As filed with the Securities and Exchange Commission on March 12, 20122013

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

Or

For the fiscal year ended December 31, 20112012

Or

For the transition period from              to             

Or

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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 issuers’ classes of capital or common stock as of December 31, 2011:2012:

Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act.

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If this report is an annual or transition report, indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

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Indicate by check mark whether the registrants (1) have 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) have been subject to such filing requirements for the past 90 days:

Yes                þ                No                ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes                ¨                No                ¨

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, or non-accelerated filers. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

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Indicate by check mark which basis of accounting the registrants have used to prepare the financial statements included in this filing.

¨     US GAAP            þ    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 registrants have elected to follow:

Item 17        ¨                     Item 18        ¨

If this is an annual report, indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act):

Yes                ¨                  No                þ

TABLE OF CONTENTS

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GENERAL

Reed Elsevier PLC and Reed Elsevier NV conduct their business through two jointly owned companies, Reed Elsevier Group plc and Elsevier Reed Finance BV. Reed Elsevier PLC and Reed Elsevier NV have retained their separate legal and national identities. “Reed Elsevier” is not a legal entity but a collective reference to the separate legal entities of Reed Elsevier PLC, Reed Elsevier NV, Reed Elsevier Group plc and Elsevier Reed Finance BV and their respective subsidiaries, associates and joint ventures. The businesses of all of the entities comprising Reed Elsevier are collectively referred to in this annual report as “Reed Elsevier”, and the financial statements of the combined businesses are referred to as the “combined financial statements”. In this annual report, references to “we”, “our”, or “us” are to all of the entities comprising Reed Elsevier.

In this annual report, references to US dollars, $ and ¢ are to US currency; references to sterling, £, pence or p are to UK currency; references to euro and € are to the currency of the European Economic and Monetary Union.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This document contains or incorporates by reference a number of forward looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act 1934, as amended, with respect to:

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.document.

Important factors that could cause actual results to differ materially from estimates or forecasts contained in the forward looking statements include, among others:

The terms “estimate”, “project”, “plan”, “intend”, “expect”, “should be”, “will be”, “believe” and similar expressions identify forward looking statements. These forward looking statements are found at various places throughout this annual report and the other documents incorporated by reference in this annual report (see “Item 19: Exhibits” on pagepages S-3 and S-4 of this annual report).

You should not place undue reliance on these forward looking statements, which speak only as of the date of this annual report. 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 or to reflect the occurrence of unanticipated events.

PART I

ITEM  3: KEY INFORMATION

SELECTED FINANCIAL DATA

REED ELSEVIER

The selected combined financial data for Reed Elsevier should be read in conjunction with, and is qualified by, the combined financial statements included in this annual report. In addition, as separate legal entities, Reed Elsevier PLC and Reed Elsevier NV prepare separate consolidated financial statements which reflect their respective shareholders’ economic interests in Reed Elsevier accounted for on an equity basis.

All of the selected financial data for Reed Elsevier set out below has been extracted or derived from the audited combined financial statements.

Combined Income Statement Data⁽¹⁾

Combined Statement of Financial Position Data⁽¹⁾

(4)

Disposals and other non operating items comprise a £28an £86 million lossprofit on disposal of businesses (2010: £54(2011: £12 million loss; 2010: £32 million loss; 2009: £69£49 million loss; 2008: £86 million loss; 2007: £65loss), a £60 million gain)charge to property provisions on disposed businesses (2011: £16 million; 2010: £22 million; 2009: £20 million; 2008: nil), and a £6£19 million gain relating to the revaluation of held for trading investments (2010:(2011: £6 million gain; 2010: £8 million gain; 2009: £8 million gain; 2008: £6 million loss; 2007: £2 million loss).

REED ELSEVIER PLC

The selected financial data for Reed Elsevier PLC should be read in conjunction with, and is qualified by, the consolidated financial statements of Reed Elsevier PLC included in this annual report. The results and financial position of Reed Elsevier PLC reflect the 52.9% economic interest of Reed Elsevier PLC’s shareholders in Reed Elsevier, after taking account of results arising in Reed Elsevier PLC and its subsidiaries. These interests have been accounted for on an equity basis.

All of the selected consolidated financial data for Reed Elsevier PLC set out below has been extracted or derived from the audited financial statements of Reed Elsevier PLC.

(5)

Weighted average number of shares excludes shares held in treasury and shares held by the Reed Elsevier Group plc Employee Benefit Trust. On January 7, 2008 the existing ordinary shares were consolidated into new ordinary shares on the basis of 58 new ordinary shares for every 67 existing ordinary shares. For the purposes of calculating earnings per share, the effective date of the share consolidation is deemed to be January 18, 2008, being the date on which the accompanying special distribution was paid. On July 30, 2009 Reed Elsevier PLC announced a share placing for 109,198,190 new ordinary shares, representing approximately 9.9% of the company’s share capital prior to the placing. The shares were fully subscribed at a price of 405p per share, raising £435 million, net of issue costs. This share placing was announced in conjunction with a similar share placing by Reed Elsevier NV.

REED ELSEVIER NV

The selected financial data for Reed Elsevier NV should be read in conjunction with, and is qualified by, the consolidated financial statements of Reed Elsevier NV included in this annual report. The results and financial position of Reed Elsevier NV reflect the 50% economic interest of Reed Elsevier NV’s shareholders in Reed Elsevier. These interests are accounted for on an equity basis.

All of the selected financial data for Reed Elsevier NV set out below has been extracted or derived from the audited consolidated financial statements of Reed Elsevier NV.

EXCHANGE RATES

For a discussion of the impact of currency fluctuations on Reed Elsevier’s combined results of operations and combined financial position, see “Item 5: Operating and Financial Review and Prospects”.

The following tables illustrate, for the periods and dates indicated, certain information concerning the Noon Buying Rate for pounds sterling expressed in US dollars per £1.00 and for the euro expressed in US dollars per €1.00. The exchange rate on February 15,27, 2012 was £1.00 = $1.57$1.51 and €1.00 = $1.31$1.31.

US dollars per £1.00 — Noon Buying Rates

US dollars per €1.00 — Noon Buying Rates

Noon Buying Rates have not been used in the preparation of the Reed Elsevier combined financial statements, the Reed Elsevier PLC consolidated financial statements or the Reed Elsevier NV consolidated financial statements but have been used for certain convenience translations where indicated.

RISK FACTORS

The key material risks to our business are included below. Additional risks not presently known to us or that we currently deem immaterial may also impair our business.

We operate in a highly competitive environment that is subject to rapid change.

Our businesses operate in highly competitive markets. These markets continue to change in response to technological innovations, changing legislation, regulatory changes, the entrance of new competitors, and other factors. We cannot predict with certainty the changes that may occur and the effect of those changes on the competitiveness of our businesses. In particular, the means of delivering our products and services, and the products and services themselves, may be subject to rapid technological and other changes. We cannot predict whether technological innovations, changing legislation or other factors will, in the future, make some of our products wholly or partially obsolete or less profitable. Failure to anticipate market trends could impact the competitiveness of our products and services and consequently adversely affect our revenue and profit.

We cannot assure you that there will be continued demand for our products and services.

Our businesses are dependent on the continued acceptance by our customers of our products and services and the value placed on them. We cannot predict whether there will be changes in the future, either in the market demand or from the actions of competitors, which will affect the acceptability of products, services and prices to our customers.

Fluctuations in exchange rates may affect our reported results.

Our financial statements are expressed in pounds sterling and euros and are, therefore, subject to movements in exchange rates on the translation of the financial information of businesses whose operational currencies are other than our reporting currencies. The United States is our most important market and, accordingly, significant fluctuations in US dollar exchange rates can significantly affect our reported results and financial position from year to year. In addition, in some of our businesses we incur costs in currencies other than those in which revenues are earned. The relative movements between the exchange rates in the currencies in which costs are incurred and the currencies in which revenues are earned can significantly affect the results of those businesses.

Current and future economic, political and market forces, and dislocations beyond our control may adversely affect demand for our products and services.

The demand for our products and services may be impacted by factors that are beyond our control, including macro economic, political and market conditions, the availability of short term and long term funding and capital and the level of volatility of interest rates, currency exchange rates and inflation. The United States, Europe and other major economies have recently undergone a period of severe economic turbulence, and the global economic environment has recently been less favourable than in prior years and this may continue into the future. Any one or more of these factors may contribute to reduced activity by our customers, may result in a reduction of demand for our products and services, and may adversely affect suppliers and third parties to whom we have outsourced business activities. Further disruption to global credit markets, which has significantly contributed to the recent economic turbulence described above, could have further disruptive consequences for global economic growth and customer demand.

Changes in tax laws or uncertainty over their application and interpretation may adversely affect our reported results.

Our businesses operate worldwide and our earnings are subject to taxation in many differing jurisdictions and at differing rates. We seek to organise our affairs in a tax efficient manner, taking account of the jurisdictions in which we operate. However, tax laws that apply to our businesses may be amended or interpreted differently by the relevant authorities, which could adversely affect our reported results. In addition, disputes arise from time to time with tax authorities regarding the application of tax laws to our businesses.

Changes in regulation of information collection and use could adversely affect our revenues and our costs.

Legal regulation relating to internet communications, data protection, e-commerce, direct marketing, credit scoring and digital advertising, privacy, information governance and use of public records is becoming more prevalent. Existing and proposed legislation and regulations, including changes in the manner in which such legislation and regulations are interpreted by courts, in the United States, the European Union and other jurisdictions may impose limits on our collection and use of certain kinds of information about individuals and our ability to communicate such information effectively with our customers. For example, many of the background screening report businessesproducts offered by LexisNexis Risk Solutions are governed by the US Fair Credit Reporting Act (“FCRA”), Graham Leach Bliley Act (“GLBA”), Drivers Privacy Protection Act (“DPPA”) and related state laws. Certain of 1970 and analogous statethese laws requiring that consumers be provided the contents of

background reports and allowed to have any inaccuracies in the reports corrected. It further providesprovide for statutory penalties and attorneyattorneys fees for non-compliance. We are unable to predict in what form laws and regulations will be adopted or modified or how they will be construed by the courts, or the extent to which any such laws or interpretation changes might adversely affect our business.

Changes in provision of third party information to us could adversely affect our businesses.

A number of our businesses rely extensively upon content and data from external sources to maintain our databases. Data is obtained from public records, governmental authorities, customers and other information companies, including competitors. In the case of public records, including social security number data which are obtained from public authorities, our access is governed by law. We also obtain the credit header data in our databases from consumer credit reporting agencies. The disruption or loss of data sources in the future, because of changes in the law or because data suppliers decide not to supply them, could adversely affect our businesses if we were unable to arrange for substitute sources in a timely manner or at all.

Our business, operations and reputation could be adversely affected by a failure to comply with FTC Settlement Orders.

Through our LexisNexis Risk Solutions business, we are party to two consent orders and two subsequent related supplemental orders (the “FTC Settlement Orders”) embodying settlements with the US Federal Trade Commission (“FTC”) that resolved FTC investigations into our compliance with federal laws governing consumer information security and related issues, including certain fraudulent data access incidents. We also entered into an Assurance of Voluntary Compliance and Discontinuance (“AVC”) with the Attorneys General of 43 states and the District of Columbia in connection with one such FTC investigation. The FTC Settlement Orders and the AVC require us to institute and maintain information security, verification, credentialing, audit and compliance, and reporting and record retention programmes and to obtain an assessment from a qualified, independent third party every two years for twenty years (with the FTC having the right to extend such twenty-year period by up to two additional biennial assessment periods) to ensure that our performance under these information security programmes complies with the FTC Settlement Orders. Failure to comply with the FTC Settlement Orders and the AVC could result in civil penalties and adversely affect our business, operations and reputation.

Breaches of our data security systems or other unauthorised access to our databases could adversely affect our business and operations.

Our businesses provide customers with access to database information such as case law, treatises, journals, and publications as well as other data. Our LexisNexis Risk Solutions business also provides authorised customers with access to public records and other information on US individuals made available in accordance with applicable privacy laws and regulations. There are persons who try to breach our data security systems or gain other unauthorised access to our databases in order to misappropriate such information for potentially fraudulent purposes and we have previously disclosed incidents of such unauthorised access. Because the techniques used by such persons change frequently, we may be unable to anticipate or protect against the threat of breaches of data security or other unauthorised access. Breaches of our data security systems or other unauthorised access to our databases could damage our reputation and expose us to a risk of loss or litigation and possible liability, as well as increase the likelihood of more extensive governmental regulation of these activities in a way that could adversely affect this aspect of our business.

Changes in government funding of, or spending by, academic institutions may adversely affect demand for the products and services of our science and medical businesses.

The principal customers for the information products and services offered by our science and medical publishing businesses are academic institutions, which fund purchases of these products and services from limited budgets that may be sensitive to changes in private and governmental sources of funding. Accordingly, any decreases in budgets of academic institutions or changes in the spending patterns of academic institutions could negatively impact our businesses.

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 are largely comprised of intellectual property content delivered through a variety of media, including journals, books, compact discs, and online, including the internet. We rely on trademark, copyright, patent, trade secret and other intellectual property laws to establish and protect our proprietary rights in these products and services. However, we cannot assure you that our proprietary rights will not be challenged, limited, invalidated or circumvented. Despite trademark and copyright protection and similar intellectual property protection laws, third parties may be able to copy, infringe or otherwise profit from our proprietary rights without our authorisation. These unauthorised activities may be facilitated by the internet.

In addition, whilst there is now certain internet-specific copyright legislation in the United States and in the European Union, there remains significant uncertainty as to the date from which such legislation will be enforced and the form copyright law regulating digital content may ultimately take. In several jurisdictions, including the United States, Australia and the European Union, copyright laws are increasingly coming under legal review. These factors create additional challenges for us in protecting our proprietary rights in content delivered through the internet and electronic platforms. Moreover, whilst non-copyrightable databases are protected in many circumstances by law in the European Union, there is no equivalent legal protection in the United States.

We may be unable to implement and execute our strategic and business plans if we cannot maintain high quality management.

The implementation and execution of our strategic and business plans depend on the availability ofour ability to recruit, motivate and retain high quality people. We compete globally and across business sectors for talented management resources across alland skilled individuals, particularly those with technology and data analytics capabilities, inability to recruit, motivate or retain such people could adversely affect our businesses. We cannot predict that in the future such resources will be available.business performance.

We may not realize all of the future anticipated benefits of potential future acquisitions.

WeFrom time to time, we acquire businesses to reshape and strengthen our portfolio. Whilst our acquisitions are made within the framework of our overall strategy, which emphasizes organic development, we cannot assure you we will be able to generate the anticipated benefits such as revenue growth, synergies and/or cost savings associated with these acquisitions. Failure to realize the anticipated benefits of potential future acquisitions could adversely affect our business.return on invested capital and financial condition.

We cannot assure you whether our substantial investment in electronic product and platform initiatives will produce satisfactory, long term returns.

We are investing significant amounts to develop and promote electronic products and platforms. The provision of electronic products and services is very competitive and we may experience difficulties developing this aspect of our business due to a variety of factors, many of which are beyond our control. These factors may include competition from comparable and new technologies and changes in regulation.

Our businesses may be adversely affected if their electronic delivery platforms, networks or distribution systems experience a significant failure or interruption.

Our businesses are increasingly dependent on electronic platforms and distribution systems, primarily the internet, for delivery of their products and services. From time to time we have experienced verifiable attacks on our platforms and systems by unauthorised parties. To date such attacks have not resulted in any material damage to us, however, our businesses could be adversely affected if their electronic delivery platforms and networks experience a significant failure, interruption or security breach.

Our businesses may be adversely affected by the failure of third parties to whom we have outsourced business activities.

We engage in outsourcingOur organisational and offshoring activities such as IT, productionoperational structures have increased dependency on outsourced and development engineering.offshored functions. Poor performance or the failure of third parties to whom we have outsourced business functions could adversely affect our business performance, reputation and financial condition.

Our scientific, technical and medical primary publications could be adversely affected by changes in the market.

Our scientific, technical and medical (STM)(“STM”) primary publications, like those of most of our competitors, are published on a paid subscription basis. There is continuous debate in government, academic and library communities, which are the principal customers for our STM publications, regarding whether such publications should be free and funded instead through fees charged to authors and from governmental and other subsidies or made freely available after a period following publication. If these methods of STM publishing are widely adopted or mandated, it could adversely affect our revenue from our paid subscription publications.

Spending by companies on advertising and other marketing activities, which comprises a significant portion of our revenue, has historically been cyclical.

Approximately 7%In 2012 6% of our revenue in 2011 was derived from advertising and 12%14% from exhibitions. In Reed Business Information, 38%30% of revenue was derived from advertising in 20112012 compared with 41%37% in 2010.2011. Total advertising revenues for our businesses in 20112012 were £437£350 million compared with £491£437 million in the prior year.2011.

Traditionally, spending by companies on advertising and other marketing activities has been cyclical, with companies spending significantly less on advertising in times of economic slowdown or turbulence. In addition, there has been a structural shift of advertising and lead generation to Google and other search engines.

The exhibitions business is similarly affected by cyclical pressures on spending by companies. Additionally, participation and attendance at exhibitions is affected by the availability of exhibition venues and the propensity of exhibitors and attendees to travel. Our results could be adversely affected if the availability of venues or the demand from exhibitors and attendees were reduced, for example due to international security or public health concerns or acts of terrorism or war.

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,world. Historically, the largest schemes beinghave been of the defined benefit type in the United Kingdom, the United States and the Netherlands. The assets and obligations associated with defined benefit pension schemes are particularly sensitive to changes in the market values of assets and the market related assumptions used to value scheme liabilities. In particular, a decrease in theadverse changes to asset values, discount rate used to value scheme liabilities, anrates or inflation could increase in life expectancy of scheme members, an increase in the rate of inflation or a decline in the market value of investments held by the defined benefitfuture pension schemes (absent any change in their expected long term rate of return) could adversely affect the reported resultscosts and financial position of the combined businesses.funding requirements.

Our impairment analysis of goodwill and indefinite lived intangible assets incorporates various assumptions which are highly judgemental. If these assumptions are not realised, we may be required to recognise a charge in the future for impairment.

As at December 31, 2011,2012, goodwill on the combined statement of financial position amounted to £4,729£4,545 million and intangible assets with an indefinite life amounted to £370£354 million. We conduct an impairment test at least annually, which involves a comparison of the carrying value of goodwill and indefinite lived intangible assets by cash generating unit with estimated values in use based on latest management cash flow projections. The assumptions used in the estimation of value in use are, by their very nature, highly judgemental, and include profit growth of the business over a five year forecast period, the long term growth rate of the business thereafter, and related discount rates. There is no guarantee that our businesses will be able to achieve the forecasted results which have been included in the impairment tests and impairment charges may be required in future periods if we are unable to meet these assumptions.

Our borrowing costs and access to capital may be adversely affected if the credit ratings assigned to our debt are downgraded.

Our outstanding debt instruments are, and any of our future debt instruments may be, publicly rated by independent rating agencies such as Moody’s Investors Service Inc., Standard & Poor’s Rating Services and Fitch Ratings. A rating is based upon information furnished by us or obtained by the relevant rating agency from its own sources and is subject to revision, suspension or withdrawal by the rating agency at any time. Rating agencies may review the assigned ratings due to developments that are beyond our control. Factors cited as a basis for a ratings downgrade or an assignment of a negative outlook could include the macro economic environment and the level of our indebtedness as a consequence of an acquisition. If the ratings of our debt are downgraded in the future, our borrowing costs and access to capital may be adversely affected.

Breaches of generally accepted ethical business standards or applicable statutes concerning bribery could adversely affect our reputation and financial condition.

As a leading global provider of professional information solutions to the Science, Medical, Risk, Legalscience, medical, risk, legal and Businessbusiness sectors, we are expected to adhere to high standards of independence and ethical conduct. Whilst our employees are expected to abide by the Reed Elsevier Code of Ethics and Business Conduct, employees may still fail to abide by its guidelines relating to anti-bribery and principled business conduct. Similarly, whilst our major suppliers are expected to abide by our Supplier Code of Conduct, suppliers may still fail to abide by its guideline relating to anti-bribery and principled business conduct. A breach of generally accepted principled business standards or applicable statues concerning bribery by our employees or our suppliers could adversely affect our business performance, reputation and financial condition.

Failure to manage our environmental impact could adversely affect our businesses.

Our businesses have an impact on the environment, principally through the use of energy and water, waste generation and, in our supply chain, through our paper use and print and production technologies. Whilst we are committed to reducing these impacts by limiting resource use and by efficiently employing sustainable materials and technologies, we cannot assure you that these efforts and expenditures incurred by us in order to comply with either new environmental legislation and regulations, new interpretations or existing laws and regulations or more rigorous enforcement of such laws and regulations will not adversely impact on our businesses or reputation.

ITEM 4: INFORMATION ON REED ELSEVIER

HISTORY AND DEVELOPMENT

Corporate structure

Reed Elsevier came into existence in January 1993, when Reed Elsevier PLC and Reed Elsevier NV contributed their respective businesses to two jointly-owned companies, Reed Elsevier Group plc, a UK registered company which owns the publishing and information businesses, and Elsevier Reed Finance BV, a Dutch registered company which owns the financing activities. Reed Elsevier PLC and Reed Elsevier NV have retained their separate legal and national identities and are publicly held companies. Reed Elsevier PLC’s securities are listed in London and New York, and Reed Elsevier NV’s securities are listed in Amsterdam and New York.

Equalisation arrangements

Reed Elsevier PLC and Reed Elsevier NV each hold a 50% interest in Reed Elsevier Group plc. Reed Elsevier PLC holds a 39% interest in Elsevier Reed Finance BV, with Reed Elsevier NV holding a 61% interest. Reed Elsevier PLC additionally holds a 5.8% indirect equity interest in Reed Elsevier NV, reflecting the arrangements entered into between the two companies at the time of the merger, which determined the equalisation ratio whereby one Reed Elsevier NV ordinary share is, in broad terms, intended to confer equivalent economic interests to 1.538 Reed Elsevier PLC ordinary shares. The equalisation ratio is subject to change to reflect share splits and similar events that affect the number of outstanding ordinary shares of either Reed Elsevier PLC or Reed Elsevier NV.

Under the equalisation arrangements, Reed Elsevier PLC shareholders have a 52.9% economic interest in Reed Elsevier, and Reed Elsevier NV shareholders (other than Reed Elsevier PLC) have a 47.1% economic interest in Reed Elsevier. Holders of ordinary shares in Reed Elsevier PLC and Reed Elsevier NV enjoy substantially equivalent dividend and capital rights with respect to their ordinary shares.

The Boards of both Reed Elsevier PLC and Reed Elsevier NV have agreed, other than in special circumstances, to recommend equivalent gross dividends (including, with respect to the dividend on Reed Elsevier PLC ordinary shares, the associated UK tax credit), based on the equalisation ratio. A Reed Elsevier PLC ordinary share pays dividends in sterling and is subject to UK tax law with respect to dividend and capital rights. A Reed Elsevier NV ordinary share pays dividends in euros and is subject to Dutch tax law with respect to dividend and capital rights.

The principal assets of Reed Elsevier PLC comprise its 50% interest in Reed Elsevier Group plc, its 39% interest in Elsevier Reed Finance BV, its indirect equity interest in Reed Elsevier NV and certain amounts receivable from subsidiaries of Reed Elsevier Group plc. The principal assets of Reed Elsevier NV comprise its 50% interest in Reed Elsevier Group plc, its 61% interest in Elsevier Reed Finance BV and certain amounts receivable from subsidiaries of Reed Elsevier Group plc and Elsevier Reed Finance BV.plc. Reed Elsevier NV also owns shares, carrying special dividend rights, in Reed Elsevier Overseas BV, a Dutch registered subsidiary of Reed Elsevier Group plc. These shares enable Reed Elsevier NV to receive dividends from companies within its tax jurisdiction, thereby mitigating Reed Elsevier’s potential tax costs.

Material acquisitions and disposals

Total acquisition expenditure in the three years ended December 31, 2011,2012, including the buy out of non controllingnon-controlling interests, was £594£924 million, net of cash acquired. During 2012, a number of acquisitions were made for total consideration of £341 million, net of cash acquired of £12 million. During 2011, a number of acquisitions, including the buy out of non controllingnon-controlling interests, were made for a total consideration of £540 million, net of cash acquired of £24 million. The most significant of these was Accuity Inc., a leading provider of data in credit risk, regulatory compliance and online payment systems, acquired in November 2011 for cash consideration of £331 million, net of cash acquired. During 2010, a number of small acquisitions were made for a total consideration of £43 million. During 2009 a number

Gross cash proceeds from disposals amounted to £242 million (2011: £101 million; 2010: £66 million), including £7 million from the sale of small acquisitions were made for a total considerationnon-controlling interests. Net cash proceeds, before tax, amounted to £160 million (2011: £80 million; 2010: £6 million), after related separation and transaction costs, additional pension scheme contributions, and working capital and other adjustments in respect of £11 million.prior year transactions.

Restructuring

In February 2008 we announced a major restructuring plan to further consolidate and streamline operational activities and back office support. In 2009, having identified further restructuring and consolidation opportunities, we announced an expansion of this programme and a major restructuring in Reed Business Information. Restructuring costs incurred in 2011 were nil (2010: £57 million; 2009: £182 million; 2008: £152 million).

Capital expenditure

Capital expenditure on property, plant, equipment and internally developed intangible assets principally relates to investment in systems infrastructure to support electronic publishing activities, computer equipment and office facilities. Total such capital expenditure, which iswas financed from operating cash flows, amounted to £350£333 million in 2011 (2010:2012 (2011: £350 million; 2010: £311 million; 2009: £242 million) of the combined businesses.. In 20112012, there was continued investment in new product and related infrastructure, particularly in LexisNexis Legal & Professional.Legal. Further information on capital expenditure is given in notes 16 and 18 to the combined financial statements.

Principal Executive Offices

The principal executive offices of Reed Elsevier PLC are located at 1-3 Strand, London WC2N 5JR, England. Tel: +44 20 7930 7077.7166 5500. The principal executive offices of Reed Elsevier NV are located at Radarweg 29, 1043 NX Amsterdam, the Netherlands. Tel: +31 20 485 2222. The principal executive office located in the United States is at 125 Park Avenue, 23rd Floor, New York, New York, 10017. TelTel: +1 212 309 5498. Our internet address is www.reedelsevier.com. The information on our website is not incorporated by reference into this report.

BUSINESS OVERVIEW

Reed Elsevier is a world leading provider of professional information solutions organised in 2011 as five businessoperating across several market segments: Elsevier,Scientific, Technical & Medical, providing information and tools to help its customers improve scientific technical and medical information solutions; LexisNexishealthcare outcomes; Risk Solutions, providing risktools that combine proprietary, public and third-party information, with advanced technology and analytics to business and government customers; LexisNexis Legal & Professional, providing legal, tax, regulatory and business information solutions to professionals, business and government customers; Reed Exhibitions, organising trade exhibitions and conferences; and Reedanalytics; Business Information, providing data services, information and marketing solutions to business professionals.

With effect from 1 January 2011 LexisNexis was reorganised as two separate businesses, LexisNexis Risk Solutionsprofessionals; Legal, providing legal, tax, regulatory news and LexisNexis Legal & Professional, which are accordingly now presented separately.business information to legal, corporate, government, and academic markets; and Exhibitions, organising exhibitions and conferences.

Our principal operations are in North America and Europe. For the year ended December 31, 20112012 we had total revenue of approximately £6.0£6.1 billion and an average of approximately 30,60030,500 employees. As at December 31, 20112012 we had approximately 30,50030,400 employees. In 2011,2012, North America represented our largest single geographic market, based on revenue by destination, contributing 54%52% of our total revenue.

Revenue is derived principally from subscriptions, circulation and transactional sales, exhibition fees and advertising sales and exhibition fees.sales. In 2011, 47%2012, 49% of Reed Elsevier’s revenue was derived from subscriptions; 27%26% from circulation and transactional sales; 12%14% from exhibition fees; 7%6% from advertising sales; and 7%5% from other sources. An increasing proportion of revenue is derived from electronic information products, principally internet based. In 2011, 63%2012, 64% of our revenue was derived from such sources, including 96% of LexisNexis Risk Solutions revenue, 75%76% of LexisNexis Legal revenue, 68% of Scientific, Technical & ProfessionalMedical revenue, 63%54% of Elsevier revenue, 51% of Reed Business Information revenue, and 2% of Reed Exhibitions revenue.

Subscription sales are defined as revenue derived from the periodic distribution or update of a product or from the provision of access to online services, which is often prepaid. Circulation and transactional sales include all other revenue from the distribution of a product and transactional sales of online services, usually on cash or credit terms. The level of publishing related advertising sales and exhibition fees has historically been tied closely to the economic and business investment cycle with changes in the profit performance of advertisers, business confidence and other economic factors having a high correlation with changes in the size of the market. Subscription sales and circulation and transactional sales have tended to be more stable than advertising sales through economic cycles.

Revenue is recognised for the various categories as follows: subscriptions — on periodic despatch of subscribed product or rateably over the period of the subscription where performance is not measurable by despatch; circulation and transactional — on despatch or occurrence of the transaction; exhibitions — on occurrence of the exhibition and advertising — on publication or period of online display; and exhibitions — on occurrence of the exhibition.display. Where sales consist of two or more independent components whose value can be reliably measured, revenue is recognised on each component as it is completed by performance, based on the attribution of relative value.

Certain of our businesses are seasonal in nature. In Elsevier, a significant proportion of annual revenue is derived from calendar year based journal subscriptions, with the substantial majority of annual cash inflow from these arising in the fourth quarter of each financial year. The majority of medical publishing and sales arise in the second half of the year. This, together with the phasing of other subscription receipts and exhibition deposits, results in significant cash flow seasonality whereby the substantial majority of annual operating cash inflows normally arise in the second half of the year.

Our businesses compete for subscription, circulation and transaction, and marketing expenditures in scientific and medical, risk, legal and business sectors. The bases of competition include, for readers and users of the information, the quality and variety of the editorial content and data, the quality of the software to derive added value from the information, the timeliness and the price of the products and, for advertisers, the quality and the size of the audiences targeted.

ELSEVIERSCIENTIFIC, TECHNICAL & MEDICAL

In Scientific, Technical & Medical markets, we provide information and tools to help customers improve scientific and healthcare outcomes.

Elsevier is a leading provider of scientific, technical and medical information and serves scientists, health professionals and students worldwide. Its objective is to help its customers advance science and improve healthcare by providing world class information and innovative information solutions that enable customersthem to make critical decisions, enhance productivity and improve outcomes.

Elsevier is a global business with principal operations in Amsterdam, Beijing, Boston, Chennai, Delhi, London, Madrid, Milan, Munich, New York, Oxford, Paris, Philadelphia, Rio de Janeiro, St. Louis, San Diego, Singapore and Tokyo. ElsevierIt has 6,9007,000 employees.

Elsevier is organised around two market-facing businesses: Science & Technology, which serves the scientificneeds of the science, technology and technology communities,health markets by publishing primary research, reference, and Health Sciences, which serves the health community. Botheducation content, as well as by providing a range of these businesses are supported by a global shared services organisation which provides integrated editorial systems and production services, product platforms, distribution, and other support functions.

Science & Technology

Science & Technology is a leading scientific information provider. It delivers a wide array of informationdatabase and workflow tools that help researchers generate valuable insights in the advancement of scientific discovery and improve the productivity of research. Itssolutions. Elsevier’s customers are scientists, academic institutions, research leaders and administrators, medical researchers, doctors, nurses, allied health professionals and students, as well as hospitals, research institutions, health insurers, managed healthcare organisations, research-intensive corporations, and governments whichgovernments. All of these customers rely on Elsevier to:to provide high quality content;content and critical information for making scientific and medical decisions; to review, publish, disseminate and preserve research findings; andto create innovative tools to help focus research strategies, increase research effectiveness, improve medical outcomes, and improve their effectiveness.enhance the efficiency of healthcare and healthcare education.

The Science & Technology division contributed 52%In 2012, approximately 65% of the total Elsevier revenue in 2011. Of this revenue, 77% came from research (journals), 9%subscription sales, 27% from reference education (books)circulation and 14%transactional sales, 3% from databasesadvertising, and tools.the remaining 5% from other sources. Approximately 34%40% of Science & Technology revenue by destination in 20112012 was derived from North America, 34%31% from Europe and the remaining 32%29% from the rest of the world. 68% of revenues were delivered electronically.

In the primary research market during 2012, over 1 million research papers were submitted to Elsevier, publishes over 240,000 new science & technology researcha double digit increase on the prior year. Over 10,000 editors managed the peer review and selection of these papers, resulting in the publication of more than 330,000 articles each year through some 1,250in almost 2000 journals, many of which are the foremost publications in their field and a primary point of reference for new research. The vast majorityThis content was accessed by around 11 million people, with nearly 700 million full text article downloads last year. Content is provided free or at very low cost in most of customers receive thesethe world’s poorest countries. Elsevier’s journals are primarily published and delivered through theScienceDirect, aplatform, the world’s largest database of scientific and medical research, providing accesshosting over 11 million articles, and over 11,000 full-text e-books. Flagship journals includeCellandThe Lancetfamilies of titles. Elsevier continuously innovates to over 10 millionimprove the utility and effectiveness of its journals. For example, its “Article of the Future” enhances the traditional scientific paper with new and medical journal articles, used by over 7 million researchers each year.broader types of content, such as links to experimental data, related content, and enhanced media to supplement the article’s text.

Elsevier is also a global leader in the scientific, technical and medical reference market, providing authoritative and current professional reference content. While reference has traditionally been a print industry, Elsevier has been a leader in driving the shift from print to electronic. Elsevier publishes over 70020,000 reference titles, with 1,400 new English language science & technology book titles published annually along with supporting bibliographic data, indexesindices and abstracts, abstracts. Approximately 85% of these titles are available electronically. Flagship titles include works such asGray’s Anatomy,Nelson’s PediatricsandNetter’s Atlas of Human Anatomy.

Elsevier launchedClinicalKeyin 2012, a product that allows physicians to access the leading reference and evidence-based medicine content in a single, fully-integrated site.ClinicalKeyincludes a full taxonomy and improved smart content search to help clinicians look up detailed information on highly specific topics as they seek to answer clinical questions. The platform covers Elsevier’s as well as relevant third-party health content.ClinicalKeyhas already been deployed at leading teaching hospitals, such as Oxford University’s John Radcliffe, the Cleveland Clinic, and the US Department of Veterans Affairs.

In medical education, Elsevier serves students of medicine, nursing and allied health professions through print and electronic books, as well as electronic solutions. For example, itsEvolveportal provides a rich resource to support faculty and students and now has over 3.5 million registered users;Evolve Reachprovides online review and reference works. 15,000testing tools for nursing and the allied health professions;Evolve Teach provides online books are available onScienceDirect, with over 1,000 online books added each year.resources and solutions to support faculty.

Elsevier’s database and workflow products provide a range of tools and solutions for professionals in the science, technical, and medical fields. Customers include academic and corporate researchers, research administrators and healthcare professionals.

Other majorFor academic and corporate researchers, significant products includeScopus,Geofacets, andReaxys. Reaxys.Scopusis the largest abstract and citation database of research literature in the world, with abstracts and bibliographic information on more than 45almost 50 million scientific research articles from 19,00019,500 peer reviewed journals and over 5,000 international publishers.ScopusGeofacetsalso has data on more than 24 million patents.is an oil and gas exploration tool which packages research-relevant Elsevier and third-party geological content and tags that content to enable rich search functionality.Reaxysis a leading solution for synthetic chemists, that integratesintegrating chemical reaction and compound data searching with synthesis planning.

In December 2011,2012, Elsevier acquiredAriadne GenomicsKnovel, a web-based provider of pathway analysisproductivity tools and semantic technologies for life science researchers which will complement Elsevier’s efforts to serve the needs of researchers in the pharma biotech sector.

A major challenge facing researchers and institutions is the ever growing amount of research and relatedengineering community, integrating technical information with the limited timeanalytics and search to identifydeliver trusted answers and analyse what is most relevant. To address this challenge, Elsevier has been developing a suite of new products that significantly improve the speed at which researchers are able to find the most relevant information and analyse this information using the most innovative applications.SciVerse Hubprovides a single search interface for accessingScienceDirect,Scopusand scientific web content. In addition,SciVerse Application Marketplace & Developer Networkenables researchers and third party developers to build customised applications on top of Elsevier’s information and other data and analytics enhancing the utility of the underlying content.drive innovation.

Following a successful collaboration since 2007, Elsevier acquired QUOSA in January 2012. QUOSA’s technological capabilities will raise the efficiency of the search and discovery process and will also allow researchers to manage information more efficiently.

Elsevier is continuing to develop theserves academic and government research administrators through itsSciValsuite of products that help academic and government institutionsthem evaluate their institutions’ research performance, determine research strategies and increase institutional efficiencies. Leveraging bibliometric data, such as citations fromScopus,SciVal Spotlighthelps institutions and governments to identify their distinctive research strengths, evaluate performance and increase the focus of their research and development (“R&D”) investments.SciVal Fundingassists researchers and institutions in identifying grants that are most relevant in their research areas.SciVal Experts enables researchers to establish a directory of experts in their area of interest, whileSciVal Strata facilitates performance benchmarking by research teams.

In August 2012, Elsevier bolstered its research management portfolio by acquiringHealth SciencesAtira

Health Sciences is, a leading medical information provider. Through its medical journals, books, major reference works, databasesprovider of software and online information tools Elsevier provides critical informationthat complement theSciValplatform and analysis on which its customers rely to basehelp academic institutions and researchers improve their decisions, to improve medical outcomes and enhance the efficiency of healthcare. Health Sciences serves medical researchers, doctors, nurses, allied health professionals and students, as well as hospitals, research institutions, health insurers, managed healthcare organisations and pharmaceutical companies.

Health Sciences contributed approximately 48% of the total Elsevier revenue in 2011. This revenue came from five sectors: global medical research; clinical reference/clinical decision support; nursing/health professional education; global pharma promotion; and international (other), each of which contribute approximately 20% to revenue. Approximately 52% of Health Sciences revenue by destination in 2011 was derived from North America, 27% from Europe and the remaining 21% from the rest of the world.

Elsevier publishes over 700 health sciences journals, including on behalf of learned societies, and, in 2011, 1,500 new health sciences book titles and clinical reference works were published both in print and throughScienceDirectand other electronic platforms such asMD Consult. MD Consultis a leading online clinical information service with more than 2,400 institutional customers. Flagship titles include market leading medical journals such asThe Lancet, and major medical reference works such asGray’s Anatomy,Nelson’s PediatricsandNetter’s Atlas of Human Anatomy. In addition to its local language publishing in many countries across the world, Health Sciences leverages its content and solutions into new markets through local language versioning. In November 2011,ClinicalKeywas launched in beta allowing physicians to access the leading reference and evidence-based medicine in a single, fully-integrated site built to accommodate their clinical information workflows.outcomes.

For healthcare professionals, Elsevier is a leader in medical education and training resources, particularly to the nursing and allied health professions. From print and electronic books to virtual clinical patient care, Health Sciences supports students, teaching faculties and healthcare organisations in education and practice. A strong focus is on the further development of innovative electronic services: theEvolveportal provides a rich resource to support faculty and students and now has 3 million registered users;EvolveReach (Health Education Systems Inc.)provides online review and testing tools for nursing and the allied health professionals;Evolve Teachprovides online resources and solutions to support faculty.

A growing area of focus is clinical decision support, providing online information and analyticsdevelops products to deliver patient-specific solutions at the point of care to improve patient outcomes. Its clinical solutions includeGold Standard, which provides critical information on drug interactions to assist effective treatment;treatment, andCPM Resource Center, which provides a data drivendata-driven framework to support nurses in undertaking procedures;Nursing Consult provides nursing care guidelinesprocedures.

Elsevier further bolstered its clinical solutions portfolio with the acquisition in traumaSeptember 2012 ofExitCare, a provider of patient education and disease management;discharge instructions.MEDaiExitCare’suses patient data and analytics to help identify areas for improvement in clinical practice within hospitals and lower costs for the payers of healthcare through preventative interventions. In February 2011, Elsevier entered the emergingproducts, incorporated into Elsevier’s clinical decision support market in China throughcontent and tools, will help healthcare providers improve the acquisitiondelivery of Datong, a leading online provider of drug information that helps Chinese hospitals to improve quality of care through better drug usage.

Elsevier also provides services to the pharmaceutical industry through advertising and sponsored communications to the specialist community it serves. In 2011, Elsevier continued the restructuring of this business focusing more on the services which leverage Health Sciences’ corehealthcare information and distribution platform.

Shared Servicesservices across all care environments.

The shared service functions provide production, information technology, customer service, fulfilment and distribution for both the Science & Technology and Health Sciences divisions. Much of the pre-press production for journals and books is outsourced.

Market Opportunities

The science and medicalScientific, Technical & Medical information markets have good long termlong-term demand growth characteristics. The importance of research and development to economic performance and competitive positioning is well understood by governments, academic institutions and corporations. This is reflected in the long termlong-term growth in R&Dresearch and development spend and in the number of researchers worldwide, leading to greater research output and publishing. Additionally, thereworldwide.

Growth in health markets is growing demand for tools that allow research to better target and improve the spend and efficiency of the research process.

In health, market growth is also supporteddriven by demographic trends, with ageing populations that require more healthcare,in developed markets, rising prosperity in developing economies with increasing expectations of better healthcare provision,markets and the increasing focus on improving medical outcomes and efficiency.

Given that a significant portionproportion of scientific research and healthcare is funded directly or indirectly by governments, spending is influenced by governmental budgetary considerations. The commitment to research and health provision does, however, generally remain high, even in more difficult budgetary environments.

Strategic Priorities

Elsevier’s strategic goal is to make valued contributions to the communities it serves in advancingprovide information solutions that advance science improving medical outcomes and enhancing productivity.improve health. To achieve this, Elsevier is focused on: building world-class content; deepeningcreates solutions that reflect deep insight into the way its customer engagementusers work and the outcomes they are seeking to identify how betterachieve; drives for excellence in content, service and technology; constantly adapts and revitalises its products, solutions and business models; and leverages its shared resources and knowledge to help them achieve their desired outcomes more efficientlypromote innovation, efficiency and effectively; delivering tools which link, analyseexcellence in execution.

For academic and illuminate content and data to help customers make critical decisions and improve their productivity; increasing its investment in high-growth markets and disciplines; and continuously improving organisational efficiency.

In Science & Technology,corporate researchers, priorities are to continually enhancecontinue to strengthen journal brands and the quality of published articles, and to further improve scientific communication and user experience with our journal content. Elsevier is focused on delivering journal content quickly, making it available through different access channels, and exploring a range of innovative new business models. Elsevier will also build new services, and add greater functionality and utility to existing solutions to improve researcher productivity.

For science and health professionals, priorities are to continue enhancing the quality and relevance of research and referenceour content and expand data sets,our workflow tools, while adding greater functionality and utility toSciVerse,ScienceDirect,Scopusand new tools to assist researcher productivity. TheSciValsuite of performance and planning tools will continue to be expanded to help academic and government institutions target their research spend and improve research efficiency and economic outcomes.

In Health Sciences, priorities are to continue to enhance the quality and relevance of its content and actively managemanaging the ongoing format shift from print to electronic information consumption by developing improved electronic solutions that add more valueinformation.

For students, priorities are to its users and customers. Additionally, Health Sciences continuescontinue to build out clinical decision support services to meet customer demand for tools that deliver better medical outcomes and lowers costs for payers, physicians and hospitals. Elsevier is also focused on increasing growth in emerging markets through expansion of local publishing and versioning ofprovide the highest quality educational content and electronic services.tools and to develop an even better customer experience. In addition, Elsevier will develop tools to track student performance, train new faculty members, and improve the effectiveness of existing faculty staff.

Business Model, Distribution Channels and Competition

Science and medical research is principally disseminated on a paid subscription basis to the research facilities of academic institutions, government and corporations, and, in the case of medical and healthcare journals, also to individual practitioners and medical society members. AdvertisingFor a number of journals, advertising and promotional income represents a small proportion of revenues are derivedpredominantly from pharmaceutical companies in healthcare titles.

Over the past 15 years alternative payment models for the dissemination of research such as so-called “author-pays open access” or “author’s-funder-pays” have emerged. While it is expected that paid subscription will remain the primary distribution model, Elsevier has long invested in alternate business models to address the needs of customers and other companies. researchers. Over 1,500 of Elsevier’s journals now offer the option of funding research publishing and distribution via a sponsored article fee. In addition, Elsevier now publishes around 30 “author-pays” journals.

Electronic products, such asScienceDirect,ScopusandMD ConsultClinicalKey, are generally sold direct to customers through a dedicated sales force that has offices around the world. Subscription agents facilitate the sales and administrative process for print journals. Books are sold through traditional and online book stores, wholesalers and, particularly in medical and healthcare markets, directly to end users.

Competition within science and medical publishing is generally on a title by titletitle-by-title and product by productproduct-by-product basis. Competing journals, books and databases are typically published by learned societies and other professional publishers. Workflow tools face similar competition as well as from software companies and internal solutions developed by customers.

Major Brands

Elsevier is the master brand used for both the Science & Technology and Health Sciences businesses.business.

Elsevier’s major brands include:Cell, a life sciences journal in cellbiochemistry and molecular biology; andThe Lancet, one of the leading medical journals since 1823. Many other products and journals are major brands in their fields, including:Scopus, a scientific abstract and citation database;SciVal, a suite of funding intelligence and research performance tools for academic institutions;Reaxys^®, a web-based chemical reaction workflow solution for industrial chemists;institutions and funding intelligence;pharmapendium, access to history of drug development through a unique online platform;MDConsult, an online drugs safety database that supports drug development researchers;ClinicalKey,combines reference and evidence-based medical content into its fully-integrated clinical information service, including reference works, journalsinsight engine;Geofacets,an extensive database of georeferenced geological maps;ScienceDirect,the world’s largest database of scientific and drug information;medical research articles; andMosby’s Nursing ConsultCPM CarePoints,, online evidence-based contenta comprehensive care planning and clinical documentation system.

RISK SOLUTIONS & BUSINESS INFORMATION

In Risk Solutions & Business Information, we provide data, analytics and insight that enable customers to inform nursing clinicalevaluate and manage risks, and develop market intelligence, supporting more confident decisions, at the point of care;Evolve, integrated, online resources that complement Elsevier’s nursing textbook content;improved economic outcomes, andMEDai, a clinical decision support tool to identify areas for improvement in medical practice.

LEXISNEXIS RISK SOLUTIONS

LexisNexis Risk Solutions is a leading provider of solutions that combine proprietary, public and third-party information, analyticswith advanced technology and advanced technology.analytics. These solutions assist customers in evaluating, predicting and managing risk and improving operational effectiveness, predominantly in the US.

With effect from 1 January 2011 LexisNexis was reorganised as two separate businesses, LexisNexis Risk Solutions and LexisNexis Legal & Professional, which are accordingly now presented separately.

LexisNexis Risk Solutions is headquartered in Alpharetta, Georgia, and has principal operations in Georgia, Florida, and Ohio, and has 4,0004,100 employees.

In 2011,2012, approximately 85%86% of LexisNexis Risk Solutions’ revenue came from circulation and transactional sales, 12%11% from subscription sales, and the remaining 3% from other sources. 96% of LexisNexis Risk Solutions’ revenue is delivered electronically.

LexisNexis Risk Solutions is organised around market facing industry/sector groups: insurance, government, screening, and business services (including the financial services, receivables management financial services and corporate groups), and government. The most significant of which insurancethese is the most significant.insurance. These groups are supported by a shared infrastructure providingfor technology operations, data management, and other support functions including compliance and marketing. A number of transactional support activities, including some financial processes, are provided from a shared services organisation managed by the LexisNexis Legal & Professional business. The LexisNexis Legal & Professional business also distributes LexisNexis Risk Solutions products into legal markets in the US and internationally.

Insurance Solutions provides the mosta comprehensive combination of data and analytics to property and casualty (P&C) personal and commercial insurance and life insurance carriers in the US to improve critical aspects of their business, from customer acquisition and underwriting to policy servicing and claims handling. Information solutions, including the US’s most comprehensive personal loss history database,C.L.U.E., help insurers assess risks and provide important inputs to pricing and underwriting policy. Recently introducedinsurance policies. Additional key products includeData PreFillPrefill, which provides accuratecritical information directly into the insurance workflow on customers, potential customers and their auto ownership directly into the insurance workflow, andCurrent Carrier, which identifies current or previous insurance as well as any lapses in coverage.

Business Services provides financial institutions with risk management, identity verification,management, fraud detection, credit risk management, and compliance solutions. These include “know your customer” and anti-money laundering products. The business also provides risk and identity management solutions for corporate customers in retail, telecommunications and utilities sectors. Receivables management solutions helpshelp debt recovery professionals in the segmentation, management and collection of consumer and business debt. The LexisNexis Risk Solutions business also provides identity verification and risk related information to the legal industry.

Government solutionsSolutions provides investigative solutionsdata and analytics to US federal, state and local law enforcement and government agencies to help solve criminal and intelligence cases and to identify fraud, waste and abuse in government programmes.

Screening Solutions focuses on employment-related, resident and volunteer screening, with the largest segment being pre-employment screening services offered across a number of industries including retail, recruitment, banking, and professional services.

During 2011, LexisNexisThe Risk Solutions sharpened its focus on its data and analytics activities withbusiness also provides risk-related information to the sale of the insurance software business, while Reed Elsevier’s acquisition ofAccuity complements and enhanceslegal industry through LexisNexis Legal & Professional.

Risk Solutions offerings in anti-money laundering. There has also been a continuedcontinues to focus on developing a pipeline of new solutions forto drive growth in selected adjacent markets sectors and geographies. For example, in the UK, Risk Solutions has launched a new product that uses public information to help insurers assess and segment risk more effectively among motor insurance customers and is planning to launch additional innovative products to facilitate sharing of data across motor insurers, improving insurers’ ability to understand underwriting risks. In the government segment, customers are adopting fraud detection, waste, and abuse solutions, which enable government agencies to identify incidences of tax and benefits fraud, and boost revenue collections. Risk Solutions has also continued to broaden its portfolio of identity management solutions, including one-time-password and biometric solutions, and has made existing identity products more configurable to address the specific needs of customers across our market segments.

The identity verification and risk evaluation solutions provided by LexisNexis Risk Solutions utilise a comprehensive database of public records and proprietary information with more than 2,000 terabytes of unique data, which ismakes it the largest database of its kind in the US market today.LexisNexis Accurintis thea flagship identity verification product, powered by the High Performance Cluster Computing (HPCC) technology. This market-leading technology enables Risk Solutions to provide its customers with highly relevant search results swiftly and to create new, low-cost solutions quickly and efficiently. It is also increasingly used across other Reed Elsevier markets such as Legal and Scientific, Technical & Medical.

In 2011, LexisNexisJanuary 2013, Risk Solutions launched an open-source initiative called HPCC Systemsannounced the sale of its Screening business. This will allow it to broaden usage, tap the innovation of the development communityincrease its focus on higher-growth segments leveraging its core data, technology and analytical capabilities. The Screening business presented limited opportunities to more fully compete in the “big data” market. Responseapply these capabilities to date has been positive, with press articles, website traffic, speaking invitations,generate unique customer value, sustained growth, and source code downloads all ahead of expectations.superior margins.

Market Opportunities

LexisNexis Risk Solutions operates in markets with strong long termlong-term underlying growth drivers:drivers including: insurance underwriting transactions; insurance, healthcare, tax and entitlement fraud; credit defaults and financial fraud; regulatory compliance and due diligence requirements surrounding customer enrolment and employment;enrolment; and security considerations.

In the insurance segment, growth is supported by increasing transactional activity in the auto, property and propertylife insurance markets and the increasing adoption by insurance carriers of more sophisticated data and analytics in the prospecting, underwriting and claims evaluation processes, to determine appropriateassess underwriting risk, pricing, increase competitiveness and improve operating cost efficiency. Transactional activity is driven by the levels ofproduct extensions across insurance quotingcarriers’ workflow and switchinggrowth in insurance quoting, as consumers seek better policy terms,terms. This activity is stimulated by increasing competition between insurance companies, high levels of carrier advertising, and rising levels of internet quoting and policy binding.

In screening, demand is driven mainly by employer hiring activity and, in receivables management, by levels of consumer debt and the prospects of recovering those debts. Both of these markets are linked to employment conditions in the US. A number of factors support growth for LexisNexis Risk Solutionsrisk solutions in the financial services market, including new credit originations, continued high fraud losses, stringent regulatory compliance requirements and increasing anti-money laundering fines. In receivables management, demand is driven mainly by levels of consumer debt and the prospect of recovering that debt, which is impacted by employment conditions in the US. In corporate markets, demand is supported by growth in online retail sales and continued high levels of credit card fraud. Growth in government markets is driven by the increasing use of data and analytics to combat criminal activity, fraud, and fraud,tax evasion and to address security issues. The level and timing of demand in this market is influenced by government funding and revenue considerations.

Strategic Priorities

LexisNexis Risk Solutions’ strategic goal is to make businesses and government more effective, through a better understanding of the risks associated with individuals, other businesses and transactions and by providing the tools to help manage those risks.risks efficiently and cost effectively. To achieve this, LexisNexis Risk Solutions is focused on: expanding the range ofdelivering innovative new products across customer workflows; leveraging our advanced technology capabilities; delivering innovative new products and expanding the range of risk management solutions across adjacent markets; and addressing international opportunities in selected markets to meet local risk management needs.needs; and continuing to strengthen its content, technology and analytical capabilities.

Business Model, Distribution Channels and Competition

LexisNexis Risk SolutionsSolutions’ products are predominantly sold directly, with pricing mostly on a transactional basis directly tofor insurance carriers and corporations, and primarily on a subscription basis tofor government entities. LexisNexis

Risk Solutions and Verisk, a competitor, each sell data and analytics solutions to insurance carriers but largely address different activities. LexisNexis Risk Solutions’ principal competitors in commercial and government sectors include Thomson Reuters and major credit bureaus. Major competitorsbureaus, in pre-employment screening are Altegrity and First Advantage.many cases addressing different activities in these sectors as well.

Major Brands

LexisNexis is the master brand used by LexisNexis Risk Solutions.

LexisNexis Risk Solutions’ major brands include:C.L.U.E.^®, a comprehensive US personal insurance claims database;LexisNexis^®Data Prefill, a tooltools to automate the insurance application process providing critical information insurers need to quote and underwrite a policy;LexisNexis^® Insurance Exchange, a platform for sharing of customer application data designed to improve and enhance flow of application data and documents;Accurint^® for Collections, a US solution to help locate debtors quickly and accurately; Accurint^® LE Plus, an integrated suite of tools for US law enforcement investigators;LexisNexis^® Identity Management, a range of solutions to help clients verify that an identity exists and authenticate individuals;LexisNexis^® Anti-Money Laundering Solutions, content and information for anti-money laundering compliance, risk mitigation and enhanced due diligence;LexisNexis^® Employment ScreeningCurrent Carrier,,database that identifies the existence of current or previous insurance, and whether or not the applicant has had a US providerpossible lapse in coverage;LexisNexis^® RiskView,comprehensive suite of pre-employment screening solutions;credit risk management tools to help assess consumer creditworthiness and risk potential; andLexisNexis^® Resident ScreeningRevenue Recovery and Discovery,a suite of tools to enable governments to leverage public records and analytics to identify instances of fraud and to more efficiently collect on outstanding debts.

BUSINESS INFORMATION

Reed Business Information (“RBI”) provides data services, information and marketing solutions to business professionals across industries globally. It produces industry critical data services and lead generation tools, online community sites as well as business magazines with market leading positions in many sectors.

Approximately 27% of Business Information revenue in 2012 came from North America, 19% from the United Kingdom, 39% from Continental Europe and 15% from the rest of the world.

RBI is a global business headquartered in Sutton in the UK and in addition has principal operations in London, Amsterdam, Skokie (Illinois), Norcross (Georgia) and Boston (Massachusetts) in the US, as well as Paris, Milan and Shanghai. RBI has 4,800 employees worldwide.

RBI’s customers use its data services to help make key strategic decisions and reduce risk, to improve productivity and performance and identify new business opportunities. RBI’s magazines and websites deliver high value news, information and opinion to business professionals across many industry sectors while also providing an effective marketing channel for customers. RBI’s online marketing solutions bring buyers and sellers together through a range of innovative digital channels.

RBI’s market leading data services include:ICIS, an information and pricing service in chemicals, fertilisers and energy;BankersAccuity, a comprehensive US multi-family housing screeningprovider of payment routing data, anti-money laundering (AML) services and collections service.compliance information to the banking and corporate sectors;XpertHR, an online service providing regulatory guidance, best practices and tools for HR professionals; andReed Construction Data, a provider of online construction data and information to the construction industry.

LEXISNEXIS RBI’s leading brands includeNew Scientist,Farmers Weekly,Estates Gazette,Elseviermagazine andBoerderij. Online marketing solutions includeemedia, an email bulletin based lead generation service andBuyerZone, a web-based request for quotation (RFQ) service.

In 2012, RBI continued to reshape its portfolio significantly, addressing continued growth opportunities in data services while exiting areas not core to its paid content strategy. In addition, the business continued to focus on cost efficiency across the traditional publishing businesses.

As part of this strategy RBI sold Totaljobs Group, comprising seven recruitment job boards, created organically by RBI. RBI continued to create value from its existing magazine brands, while exiting a number of titles includingVariety, the entertainment market title in the US, and those in the electronics and catering markets in the UK. In January 2013, RBI announced that it had completed the sale of RBI Australia. RBI is in a process to exit its operations in Spain.

Market Opportunities

The growing need for high quality industry data and information is driving demand for online subscription data services and providing new opportunities. Business-to-business marketing spend has historically been driven by levels of corporate profitability, which itself has followed GDP growth, and business investment.

Strategic Priorities

RBI’s strategic goal is to help business professionals achieve better outcomes with information and decision support in its individual markets. Its areas of strategic focus are: further growing the data services businesses; restructuring the business magazines and advertising-driven portfolio; developing paid content services in key markets and supporting print franchises through brand extensions and redesign; and driving further organisational effectiveness.

Business Model, Distribution Channels and Competition

Across the RBI portfolio, user and subscription revenues now account for 69% of the total business with the remaining 31% derived from print and online advertising and lead generation. RBI electronic revenue streams now account for 54% of total revenue.

Data services are typically sold directly on a subscription or transactional basis. Business magazines are mainly distributed on a paid basis. Advertising and lead generation revenues are sold directly or through agents.

RBI’s data services and titles compete with a number of publishers on a service and title-by-title basis including: UBM, McGraw Hill and Wolters Kluwer as well as many niche and privately-owned competitors. RBI competes for online advertising with other business-to-business websites as well as Google and other search engines.

Major Brands

RBI’s major brands include:ICIS,a global provider of news, price benchmarks, data, analytics and research to the energy, chemical and fertiliser industries;Reed Construction Data,a provider of actionable insight for the construction industry through cost data, project leads, market intelligence and marketing solutions;NewScientist,a science and technology media brand;Flightglobal,data, news and advisory services for professionals working in the global aviation industry;XpertHR,online services with reference data, compliance information and good practice guides for HR professionals;Elsevier,news and opinion service in the Netherlands;BankersAccuity,payment routing data, AML services and compliance tools for the banking and corporate sectors worldwide;estatesgazette,news, data and research services for the UK commercial property industry; andemedia,digital lead generation services in the US, UK and Europe.

LEGAL & PROFESSIONAL

LexisNexisIn Legal & Professional ismarkets, we are a leading provider of contentlegal, regulatory and news & business information solutions forand analysis to legal, corporate, government, and other corporate markets. academic customers.

Serving customers in more than 100175 countries, LexisNexis Legal & Professional provides resources and services that inform decisions, increase productivity and drive new business.

With effect from 1 January 2011 LexisNexis was reorganised as two separate businesses, LexisNexis Risk Solutions and LexisNexis Legal & Professional, which are accordingly now presented separately.

LexisNexis Legal & Professional is headquartered in New York and has principal operations in the New York area, Ohio and New JerseyNorth Carolina in the United States, Toronto in Canada, London and Paris in Europe, Canada, and cities in several other countries in Africa and Asia Pacific. It has 10,30010,400 employees worldwide.

In 2011,2012, approximately 70%74% of LexisNexis Legal & Professional’sLegal’s revenue came from subscription sales, 8%13% from circulation and transactional sales, 6%5% from advertising, including directory listings, and the remaining 16%8% from other sources. Approximately 68% of Legal & Professional’sLegal’s revenue by destination in 20112012 was derived from North America, 21% from Europe and the remaining 11% from the rest of the world. 75%76% of LexisNexis Legal & Professional’sLegal’s revenues were delivered electronically.

LexisNexis Legal & Professional is organised throughin market facing businesses, thegroups. The most significant of which are Research & Litigation Solutions and Business of Law Software Solutions in the US and LexisNexis Europe, Middle East, Africa & AustralasiaInternational and LexisNexis Asia (together reported as International) outside the US. These are supported by global shared services organisations providing platform and product development, operational and distribution services, and other support functions.

LexisNexis LegalIn Research & Professional is a leading provider of legal and business information and analysis to law firms, corporations and government throughout the US. ElectronicLitigation Solutions, electronic information solutions and innovative workflow tools, developed through close collaboration with customers, help law firms and other legal and business professionals make better informed decisions in the practice of law and in managing their businesses.

In Research & Litigation Solutions, the flagship Flagship products for legal research areLexis.comandLexis Advance, which provide federal and state statutes and case law, together with analysis and expert commentaries from sources such asMatthew BenderandMichieand the leading citation serviceShepard’s, which advises on the continuing relevance of case law precedents. Research solutions also include news and business information, ranging from daily news to company filings, as well as public records information and analytics. Through its suite of litigation services,solutions, LexisNexis Legal & Professional additionally provides lawyers with a suite of tools for electronic discovery, evidence management,covering case analysis, court docket tracking, e-filing, expert witness identificationpreparation to processing and legal documentreview to trial preparation. LexisNexis Legal & Professional also partners with law schools to provide services to students as part of their training.

In December 2011,2012, LexisNexis Legal & Professional releasedintroduced in the US the next iterationtwo new releases ofLexis Advance, an innovative web application designed to transform how legal professionals conduct research. Built on an advanced technology platform,Lexis Advanceallows primary researchers within legal and professional organisations to find highly relevant information more easily and efficiently, helping them to drive better outcomes. The release is the next step in a series ofLexis Advancelaunches with futureFuture releases continuingwill continue to expand available content and add new innovative tools. LexisNexis Legal & Professional employs lawyers and trained editors with professional legal backgrounds who review, annotate and update the legal content to help ensure each document in itsthe collection is current and linked to other related documents.comprehensive. This domain expertise combined with the application of Reed Elsevier’s “big data” HPCC technology means LexisNexis Legal & Professional is able to update its entire legal collection faster and more efficiently, while also identifying and linking content, thereby uncoveringenabling customers to uncover previously undiscovered relationships between documents.

InLexisNexis launchedLexis Practice Advisorin the US in 2011,2012, a web-based practical guidance product tailored for attorneys who handle transactional matters. Additionally, LexisNexis Legal & Professional launchedintroduced a legal news solution through the acquisition ofLaw360— providing attorneys with breaking news and analysis by practice area to supplement the legal research process.

In litigation solutions, LexisNexis Firm ManagerreleasedHosted Concordance Evolution,which is a fully hosted service that delivers electronic discovery review capabilities on an online legal“on-demand” basis.Sanction Solutionswas also acquired, adding trial presentation software to the LexisNexis suite of litigation offerings.

The web-based marketing services group assists law firms in their client development throughlawyers.com and providing them with website development, search engine optimisation and other web marketing services.

LexisNexis Business of Law Software Solutions provides law firms with practice management applicationsolutions, including time and billing systems, case management, cost recovery and document management services.

In International markets outside the United States, LexisNexis serves legal, corporate, government, accounting and academic markets in Europe, Canada, Africa and Asia Pacific with local and international legal, regulatory and business information. The most significant businesses are in the UK, France, Australia, Canada, and South Africa.

LexisNexis focuses on providing customers with leading collections of content and innovative online solutions to help legal and business professionals make better decisions more efficiently. Penetration of online information services has grown strongly and electronic solutions now account for solo practitioners58% of revenue outside the US.

In the UK, LexisNexis is a leading legal information provider offering an unrivalled collection of primary and smallsecondary legislation, case law, practices. Among other expert commentary, and forms and precedents. Its extensive portfolio includes a number of heritage brands:Halsbury’s,Tolleys,Butterworths. The content is delivered through multiple formats — from print to online, to mobile apps and embedded in customers’ workflow.

In 2012, LexisNexis launched additional modules of theLexisPSLproduct releases, LexisNexis Legal & Professional also releasedEarly Data Analyzersuite which provides lawyers a single destination for their practical legal information needs with early insight intodirect links to the sizerelevant cases, legislation, precedents, forms, practical guidance and scopeexpert commentary. The ability to drive measurable customer value was recognised by the British Legal Awards which has named LexisNexis UK ‘2012 Supplier of discoverythe Year’ for its innovation, authority and an updated versionunderstanding of law firms’ needs. A similar service is being launched across other markets — Australia already has 13 practice area modules and by the end of next year it will have more.

In France, LexisNexis is a leading online provider of information to lawyers, notaries and courts. A heritage brandJurisClasseurand leading authoritative content is provided through multiple formats — lexisnexis.fr, mobile and in print. These content sources are, as in the UK, being combined with new content and innovative workflow tools to develop practical guidance and practice management solutions. In 2012, LexisNexis France launchedLexis 360, the first semantic search online tool combining legal information, practical content and results from the web.

Following the success ofLexis for Microsoft Office which(LMO) in US markets, a Canadian version was launched in 2012. LMO enables lawyerscustomers to conduct their Lexis searchesaccess LexisNexis content and services via add-ins/toolbars within Microsoft applications such as Word and Outlook.

In 2011, LexisNexis Legal & Professional rationalised its electronic discovery offerings and divested the Applied Discovery business.

Business Solutions provides law firms with practice management solutions, including time and billing systems, case management, cost recovery and document management services. LexisNexis Legal & Professional assists law firms in their client development throughLawyers.com, showcasing the qualifications and credentials of more than one million lawyers and law firms in the US and internationally, and providing law firms with website development, search engine optimisation and other web marketing services.

LexisNexis Legal & Professional also provides its legal and information services to US government, corporate and academic customers, including news and business information and public records. In addition to research and litigation services, capabilities for these customers include specialist products for corporate counsel focused on regulatory compliance, intellectual property management, and management of external counsel.

In International markets outside the United States, LexisNexis Legal & Professional serves legal, corporate, government and academic markets in Europe, Canada, Africa and Asia Pacific with local and international legal, tax, regulatory and business information. The most significant businesses are in the UK, France, Australia and Canada.

LexisNexis Legal & Professional is focused across all its geographies on leveraging best in class content and its market leading international online product platform to deliver innovative electronic information services and workflow tools to help legal and business professionals make better informed decisions more efficiently. Penetration of online information services is growing and print based products now account for less than 40% of LexisNexis Legal & Professional total revenues outside the US.

In the UK, LexisNexis Legal & Professional is a leading legal information provider in its market. It delivers a wide array of content and services, comprising an unrivalled collection of primary and secondary legislation, case law, expert commentary, and forms and precedents. Its extensive portfolio includesHalsbury’s Laws of England, Simon’s TaxesandButterworths Company Law Servicedelivered through the UK’s flagship online productLexisLibraryand in print. Other electronic products includeLexis Legal Intelligence, a resource on legal practice for lawyers, and media monitoring and reputation management tools for the corporate market such as theNexisDirectresearch tool. Additionally, LexisNexis Legal & Professional provides law firms with practice management solutions.

In France, LexisNexis Legal & Professional is a provider of information to lawyers, notaries and courts withJurisClasseurandLa Semaine Juridiquebeing the principal publications, delivered throughlexisnexis.frand in print. These content sources are, as in the UK, being combined with new content and innovative workflow tools to develop practical guidance and practice management solutions.

In international markets in 2011, LexisNexis Legal & Professional continued to roll outLegal Intelligence. Designed to match the way lawyers work,Lexis Legal Intelligenceprovides primary law, practical guidance, learning and productivity tools in one place. It reduces the time it takes to get the answers and documents lawyers need, helping to make practice more effective. In the UK, the practical guidance serviceLexisPSLnow has 13 practice areas including company, commercial, corporate, banking and finance, and will expand again in 2012. A similar service has been launched in Australia, with five practice areas in 2011. In France, LexisNexis Legal & Professional is completing the development ofLexis360, an innovative solution for legal professionals that combines semantic and federated search capabilities with practical guidance, legal concept navigation and brand-leadingJurisClasseurcontent.

In 2011,2012, LexisNexis Legal & Professional strengthened its positionpositions in key emerging markets including India. LexisNexis Legal & Professional released an initial version ofLexis India, an online legal research platformAsia through enhanced products created specifically for the legal professionals and practitioners, corporate counsels, legal researchers academics and government institutions in India.markets including India, China and Japan. In Japan, LexisNexis launchedLexis AS ONE, a product created specifically for corporate compliance and legal professionals to help navigate the complex regulatory environment.

Market Opportunities

Longer term growth in legal and regulatory markets worldwide is driven by increasing levels of legislation, regulation, regulatory complexity and litigation, and an increasing number of lawyers. Additional market opportunities are presented by the increasing demand for online information solutions and practice management tools that improve the quality and productivity of research, deliver better legal outcomes, and improve business performance. Notwithstanding this, legal activity and legal information markets are also influenced by economic conditions and corporate activity, as has been seen most recently with the dampening impact on demand of the recent global recession and the somewhat subdued environment that has followed in North America and in Europe.

Strategic Priorities

LexisNexis Legal & Professional’s strategic goal is to enable better legal outcomes and be the leading provider of productivity enhancing information and information-based workflow solutions in its markets. To achieve this LexisNexis is focused on: building world class content; developingon introducing next generation product platforms, tools and infrastructure to deliver best-in-class outcomes for legal and business professionals with greater speed and efficiency; building client development and practice management tools enabling customers to be more successful in their markets; international expansion and growth of online products and solutions; increasing LexisNexis Legal & Professional’s presence in emerging markets;solutions on the global New Lexis platform and infrastructure; leveraging New Lexis globally to continue to drive print to electronic migration and long-term international growth; and upgrading operational infrastructure, improving operational efficiency.process efficiency and gradually improving margins.

In the US, theLexisNexis’ focus is on the continuing development of the next generation of legal research and practice solutions as well assolutions. It is also conducting a major upgrade in operations infrastructure and customer service and support platforms toplatforms. This will provide customers with an integrated and superior customer experience across US legal research, litigation services, practice management and client development. ProgressiveOver the next few years progressive product introductions, often based on the New Lexis Advanceplatform, over the next few yearsleveraging big data HPCC technology, will combine advanced technology with enriched content, sophisticated analytics and applications to enable LexisNexis Legal & Professional’sLexisNexis’ customers to make better legal decisions and drive better outcomes for their organizationsorganisations and clients.

Outside the US, LexisNexis Legal & Professional is focused on growing online services and developing further high quality actionable content and workflow tools, including the development of practical guidance and practice management applications. In 2013, LexisNexis will begin to introduceNew Lexis globally. Additionally, LexisNexis is focusing on the expansion of its activities in emerging markets.

Business Model, Distribution Channels and Competition

LexisNexis Legal & Professional products and services are generally sold directly to law firms and to corporate, government, accounting and academic customers on a paid subscription basis, with subscriptions with law firms often under multi-year contracts.

Principal competitors for LexisNexis in US legal markets are West (Thomson Reuters), CCH (Wolters Kluwer) and Bloomberg,, and Bloomberg and Factiva (News Corporation) in news and business information. Competitors in litigation solutions also include software companies. MajorSignificant international competitors include Thomson Reuters, Wolters Kluwer and Factiva.

Major Brands

LexisNexis is the master brand used by LexisNexis Legal & Professional.

LexisNexis Legal & Professional’s major brands include:Lexis^®, legal, news and public records content for legal professionals;Nexis^®,news and business content for legal and other professionals;Matthew Bender^®, critical legal analysis, checklists, forms, and practice guides authored by industry experts covering 50 major practice areas;CaseMap^®, software allowing litigators to assess and analyse case information;Lexis^® for Microsoft^® Office, an integration of LexisNexis content, open Web search and Microsoft Office;LexisNexis^® Verdict & Settlement Analyzer^®, an early case assessment tool for researching and evaluating the risk and opportunity associated with a case;lawyers.com^SM, a website for consumers seeking legal information and counsel;Lexis^®Library, LexisNexis UK flagship legal online product;Lexis^®PSL, LexisNexis UK legal practical guidance

service; andJurisClasseur, an authoritative online legal resource in France.France;Shepard’s^®, a citation service;Lexis Advance^™, a new online legal research tool that transforms the way legal professionals conduct research; andLexis^® Practice Advisor, a new resource that offers guidance to help attorneys handle transactional matters more efficiently and effectively.

REED EXHIBITIONS