Nicolas Frost

• Responsible for financial strategy of the business and working with portfolio companies ranging
from $50m to $500m valuation to maximise investment return.
• Investor engagement and raising £109m finance for Prytek, including equity story development
and overseeing investor material preparation.
• Planning growth, acquisition and exit strategies for portfolio companies, including comprehensive
IPO readiness review and subsequent preparation for listed status.
• Improving portfolio company value by continuously challenging portfolio CEOs to increase
revenue growth, operating profitability, net income and free cash flow.

• Working with a diverse range of experts in education, business and finance to develop the
universitys next strategic plan against a challenging macroeconomic situation for universities.
• Audit and Risk Committee deputy chair, focusing on risk management and governance.

• Interim role reporting to the CFO specifically to improve in-year P&L and cash performance.
• Successfully executed a programme to deliver £229m of non-people cost saving. Year-end
results aligned with analyst consensus and showed good cost control in a high-inflationary
environment.
• Created and led a new cash and working capital management function to optimise cash flow.

• Chief Financial Officer for a Dublin-based FX trading business with $70m of revenue.
• Led the financial transition of the business through post-Brexit regulatory change, restructuring
part of the business back to the UK and freeing up capital for group purposes.
• Led the investment case to develop a new trading platform. Evaluated and launched a liquidity
incentive for the business to maintain FX trading market share on the existing platform until
launch.
• Improved the financial elements of operational resilience through embedding better processes.

• Chief Financial Officer responsible for the UKs £500m revenue primary stock exchange.
• Strategic work with C-suite colleagues to identify revenue streams adjacent to the core listing
and trading business. The plans aimed to deliver new revenue of £100m and have been partially
executed, with Voluntary Carbon Markets already launched and PISCES imminent.
• Worked with the executive team and regulator through a period of regulatory scrutiny to reduce
capital requirements in the business, with previously trapped cash paid via dividend to LSEG
group.

• Finance leader transforming the Capital Markets division from European equites exchanges into a
global, multi-asset trading business as LSEG acquired Refinitiv and sold Borsa Italiana.
• Global financial controller for £1.3bn revenue LSEG Capital Markets division, leading the team
responsible for all aspects of control, consolidation and financial reporting for the division.
• Integrated, challenged ways of working and transformed the finance service across multiple
areas enabling finance to better support the business through a revised structure and global
footprint.
• Responsible for audit engagement, accounting judgements, assurance, internal controls
assessment, financial risk management and statutory accounting.
• Oversight of financial regulatory relationships for 9 businesses across the globe, including capital
adequacy and regulatory document preparation (FRR, ICAAP, ICARA).
• Working closely with Compliance and Risk leaders to revise and implement LSEGs risk
management frameworks during post-merger integration.
• Saved over £200k of financial control team cost by setting up a new offshore accounting centre,
while simultaneously working to a shorter month end timeline.
• Startup of an Indonesian regulated FX exchange. Work included developing partnerships with in
country banks, Indonesian regulator engagement, and setting up the regulated entity.

• Global process owner for LSE Group financial planning, analysis and forecasting including
updating the Group CFO and executive committee on emerging trends and best course of action.
• Worked with the Group CFO, Head of Corporate Finance, and divisional CFOs to develop and
execute a high-growth business plan. This consisted of three pillars designed to increase market
capitalisation from $17bn to $50bn by focusing on organic growth, bolt-on M&A and strategic
M&A. My impact was driving the organic business plan and adjacent initiatives. The subsequent
performance and cash generation allowed LSEG to acquire Refinitiv from Blackstone in 2021.
• Key member of LSEG financial risk management framework. Developed the group stress testing
models and methods to test and manage group viability under severe stress scenarios.
• Key part of financial year end, working with the Group Financial Controller to prepare financial
statements and provide quality analytical review for the financial statements.

M&A lead for LSE Group-Refinitiv ($27bn merger, FCA Class 1 transaction), from 2019 to 2021
completion
• Led the cost synergy workstream, announcing over £350m (7%) cost savings to the market.
• Led the working capital workstream, assuring shareholders over liquidity of the combined
company.
• Drove deal value as owner of the combined financial plan, consolidating financial forecasts.

Led group-wide systems project to implement Hyperion Planning, 2016 to 2018
• Implemented significant change by installing a Hyperion planning system and applications
against an aggressive timeline. Achieved by driving business finance teams through data
mapping and testing. The result was delivery of a well-received budget paper and growth plan to
the board.
• Used the data model to provide financial clarity to the CFO and exco, supporting further growth.

• Led the UK, Europe and Asia business finance team providing commercial finance advice to
divisional leaders, including new sales proposals, sales commission plans and divisional
budgeting.
• £24m disposal of a non-core business, data preparation, evaluating an initial approach, working
with deal advisors, presenting to potential buyers, price negotiation and due diligence.
• Post M&A planning and delivery of revenue growth and cost saving targets for the integration of
the Russell Indexes business into the FTSE Russell brand.

• Finance lead for the relationships with 11 partners, including Sainsburys and Nectar.
• Drove a 40% increase in sales for Sainsburys Energy by optimising commercial terms that
worked financially for both parties. The resulting tariff was in the top 3 lists on price comparison
websites.

• Analysis of all aspects of Centricas performance for the CEO, CFO, investor relations.
• Protected Centrica from a credit rating downgrade by scenario modelling liquidity and credit
headroom for Centrica to enable decisions which optimised the rating metrics.

Various accounting roles, saved reporting time by standardising reporting, cleared migrated SAP
balances.