Wolters Kluwer reports full year 2002 results


	Increase of revenues 4% at constant currencies to EUR 3.9 billion
	Organic increase of revenues of 1%
	Increase of benchmark ordinary net income of almost 8% at constant currencies to EUR 453 million
	Strong ordinary free cash flow EUR 400 million (2001: EUR 328 million)
	Again double digit growth in electronic revenues: +13%
	Net book profit on divestments of EUR 303 million
	LTB North America in 2003: increased investment in Internet product development and realignment of businesses
	Nancy McKinstry appointed Chairman Executive Board as of September 1, 2003
	Boudewijn Beerkens (Chief Financial Officer) proposed as Executive Board member as of May 1, 2003

Benchmark

EUR million

1st HY-2002

2nd HY-2002

2002

2001

% Change

% Constant currencies

Revenues
1,917

1,978

3,895

3,837

2%

4%

Ordinary EBITDA
408

487

895

919

-3%

0%

Ordinary EBITA
347

430

777

812

-4%

-1%

Ordinary EBITA margin %
18%

22%

20%

21%

Ordinary net income
194

259

453

436

4%

8%

Net income
32

296

328

140

134%

134%

Diluted ordinary EPS
EUR 0.66

EUR 0.86

EUR 1.52

EUR 1.54

-1%

Dividend

EUR 0.55

EUR 0.53

4%

Ordinary free cash flow
42

358

400

328

22%

Diluted ordinary free cash flow
EUR 0.15

EUR 1.20

EUR 1.35

EUR 1.17

15%

Average number of FTEs
20,284

19,766

3%

Wherever used in this press release, the term 'ordinary' refers to benchmark figures before amortization of intangible fixed assets, results on divestments and exceptional pension charge. These figures are considered as key parameters to measure the underlying performance of our base business. These benchmark figures are presented as additional information and do not replace the information in the profit and loss account and cash flow statement. The term ordinary is not a defined term under Netherlands or International Generally Accepted Accounting Principles.

Outlook year 2003

Our focus on sustainable growth means that we continue to make long-term investments in product development, alignment of the organization and infrastructure, despite the fact that we do not see a short-term improvement in the external trading conditions. Hence, we expect our ordinary net income to be more or less in line with 2002.

However, due to the divestments of non-core activities the benchmark ordinary net income measured at constant currencies may be up to 6% lower than the EUR 453 million realized in 2002.

Rob Pieterse, Chairman of the Executive Board of Wolters Kluwer, commented:

The year 2002 was the next step in our transition from a traditional print publisher to a multi-media publisher. The transformation we are making is focused on: better products, higher speed to market and improved services. Our objective in 2002 was to work further on the set path and to be one of the most important providers in the regulatory, tax, health and education markets. The extra investments we made during the past years have already led to substantial additional Internet revenue growth in 2002, thereby compensating for the decline in traditional products. Follow-up investments are necessary. These can be made with confidence, now that the organization has accumulated more experience in electronic product development.

We again performed in line with the outlook we provided, despite worsened and uncertain economic circumstances. Our benchmark profit (ordinary net income before amortization of intangibles and exceptional pension charge) rose from EUR 436 million (2001) to EUR 453 million (almost 8% at constant currencies, 4% in EUR terms). The share of electronic media (including Internet) improved further. To improve our revenues in electronic media we invested further in product development and common delivery platforms. Our expenditure here is substantial, but these are the investments that we see as providing a platform for sustainable growth in the future.

Historically, we have a very strong position in the European legal, tax and business markets. Our content base, the quality of local brands and a strong relationship with our customers are our key assets. The restructuring started in 2000 is now showing results.

For Legal, Tax & Business North America, 2002 was again a year of growth. However, the market circumstances in the US were difficult. We have analyzed our position and a plan is in place to invest for future growth. The cluster will realign its business around four key customer segments, invest in product development and build a shared services infrastructure for the cluster.

The strategic aim of the cluster Health to become the leading supplier of information for professionals in the medical sector and health-related sciences has already resulted in improved financial performance; growth was strong and returns healthy, despite the restructuring costs.

Our Education cluster performed as we predicted. Due to the curriculum cycle, the first half of 2002 was better, and the second half of the year lower, overall results were lower.

Our financial position is solid and to maintain it is one of our first priorities. Thanks to our strong income flow from up-front subscriptions, we will continue to show a predictable cash flow. Acquisitions are conservatively valued and the vast majority of product development costs is taken directly to the profit and loss account. Consequently, the presented results are well supported by our cash flow.

In September 2003, Nancy McKinstry will succeed me as chairman of the Executive Board. The Supervisory Board of Wolters Kluwer has found in Nancy McKinstry an excellent, thoughtful business leader for Wolters Kluwer. Nancy McKinstry is with Wolters Kluwer for more than 10 years, she held a succession of management positions with several Wolters Kluwer companies and is a member of the Executive Board since June 2001. She brings extensive experience in strategy, operations and technology to the position. Our Chief Financial Officer Boudewijn Beerkens will be proposed to the Annual General Meeting of Shareholders for appointment to the Executive Board as from May 2003, thus ensuring financial expertise in the Executive Board.

2003 will again be a challenging year - due to difficult economic circumstances. Going forward, I am convinced that Wolters Kluwer will benefit from the measures and investments we undertake today.

Financial overview 2002

Revenues in 2002 increased by almost 2% to EUR 3,895 million (+4% at constant currencies). Operating income before amortization of intangibles and before the exceptional pension charge (ordinary EBITA) decreased by 4% from EUR 812 million to EUR 777 million (1% at constant currencies). Partly due to the substantial expenditures on product development, which are not capitalized, the ordinary EBITA margin narrowed slightly from 21% (2001) to a still robust 20%. At some business units, particularly in the US, margins fell under pressure from the economic developments.

The ordinary net income before amortization of intangible fixed assets and exceptional pension charge rose from EUR 436 million (2001) to EUR 453 million (almost 8% at constant currencies, 4% in EUR terms).

Due to the dilutive impact of stock dividend, exercised and granted stock options and the convertible issued in the autumn of 2001, the 'fully diluted' earnings per share figure based on the weighted average number of shares was EUR 1.52 (2001: EUR 1.54). Undiluted the earnings per share figure increased to EUR 1.59 (2001: EUR 1.55).

The organic revenue growth was a modest 1% and we foresee no marked improvement in 2003. Though we have successfully launched many new products and services, the traditionally successful 'loose-leaf publications' are in decline, resulting in modest overall organic revenue growth for the group.

Electronic revenues accounted for 32% of total revenues of core business (2001: 29%) in line with our projections. Internet products and services contributed the most to this growth.

In 2002 we continued to pursue an active acquisition program aimed at complementing our portfolio while also strengthening our leading position in information, software and services. More than 30 acquisitions were made in total. The acquired businesses are giving Wolters Kluwer a strong revenues boost, generating combined annual revenues in excess of EUR 160 million. In the year under review, acquisitions contributed over 4% to our revenue growth and almost 5% to ordinary EBITA. Although substantial funding is available for strategic acquisitions, careful attention will be given to maintaining our credit rating. This could result in a modest acquisition program for the year 2003.

The sale of non-core activities has largely been completed. Kluwer Academic Publishers and Bohn Stafleu Van Loghum have already been divested. The sale of both ten Hagen & Stam and ISBW is nearing completion. Total divestments in 2002 accounted for annual revenues of about EUR 0.2 billion. The total gross proceeds of the divestments realized in 2002 amounted to EUR 314 million. This resulted in a 2002 net book profit on divestments of EUR 303 million.

Ordinary free cash flow increased EUR 72 million to EUR 400 million, mainly due to the higher cash flow from operating activities and lower provisions. The cash flow from operations decreased EUR 100 million in the financial year, particularly due to a lower ordinary EBITA (minus EUR 35 million), and an unfavorable movement in the organic working capital of EUR 76 million. The benchmark tax charge 2002 worked out at 27% (2001: 31%).

All pension schemes have been analyzed. Due to the decrease of share prices and interest rates in the second half of 2002 the under funding increased substantially. The entire pension deficit stemming from the US, the UK and Belgium of EUR 98 million was charged as a non-cash item to the result of 2002 under Dutch GAAP.

The net interest-bearing debt position decreased from EUR 2.8 billion (2001) to EUR 2.7 billion. Approximately 75% of the total interest charge is payable in US dollars. Some 75% of our total debt (year-end 2002) was fixed-rate versus 25% variable. The average interest rate in 2002 amounted to approximately 5%. Our current credit ratings are: 'A3/stable outlook' from Moody's and 'Single A minus' from Standard & Poor's.

In line with previous years and indicating our strong belief in the future of the company, we have decided to maintain the opportunity for shareholders to re-invest their dividend. On the basis of an unchanged payout ratio of about one third of the benchmark ordinary net income before amortization of intangible fixed assets and exceptional pension charge, we propose to distribute a dividend of EUR 0.55 (2001: EUR0.53) per share for the financial year 2002.

2003 Financial Reporting

Wolters Kluwer aims to achieve even greater transparency of financial information in the near future. We are taking this step in early compliance with the International Financial Reporting Standards that will become effective for us in 2005. Key elements here are to give insight into the accounting treatment of goodwill and other intangibles, staff options, pension funding shortfalls (where applicable) and revenues of electronic products and services. In addition, we will also be introducing first- and third-quarterly trading updates in 2003 - alongside the existing yearly and half-yearly results - ahead of the envisaged adoption of statutory quarterly reporting.

Activities


	Revenues	Revenues	Ordinary EBITA	Ordinary EBITA


	2002	2001	2002	2001


Total EUR million	3,895	3,837	777	812


Non-core/to be divested	340	400	62	84


Continuing activities	3,555	3,437	715	728


Growth in %


Total	2%	5%	-4%	3%


Continuing activities	3%	9%	-2%	5%

Breakdown of Growth 2002

In %
Revenues

Revenues

Ordinary EBITA

Ordinary EBITA

2002

2001

2002

2001

Organic

- Continuing activities

1.30%

2.90%

-3.50%

-9.50%

- Non-core/to be divested
-2.10%

-5.40%

-17.90%

-1.40%

Total

0.90%

1.70%

-5.00%

-8.50%

Reorganization provisions
-

-

-

7.60%

Acquisitions
4.40%

4.60%

4.50%

3.70%

Divestments
-1.10%

-2.40%

-0.60%

-1.20%

At constant currencies
4.20%

3.90%

-1.10%

1.60%

Currency
-2.70%

0.80%

-3.20%

1.30%

Total
1.50%

4.70%

-4.30%

2.90%

Non-core businesses

The revenues of the non-core businesses being divested fell 15% to EUR 0.3 billion. The total divestments in 2002 accounted for annual revenues of about EUR 0.2 billion (including Kluwer Academic Publishers and Bohn Stafleu Van Loghum).

Non-core/to be divested business


EUR million	2002	2001	% Change


Revenues	340	400	-15%


Ordinary EBITA	62	84	-26%


Ordinary EBITA margin %	18%	21%


FTEs (average)	1,661	1,819	-9%

Media formats

The revenues emphasis shifted further from print towards electronic revenues, which accounted for 32% of total revenues of the core business in the year under review (2001: 29%). Our electronic products clearly have a vital part to play in our future success.

CD-ROM revenues advanced almost 4% for the core business while Internet revenues surged by as much as 31% for the core business to EUR 469 million. We met our target of 30% of revenues via electronic products in 2002. About 13% of our revenues are now being realized through the Internet. We expect our strong internet-based products and services to continue growing in the coming years.

Changes in market preferences caused the share of print products in total core revenues to diminish: from 71% (2001) to 68% (2002). 'Print' is, and will for some time remain, our most important revenue and cash generator.

Revenue breakdown

Revenues

2002

%

2001*

%

Internet
469

13%

359

10%

Other online
51

2%

52

2%

Subtotal
520

15%

411

12%

CD-ROM
602

17%

578

17%

Total electronic products
1.122

32%

989

29%

Print
2.433

68%

2.448

71%

Total core activities
3.555

100%

3.437

100%

* Figures 2001 restated for non-core activities

Performance of the clusters in 2002

Legal, Tax & Business Europe - growth strategy given further shape


EUR million	2002	2001 *	Change in %	Organic growth **	Acquisitions	Divestments





Revenues	1,228	1,179	4%	0%	4%	0%


of which electronic products	318	300	6%


Ordinary EBITDA	274	259	6%


Ordinary EBITA	230	223	3%	-2%	5%	0%


Odinary EBITA margin (%)	19%	19%


CAPEX	59	55	7%


FTEs (average)	7,653	7,436	3%	-2%	5%	0%

* all 2001 figures adjusted pro forma for transfer of non-core activities
** including effect of extra (Internet) product development

During 2002 the cluster made considerable progress in Europe to reinforce its number one position in its core markets. The revenues of the European operations grew approximately 4% in 2002, particularly as a result of acquisitions. Organic revenue growth was flat but ordinary EBITA improved relative to 2001.

Healthy revenue growth was seen in Central Europe, Italy, France and Scandinavia and Teleroute also delivered a solid performance. The Netherlands achieved a slight decrease in revenues partly caused by declining contributions from the cyclical activities. In Germany growth was mainly realized through strategically important acquisitions but the operations suffered from the struggling economy and local government budget restrictions. Belgium and the UK delivered disappointing results. However, the consultancy activities in the UK advanced strongly, and the first signs of recovery in Belgium became visible towards the end of the year.

In 2002, electronic revenues accelerated to EUR 318 million (26% of cluster revenues). The ultimate ambition is to provide the cluster's markets with continuously enhanced products and know-how. Revenue growth was dampened by the steady decline in demand for loose-leaf publications, which constitute an important source of income in several countries.

Important acquisitions were made to strengthen the portfolio of core activities. In the UK, we acquired ABG Professional Information (the publishing arm of the largest European accountancy institute) while the position in France was reinforced through the acquisition of Val Informatique (environment, health & safety market) and Ciceron (legal market). In Germany two major acquisitions were effected: Verlag Praktisches Wissen (legal, fiscal and business information products) and AnNotext (legal workflow tools). The software activities in Italy were strengthened further with the acquisition of Artel, which services the financial, tax and human resources market.

In 2002, we organized the European operations into three regional groups to enable cross-country cooperation, leverage 'best practices' and bring cluster management closer to operations. In 2003, this process will evolve further, with all non-publishing operations (production, distribution, purchasing, IT) being coordinated by a European Chief Services Officer and all publishing operations by a European Chief Publishing Officer. The cluster will focus specifically on standardizing, improving operational excellence, growth acceleration, portfolio review and its acquisition program.

Legal, Tax & Business North America - Investing for future growth


EUR million	2002	2001 *	Change in %	Organic growth **	Acquisitions	Divestments	Currencies


Revenues	1,214	1,210	0%	2%	4%	0%	-6%


of which electronic products	537	497	8%


Ordinary EBITDA	363	375	-3%


Ordinary EBITA	326	340	-4%	-1%	2%	0%	-5%


Odinary EBITA margin (%)	27%	28%


CAPEX	53	52	2%


FTEs (average)	6,439	6,221	4%	0%	4%	0%

* all 2001 figures adjusted pro forma for the transfer of non-core activities
** including effect of extra (Internet) product development

The cluster is the most profitable within Wolters Kluwer, though slower than expected organic growth resulted in a modest decline in margins overall. LTB North America continued to invest aggressively in 2002, both through acquisitions of higher growth workflow tool companies and internal product development, in order to extend its worldwide market leadership in information of software and services.

Faced with challenging economic circumstances, the US companies managed to increase revenues by 6% in local currencies. The weakening dollar had a negative impact on revenues in reported euros so that revenues only slightly increased, with acquisitions making a sizeable contribution to this increase. Despite lower organic growth in 2002, LTB North America achieved a healthy profit margin of 27%. Due to effective cost controls and efficiency improvements LTB North America managed to limit the negative effects of the disappointing revenue developments, while maintaining investments in new products.

CCH Legal Information Services and Bankers Systems Inc. experienced slower growth due to the sluggish United States economy. CCH US Publishing's results were below expectations, particularly from its traditional loose-leaf publications. Aspen Publishers (the legal publisher) showed healthy revenue growth, due to strong performance of the Loislaw online legal research platform, which grew nearly 50%. Aspen's profit margin narrowed, in part due to additional investments made at Loislaw. CCH Tax Compliance, a leading provider of tax compliance software, posted strong organic growth combined with a slight decrease in operating margin.

The cluster's Internet revenues surged +33% in local currencies demonstrating the benefits of past investments in Internet products. The percentage of electronic revenues increased this year to 44% of total revenues (2001: 41%), with Internet revenues the fastest growing component.

LTB North America acquired 15 companies in 2002 strengthening its positions in compliance research and software tools. CCH acquired Uniform Insurance Services (market leader in the field of property and casualty insurance forms) and the ComplianceWare database (aimed at regulatory compliance in the consumer finance and insurance industries). Aspen Publishers broadened its range of content offerings through the acquisition of a number of strategic products.

LTB North America has made considerable progress in its efforts to better serve its customers and expand its customer base by improving its capabilities in marketing, business development and revenues. LTB North America continued to bring new products to market at an increased rate thanks to earlier investments made in its market-focused Internet destination sites (for tax, legal compliance, banking and securities professionals).

In order to advance its strategy to better serve its core markets, LTB North America, in 2003, plans to realign its business units by key customer groups, accelerate development of integrated products and create a selective shared services infrastructure for technology, operations and administrative functions. LTB North America will create four new customer focused units to serve professionals in the tax and accounting, legal, financial institutions and corporate legal services markets. The cluster will de-emphasize, and in some cases divest, activities that do not align with its core strategy.

Legal, Tax & Business Asia Pacific - changes and challenges

EUR million
2002

2001

Change in %

Organic growth *

Acquisitions

Divestments

Currencies

Revenues
65

60

8%

0%

8%

0%

0%

of which electronic products
20

18

11%

Ordinary EBITDA
11

12

-8%

Ordinary EBITA
9

10

-8%

-12%

4%

0%

0%

Ordinary EBITA margin (%)
14%

16%

CAPEX
3

3

0%

FTEs (average)
601

546

10%

-2%

12%

0%

* including effect of extra (Internet) product development

In a year of substantial economic downturn in many parts of the region (Singapore, Hong Kong and Japan) the cluster has continued to build a platform for future growth. The cluster's revenues increased about 8%. Revenue growth was primarily achieved through acquisitions in the field of practice management software (Diskcovery, Australia).

Organic growth was flat, partly due to the economic crisis in virtually the entire region, which failed to stage the expected recovery. The operations of CCH Asia (Singapore, Hong Kong, Malaysia) achieved virtually no revenue growth due to the economic downturn in these countries. Electronic products generated almost 31% of the cluster's total revenues.

The businesses have been restructured to provide greater opportunities to leverage scale and further support the cluster's pursuit of operational excellence. In the past year, investments were made in a shared services model to improve the longer-term efficiency (and hence the operating margin) of all business units in the region. This became effective on January 1, 2003. Electronic delivery opportunities have been enhanced. Thanks to the actions taken in 2002 and preceding years, the cluster is well positioned to capitalize on these market opportunities in 2003 and beyond.

Health - strong focus on world market of medical information


EUR million	2002	2001 *	Change in %	Organic growth **	Acquisitions	Divestments	Currencies


Revenues	748	680	10%	5%	10%	0%	-5%


of which electronic products	228	158	44%


Ordinary EBITDA	147	138	7%


Ordinary EBITA	131	123	6%	-4%	15%	0%	-5%


Ordinary EBITA margin (%)	17%	18%


CAPEX	21	22	-4%


FTEs (average)	2,352	2,230	6%	-1%	7%	0%

* all 2001 figures adjusted pro forma for transfer of non-core activities
** including effect of extra (Internet) product development

2002 was an important year for the Health cluster. A new strategy was formulated and reorganization was initiated under a new management team. The strategic choice of Wolters Kluwer to grow into the leading supplier of information for professionals in the medical sector and health-related sciences resulted in a good financial performance.

Health revenues grew 15% in local currencies (+10% in euros) in the past year. Organic growth came to a healthy 5%, with all operations making a contribution to this result. Despite the reorganization costs, the operating margin remained at almost the same level as in 2001.

Health provides research and clinical information in all formats, initially as publications but ultimately embedded in tools. Near-term, Health is expanding its portfolio of must-have offerings for key institutional segments across the full spectrum of content, platform and tools. In addition, the cluster is renewing its educational offering (traditional texts and study materials), while positioning its research and evidence-based content as an element of clinical practice tools. In parallel, Health is expanding its presence in databases and tools that support practitioners' workflows and decision-making.

The cluster's electronic revenues were EUR 228 million, about 30% of cluster revenues. Ovid's online services experienced particularly strong growth thanks to the integration of SilverPlatter, but also due to the reinforcement of the journal offerings.

Medi-Span (leading supplier of electronic drug guides and clinical information), which was acquired in 2001, was integrated according to plan and ended the year with good financial results. Kluwer Academic Publishers, which no longer matched the cluster's strategy, was sold as planned. Ovid, the most important online platform of the Health cluster, achieved strong growth, partly as a result of the integration of SilverPlatter, acquired in 2001.

The portfolio has been reorganized to strengthen the cluster's customer focus and enable cross-cluster coordination. Marketing and distribution have been rationalized. Health is currently implementing new core processes in the areas of finance, technology and human resources. Health aims to grow into the global market leader in information for health and medical professionals. The cluster is well positioned to achieve that goal.

Education - product developments


EUR million	2002	2001	Change in %	Organic growth *	Acquisitions	Divestments	Currencies


Revenues	300	308	-2%	-3%	1%	0%	0%


of which electronic products	19	16	19%


Ordinary EBITDA	64	68	-6%


Ordinary EBITA	56	61	-8%	-8%	0%	0%	0%


Ordinary EBITA margin (%)	19%	20%


CAPEX	11	10	10%


FTEs (average)	1,486	1,441	3%	0%	3%	0%

* including effect of extra (Internet) product development

Overall the Education cluster lived up to the expectations formulated at the beginning of the financial year. The results in its key markets (Sweden and the Netherlands) were even better than expected. The cluster met the targeted operating result and maintained or expanded its market share in almost all fields.

Educational publishing revenues decreased in 2002 by 2%, which was still 1% better than expected. Organic revenue growth was -3%. The anticipated decline was mainly attributable to curriculum cycle effects in several countries, including the Netherlands. Revenues of schoolbooks in Germany and the United Kingdom were lower than anticipated as schools allocated a larger part of their budgets to other needs such as school maintenance and teacher recruitment. Despite significant investments in successful new product development, the operating margin was approximately 19%. The margin was more or less maintained partly thanks to stringent cost management and more direct control from the cluster. The electronic revenues in the Education cluster increased in 2002 to EUR 19 million. In 2002 Moorhouse Black, a provider of distance learning services for schools, was acquired in the United Kingdom.

With its leading market positions and strong brands in the schoolbook business, Education is well positioned to take advantage of new opportunities arising in traditional markets such as e-learning, management and testing. The focus on new business in combination with well-structured acquisition in its core market (schoolbooks) is starting to pay off. These factors should translate into concrete results at year-end 2003, with further expansion expected in 2004.

Dividend

In line with previous years, we offer our shareholders the choice between cash or stock dividend. With the latter option, the dividend can be re-invested. On the basis of an unchanged payout ratio of about one third of the benchmark ordinary net income before amortization of intangible fixed assets and exceptional pension charge - we propose to distribute a dividend of EUR 0.55 (2001: EUR0.53) per share for the financial year 2002.

The dividend-proposal will be put to the Annual General Meeting of Shareholders on April 16, 2003 after which the shareholders will be asked to make their choice known. The stock dividend will be determined on April 25, 2003 (after close of trading). The dividend will be payable as from April 29, 2003.

Forward-Looking Statements

This press release contains forward-looking statements. These statements may be identified by words such as 'expect', 'should', 'could', 'shall', and similar expressions. These statements are subject to risks and uncertainties, and actual results and events could differ materially from what is expected presently.

Factors leading thereto may include without limitations general economic conditions, conditions in the markets in which Wolters Kluwer is engaged, behavior of customers, suppliers and competitors, technological developments, as well as legal and regulatory rules affecting Wolters Kluwer's businesses.

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Note for the editor

Wolters Kluwer is a multinational information services company with annual revenues of more than EUR 3.9 billion, employing almost 20,000 people in Europe, North America, and Asia Pacific. The company's core activities are Legal, Tax & Business, Health and Education. Wolters Kluwer's shares are quoted on the Euronext Amsterdam and are included in the AEX and Euronext 100 indices.

The 2003 Annual General Meeting will take place on April 16.

Announcements financial results:

Trading update 1st quarter: May 14, 2003

Figures first-half: August 12, 2003

Trading update 3rd quarter: November 12, 2003

Internet:

www.wolterskluwer.com

For more information, please contact:

Press:

Caroline Wouters, tel. +31 20 6070 335

e-mail: press@wolterskluwer.com (press)

Analysts/Investors:

Oya Yavuz, tel. +31 20 6070 407

e-mail: ir@wolterskluwer.com (investor relations)