伦交所回复港交所原文

Dear Ms Cha and MrLi,

尊敬的查女士和李先生，

We are responding to your highly conditional proposal of 9 September 2019.

我们对你方2019年9月9日有条件的提议作出回应。

We were very surprised and disappointed that you decided to publish your unsolicited proposal within two days of our receiving it.

我们对你方决定在收到你方主动提出的建议后两天内公布它感到非常惊讶和失望。

Having now considered your letter and the associated documents carefully with our financial and legal advisors, the Board has fundamental concerns about your proposal.

现在，我们已经与我们的财务和法律顾问仔细考虑了您的来信和相关文件，董事会对您的提案有着根本性的担忧。

The Acquisition of Refinitiv

收购Refinitiv

LSEG agreed and announced the acquisition of Refinitiv on 1 August 2019. This was the culmination of many months of strategy development. deep consideration and discussion. It is a transformational transaction, strategically and financially. The combined global business will be headquartered and domiciled in the UK with a premium listing in London.

伦交所同意并宣布于2019年8月1日收购Refinitiv。这是多个月战略发展，深入思考和讨论的结果。这是一项战略性和财务上的转型交易。合并后的全球业务将总部设在英国，并在伦敦设有高级上市公司。

The fnancial and strategic logic of the Refinitiv transaction has been exceptionally well received. Since the Refinitiv announcement, the LSEG share price is up c.29%，a value increase of c.E5.8bn. There is postive market sentiment about the potential for further value creation for the enlarged group and the Board is confident that significantly greater value can be achieved.

Refinitiv交易的财务和战略逻辑非常受欢迎。自Refinitiv宣布以来，伦交所股价上涨了29％，市值增加了​​58亿英镑。对扩大后的集团进一步创造价值的潜力存在积极的市场情绪，董事会相信可以实现更大的价值。

Our Evaluation of your Highly Conditional Proposal

我们对您的高度有条件提案的评估

1.HKEX Proposal Does Not Meet Our Strategic Objectives

1.港交所的建议不符合我们的战略目标。

We do not see strategic merit for LSEG in your proposed transaction. Our planned acquisition of Refinitv meets LSEG's strategic objectives across its businesses which the Board believes to be critical for a leading Financial Markets Infrastructure provider of the future. In stark contrast, the high geographic concentration and heavy exposure to market transaction volumes in your business would represent a significant backward step for LSEG strategically.

我们认为您提议的交易中没有伦交所的战略价值。我们计划收购Refinitiv的计划符合伦交所的业务战略目标，董事会认为这对未来领先的金融市场基础设施供应商至关重要。与此形成鲜明对比的是，在你的业务中，高度的地理集中度和对市场交易量的大量敞口将代表着伦交所在战略上的重大倒退。

We recognise the scale of the opportunity in China and value greatly our relationships there. However, we do not believe HKEX provides us with the best long-term positioning in Asia or the best listing I trading platform for China. We value our mutually beneficial partnership with the Shanghai Stock Exchange which is our preferred and direct channel to access the many opportunities with China.

我们认识到中国机遇的规模，并非常重视我们在那里的关系。不过，我们认为港交所并没有为我们提供亚洲最佳的长期定位，也没有为我们提供中国最好的上市交易平台。我们重视与上海证券交易所的互利合作关系，上海证券交易所是我们获得与中国接触的众多机会的首选和直接渠道。

2.Serious Deliverability Risk

2.严重的交付风险

LSEG provides critical financial markets infrastructure. Your proposal would be subject to full scrutiny from a number of financial regulators, as well as govenmental entities under, for example, the UK Enterprise Act, the CFIUS process in the US, and the 'golden powers' regime in taly. There is no doubt that your unusual Board structure and your relationship with the Hong Kong govenment will complicate matters. Accordingly, your assertion that implementation of a transaction would be "swit and certain" is simply not credible. On the contrary, we judge that the approval processes would be exhaustive and that support from relevant parties, vital for the transaction, is highly uncertain. This would pose serious risk for our shareholders.

伦交所提供关键的金融市场基础设施。您的提案将受到一些金融监管机构以及政府实体的全面审查，例如英国企业法案，美国CFIUS程序以及意大利的“黄金权力”制度。毫无疑问，您不同寻常的董事会结构以及您与香港政府的关系会使问题复杂化。因此，您断言交易的实施将是“迅速和确定的”根本不可信。相反，我们判断审批程序是详尽无遗的，并且对交易至关重要的相关方的支持是高度不确定的。这将给我们的股东带来严重风险。

In this context, the consequence of our pursuing your proposal would be the temination of the acqusiton of Refinitiv when there is such uncertainty, given the regulatory, shareholder and other approvals you require, that a sale to you would be concluded. In our judgement, this is not a course of action that could be recommended to our shareholders, particularly given the high confidence we have in the significant value creation and deliverability of the Refinitv transaction.

在这种情况下，如果存在不确定性，考虑到监管机构、股东和您要求的其他批准，我们执行您的建议的结果将是取消再融资的资格，从而完成对您的出售。根据我们的判断，这不是一个可以向我们的股东推荐的行动方案，特别是考虑到我们对Refinitv交易的重大价值创造和可交付性具有高度的信心。

3. HKEX Share Consideration is Unattractive

3. 香港交易所股票没有吸引力

We note that three-quarters ! of your proposed consideration is in HKEX shares, representing a fundamentally different and much less attractive investment proposition to our shareholders. We see the value of your share consideration as inherently uncertain. The ongoing situation in Hong Kong adds to this uncertainty. Furthermore, we question the sustainabilityof HKEX's position as a strategic gateway in the longer term. The Hong Kong concentration and core characteristics of your business, together with your Hong Kong domicile and listing. present an additional set of ificulties.

我们注意到，您提议的四分之三的代价是香港交易所股票，这对我们的股东来说是一个根本不同且吸引力较小的投资主张。我们认为您的股票代价的价值本质上是不确定的。香港的持续情况增加了这种不确定性。此外，我们质疑香港交易所长期作为策略门户的可持续性。您的业​​务的香港集中和核心特征，连同您的香港住所和上市，带来了额外的困难。

4. Value Falls Substantially Short

4. 对伦交所价值严重低估

Irrespective of the considerations above, and even assuming your proposal were deliverable, its value falls substantially short of an appropriate valuation for a takeover of LSEG especially when compared to the significant value we expect to create through our planned acquisition of Refinitiv. Taking all of these factors into account, the Board unanimously rejects your proposal. Given the fundamental flaws in your proposal, we see no merit in further engagement.

无论上述考虑因素如何，甚至假设您的提案都是可交付的，其价值也远远低于收购伦交所的适当估值，特别是与我们通过计划收购Refinitiv所产生的重大价值相比。考虑到所有这些因素，董事会一致否决了您的提议。鉴于您的提案存在根本缺陷，我们认为没有必要再进行接触。

Yours sincerely.

Don Robert

Chairman, London Stock Exchange Group plc

谨上。

唐.罗伯特

伦敦证券交易所集团主席