Euromoneys Strategy: Three case studies of the strategy in action - - PowerPoint PPT Presentation

Andrew Rashbass and Wendy Pallot February 2019

Euromoney’s Strategy: Three case studies of the strategy in action

2

Agenda

• 1. Euromoney strategy recap
• 2. Case Studies
• Fastmarkets
• Telecoms
• Specialist Information

4

Our strategy is… “to manage a portfolio of businesses in markets where information, data and convening market participants are valued. We deliver products and services that support our clients’ critical activities. In particular, we look to serve markets which are semi-opaque; that is, where there is information which organisations need in order to operate effectively but the information is hard to find. Price discovery is a good example.”

Strategy

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Euromoney’s capital allocation decisions can be understood along two dimensions

Structure Cycle Quadrants

We characterise the business models of B2B information companies into three generations, which we call B2B Information 1.0, 2.0 and 3.0. We service fundamentally cyclical

• markets. Understanding which

point in the cycle they are in is fundamental to our capital allocation decisions. Plotting the businesses along the axes supports our investment decisions, capital allocation and defines strategic priorities.

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Successful B2B information companies will be 3.0 businesses

• +

B2B Information 1.0

Print Monologue Advertising-centric Product-centric

B2B Information 2.0 B2B Information 3.0

Digital Dialogue Subscriptions Customer-centric Embedded in workflow Part of the industry structure Licensing revenues based on customer outcomes Solution-centric

7

Quadrants

3

Prepare for the upturn

• Protect and enhance competitive position
• Invest in acquisitions when cycle turns
• Opportunistic revenue initiatives
• Tighten cost control
• Fix any operational deficit

B2B Information 1.0 Strong market tailwinds Cycle Structure

• +

+

• 4

Invest

• New product development
• Invest in sales and marketing
• Acquisition
• Fix any operational deficit
• Accelerate transition to 3.0

1

Disinvest

• Maximise short-term profit and cash
• Divest
• Prevent future build-up

2

Use the time wisely

• Modest investment to move to top-right quadrant
• Maximise short-term profit and cash
• Fix any operational deficit
• Consider divestment

The quadrants guide investment decisions, capital allocation and also define strategic priorities

B2B Information 3.0 Challenged market

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Pillars Invest around big themes

Disruption Semi-opaque market Inefficiency Barriers to entry Challenged business models

Transform the operating model Actively manage the portfolio

3.0 Business model Must have, not nice to have Create once, sell many Best of both worlds

Actions depend on market characteristics Product development and creating

• ur future operating model

Recycling capital

Acquisition Disposal Prepare for the upturn Invest 3 4 1 2 Disinvest Use the time wisely Prepare for the upturn Invest 3 4 1 2 Disinvest Use the time wisely Prepare for the upturn Invest 3 4 1 2 Disinvest Use the time wisely

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From 1 October 2018, our portfolio of businesses are now split into three segments composed of six divisions with support from central functions

Telecoms Specialist Information

Euromoney Institutional Investor PLC

Banking & Finance Asset Management Banking & Finance Investment Research Institutional Investor Pricing, Data & Market Intelligence Fastmarkets Central functions Corporate Development Finance HR IT Marketing Legal, Risk and Programmes

LEGAL MEDIA GROUP PROJECT AND ASSET FINANCING INSURANCE DERIVATIVES RELATIONSHIP MAPPING

M&A, ACTIVISIM & RESTRUCTURING

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We have chosen three businesses to highlight the big themes and implementation of our strategy

Segment Division Big theme Price, data & market intelligence Fastmarkets Telecoms Specialist Information Brands Price discovery

1

Telecoms

2

Price discovery

3

Counterparty risk Asset management

Case study 1: Fastmarkets – Building a world leading Price Reporting Agency (PRA)

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Our strategy is… “to be a world-leading PRA”

Strategy

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Overview - Price Reporting Agency

How a PRA fits Euromoney’s strategy Why a PRA is attractive Euromoney’s PRA strategy

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Price Reporting Agency - Market

Why a PRA is attractive

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PRAs report the market price of commodities

Reference price Physical benchmark Financial benchmark Market structure Illiquid, opaque and undeveloped PRA market Increasingly sophisticated market Liquid markets Compliance requirements No compliance requirements, specifications or methodology Transparent methodology, internally validated Rigorous process externally audited and IOSCO compliant Customer use-case Markets use price for trends and analysis Industry accepts a PRA’s price as the standard for physical contracts Transactions using exchange contracts based on PRA’s price

Market

Definitions: Physical price – This is the price used in contracts by suppliers, producers and manufacturers Physical premium –This is a price for a material with defined specifications taking into account location, purity and delivery requirements among others (eg. Shanghai, copper premium, Grade A, cathode, cif)

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PRAs are attractive with strong financials and high barriers to entry

• PRA skillsets, expertise, technology and assets are

relevant to multiple markets

Scalable infrastructure

D A B C

• Price data is critical to a customers’ workflow

making subscription and licence revenues resilient

• Low marginal cost of sales and data delivery to

additional clients

• Price reporting serves customers across the value

chain of large markets

Strong fundamentals Serving customer needs is at the heart of the PRA industry

I need to understand my costs I need trustworthy price information I need real-time access to prices I need to hedge my transactions My pricing needs will change PRA customer needs:

• In order for participants to interact they need a price

they can trust

• Markets need independent price assessments to

provide transparent pricing in an opaque market

At the core of their markets

C B

• Price benchmarks are embedded within the supply

chain

• Data is used for contracts so reputation is a

prerequisite in the market

• Financial market adoption increases regulatory

requirements and the cost of compliance

High barriers to entry

A D

Market

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PRAs – Barriers to entry Price Reporting Agencies are critical to workflow which creates high barriers to entry

• Price reporting is a complex role with no formalised third-party training available; price reporters must develop expertise while working at a PRA
• It requires significant investment to build a sustainable price-reporting team eg Metal Bulletin has over 100 people involved in metals pricing

People

• A PRA needs to be trusted by the industry it serves. Industry participants have to be willing to share information with the PRA
• PRAs need to demonstrate credibility and integrity over many years to ensure confidence in their data and encourage price adoption

Reputation

• Technology investment is required to provide systems that ensure transparency in the price discovery processes and editorial workflows

Technology

• The use of prices in financial markets increases regulatory requirements (e.g. IOSCO) and the cost of compliance

Regulation Workflow

• Prices are part of client workflow supporting activities from trading to procurement

Supply chain

• Prices, once established as benchmarks, are used across the supply chain

Market

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PRAs – At the core of their markets Price benchmarks are used by financial markets. Where oil has led, other markets follow

Shift in revenue mix towards exchange royalties provides PRA businesses with strong growth prospects Exchange royalties Subscriptions Licencing fees Market maturity PRA revenues

Metals Oil & Gas Petrochemicals

Source: Internal business market estimates (not to scale)

Forestry Products

Price Reporting market development (Illustrative)

Market

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Price Reporting Agency - Fit for Euromoney

How a PRA fits Euromoney’s strategy

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Euromoney’s PRA business addresses each of the strategic pillars

Invest around big themes Transform the operating model Actively manage the portfolio

Price discovery

Fit for Euromoney

Transform into a 3.0 business – from a news organisation into a PRA

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It took 100 years to get from B2B 1.0 to 2.0 but only five years to go from 2.0 to 3.0

Fit for Euromoney B2B 1.0 business

• Print
• Monologue
• Advertising

B2B 2.0 business

• Digital
• Dialogue
• Subscriptions

B2B 3.0 business

• Embedded in contracts and workflow
• Benchmark for the industry
• Licencing

Quinn’s Metal Market Letter (MB) launched

1913 1999

MB launches first website

2003

AMM converts daily print paper to digital service CME launch a futures contract referencing MB prices

2012

PRA strategy launched with new

• perating and sales model

2015

IOSCO Type 1 accreditation achieved

2017

Euromoney purchases MB

2006

Euromoney bought Metal Bulletin during its transition to a 2.0 business and we have now accelerated its development to 3.0 Development of world-leading Commodities PRA business

AMM Launched

1882 2018 2019

LME announces launch of contracts based on Fastmarkets pricing Fastmarkets brand launched

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The price reporting industry is fragmented

Source: The Price Reporters – Owain Johnson Notes: 1. The list of examples are non-exhaustive and are not necessarily those that are potential acquisition targets, they are a long list of price reporting agencies from the sector

• 2. These businesses are already one of the Euromoney PRA businesses

Agriwatch Energy Data Hub MySteel RML AgTech American Metals Market2 EnergyTrend Natural Gas Intelligence S&P Global Platts Argus Media Esoko Net Energy SCI Group Asian Metal

• F. O. Licht

Novus Agro Scrap Price Bulletin (Iron Age)2 Baltic Exchange FastMarkets2 OMR Ship & Bunker New Energy Finance Fenwei Energy The Packer Shorcan Bunker Index Fertecon PetroChem Wire SteelCN Bunkerspot FOEX2 Petrosil SteelHome C1 Energy Genscape Plasticker SteelKey CCF Group IHS Chemical (CMAI) Plastics Information Europe Sugaronline Chemical Data (CDI) IHS McCloskey Point Carbon SunSirs Commodity Data Group ChemOrbis IHS OPIS PolymerMIS Tankard ChinaTSI ICIS PolymerTrack Tecnon OrbiChem CoalinQ Indian Petro Group Polymerupdate The Tex Report coalSPOT Industrial Minerals2 PRC Steel TradeTech CRU Kortes Prima Markets TZMI Custeel London Energy Brokers Association Profercy Umetal CW Group Madan24 PT CoalIndo Energy USP/ESALQ DTN Marine Bunker Exchange Public Ledger UX Consulting e-coal.com Metal Bulletin2 PV Insights Xinhua InfoLink e-petrol.pl MetalMiner RIM Intelligence ZH818 Enerdata myCEPPI RISI2 Many more…

With over a hundred PRAs1

(many not available for acquisition)

Sector examples 15 focused on Agriculture 19 focused on Metals 8 focused on Plastics 8 focused on Coal

Fit for Euromoney

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Price Reporting Agency - Strategy

Euromoney’s PRA strategy

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Response to customer needs:

Our strategy is to be a world-leading PRA

A world-leading PRA

Shift from news to PRA organisation Increase the reach

• f price reporting

and our prices Motivated and high-calibre team aligned on PRA vision Established brand with reliable and trusted reputation built through strong client and exchange relationships We provide must-have data and tools We report using a rigorous process with IOSCO assurance We develop benchmarks We deliver real-time access to data We facilitate market development

Capabilities

Strategy

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The shift to a PRA involves cultural and process change

News Organisation

Price reporting agency

Different content focus

News focus Pricing and analytics focus

Employee role definition and perception

Journalists Price reporters

Infrastructure

Complex and inefficient process Robust, auditable and efficient process

External perception

Seen as a news organisation Seen as a Price Reporting Agency

Change required

Shift to PRA Sales methodology

Subscription sales Data licencing

Architecture

Monolithic architecture Scalable microservice architecture

Compliance

Internal reporting methodology Standardised and IOSCO-compliant methodology

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We align initiatives to customer priorities to serve our customers better

Response to customer needs

Customer Needs Initiatives

• We have invested in data delivery and tools (eg APIs, exchange-data products, excel plug-ins and data tools)

I need to understand my costs

• We have invested in our process and methodology to create clarity and transparency
• We follow IOSCO principles and have had our robust pricing controls and systems audited

I need trustworthy price information

• Our platform provides near real-time access to exchange prices as well as our physical prices
• We have an expert technology team delivering high levels of availability

I need real-time access to prices

• Our price-development team works with customers to understand their developing needs provide solutions

My pricing needs will change

• We have developed trusted prices that are embedded in trading contracts, bilateral hedging contracts and

exchange-traded contracts thereby helping customers manage risk I need to hedge my transactions

Response

We provide must- have data and tools We employ rigorous processes with IOSCO assurance We deliver real-time access to data We facilitate market development We develop benchmarks

Definitions: Physical price – This is the price used in contracts by suppliers, producers and manufacturers Physical premium –This is a price for a material with defined specifications taking into account location, purity and delivery requirements among others (eg. Shanghai, copper premium, Grade A, cathode, cif)

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Iron Ore Aluminium premiums Steel Ferrous Scrap Copper Concentrates Metallurgical Coal Alumina

Value of Data Sales. Licensing & Exchange Fees Reference Pricing Benchmarks Exchange Contracts

All other MB Reference Prices Market maturity

Subscription Revenues Exchange Fees Data Licencing Revenues

Container board

We facilitate the development of our markets towards the use of our benchmarks

Wood products Pulp

Develop markets

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We are developing strong capabilities across seven areas

Capabilities

Scalable technology Market engagement People Content distribution Compliant price gathering Licence selling Integrate acquisitions

Capabilities

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Capabilities – Scalable technology Scalable systems enable us to be flexible, nimble and responsive

Scalable technology

Near real-time processing Live data availability Distribution of near real-time exchange pricing Auditable Compliance Use of our prices as financial benchmarks Cloud-based hosting Flexible Reduced costs High availability Variable processing power when required Efficient

Description

Microservice architecture Scalable Easier integration of future acquisitions Use of plug-in data sources to serve more markets easily Easy integration of new analysis tools New-product development Introduction of new channels Flexible delivery

Characteristics Benefits

Enables

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Metal Bulletin Shanghai copper premium case study

Capability – Market engagement around prices A case study

Agenda setting

Metal Bulletin published an article exposing warehousing fraud relating to a stock pile that did not exist. Assets worth $300 million had been pledged multiple times to raise finance.

Exchange traded prices

Exchanges have launched derivative contracts which are settled using Metal Bulletin’s copper prices. These allow users in the market to hedge against price movements.

Guiding industry development

Metal Bulletin’s investigative journalism highlighted fraud in the industry. We went from reporting the story to creating a price and created the physical and financial benchmarks. 1. We developed a new price to restore market confidence 2. Our price became the industry benchmark 3. This price is now being used in physical and financial contracts

News Benchmark Prices

Release of Metal Bulletin’s Qingdao warehouse receipts investigative story Exchanges launch derivative contracts using MB’s price MB relaunched the Shanghai copper premium

Independent price reporting

Metal Bulletin relaunched the Shanghai copper price. The industry, including major copper producers, started using this daily physical price in their contracts. Market engagement around prices

1 2 3 1 2 3

Definitions: Physical price – This is the price used in contracts by suppliers, producers and manufacturers Physical premium –This is a price for a material with defined specifications taking into account location, purity and delivery requirements among others (eg. Shanghai, copper premium, Grade A, cathode, cif)

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Previous siloed structure

Capability – People Our strong management team allows us to scale and realise synergies

Metal Bulletin CEO

MetalBulletin General Manager Industrial Minerals General Manager American Metal Market General Manager MetalBulletin Research General Manager

Editorial Sales Marketing Editorial Sales Marketing Editorial Sales Marketing Editorial Sales Marketing

• Siloes created barriers to growth
• Sub-brands operated inefficiently
• Each brand operated like a subsidiary
• Matrix structure accelerates strategy
• Global teams maximise efficiency and sharing of best practice
• Communication enhanced

Fastmarkets CEO Metal Bulletin Metals Minerals Forestry New markets Head of marketing Head of editorial Head of sales Head of product

People

Target structure

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Capability – Content distribution New channels embed our data into client workflows

Content distribution

Delivery channel Initiatives

• To enable convenient access to our data and prices we are releasing API delivery that can be embedded

into workflow tools and other day-to-day tools API

• The dashboard will show our data in an intuitive, interactive and immersive way enabling customers to gain

deep market insights not previously possible with eg PDF content Dashboard

• Our mobile platform gives customers easy access to our data and tailors the experience to the channel

Mobile Excel plug-ins

• Our data is used in client modelling and decision making. To facilitate this process we are developing an

Excel plug-in that will enable our clients to make better use of our data

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Capability – Price gathering Our technology is auditable, transparent and among the most robust in the industry

Compliant price gathering

IOSCO compliant methodology and systems

Our integrated peer-review system Pricing data into MInD Market data is collected Trained price reporters Data analysis

Data published Robust Transaction Based Auditable Transparent Controlled The IOSCO PRA Principles are a set of best practice recommendations for PRAs to ensure the pricing process is robust and transparent

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Capability – Licence selling We are moving to selling licenses rather than just subscriptions

Licence selling

Pricing and products

• Restructure our products and pricing
• Base pricing on value rather than volume of information provided

Sales process

• Communicate our transition into a PRA and our move to data licensing
• Base sales process on client use-case
• Align resellers distribution model

Account Management

• Engage with customers to understand and promote use of our data
• We appointed global account directors

Technology system

• Develop new CRM systems to consolidate client information and requirements from across the organisation
• Create new delivery platform to provide data tools, data feeds and to integrate into client workflow

Administration

• Communicate revised contract terms and highlight acceptable use of our data
• Monitor compliant use of our data through technology

35 Cross selling: Share all potential cross sales leads between respective sales teams

Capabilities – Integrate acquisitions We effectively integrate acquisitions to create synergies and enter new markets

Management: Integrate into the PRA divisional organisation structure

Days

30 60

100

Migrate Control & Stabilise

Integrate & Develop

Prepare

Continuity Transition Synergies

Commercial review: Validate new product plans; implement PRA data licencing approach; and align with PRA division processes and policies Synergies: Roll-out PRA infrastructure to new acquisitions including compliance processes and use of price-collation systems Technology: Mitigate any risks and align core systems, processes and security protocols Change management: Develop internal and external communication programmes; proactively manage change and all migration activities

Integrate acquisitions

Standard integration timeline and focus

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We are growing strongly and plan to continue to accelerate this growth through acquisition

Forestry Metals

Notes: 1. Numbers are for Fastmarkets and also include Fastmarket events.

• 2. Proforma shows the full years revenues

Euromoney’s Price Reporting Agency1

Forestry Pro-forma2

Revenue

2015 2016 2017 2018

Case study 2: Telecoms

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Our strategy is… “to facilitate industry collaboration and trading across the telecoms ecosystem.”

Strategy

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Telecoms – Market

Why telecoms is attractive

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Technology vendors Infrastructure Carriers Devices Platforms Services

Components Chipsets

Network equipment Infrastructure management Components Chipsets Wholesale Retail Smartphone / Tablet Wearable / Smart device Consumer Enterprise Multiple verticals Manufacture the components for hardware across the value chain, e.g. SIM cards, processors, chipsets Build/manage network infrastructure (towers, cables, switches, routers) and servers network software Own/operate fixed and wireless networks providing data access and communications services Manufacture connected devices for consumer and enterprise use Link devices to service providers and enable app and

• ther software service

End-user, use-case specific services, often vertical- specific providers

Current Focus Market

Euromoney's telecoms business predominantly serves wholesale telecoms carriers and ecosystem

41

Telecoms carriers face industry challenges

Business disruption

• Limited growth because of saturation of carriers and strong competition
• Risk of commoditisation as value migrates to software
• Innovation is required to update the service portfolio for future growth

1 Squeezed margins 2

• Increased competition from internet carriers with lower overheads
• Decreases in prices driven by competition
• Prices are being forced down but investment required for growth (eg 5G)

New capabilities required by industry 3

• Reallocate resources from pure capacity trading towards growth areas
• Develop software capabilities to compete effectively
• Partner across the value chain to sustain growth

The industry recognises the importance of collaboration and convening to transact

Market

42

Telecoms – Fit for Euromoney

How telecoms fits Euromoney’s strategy

43

Euromoney's telecoms business addresses each of the strategic pillars

Fit for Euromoney

Invest around big themes Transform the operating model Actively manage the portfolio

Telecoms Transition from training to deal making and new product development

44

Euromoney's telecoms business is developing into a 3.0 business by facilitating deals

B2B 1.0 business

• Print
• Standalone events
• Monologue

B2B 2.0 business

• Digital
• Industry leading events
• Dialogue

B2B 3.0 business

• Embedded in deals and meetings
• Industry forum and infrastructure
• Facilitation

Capacity founded

2000 2008

ITW trading event launched

2010

ITW uses external software to support delegate meetings Euromoney purchases TelCap

2005

Fit for Euromoney

9 Standalone events

2005

Capacity magazine launched

2000

Capacity launches in-house meeting app (MeetMe)

2014 2015

Global Leadership Forum established, bringing together global leaders in telecoms

2017

BroadGroup, Layer123 and TowerXchange acquisitions

Euromoney’s telecoms business

2018

Telecoms businesses consolidated into a single division

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Telecoms – Strategy

Euromoney’s telecoms strategy

46

We will enter new segments of the value chain and serve more customer needs through our ‘T’ strategy

Value chain expansion The capabilities we have developed from serving network carriers create a platform to serve other segments. We are expanding into new segments

• rganically and through acquisition

We are expanding to facilitate industry collaboration and trading across the telecoms ecosystem

We are creating new products and services to meet more needs within each segment Serving more client needs Focus Strategy Description Strategy BroadGroup, Layer123 and TowerXchange Global Leaders Forum (GLF) and MeetMe Examples

47

Technology vendors Infrastructure Carriers Devices Platforms Services

We are increasing the depth and breath of our service by expanding value chain focus and serving other customer needs

Served by Telcap International transit Data centre and cloud Infrastructure Technology

We will expand along the telecoms value chain and increase the depth of our coverage Expansion

Functions in the value chain Value chain Strategy Served by Broad Group Served by Telcap Served Layer123 Served by Broad Group Served by Telcap Served by Layer123 New technology Served by TowerXchange

48

Example of vertical expansion: the Global Leadership Forum (GLF) convenes telecoms leaders

GLF activities Strategic benefit to TelCap

• Market engagement– allows on-going engagement with carriers
• Ecosystem engagement – ability to engage at higher level with the

whole telecoms value chain

• Market intelligence – understanding key executive topics
• Support market evolution– GLF working-group activities and

thought-leadership

An industry vision Aligned view of the industry aspiration and direction Shared priorities Collective activities Thought Leadership

Participating companies

Strategy

49

Example of expansion: acquiring BroadGroup enabled us to expand into the attractive datacentre and cloud function across the value chain

Strategy

Key products Value chain segments Functions served Market characteristics

Sector value is increasing Technology vendors Data centre and cloud New players are entering the data centre and cloud market Platforms Complex market requires interaction and business information Services Carriers DataCloud World Congress and regions Events Finance investment Forum (FiF) London EDGE computing congress New products Reports Data centre local reports Data Economy Colocation Markets Quarterly Consulting Bespoke consulting projects (eg CDD and market segment analysis)

Product type

50

We are growing strongly and plan to accelerate this growth through future acquisitions

Layer123 and Tower Xchange Telcap

Notes: 1. Proforma shows the full years revenues

Euromoney’s telecoms business

Proforma for BroadGroup, Layer123 and Tower Xchange1

Revenue

2015 2016 2017 2018

Case study 3: Specialist Information

52

“to source and structure information to enable specialist financial markets to

• ptimise how they place capital and manage risk”

Our divisional strategy is…

Specialist Information

53

Specialist Information has four portfolios serving a variety of markets that

• perate in opaque niches

Brands

Real Asset Financing Legal Media

Portfolio

Insurance Derivatives

Revenue

Specialist Information 2015 2016 2017 2018

54

Our revenue increase is driven by subscription growth

2014 2015 2016 2017 2018 Real Assets Derivatives SI division Insurance Legal Media Group The move towards 3.0 increase subscription and licensing revenues Subscription revenue increase as an index from 2014 (underlying revenue)

Specialist Information

55

Section 2 – Our journey

Our journey

1.0 2.0 3.0

56

IJ Global case study: we acquired a database and integrated this into our news

• ffering to accelerate the development into a 3.0 business

2013 2014 2017 Future 2015 2016

Our news and events brand B2B 3.0 B2B 1.0 B2B 2.0

IJ Global

We combined these businesses to create IJ Global which provides news, data, ratings and events

1a 1b

We acquired data and events content

2018 2

1.0 2.0 3.0

57

IJ Global case study: where we came from as a 1.0 business

1.0 2.0 3.0

Poland’s Highways Agency is seeking tech and finance advisors for its A2 motorway. The A2 was Poland’s first PPP. The concessions is held by a consortium industry (15%) and Dutch pension fund investor APG (60%)

What did 1.0 look like? How did we deliver 1.0?

58

IJ Global case study: where we are now as a 2.0 business

1.0 2.0 3.0

Centralise services Infrastructure Integrate acquisitions Subscription growth Consistent processes

Data platform

What does 2.0 look like? How do we deliver 2.0?

59

Derivatives case study: we have already completed the journey to 3.0 by organically developing Euromoney TradeData

2011 2012 2015 2018 2013 2014

B2B 3.0 B2B 1.0 B2B 2.0 We developed our derivative products from a magazine into a derivatives database

2016

1.0 2.0 3.0

2017

Futures and options magazine Futures and options database Futures and options contract APIs integrated into compliance workflow

60

Derivatives case study : where we came from as a 1.0 business

1.0 2.0 3.0

The Singapore Exchange (SGX) has cleared the world's first liquefied natural gas futures based on the price index Dubai/Kuwait/India (DKI) Sling.

What did 1.0 look like? How did we deliver 1.0?

61

Derivatives case study : where we came from as a 2.0 business

1.0 2.0 3.0

Centralise services Infrastructure Integrate acquisitions Subscription growth Consistent processes

Data platform

What did 2.0 look like? How did we deliver 2.0?

62

Derivatives case study: where we are now as a 3.0 business

1.0 2.0 3.0

What does 3.0 look like? How do we deliver 3.0?

Industry submits contracts 1 2 3 Standardise, analyze and consolidate database Client workflow queries database in real-time

Client portal

63

Overview – Specialist Information

Our future

1.0 2.0 3.0

64

The Specialist Information division is

Our future

A strong 2.0 business Developing into a 3.0 business

2020

65

Investor Relations contacts

Wendy Pallot Chief Financial Officer

Euromoney Institutional Investor PLC 8 Bouverie Street, London EC4Y 8AX Tel: +44 (0)20 7779 8888

FTI Consulting

Charles Palmer/Jamie Ricketts 200 Aldersgate, Aldersgate Street, London EC1A 4HD Tel: +44 (0)20 3727 1000

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This presentation (‘Presentation’) is prepared for and addressed only to the Company’s shareholders as a whole and to no other person. The Company, its Directors, employees, agents and advisers accept and assume no liability to any person in respect of this Presentation save as would arise under English law. Statements contained in this Presentation are based on the knowledge and information available to the Group’s Directors at the date it was prepared and therefore facts stated and views expressed may change after that date. This document and any materials distributed in connection with it may include forward-looking statements, beliefs, opinions or statements concerning risks and uncertainties, including statements with respect to the Group’s business, financial condition and results of operations. Those statements and statements which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Group's Directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and which may cause results and developments to differ materially from those expressed or implied by those statements and forecasts. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this Presentation. The Group undertakes no obligation to release any update of, or revisions to, any forward-looking statements, opinions (which are subject to change without notice) or any other information or statement contained in this Presentation. Furthermore, past performance of the Group cannot be relied on as a guide to future performance. No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Euromoney Institutional Investor PLC share for the current or future financial years would necessarily match or exceed the historical published earnings per Euromoney Institutional Investor PLC share. Nothing in this document is intended to constitute an invitation or inducement to engage in investment activity. This document does not constitute or form part of any offer for sale or subscription of, or any solicitation of any offer to purchase or subscribe for, any securities nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation

• thereto. This document does not constitute a recommendation regarding any securities.

Disclaimer