are pacing to our budget

22

expectations for the moment, and that's good. But also we're seeing more
longer term commitments. One of the first things that we noted, of course
when things started to slow down, was that instead of customers buying ninemonths in advance or six months in advance or 12 months in advance, they
started to place their money quarterly in advance to give them more flexibility.
And I think we've certainly seen more longer term commitments in recent
months in the bookings profile. And again, that's a reason to be cautiously
optimistic.
Stephen A. Carter:

Thanks, Gary. Michael, anything you can add from your vantage point?

Michael Cotoia:

I would echo what Gary just said in terms of our bookings in November andDecember seeing signs of improvement. We believe the worst is behind us andwe're navigating a little bit above the trough with some signs of improvement.
And we saw that with conversations, bookings, and some additional
commitments returning to some of our longer term commitments. So I would
say pretty aligned with what Gary just said.

Stephen A. Carter:

Thanks Michael. Steve, you comfortable with those answers?

Steven Liechti:

Yep. Perfect. Thank you very much.

Stephen A. Carter:

Pleasure. Next question online.

Operator:

There are no further questions online. Over to you.

Stephen A. Carter:

Over to you, Richard.

Richard Menzies-Gow: Yeah, sorry. Actually most of the questions that have come through the webcast
have been answered. There's just one sort of slightly technical one for Garethmaybe, just on the synergies, two bits to it. Just can you give any idea of phasingof the sort of synergies? And then just on the revenue synergies, the $20
million, is that the revenue benefit that then drops to or is that the profit impactof revenue? Incremental revenue? Just clarify.
Gareth Wright:

So on the phasing, we think that's really a 2026 value creation story. I mean
obviously as we said, we need to go through the deal in 2024. There'll be a little
bit of benefit of it in 2025, but really in 2026, that's when it'll come to benefit us
and fairly fully in value in 2026. In terms of the numbers, that is a net number.
So that is what we think drops through into effectively gross profit andoperating profit from the revenue number. And then you've got the costsynergies on top of that.

Stephen A. Carter:Do you want to ask him a third really tricky one because that's the norm?

Richard Menzies-Gow: Well, we could do that.

23

Stephen A. Carter:

Okay. Any other questions in the room? No more questions online? No. Okay. I
think that's it. Michael, Gary, thank you very much for joining us early time
Boston. We'll be role reversing next time. You'll have Gareth and I looking lessdapper than you do, but good luck with your own investor call. To everyone
who is here physically, thank you very much for coming. I hope you got
something out of being here in person. And for those on the webcast, I hope
you got a real sense of what it is we're trying to do. I think I would leave youwith three thoughts.
The first is, this is a company beyond and past the COVID consequences, whichwere material for the business, but we've passed that, put it behind us.
Secondly, we're looking into 2024 at real growth. I think if we rewound to 2019
and we were presenting our forward guidance for 2020, and 2020 hadn't been a
COVID year, and we'd said to the market we're going to do 7% to 9% underlying
growth, the market would've taken that and they should have. And then thethird thing I'd leave you with is we're creating here, I think, a really significant
step point for the company as a whole.
In two to three years’ time, if we end up with a sort of scale of business that we
believe we can build, and we slightly dodged Tom's subsidiary three and a halfquestion, which is would we use some of the cash flow inside TechTarget to dobolt-ons to further expand the surface offering? To which the answer is yes, we
see growth opportunity there and I think we can see a way to taking the Informa
Group, more growth in the core, more growth in underlying, more growththrough combination, and more growth opportunity through addition. And thatis what is at the heart of our confidence in our future growth. So I hope we gave
you a sense of why we're doing what we're doing. Thanks for your interest andyour attention, and I think we're done.

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