Commentary & Deal Flow

Reoffer: 4.5yr: MS+63bp / 99.654 / 4.091% 9.5yr: MS+110bp / 99.413 / 4.581%
Benchmark: 4.5yr: DBR 0% Feb-31 @ 86.92 / 3.239% / B+85.2bp (HR: 108%) 9.5yr: DBR 2.9 Feb-36 @ 95.78 / 3.431% / B+115.0bp (HR: 97%)

Tranche 1 (4.5yr): Final Books >€1.3bn. Peak book >€1.5bn (good at guidance)
Tranche 2 (9.5yr): Final Books >€2.1bn. Peak book >€2.5bn (good at guidance)

Launched:
4.5yr: €500m @ MS+63bp - Books > €1.5bn (good at guidance)
9.5yr: €500m @ MS+110bp - Books > €2.5bn (good at guidance)
Guidance: 4.5yr: MS+65a 9.5yr: MS+115a - Combined books > €4bn
IPTs: 4.5yr: MS+90/95bp 9.5yr: MS+145/150bp

• Issuer: RELX Finance B.V.
• Issuer LEI: 54930086P8MBY4IN4E29
• Guarantor (Ticker): RELX PLC (Ticker: RELLN)
• Guarantor LEI: 549300WSX3VBUFFJOO66
• Guarantor Ratings (M/S/F): A3 (stable) / A- (stable) / A- (stable)
• Exp. Issue Ratings (M/S/F): A3 / A- / A-
• Format: Senior, Unsecured, Reg S, Bearer NGN, Cat2
• Settlement: 28-Sep-26 (T+5)
• Currency: €
• Size:
  • 4.5yr: €500m
  • 9.5yr: €500m
• Tenor:
  • 4.5yr: 4.5yr FXD
  • 9.5yr: 9.5yr FXD
• Reoffer:
  • 4.5yr: MS+63bp / 99.654 / 4.091%
  • 9.5yr: MS+110bp / 99.413 / 4.581%
• BMK:
  • 4.5yr: DBR 0% Feb-31 @ 86.92 / 3.239% / B+85.2bp (HR: 108%)
  • 9.5yr: DBR 2.9 Feb-36 @ 95.78 / 3.431% / B+115.0bp (HR: 97%)
• Coupon:
  • 4.5yr: 4% FXD (Ann, ACT/ACT (ICMA))
  • 9.5yr: 4.5% FXD (Ann, ACT/ACT (ICMA))
• Coupon Payment: Annually in arrear, payable on 21 March in each year commencing on 21-Mar-27 (short first) up to and including the Maturity Date
• Maturity Date:
  • 4.5yr: 21-Mar-31
  • 9.5yr: 21-Mar-36
• Par Call:
  • 4.5yr: 3 months
  • 9.5yr: 3 months
• MWC:
  • 4.5yr: B+15bp
  • 9.5yr: B+20bp
• ISIN:
  • 4.5yr: XS3489959281
  • 9.5yr: XS3489959877
• TOE:
  • 4.5yr: 17:10 CET / 16:10 UKT
  • 9.5yr: 17:09 CET / 16:09 UKT
• Use of Proceeds: General Corporate Purposes
• Documentation: Standalone / MWC / CoC Put / Clean-up Call (75%)/ Tax Call
• Target Market: UK MiFIR and EU MiFID II Professionals & Eligible Counterparties only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared as not available to retail in EEA or the U.K.
• Governing Law: English Law
• Selling Restrictions: As per the issuer’s preliminary prospectus
• Denominations: €100k+ 1k
• Listing: London Stock Exchange (Regulated market)
• Joint Active Bookrunners: BNP Paribas, Citigroup, Commerzbank, J.P. Morgan (B&D), Rabobank, TD Securities, UniCredit
• Advertisement: The final prospectus, when published, will be available on the issuer’s website (https://www.relx.com/investors/debt-investors/term-debt)
• Timing: Priced. FTT: 17:35 CET / 16:35 UKT