An introduction to

April 2024

Contents
What is LSEG?

3

Refinitiv acquisition

8

What differentiates LSEG?

14

Strong platform for growth21

Medium-term guidance and capital allocation47

Latest interim results

54

Appendix

62

2

3

Ticker

Who we are

LSEG.LWe are a leading global
financial markets infrastructureand data provider

We play a vital social andeconomic role in the world’s
financial system

With our trusted expertise andglobal scale, we enable thesustainable growth and stabilityof our customers and theircommunities

AEPS

Total Income (exc. recoveries)

15% CAGR£8.0bn(2003-2023)

2023

DPS

EBITDA

18% CAGR£3.8bn(2003-2023)

2023

4

LSEG is a critical strategic partner to global financial institutions

Uniquely positioned, seamlessly integrated
Note: We now report under 5 divisions. For details on our revised reporting structure with effect from Q1 2024 see slide 61.
5LSEG has leading market positions and deep customer relationships
Data & Analytics:

Data &
Analytics•

Longstanding relationships with all of top 100 global banks and 78% of
top 100 asset managers, >45,000 customers in >170 countries•

Global leader in real-time data•

Many other leading data and workflow solutions

FTSE Russell•

FTSE Russell
Risk Intelligence
Capital Markets

Top 3 global index provider

Risk Intelligence•

Leading KYC solution

Capital Markets:•#1 global dealer-to-client FX platform•

Leading global fixed income trading platform

Post Trade

Post Trade:
Total Income•

Systemically important infrastructure•>90% share of interest rate swap notional outstanding
6

Our history - a deeply trusted reputation, built on 200 years of heritage
First regulated
exchange established

Acquired Millenium IT

2001
1801

Acquired Russell Indexes,
forming FTSE Russell

2013
2009

LSE lists

Acquired a majority
stake in LCH GroupAcquired Refinitiv

2022

2017
2015

2021

Acquired Yieldbook

Announced Microsoft
Partnership7

8

LSEG and Refinitiv businesses prior to acquisition

Mainly national/regional market infrastructure;
global index business; equities-focused

Global presence in Data & Analytics;
leading FX and fixed income venues

Strong brands, trusted partner

Long-term relationships, mixed perception

Unintegrated businesses

Unintegrated businesses, investment required

Mainly transactional revenue

Mainly recurring revenue

Organic revenue growth:

Organic revenue growth (D&A1):

2019:

7.0% 2020: 5.0%

2019:1.7% 2020: 2.2%

1. Pro forma, including LSEG D&A businesses9Acquisition rationale
Transforms LSEG’s position as a leading global financial markets infrastructure anddata provider

Significantly enhances LSEG’s customer proposition in data and analytics
Creates a global multi-asset class capital markets business with the addition ofleading foreign exchange and fixed income venues

Deepens and expands LSEG’s and Refinitiv’s shared core principles of open
access and customer partnership
Improves LSEG business mix and generates attractive revenue growth
Generates significant value creation through cost and revenue synergies

10Delivering on all Refinitiv acquisition targets

Total income
growthEBITDA
margin

Revenuesynergies

Cost
synergies

5-7%

50%

£350 - 400m>£400m

2020PF - 2023 CAGR

by exit 2023

run rate by endof 20253

run rate by endof 20254

Organic income growth
CAGR:‘Like for like’ basis2:

Run rate - Dec 23:

Run rate - Dec 23:

6.5%1

50.3%

£158m

£442m

TargetProgress

Reported basis2:

Delivered 2 years
ahead of schedule.

7.1%
6.1%
2021

1.
2.
3.
4.

47.2%

6.3%
2022

2023

Organic, constant currency income (excl. recoveries) growth, excluding deferred revenue accounting adjustment in 2021 and 2022, and the impact of Ukraine/ Russia war in 2022.
‘Like for like’ assumes a constant perimeter of the business and excludes the impacts of acquisitions and disposals (140bps), the Microsoft partnership (50bps), Ukraine / Russia war impacts (70bps) and impacts
from FX related balance sheet items (50bps).
Upgraded from original £225m target at announcement of acquisition
Upgraded from original £350m target at announcement of acquisition

11

Met or beat growth targets line by line

Historical performance1

LSEG

Growth ambition as of July 2021

Growth achieved2

5-7%

7.1%

Data & Analytics

1-3%

4-6%

6.7%

Enterprise Data

4-5%

Mid single digit

8.9%

Trading & Banking(1-2)%

Low single digit

2.5%

Customer & Third Party Risk

10-12%

Double digit

14.1%

Investment Solutions

3-5%

High single digit

11.5%3

WealthLow to mid single digit

Mid single digit

4.4%

Note: We revised our reporting revised reporting structure with effect from 2024, see slide 61 for details.
1. Historical performance covers performance between 2018 and 2020, pro forma.
2. Organic growth 2023.
3. Benchmark Rates, Indices & Analytics. Total Investment Solutions growth 7.9%.

12

Services with strong
competitive positions,
meeting businesscritical needs

Exposed to multiple
structural growth drivers

Attractive, all-weather
economic model: diversified,
high-quality revenues andstrong cash generation

Differentiated customer
proposition: partnershipmodel, open ecosystem,
integrated offering

13

14

What differentiates our business…

Global…for customers…

Diversity of revenue…and shareholders
Multi-asset class

Quality and visibilityof revenue

Across the trade lifecycle

Uncorrelated growthTrusted, long-term partner

Strong cash generation15

We deliver deep expertise globally, across multiple asset classes and across thetrade lifecycle…
Capital Formation& Issuance

Pre-Trade &Liquidity Discovery

Trade
Execution

Data & Analytics

Data & Analytics

Data & Analytics

Data & Analytics

Capital Markets

FTSE Russell

Capital Markets

Post Trade

Post-Trade &Capital Optimisation

Risk Intelligence

Equities

Fixed income
FX
16

We are a trusted, long-term partner to the industry

We are trusted to own, manage anddevelop the industry’s own
infrastructure

We partner with global leaders
for innovation and growth17Our business and revenue are diversified across products, geographies andcustomers

49%

17%

42%
20%

£8.0bn
11%

15%

15%

6%

43%

63%

19%

Diversified offering

Geographically balanced presence

Balanced customer footprint1

Data & Analytics

FTSE Russell

EMEA

Sell-side

Capital Markets

Risk Intelligence

Americas

Buy-side

Asia

Other

Post Trade

1. Customer split shown representative of Data & Analytics, FTSE Russell and Risk Intelligence businesses. As at November 2023.
18

We have an attractive mix of recurring and high-quality transactional revenue
Recurring revenue is highly visible
and diversified…

…With a strong track record of high-qualitytransactional revenue

3%
Post Trade, Total Income £m

%

1,167

of total income

991
915

913

803

72%
24%

15%
10%
CAGR 2019-2023

2019

2020

2021

2022

2023

4%
Tradeweb1, Total Revenue $m
LSEG total income, 2023, excluding recoveries

1,076
776

Recurring revenue

1,189

1,338

of total income

893

15%
CAGR 2019-20232

Transactional revenue
Net Treasury Income

1.
2.

13%

2019

2020

2021

2022

2023

Total revenue per Tradeweb’s disclosures, not adjusted to bring their accounting policies in line with those used by the Group and not reflective of our 51.2% economic interest.
Reported revenue CAGR.

19

We have a track record of uncorrelated, all-weather growth
15%

100%

9.0%
7.0%
5.0%

5.8%

6.3%

7.1%
LSEG organic growth (%) (LHS)
FTSE World Index Performance (RHS)
FED Funds Rate1 % (LHS)
Global Equity Issuance2 (RHS)
Global Debt Issuance2 (RHS)
Volatility3 (VIX) (RHS)

World Real GDP Growth Rate (LHS)
2018

-5%

2019

2020

2021

2022

2023

-80%
Source: Euromonitor International, Federal Reserve Bank of St. Louis, LSEG, SDC Platinum. All metrics up to October 2023 excluding LSEG organic growth as at FY 2023.
1. Average monthly effective Fed rate.
2. Equity and debt issuance 2023 YTD vs 2022 YTD.
3. Volatility measured using average of daily VIX for year

20

21

We operate in large and growing market segments

2022 LSEG Income

2022 Segment Spend

LSEG Segment Share

Segment Growth2022-25 CAGR

Data & Analytics£3.7bn£32 – 38bn1

10 - 12%5 - 7%FTSE Russell2£0.8bn£4 – 5bn

16 - 19%

8 - 10%

Risk Intelligence3£0.4bn£8 – 9bn

4 - 6%

8 - 12%

Capital Markets£1.5bn£10 – 13bn

11 - 14%5 - 7%

Post Trade£1.0bn£5 – 6bn

16 - 18%

4 - 6%

Source: LSEG Market Intelligence
1. TAM refers to vended segment only, additional opportunities exist to displace in-house solutions.
2. FTSE Russell formerly referred to as Benchmarks & Indices and part of Data & Analytics. For details on our revised reporting structure with effect from 2024 see slide 61.
3. Risk Intelligence formerly referred to as Customer & Third-Party Risk and part of Data & Analytics. For details on our revised reporting structure with effect from 2024 see slide 61.
Note:

22

All our businesses are benefiting mega trends

Demand for dataand its integration
into workflows

Rise of newtechnologies
including AI

Reputational andfinancial risk
management

Electronificationand digitisationof trading

Regulation
placing increasing
demands on
capital23

Data & Analytics: leadership built on our breadth and depth of data serving an arrayof customers
60k

15m

3.7m

17.2m

Terabytes of data stored

Economic time seriesCompany events available
in our library

Private companies

50m

13.4m

62k

142m

Estimates and KPI’s
internationally

Fixed income securities

Active public companies

Company financial data
points per year

4.8m

1.45m

14m

520k

Research documents per
year

Merger and acquisition
deals

Financial price updates per
second at peak

Equity quotes from 297
exchanges

Delivered to our customers…
Analysts & portfolio managers

Investment bankers

Sales and traders

Wealth advisors

Academia

24

Data & Analytics: Workflows
Workflows comprise all of our “user interface” businesses across all user groups.

Key differentiators:– Top tier franchises in Banking, Wealth, FX and Commodities– Diversified, global footprint– High proportion of recurring revenues– Eikon to be sunset in 2025
– Partnership with Microsoft to embed LSEG data in teams and Office 365

Interoperable
workflows across
LSEG Workspaceand Microsoft
Teams and 365
applications

Key products and services

Workspace

Eikon125

Data & Analytics: Workflows

Drivers of growth in 2023

► Accelerating pace of innovation – over 380 Workspace

Customers with multiple desktops
are much more likely to use Workspaceas their primary platform1

updates, integration with FXall and TORA, Advanced Dealing

Eikon► Improved retention supporting better price realisation► Competitor displacements – e.g. Unicredit

18%

ace
sp

Drivers of growth in 2024 and beyond► Workspace roll-out largely complete by end-2024 –+5pp product satisfaction vs. Eikon2

Wor
k

23%

43%

59%

► Microsoft capabilities build from H1 2024 – incl Meeting Prep
and Workspace/Teams Open Directory pilots
Primarily use Eikon
Primarily use Workspace
Use them about the same
Primarily use competitor product1.
2.

Comparison of Workspace vs. Eikon users, based on customer survey% of Trading customers returning a 9 or 10 satisfaction rating (out of 10), Dec 2023

26

Data & Analytics: Data & Feeds
Data & Feeds serves the entire spectrum of business-critical data needs across asset classes, latencies
and delivery mechanisms including real-time data and news, text, reference and legal entity data.

Key differentiators:– Breadth and depth of data; tick history dating back 25+ years– Fastest, most connected, and most reliable real-time network– Trusted partners: open access model and customer choice of distribution channels and latency

Key products and services
Real-time data

Pricing & reference services

Data Stream

Machine Readable News

SEDOL

Tick History

Note: See slide 35 and 61 for more details on Data & Feeds.
1. Effective for reporting from Q1 2024. For details on our revised reporting structure with effect from 2024 see slide 61.

LEI Creation

DataScope27

Data & Analytics: Data & Feeds
Growth opportunities:– Extended capabilities in direct feeds
and e.g. machine-ready text

#1

Top 3

global real-time data
providerglobal provider of pricing
and reference data

100 million

2.8 million

Instruments across 550
exchanges

Fixed income instrument
evaluations

10 million

2PB

Fixed income securities

Tick history data added peryear– Combination of Tick History and
PCAP1 data
– Redistribution partnerships at scale– Continued delivery of revenue
synergies with FTSE Russell

1.

Packet capture data28

Data & Analytics: Data & Feeds
Customer case study: Large Asian bank
Drivers of growth in 2023
► Multi-year investment in content – fixed income, evaluatedpricing► New cloud distribution channels – Real Time Optimised, Full
Tick, Tick History

Return of a large customer lost in 2017•

Asian bank switched away from our real-time
service under previous Refinitiv ownership,
following aggressive price-based competition.

•

Competitor couldn’t match the breadth or
depth of our real time solution, nor the qualityof our tick history offering.

•

The bank has returned to LSEG buying abroader range of services and giving LSEG agreater share of overall customer wallet► Providing additional services for customers – data
management and storage

Drivers of growth in 2024 and beyond► Further expansion of content and distribution – real time,pricing & reference data, low latency feeds► Acceleration of capabilities in partnership with Microsoft– news and text feeds

29

Data & Analytics: Analytics

Financial Analytics & Models

Customer Facing Analytics Software

Generative AI Solutions

Scalable cross-asset models and analytics
solutions for a diverse set of customer needs,
including risk, regulatory and historical analysis.

Robust tech environment to build, deploy andrun analytics at scale using LSEG’s proprietarydata and models.

Next gen AI & ML solutions designed forfinancial services and powered by AI agents,
analytics plugins and model classification
vectors.

Key products and services…
Yield Book

StarMine

Lipper

LPC

Quantitative Pricing

An expanded set of capabilities
including market-leading data andcashflow modelling for security andportfolio analysis from vanilla bonds
to highly structured mortgages forclients to comprehensively address
their requirements.

StarMine quantitative analytics
provide a rock-solid foundation foryour investment research spanningsectors, regions and markets.
StarMine models focus on credit
risk, economic forecasts, company
financials and valuation.

With a track record of over 50
years of independent content,
Lipper is the go-to resource forfund performance research,
providing premium data, fundratings, analytical tools, and global
commentary through specialized
product offerings.

The premier global provider ofsyndicated loan, direct lending and
CLO market data, news andanalysis, keeping you on top of
market trends and enabling better
lending and investment decisions.

Analytics APIs offer a wide range
of user-defined analytics for listed
and OTC instruments. The
coverage spans across FX, interest
rate derivatives, equity derivatives,
government and corporate bonds,
zero-coupon curves, and volatility
surfaces.

Note: Effective for reporting from Q1 2024. For details on our revised reporting structure with effect from 2024 see slide 61.
30

FTSE Russell
Global index leader

Across asset
classesAcross investment
objectives

Integrated Solutions

A global provider ofbenchmark & index
solutions serving
customers throughout theinvestment ecosystem inover 70 countries.

Indices across asset
classes to inform asset
allocation, portfolio
construction, risk
management andperformance analysis.

Indices across investment
objectives including factor,
multi-factor, alternatively
weighted, and sustainable
investment.

Data, analytics, and tools
to underpin ourbenchmarks. With thequality, coverage andgranularity to support
sophisticated strategies

Our customers

Asset owners (Buy-side)

Banks (Sell-side)
Asset managers (Buy-side)

Regulators & Exchanges (Nonfinancial) and asset servicers(mixed)Key products
and services

Thought leadership, index
design, data and analytics to
help them achieve investment
goals

Benchmark solutions, data andinvestment IP to support creationand growth of investment products
and evaluation of portfolio
performance and risk

Data, benchmark rates andindices to maintain consistency
and drive market standards

31

FTSE Russell
Drivers of growth in 2023
► Broadening and deepening customer usage – esp. Russell,
GEIS, WMR and LIBOR transition products► Greater commercial discipline – better management of multi-

Accelerating growth insubscription revenues1

year contract renewals

11.5%► Building on natural linkages between data and indices –+150% growth in revenue synergies

9.4%

9.4%

2021

2022

Drivers of growth in 2024 and beyond► Continuing innovation – expansion of bespoke indexing, new

6.0%

indices e.g. FTSE UK ESG risk adj► Focus on partnership – Grayscale, Tradeweb
2020

1.

2023

Benchmark rates, indices and analytics revenues, constant currency excl. deferred revenue haircut
32

Risk Intelligence
A suite of datasets, products, and services enabling businesses to manage their KYC & AML compliance,
empower digital customer on-boarding, conduct third party risk due diligence, and detect fraud.
Screening

Digital Identity & Fraud

Refinitiv Due Diligence

What we do?

Screening data and analytics on
people and entities to support
Know Your Customer and Anti
Money Laundering compliance

Digital identity and bank accountverification to manage the risk ofidentity theft and payment fraud

Deep research & diligence on
people & entities to identify abroader range of risks, to comply
with various regulatory andgovernance requirements

Key products
and services

World-Check• GDC (Global Data Consortium)• Giact• Qual-ID• Due Diligence

Customers• Banks / Financial Institutions• Insurance Firms• Corporates• FinTech's• Banks / Financial Institutions• FinTech's• Corporates• Payment Service Providers• Banks / Financial Institutions• Insurance Firms• Corporates• Governments & Academia

33Capital Markets: leading platforms across asset classes

Fixed Income

Foreign Exchange

Equities

Leading global platform for trading interest
rate and credit products providing aseamlessly connected and powerful network

Market leader in dealer-to-client andinterbank FX trading, with an unrivalled
global footprint

Trusted long term partner to markets;#1 exchange by capital raised in Europe1

Client network:

Global scale:

Heritage & long-term partnerships:

2,500+ clients across 65+ countries globally,
covering institutional, wholesale and retail clients

Global FX trading venues with presence
in 130+ countries with 500+ currency pairs

Europe's most active equity market with 200+ years
as a trusted venue for capital raising

Deep pools of liquidity:

Breadth of offering:

Geographical advantage:

40+ products traded and $1.2+ trillion ADV,
positioning us as an electronic market leader

2,400 buy-side customers in FXall, with 4,100
customers on Dealing

Technology:

Trusted globally:

Location and time-zone bridges Asia and theAmericas, English language, respected legal
system, attracting a deep pool of international
capital and largest number of international issuers

Integrated into traders’ workflows using Tradeweb's
Automated Intelligent Execution tool

Our Matching data is trusted globally to drive pricediscovery and set reference levels

Innovation:
A global leader in product innovation
e.g. sustainable finance34Capital Markets: Tradeweb

Drivers of growth in 2023
► Gaining share and driving electronification in credit –Delivering further growth with LSEG

US high grade share up 170bps to ~26%1► Innovating from a leading position in interest rate
products – EM and Inflation Swaps, RFM2 protocol► Expanding geographic footprint – Yieldbroker
Drivers of growth in 2024 and beyond► Expanding trading capabilities – additional automation tools
and multi-product functionality► Inroads into emerging markets – Asia Pac, LATAM, CEEMEA► Continuing to build share in fixed income markets

1.
2.

FTSE Russell partnership: more powerful
fixed income benchmarks
FXall integration: more seamless andlower-risk trading solutions
Data distribution: enhanced redistribution
capabilities
Opportunity to do more: e.g. Workspace

Tradeweb high grade as a % of TRACE volumes, excluding EM and convertible bonds
Request for market (RFM) protocol provides two-way pricing from multiple dealers to minimise information leakage in lower liquidity markets

35Capital Markets: Tradeweb, strong track record, continuing structural tailwinds
Continued electronification of fixedincome a tailwind for growth0%c. 13%of LSEG

Leading global platform
for trading interest rateand credit products

c.2,500 clients across>65 countries: institutional,
wholesale and retail clients

Growth opportunities:

60%

Electronic

Voice

80%

100%

Euro Govt. Bonds

European Credit

US Treasuries

Increase share in core markets–

Expand internationally

US High Yield–

Grow presence across the trade lifecycle,
partnering with LSEG

Global Swaps

Leverage technology and data to drive volumes

40%

Mortgages

–

–

20%

US Inv. Grade

Municipal Bonds

36

Post Trade
Post Trade is an operator of systemically important infrastructure, seen as the gold standard globally amongst
competitors, regulators, partners and customers in terms of risk management, resiliency and collaboration.
Systemically important

Ensuring financial stability

Net Treasury Income
Income on cash assets lodged with
CCP as margin and default funds

Leading global clearing
house with >90% share ofcleared interest rate swap
notional outstanding

Clearing, risk management,
capital optimisation andregulatory reporting solutions

Resilient and scalable
technology

Multi-national clearing
housesEnabling us to operate asa trusted custodian andauthoritative source fortrade and risk data

LCH Ltd (London) and LCH
SA (Paris) offer a range ofclearing services for a diverse
range of assets classes

Non-cashcollateral

25%

Fees fromhandling non-cash
collateral balances

9%

Total
income:£1.2bn44%

22%

Securities & ReportingOTC Derivatives
Clearing and capital
optimisation solutions
Key offerings:

SwapClear
SwapAgent
ForexClear

Clearing services andregulatory reporting solutions

37

Post Trade: leading businesses, strong
track records, continuing structural
tailwinds

OTC contract value outstanding was up
56% at YE 2022 vs YE 2021
$ trn gross value39

c. 15%

25

of LSEG

Leading global clearing
house with >90% shareof cleared interest rate
swap notional outstanding

Clearing, risk
management, capital
optimisation andregulatory reporting
solutions

Growth opportunities:–

New customer groups e.g. EU pension funds–

Geographic and OTC market expansion e.g. ForexClear–

Launch of Post Trade Solutions

2021

2022

Post Trade 5 year organic income
CAGR of 10%
£m

1,167
1,159

906

2020

2021

991

803
2019

2022

2023

38

Partnering to transform our industry: Post Trade

A decade of delivery from LCH1 incleared products► Three-fold increase inrevenues2; >€1.2bn today vs.
~€380m in 2013

Partnering to build industry
solutions for uncleared products
50.9%

2

$21tn

49.1%

► EBITDA margins almost
doubled; ~56% today vs. 30% in 2013

► Opportunity similar in size tocleared space► Six-fold increase in operating
profit; ~€600 today vs. €90m in 2013
…with further regulatory driven growth incleared solutions to come

1.
2.
3.

► Pressing customer need forsolutions to acute regulatory andcapital-driven pressureso

ClearedLSEG acquisition of 55.5% of LCH Group closed in March 2013, LSEG owned 2.3% prior to this.
Includes Net Treasury Income
BIS data for Dec 2022, gross market value of OTC derivatives>$10tn gross market value
currently uncleared

Uncleared

39

Partnering to transform our industry with Microsoft

Workspace and Microsoft Office

Workflows

LSEG open directory
Workspace

Copilot AI

AI & Analytics

Financial Analytics

Analytics
Analytics

Financial Data Engineering
AI Solutions

Purview MS Fabric

LSEG data

Foundation

Data Intelligence

Customer data

Data Intelligence

Digital rights

Transformed LSEG Estate

Foundation

40

Our long-term strategic partnership with Microsoft
In December 2022, we announced a 10-year strategic partnership with Microsoft to deliver nextgeneration data & analytics workflow and cloud infrastructure solutions

Workflow

Analytics

Cloud infrastructure• Fully integrating LSEG
Workspace with the Office
365 suite• Delivering best-in-classcloud-based modelling
and analytics-as-a-service• Accelerating our strategy
towards a primarily cloudbased data offering• Potential to reach a global
audience of over 300
million Teams users with atiered product approach• Focusing on high-quality
performance, scalability andusability of analytics for ourcustomers• Delivering a resilient andefficient experience forcustomers with the potential
for consumption-based
pricing over time41

Progressing well: ahead of plan

Developmentsin Gen AI

Launch ofMicrosoft Fabric

Design Partner
Programme

Acceleration of
product roadmap

Microsoft established
as a global leader in
Gen AI, bringing
significant additional
value to our joint
product development

LSEG is a pioneer
customer on Fabric,making the onboarding,cataloguing anddiscovery of data
simpler and moreintuitive

Major customers areclosely engaged
through DPP

Early productenhancements andnew applications tobegin to launch in
H1 202442

Monetising the opportunity
Clear commercial framework– We get paid for consumption of:► Our data
► Our intellectual property and products– Microsoft gets paid for consumption of:► Their intellectual property and products► Their cloud services

Expanding our addressable market– An additional £50bn segment of the Data
& Analytics value chain:► Data & Feeds: incl data management services,
machine ready text

► Analytics: incl proprietary and bespoke financespecific large language models; Analytics &Modelling as services– Workspace for ~320m MS Teams users1

Accelerating revenue impact from Microsoft partnership from 2025
43
1.

Active monthly users of MS Teams, Q1 2024

Breaking into new markets and asset classes
New verticals– LSEG services becoming
more widely applicable– Wider Workspace
opportunity across fullTeams / O365 base
– Leveraging our data
management DNA

New asset classes– Private markets:
investment in Floww,
development of intermittent
trading venue– Digital assets: clearing andindices

New platforms– Digital market infrastructure:
exploratory work with
Microsoft complete– Further work on potential
opportunity ongoing– Channel partner strategy
in e.g. Risk Intelligence

44

45

Medium-term guidance: accelerating growth, good cash conversion

Revenue

EBITDA Margin

Capex1

Cash Conversion

Mid to high single
digit organicCgrowth annually,
accelerating
after 2024

Underlying
margin to increaseCover time

Remain aroundcurrent levels ofC
11-12% of income2
in 2024, thendeclining over time
to high single digit% of income2

Cumulative free
cash flow toCexceed adjusted
profit after tax
attributable toequity holders

1.
2.

Total capex - BAU and Refinitiv integration related capex.
Total income excluding recoveries

46

Multiple growth drivers
Secular growth trends
Strategic combination:
LSEG + Refinitiv

Smarter
pricingNew
product

Geographic andmarket expansion

Revenue synergy
opportunities

Monetising investment
in existing products e.g.
Workspace upgrades

Organic and inorganic
investment to expand ouroffering
e.g. PCAP1 data

Geographical expansion
e.g. LCH and Tradeweb

Sales transformation
End to end workflows
e.g. FX

Discipline in pricerealisation

Developing infrastructure
for new asset classes
e.g. private markets

Moving to a usage-based
pricing modelover time

Microsoft partnership enabling new and adjacent market opportunities
1. PCAP - Packet capture data47

…and the potential for margin improvement over time is clear
2022 EBITDA Margins

Capital Markets & Post Trade arescaled businesses with margins inline with industry averages
52%

52%

51%

48%

Opportunity to improve ourData & Analytics margin:

45%– Common data platform– Data and content transformation– Technology modernisation– eCommerce platform
LSEG

Data & Analytics1 Capital Markets

LSEG Divisions

Data & Analytics peer set2

Post Trade

These investments havewider benefits for thebusiness and our customers

Note: As at CMD in November 2023.
1. LSEG Data & Analytics margin based on the existing structure of the division, which includes Investment Solutions and Customer & Third-Party Risk. For details on our revised reporting structure with effectfrom 2024 see slide 61.
2. Peerset includes ICE, Factset, Moody’s, Morningstar, MSCI, Nasdaq and S&P. Peer margin is calculated based on comparable segments, and is weighted based on revenue.

48

We are deploying our significant cash generation for shareholder returns today andsustained growth tomorrow

Excess capital£2.5 billion buybacks completed
since August 2022

Capex
Investing well ahead of peergroup; focus on modernisationand growth. Intensity to decline

M&A2

Dividends

Enhancing our value proposition:
six bolt-ons, TW acquisition of
Yieldbroker, buyout of LCH SA
minorities.

Progressive policy, up
18% CAGR (2003-2023)

1. In 2023, £618m deployed on acquisitions, largely in respect of Acadia, Tradeweb’s acquisition of Yieldbroker and the acquisition of the LCH SA minority interest.
49

Significant investment will continue but intensity will moderate
Capex profile
12.6%

12.2%

Investing ahead of peers due to:

11.5%– Historic underinvestment£184m– Capex related to cost and revenue synergies£230m– Investing for new capabilities

£109m

£671m

£750m

2024: Capital intensity at 11-12% of income1£745m

2025 onward: Capital intensity declining tohigh single digit % of revenue over time
2021

2022

2023

‘Business as usual’ capex

1.

Integration related capex

Total income excluding recoveries

Capital intensity –capex as % of revenue

50

Attractive financial returns for investors
Updated progressive dividend policy…

…and returning excess capital to shareholders

2.5x – 3.0x cover ratio (c.33% – 40%
pay-out based on full-year AEPS)£1.5bn returned since August last year

Announced further £1bn of directed sharebuybacks in 2024

Interim dividend to be ~1/3 of the
expected full-year dividend

Announced share buybacks

LSEG annual dividends

+53%

95p

107p

115p
£1bn

75p

2020

2021

2022

2023

£750m

£750m

2021

2022

2023
51

2023 financial results

52

Faster growing, more efficient, returning capital+8.3%
Total Income1
growth in 2023

+6.5%

Strong performance in 2023

organic revenue
CAGR 2020-232• Accelerating, broad-based growth• Achieving all Refinitiv acquisition targets+110bps
underlying margin
improvement3£1.8bn• Driving efficiency and cash generation• Delivering substantial shareholder returns• Set ambitious medium-term targets

free cash flowin 2023£1.2bnreturned via
buybacks in 2023

+7.5%
dividend growthin 2023

1.
2.
3.

Total Income excl. recoveries
2020-23 CAGR in Total Income excl. recoveries, before impact of Ukraine/Russia war and deferred revenue haircut
Underlying EBITDA margin expansion

53

All Data & Analytics businesses performing well£m

7.3% growth
16.4%
7.9%

4.4%

9.3%
3.3%

5,267

4,944

2022

1

Trading &BankingEnterprise
Data

Growth rates on a constant currency basis unless otherwise stated
1. Total income excluding recoveries

Investment
Solutions

WealthSolutionsCustomer &Third-Party
Risk

FX

2023

1

54

Retention, sales and price driving ASV growth+370bps increase since acquisition

6.7%

6.9%

2023

H1 2023

6.7%

6.2%

4.6%

3.0%

Mar-212021
ASV growth rate2022
Impact of Ukraine / Russia conflict

H2 20232023

Annual subscription value (ASV) growth is a constant currency point-in-time year-on-year organic measure of subscription growth in our Data & Analytics business

55

Capital Markets: ongoing strength in Fixed Income£m

6.1% growth
12.1%(8.8%)(1.9%)
1,546

1,459

2022

Equities

FX Trading

Fixed Income,
Derivatives& Other

FX

2023

Equities

FX Trading

Fixed Income

Market conditions impacting
activity

Weaker market volumes
impacting revenues

Record transaction volumes
skewed to shorter-duration
instruments

Growth rates on a constant currency basis unless otherwise stated56

Post Trade: strong performance in uncertain rate environment£m

17.4% growth (11.5% organic)
12.8%
28.9%
13.9% organic

7.0%

7.5%

1,167
991

2022

OTC
Derivatives

Securities &Reporting

Non-CashCollateral

Net Treasury
IncomeFX

2023

OTC Derivatives

Securities & Reporting

Net Treasury Income

Strong client activity driven by
global interest rate uncertainty

One-off termination fees and strength
in RepoClear offsetting impacts of lost
equity clearing revenues

Higher margins offset lower cash
collateral balances

Growth rates on a constant currency basis unless otherwise stated57

Operating expenses: 5.3% organic cost growth£m

5.3% organic growth
4.0%

2.4%

4.6%
(3.3%)
2.9%

3,474

3,140

2022 operating
cost base

FX

1

Ongoing
operating costs

Investment for
growth 2

Cost synergies

Acquisitions

2023 operating
cost base

Growth rates on a constant currency basis unless otherwise stated
1. FX comprises FX-related items (£68m benefit in 2022, £42m loss in 2023) and translational FX
2. Comprises investment in technology modernisation, increasing cloud usage, costs of product development as part of the Microsoft partnership, costs of delivering strong growth at Tradeweb andcosts relating to revenue synergies

58

EBITDA
marginEBITDA marginexcl. FX-related
items

2022

47.8%

46.9%

2023

47.2%

47.7%

EBITDA margin in line with guidance

0.3%
0.5%

0.5%
0.7%
1.1%

0.5%

47.8%

48.0%

47.7%

47.2%

1

2022
adjusted
margin

FX

1.
2.
3.

M&A

Microsoft
partnership

Underlying
business
performance2023
adjusted
marginFX-related
2
items

FX comprises FX-related items (2022: £68m benefit, 2023: £42m loss) and translational FX
2023 FX-related items loss of £42m
Items outside of guidance consist of: Acadia acquisition (-10bps) and difference between guidance and actual FX rates (-20bps)

2023
margin excl.
FX-related
items

Items
outside of
guidance 3

2023
margincomparable
to guidance

59

60

New reporting structure from Q1 2024 to better reflect our business

Data & Analytics

FTSE Russell

Risk Intelligence2023 revenues: £3.9bn

2023 revenues : £844m

2023 revenues: £492m

Workflows

Subscription

2023 revenues: £1.9bn

2023 Revenues: £563m

Data & Feeds

Asset based2023 revenues: £1.8bn

2023 Revenues: £281m

Analytics
2023 revenues: £218m

Trading &BankingEnterprise Data
Solutions

WealthSolutions

Investment
SolutionsCustomer andThird-Party Risk

Note: See quarterly revenues for 2023 under the new reporting structure, and corresponding growth rates here: New divisional reporting structure | LSEG
61

Contacts and further information

62