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As filed with the Securities and Exchange Commission on February 17, 2022
 
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 20-F
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
Or
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Or
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number:
1-13334
RELX PLC
(Exact name of Registrant as specified in its charter)
England
(Jurisdiction of incorporation or organisation)
1-3
Strand
, London WC2N 5JR, England
(Address of principal executive offices)
Henry Udow
Company Secretary
RELX PLC
1-3
Strand
, London WC2N 5JR, England
+44 20 7166 5500
henry.udow@relx.com
(Name, telephone,
e-mail
and/or facsimile number and address of
Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
  
Trading Symbol(s)
  
Name of exchange on which
registered
American Depositary Shares
(each representing one RELX PLC ordinary share)
   RELX    New York Stock Exchange
Ordinary shares of 14 51/116p each
(the “RELX PLC ordinary shares”
)
      New York Stock Exchange*
3.500% Guaranteed Notes due 2023
   RELX/23    New York Stock Exchange
1.300% Guaranteed Notes due 2025
   RELX/25    New York Stock Exchange
4.000% Guaranteed Notes due 2029
   RELX/29    New York Stock Exchange
3.000% Guaranteed Notes due 2030
   RELX/30    New York Stock Exchange
 
*
Listed, not for trading, but only in connection with the listing of the applicable Registrant’s American Depositary Shares issued in respect thereof.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
 
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2021:
 
   Number of outstanding shares
Ordinary shares of 14 51/116p each
      1,929,425,389
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes                ☑                No                 ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes                 ☐                No                ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes                ☑                No                 ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                ☑                No                 ☐
Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer,
non-accelerated
filer or emerging growth company. See definition of “accelerated filer,” “large accelerated filer” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer ☑   Accelerated filer ☐  
Non-accelerated
filer ☐
    Emerging growth company 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
                
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.    
☐    US GAAP                 ☑     International Financial Reporting Standards as issued by the International Accounting Standards Board                 ☐    Other
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow:
Item 17                 ☐                Item 18                 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).
Yes                 ☐                No                
Auditor Firm Id :    01438   Auditor Name :    Ernst & Young LLP   Auditor Location : London, United Kingdom
 
 
 

TABLE OF CONTENTS
 
        
Page
 
     1  
  
 
2
 
     3  
ITEM 1:
       N/A  
ITEM 2:
       N/A  
ITEM 3:
       3  
       3  
ITEM 4:
  INFORMATION ON THE GROUP      6  
       6  
       7  
       7  
       8  
       8  
       8  
ITEM 4A:
       N/A  
ITEM 5:
       10  
       10  
       17  
       18  
       19  
ITEM 6:
  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES      20  
       20  
       20  
       20  
       22  
       26  
       26  
ITEM 7:
  MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS      27  
       27  
       27  
ITEM 8:
  FINANCIAL INFORMATION      28  
ITEM 9:
  THE OFFER AND LISTING      29  
       29  
ITEM 10:
  ADDITIONAL INFORMATION      30  
       30  
       34  
       34  
       36  
ITEM 11:
  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      37  
ITEM 12:
  DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES      39  
     40  
ITEM 13:
  DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES      N/A  
ITEM 14:
  MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS      N/A  
ITEM 15:
  CONTROLS AND PROCEDURES      40  
ITEM 16A:
  AUDIT COMMITTEE FINANCIAL EXPERT      42  

        
Page
 
ITEM 16B:
  CODES OF ETHICS      42  
ITEM 16C:
  PRINCIPAL ACCOUNTANT FEES AND SERVICES      43  
ITEM 16D:
  EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES      N/A  
ITEM 16E:
  PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS      43  
ITEM 16F:
  CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT      N/A  
ITEM 16G:
  CORPORATE GOVERNANCE      44  
ITEM 16H:
  MINE SAFETY DISCLOSURE      N/A  
     F-1  
ITEM 17:
  FINANCIAL STATEMENTS*      F-1  
ITEM 18:
  FINANCIAL STATEMENTS      F-1  
       F-2  
       S-1  
ITEM 19:
       S-3  
 
*
The registrant has responded to Item 18 in lieu of responding to this Item.

 
 
THIS PAGE INTENTIONALLY BLANK
 
 
 
 

GENERAL
RELX PLC is a public limited company, and owns all of the Group’s businesses.
As used in this Annual Report on Form
20-F,
the terms “Group”, “RELX”, “we”, “our” or “us” refer collectively to RELX PLC and its subsidiaries, associates and joint ventures. For dates and periods ended before the corporate simplification on September 8, 2018, such terms refer collectively to RELX PLC, RELX NV, RELX Group plc and its subsidiaries, associates and joint ventures. Additional terms are defined in the Glossary of Terms on pages
S-1
and
S-2.
In this Annual Report on Form
20-F,
references to US dollars, $ and ¢ are to US currency; references to sterling, £, pound sterling, pence or p are to UK currency; references to euro and € are to the currency of the European Economic and Monetary Union.
Statements regarding our competitive position included herein were obtained from internal surveys, market research, publicly available information and industry publications. While we believe that the market research, publicly available information and industry publications we use are reliable, we have not independently verified market and industry data from third-party sources. Moreover, while we believe our internal surveys are reliable, they have not been verified by any independent source.
This document contains references to the RELX website, either within the document or incorporated by reference. Information not specifically stated as being incorporated by reference to the RELX website or any other website referenced is not incorporated into this document and should not be considered part of this document.
Pursuant to Rule
12b-23(a)
of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”), certain information in this Annual Report on Form
20-F
is being incorporated by reference to the RELX Annual Report and Financial Statements 2021 appended hereto as Exhibit 15.2. With the exception of the items and pages so specified, the RELX Annual Report and Financial Statements 2021 are not deemed to be filed as part of this Annual Report on Form
20-F.
 
1

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form
20-F
contains a number of forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, with respect to, among others:
 
 
 
our financial condition;
 
 
 
our results of operations;
 
 
 
our competitive positions;
 
 
 
the features and functions of and markets for the products and services we offer; and
 
 
 
our business plans and strategies.
We consider any statements that are not historical facts to be “forward-looking statements”. These statements are based on the current expectations of the management of our businesses and are subject to risks and uncertainties that could cause actual results or outcomes to differ from those expressed in any forward-looking statement. These differences could be material; therefore, you should evaluate forward-looking statements in light of various important factors, including those set forth or incorporated by reference in this Annual Report on Form
20-F.
Important factors that could cause our actual results to differ materially from estimates or forecasts contained in the forward-looking statements include, among others:
 
 
 
impact of the
Covid-19
pandemic;
 
 
 
current and future economic, political and market forces;
 
 
 
changes in law and legal interpretation affecting our intellectual property rights and internet communications;
 
 
 
regulatory and other changes regarding the collection or use of third-party content and data;
 
 
 
changes to the levels or models of government funding for, or spending by academic institutions;
 
 
 
competitive factors in the industries in which we operate and demand for our products and services;
 
 
 
our inability to realise the future anticipated benefits of acquisitions;
 
 
 
significant failure or interruption of our systems;
 
 
 
changes in economic cycles, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism;
 
 
 
compromises of our cyber security systems or other unauthorised access to our databases;
 
 
 
failure of third parties to whom we have outsourced business activities;
 
 
 
our inability to retain high-quality employees and management;
 
 
 
changes in the market values of defined benefit pension scheme assets and in the market related assumptions used to value scheme liabilities;
 
 
 
changes in tax laws and uncertainty in their application;
 
 
 
exchange rate fluctuations;
 
 
 
adverse market conditions or downgrades to the credit ratings of our debt;
 
 
 
breaches of generally accepted ethical business standards or applicable laws;
 
 
 
failure to comply with settlement orders by the US Federal Trade Commission (“FTC”); and
 
 
 
other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission (the “SEC”), including the risks described in “Item 3: Key Information — Risk Factors”.
The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”, “believe”, “trends” and similar expressions may indicate a forward-looking statement. Forward-looking statements are found at various places throughout this Annual Report on Form
20-F
and the other information incorporated by reference in this Annual Report on Form
20-F.
You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form
20-F.
Except as may be required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Annual Report on
Form 20-F
or to reflect the occurrence of unanticipated events.
 
2

PART I
ITEM 3: KEY INFORMATION
RISK FACTORS
The principal and emerging risks facing our business are included below. Additional risks not presently known to us or that we currently deem immaterial may also impair our business.
Covid-19
Pandemic
Our business performance and financial condition has been adversely affected by the impact of the
Covid-19
pandemic and may continue to be impacted in ways that are difficult to predict.
The impact of the
Covid-19
pandemic on RELX’s business continues to depend on a range of factors which we are not able to accurately predict, including the duration and scope of the pandemic, and the duration and extent of containment measures, such as quarantines or other travel restrictions and site closures. These measures have had and may continue to have a significant impact on
Face-to-face
events in our Exhibitions business with few
in-person
events taking place outside China and Japan between March 2020 and March 2021, with
re-opening
in key markets occurring later in 2021. There remains uncertainty about venue availability and the impact of travel restrictions going forward.
External Risks
Current and future economic, political and market forces, and dislocations beyond our control may adversely affect demand for our products and services.
Demand for our products and services may be adversely impacted by factors beyond our control, such as the economic environment in, and trading relations between, the United States, Europe and other major economies (including the evolution of the United Kingdom’s trading relationship with the European Union), political uncertainties, acts of war and civil unrest as well as levels of government and private funding provided to academic and research institutions.
Our intellectual property rights may not be adequately protected under current laws in some jurisdictions, which may adversely affect our results and our ability to grow.
Our products and services include and utilise intellectual property. We rely on trademark, copyright, patent, trade secret and other intellectual property laws to establish and protect our proprietary rights in this intellectual property. There is a risk that our proprietary rights could be challenged, limited, invalidated or circumvented, which may impact demand for and pricing of our products and services. Copyright laws are subject to national legislative initiatives, as well as cross-border initiatives such as those from the European Commission and increased judicial scrutiny in several jurisdictions in which we operate. This creates additional challenges for us in protecting our proprietary rights in content delivered through the internet and electronic platforms.
Regulatory changes regarding the collection and use of third-party information by us or compromises of our data privacy controls and other unauthorised access to our databases, could adversely affect our businesses and operations.
Our businesses rely extensively upon content and data from external sources. Data is obtained from public records, governmental authorities, publicly available information and media, customers, end users and other information companies, including competitors. The disruption or loss of data sources, either because of data privacy laws (or their interpretation by courts, regulators, customers or civil society) or because data suppliers decide not to supply them, may impose limits on our collection and use of certain kinds of information and our ability to communicate, offer or make such information available or useful to our customers.
Compromise of data, through a failure of our cyber security measures (see “Compromises of our cyber security systems and other unauthorised access to our databases, could adversely affect our businesses and operations” below), other data loss incidents or failure to comply with requirements for proper collection, use, storage and transfer of data, by ourselves, or our third-party service providers, may damage our reputation, divert time and effort of management and other resources, and expose us to risk of loss, fines and penalties, litigation and increased regulation.
Changes in the payment model for our scientific, technical and medical primary research products or alternative publication channels for our content could adversely affect our operations.
Our Scientific, Technical & Medical (STM) primary research content, like that of most of our competitors, is sold largely on a paid subscription basis. There is continued debate in government, academic and library communities, which are the principal customers for our STM content, regarding to what extent such content should be funded instead through fees charged to authors or authors’ funders and/or made freely available in some form after a period following publication. Some of these methods, if widely adopted, could adversely affect our revenue from paid subscriptions.
 
3

Strategic Risks
We operate in a highly competitive and dynamic environment that is subject to rapid change and cannot assure you that there will be continued demand for our products and services.
Our businesses are dependent on the continued demand by our customers for our products and services and the value placed on them. They operate in highly competitive and dynamic markets, and the means of delivery, customer demand for, and the products and services themselves, continue to change in response to rapid technological innovations, legislative and regulatory changes, the entrance of new competitors, and other factors. Failure to anticipate and quickly adapt to these changes, or to deliver enhanced value to our customers, could impact demand for our products and services and consequently adversely affect our revenue or the long-term returns from our investment in electronic product and platform initiatives.
We may not realise all of the future anticipated benefits of acquisitions.
We supplement our organic development with selected acquisitions. If we are unable to generate the anticipated benefits such as revenue growth and/or cost savings associated with these acquisitions, it could adversely affect return on invested capital and financial condition or lead to an impairment of goodwill.
Operational Risks
A significant failure or interruption of our electronic delivery platforms, networks, distribution systems or infrastructure could adversely affect our businesses and operations.
Our businesses are dependent on electronic platforms and networks, primarily the internet, for delivery of our products and services. These could be adversely affected if our electronic delivery platforms, networks or supporting infrastructure experience a significant failure, interruption or security breach. Climate change may increase the intensity and frequency of severe weather events which increases the risk of significant failure.
Changes in economic cycles, communicable disease epidemics, severe weather events, natural disasters, terrorism, and lack of venues may impact our ability to organise events.
Face-to-face
events are susceptible to economic cycles, communicable diseases, severe weather events and other natural disasters, terrorism and assignment of venues to alternative uses. Each or any of these may impact exhibitors’ and visitors’ desire and ability to travel in person to events and the availability of event venues. These factors each have the potential to reduce revenues, increase the costs of organising events and adversely affect cash flows and reputation.
Compromises of our cyber security systems and other unauthorised access to our databases, could adversely affect our businesses and operations.
Our businesses maintain and use online databases and platforms delivering our products and services, which we rely on, and provide data to third parties, including customers and service providers. These databases and information are a target for compromise and face a risk of unauthorised access and use by unauthorised parties including through cyber, ransomware and phishing attacks on us or our third-party service providers.
Our cyber security measures, and the measures used by our third-party service providers, may not detect or prevent all attempts to compromise our systems, which may jeopardise the security of the data we maintain or may disrupt our systems. Failures of our cyber security measures could result in unauthorised access to our systems, misappropriation of our or our users’ data, deletion or modification of stored information or other interruption to our business operations. As techniques used to obtain unauthorised access to or to sabotage systems change frequently and may not be known until launched against us or our third-party service providers we may be unable to anticipate or implement adequate measures to protect against these attacks and our service providers and customers may likewise be unable to do so.
Compromises of our or our third-party service providers’ systems, or failure to comply with applicable legislation or regulatory or contractual requirements could adversely affect our financial performance, damage our reputation and expose us to risk of loss, fines and penalties, litigation and increased regulation.
Our businesses may be adversely affected by the failure of third parties to whom we have outsourced business activities.
Our organisational and operational structures depend on outsourced and offshored functions, including use of cloud service providers. Poor performance, failure or breach of third parties to whom we have outsourced activities could adversely affect our business performance, reputation and financial condition.
 
4

We may be unable to implement and execute our strategic and business plans if we cannot recruit and retain skilled employees and management.
The implementation and execution of our strategies and business plans depend on our ability to recruit, motivate and retain skilled employees and management. We compete globally and across business sectors for talented management and skilled individuals, particularly those with technology and data analytics capabilities. An inability to recruit, motivate or retain such people could adversely affect our business performance. Failure to recruit and develop talent regardless of gender, race or other characteristics could adversely affect our reputation and business performance.
Financial Risks
Changes in the market values of defined benefit pension scheme assets and in the assumptions used to value defined benefit pension scheme obligations may adversely affect our businesses.
We operate a number of pension schemes around the world, including local versions of the defined benefit type in the UK and the United States. The US scheme is closed to future accruals. The UK scheme has been closed to new hires since 2010. The members who continue to accrue benefits now represent a small and reducing portion of the overall UK based workforce. The assets and obligations associated with these pension schemes are sensitive to changes in the market values of the scheme’s investments and the market-related assumptions used to value scheme liabilities. Adverse changes to asset values, discount rates, longevity assumptions or inflation could increase funding requirements.
Changes in tax laws or uncertainty over their application and interpretation may adversely affect our reported results.
Our businesses operate globally, and our profits are subject to taxation in many different jurisdictions and at differing tax rates. Tax laws that currently apply to our businesses may be amended by the relevant authorities or interpreted differently by them, and these changes could adversely affect our reported results.
Fluctuations in exchange rates may affect our results.
The RELX PLC consolidated financial statements are expressed in pounds sterling and are subject to movements in exchange rates on the translation of the financial information of businesses whose operational currencies are other than sterling. The United States is our most important market and, accordingly, significant fluctuations in the US dollar exchange rate could significantly affect our reported results. We also earn revenues and incur costs in a range of other currencies, including the euro and the yen, and significant fluctuations in these exchange rates could also significantly impact our reported results.
Market conditions and credit ratings may affect the availability and cost of funding.
Macroeconomic, political and market conditions may adversely affect the availability and terms of short and long-term funding, volatility of interest rates, the credit quality of our counterparties, currency exchange rates and inflation. The majority of our outstanding debt instruments are, and any of our future debt instruments may be, publicly rated by independent rating agencies. Our borrowing costs and access to capital may be adversely affected if the credit ratings assigned to our debt are downgraded.
Reputational Risks
Breaches of generally accepted ethical business standards or applicable statutes concerning bribery, corruption, fraud, sanctions, and competition could adversely affect our reputation and financial condition.
As a global provider of professional information solutions to the Risk, STM, Legal and Exhibitions markets we, our employees and major suppliers are expected to adhere to high standards of integrity and ethical conduct, including those related to anti-bribery and anti-corruption, fraud, sanctions, competition and principled business conduct. A breach of generally accepted ethical business standards or applicable laws could adversely affect our business performance, reputation and financial condition.
Regulatory Risks
Our business, operations and reputation could be adversely affected by a failure to comply with FTC settlement orders.
We are subject to numerous and evolving laws and regulations designed to protect certain information and, through our Risk business in the United States, we are party to two consent orders and two subsequent related supplemental orders embodying settlements, regarding our compliance with US federal laws governing consumer information and security-related issues, including certain fraudulent data access incidents. Failure to comply with these orders could result in civil penalties and adversely affect our business, operations and reputation.
 
5

ITEM 4: INFORMATION ON THE GROUP
BUSINESS OVERVIEW
RELX PLC is a public limited company, incorporated in England under the UK Companies Act 2006 (as amended) (the “Companies Act”).
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs over 33,000 people, over 40% of whom are in North America.
We operate in four major market segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions.
 
 
 
Risk provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency.
 
 
 
Scientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance healthcare and improve performance.
 
 
 
Legal provides legal, regulatory and business information and analytics that help customers increase their productivity, improve decision-making and achieve better outcomes.
 
 
 
Exhibitions combines industry expertise with data and digital tools to help customers connect digitally and
face-to-face,
learn about markets, source products and complete transactions.
Information on revenue by geographical market is set forth in note 2 to our consolidated financial statements under the heading “Revenue, operating profit and segment analysis” on page 144 to 147 of the RELX Annual Report and Financial Statements 2021 and incorporated herein by reference to Exhibit 15.2.
 
    
Revenue Year ended December 31,
 
    
2021
   
2020
   
2019
   
2018
 
    
(in millions, except percentages)
 
Risk
  
£
2,474
 
  
 
34
  £ 2,417        34   £ 2,316        29   £ 2,117        28
Scientific, Technical & Medical
  
 
2,649
 
  
 
37
 
    2,692        38       2,637        34       2,538        34  
Legal
  
 
1,587
 
  
 
22
 
    1,639        23       1,652        21       1,618        22  
Exhibitions
  
 
534
 
  
 
7
 
    362        5       1,269        16       1,219        16  
  
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
Total
  
£
7,244
 
  
 
100
  £ 7,110        100   £ 7,874        100   £ 7,492        100
  
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
 
RISK
The information set forth under the headings ‘Business Overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 14 to 17 of the RELX Annual Report and Financial Statements 2021 is incorporated herein by reference to Exhibit 15.2.
SCIENTIFIC, TECHNICAL & MEDICAL
The information set forth under the headings ‘Business Overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 20 to 23 of the RELX Annual Report and Financial Statements 2021 is incorporated herein by reference to Exhibit 15.2.
LEGAL
The information set forth under the headings ‘Business Overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 26 to 28 of the RELX Annual Report and Financial Statements 2021 is incorporated herein by reference to Exhibit 15.2.
EXHIBITIONS
The information set forth under the headings ‘Business Overview’, ‘Market opportunities’, ‘Strategic priorities’ and ‘Business model, distribution channels and competition’ on pages 32 to 34 of the RELX Annual Report and Financial Statements 2021 is incorporated herein by reference to Exhibit 15.2.
 
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