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2006
Full-Year Results
Successful Completion
of Three-year Plan



February 28, 2007 Amsterdam


Nancy McKinstry
CEO and Chairman of
the Executive Board

Boudewijn Beerkens
CFO and Member of
the Executive Board
Forward-Looking Statements

This presentation contains forward-looking statements. These statements may
be identified by words such as "expect", "should", "could", "shall", and similar
expressions. Wolters Kluwer cautions that such forward-looking statements are
qualified by certain risks and uncertainties, that could cause actual results and
events to differ materially from what is contemplated by the forward-looking
statements. Factors which could cause actual results to differ from these
forward-looking statements may include, without limitation, general economic
conditions, conditions in the markets in which Wolters Kluwer is engaged,
behavior of customers, suppliers and competitors, technological developments,
the implementation and execution of new ICT systems or outsourcing, legal -,
tax -, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks
related to mergers, acquisitions and divestments. In addition, financial risks,
such as currency movements, interest rate fluctuations, liquidity and credit risks
could influence future results. The foregoing list of factors should not be
construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.




                                      2006 Results         February 28, 2007 Amsterdam   1
Agenda


  Accomplishments & Highlights

  Key Performance Indicators

  Divisional Operating Performance

  Outlook

  Financials

  Outlook & Summary

  Q&A




                               2006 Results   February 28, 2007 Amsterdam   2
Accomplishments 2006

                         Achieved all KPI targets,
          most notably solid organic growth and strong cash flow


   Restructuring program completed: significant cost savings achieved


             Double digit online and software revenue growth

 Select acquisitions to strengthen leading positions and enter high-growth
                              adjacent markets

                        Strong shareholder returns




        Momentum Building Further in 2007 & Beyond


                                  2006 Results         February 28, 2007 Amsterdam   3
Highlights Q4/FY 2006

 Key Financials
  — Organic revenue growth of 6% in the quarter versus 3% last year
  — Full year organic revenue growth of over 3% versus 2% prior year
  — Product development spend of €272 million in 2006, which is €22 million higher than
    previous year (9% increase)
  — Ordinary EBITA margin of 17% versus 16% in 2005, due to increased cost savings and higher
    revenue growth
  — Structural cost savings of €128 million, which is above expectations (initial target of €120
    million)


 Divisional Operating Performance: All divisions enhanced overall revenue
 performance over prior year
  — Health achieved 3% organic growth with a strong 4th quarter of 6% organic growth
  — Strong organic growth performance from CFS and TAL
  — LTRE achieved 1% organic growth, restoring growth to the division after several years of
    decline and marking its successful transformation
  — Education demonstrated good performance in all markets with especially strong growth
    in the UK



                                          2006 Results            February 28, 2007 Amsterdam   4
Our three year plan has successfully restored
organic growth across all divisions

                                 Organic Growth Rates by Division
                                                                                                   Total
       Health         CFS                  TAL                   LTRE         Education
                                                                                               Wolters Kluwer
                            7%
                                                 5%



                                                                                                            3%
           3%
                                                                                      2%


                                                                        1%

 0%




                                                           -2%
                -2%                                                                               -2%

                                                                              -3%

                                     -4%

 ‘03      ’06   ‘03     ’06         ‘03          ’06       ‘03          ’06   ‘03     ’06        ‘03        ’06


                                                  2006 Results                February 28, 2007 Amsterdam         5
Highlights: Three Year Plan Delivering Results

 Well positioned to sustain strong organic growth
  — Strong online/electronic growth, with new integrated tools and
    solutions well received by customers
  — Product development investments increased over prior year by 9%
    and program largely focused on online and software solutions
  — Innovation program well entrenched within all divisions and
    supported through enhanced customer and sales and marketing
    programs


 Extending market positions through selective strategic acquisitions to
 strengthen leading positions, enter high-growth / adjacent markets
 (Healthcare Analytics, Provation, Carl Heymanns, ATX/Kleinrock and
 TaxWise)




                                 2006 Results       February 28, 2007 Amsterdam   6
All 2006 KPI’s Achieved or Exceeded

    Key Operational Measures          2003       2004           2005         Target 20061          Actual 2006


    Organic Revenue Growth                -2%     1%             2%          2-3%       √               3%


    Ordinary EBITA Margin             18%         16%            16%      16.5-17.0%    √               17%


    Cash Conversion                   109%       126%           106%       95-105%      √              100%


Key Financial Measures


    Free Cash Flow                  €393 mln    €456 mln      €351 mln    > €350 mln    √            €443 mln


    ROIC %   2                            7%      7%             7%           7%        √               7%


    Ordinary Diluted EPS             €1.18       €1.02          €1.06     €1.18-€1.23   √              €1.23




1   At constant currencies EUR/USD 1.25
2   After Tax


                                                           2006 Results                 February 28, 2007 Amsterdam   7
Electronic Sales Growth Accelerating

          Percent of Wolters Kluwer Revenue from
                     Online/Electronic


                         3-year CAGR
                             12%
                                          43%




                 31%




                  2003                    2006



                               2006 Results      February 28, 2007 Amsterdam   8
Clinical
Health Results                                                                     Solutions
                                                                                       7%
                                                                                                                Pharma
                                                                                                               Solutions
                                                             Professional &
    Organic growth of 6.0% for Q4 and                          Education
                                                                                                                 32%
    2.7% for the year                                             26%

    Performance driven by:
     — Nursing segment and strong front list (P&E)
     — Strong online revenue growth (from Ovid)
     — Good customer adoption of electronic drug
       information and decision support tools                                                   Medical
                                                                                               Research
    Margins reflect investments in new                                                           35%
    products and data sets, sales and
    marketing, and higher royalty costs

                                                                              Q4 05/Q4 06 Change (millions)
                                                                                 Acquisition
  Millions
                     Q4 06   FY 06     Q4 05         FY 05          Organic      / Disposal        Currency    Total
Revenues     (USD)   300     1036       237            814             14             49               -        63
             (EUR)   232      823       199            656             12             41             (20)       33
Ord. EBITA   (USD)    53      152       42             128              8              3               -        11
             (EUR)    41      120       35             104              6              3              (3)        6
Ord. EBITA margin%    17      15        18             16



                                              2006 Results                       February 28, 2007 Amsterdam         9
CFS Results
                                                                                                                 Financial
    Organic revenue growth of 8.8% for Q4 and 7.5%
                                                                                                                 Services
    for FY, significantly overachieved guidance                                                                     35%
    Good performance at CLS (8.6% organic growth)
    despite strong comparables
     — Record volume growth in core services
     — UCC services and Litigation Solutions                     Corporate
                                                               Legal Services
        delivering double digit growth
                                                                    65%
    Financial services performed well with 5.4%
    organic growth, driven by growth in banking
    analytics product line and the successful launch of
    Expere in the large bank segment
    Maintained strong margins despite significant
    investments in new products and shared services
                                                                                Q4 05/Q4 06 Change (millions)
                                                                                   Acquisition
  Millions
                     Q4 06    FY 06      Q4 05         FY 05         Organic       / Disposal     Currency       Total
Revenues     (USD)   176       670        161           617             14               1            -           15
             (EUR)   137       534        136           496             12               1          (12)           1
Ord. EBITA   (USD)    38       146        31            125              7               -            -            7
             (EUR)    30       116        26            100              6               0           (2)           4
Ord. EBITA margin%    22        22        19             20



                                                2006 Results                       February 28, 2007 Amsterdam         10
TAL Results
    Organic growth of 5.9% in Q4 and 5.0% for
                                                                                                        Law & Business
    the year                                                                                                 31%

    Within Tax & Accounting continued strong
    customer demand for software and
    integrated online libraries
    Law & Business showed solid organic                     Tax &
    growth through increased product                      Accounting
                                                             69%
    innovation, launch of several online
    libraries, and improved retention
    Maintained strong margins despite
    significant investments in new products,
    .Net technology and shared services
                                                                           Q4 05/Q4 06 Change (millions)
                                                                              Acquisition
  Millions
                     Q4 06   FY 06   Q4 05        FY 05         Organic       / Disposal     Currency        Total
Revenues     (USD)   231     849     197           775             12              20            2             34
             (EUR)   179     678     165           621             10              17          (13)            14
Ord. EBITA   (USD)    26     162      29           155                 0           (3)           0            (3)
             (EUR)    20     131      24           122                 0           (2)          (2)           (4)
Ord. EBITA margin%    12      19      15            20



                                           2006 Results                       February 28, 2007 Amsterdam           11
Building Vertical
Market Leadership in
Tax & Accounting




Kevin Robert
CEO Wolters Kluwer
Tax and Accounting
Situation: Changing market dynamics are driving the
 need for workflow productivity solutions

                          Key Market Dynamics
                    New demand for information
Workforce           management                                              Regulatory
 75% of AICPA                                                                  Ensuing Sarbanes
 membership to      Increasing adoption of paperless                           Oxley legislation is
 retire within 14                                                              creating additional
 years              solutions and productivity tools                           compliance
                                                                               burden on
 Shortage of new
 accounting         Demand for integration blurs software                      corporations
 graduates          and research distinction




                        Client Base & Services
                          Work is shifting down-market as
                          larger firms shed lower value
                          clients to address resource
                          constraints
                          Smaller and Mid-Market firms are
                          expanding services


                                     2006 Results            February 28, 2007 Amsterdam      13
Strategy: Create the most comprehensive suite of tax &
accounting workflow solutions in the industry

                             Extend Into Emerging
                                 Practice Areas




    New Brands Target                                   Version to Expand
  Small firms & Tax Prep                                   Into Adjacent
                                                              Markets




                           Continuously Improve Core
                            Tax & Accounting Products




                                   2006 Results         February 28, 2007 Amsterdam   14
Refined market analysis focuses on understanding
  customer workflow to identify emerging growth

              US TAA Market Size (2006)
                  Other
                                                       Product development, marketing & sales, are
                                                       segment based to reflect unique customer needs

                          10%                          In-depth knowledge of customer workflow and
                                                       product usage

                                       47%     CPA     Continuously improve & expand core assets and
                 36%                                   capabilities
Corporate




                            7%

                                                          Significant additional new opportunities
                      Commercial Tax                      identified - increases addressable market size
                           Prep
                                                          through adjacencies & new markets

            Total Core Market = $2.3 billion              Extend leadership into Commercial Tax Prep
                                                          segment



                                                     2006 Results             February 28, 2007 Amsterdam   15
Map segment needs against competitive positioning to
  prioritize strategic investments
                                      Example: Competitive Map
                                        (CPA Segment – Partial Map)
                           Tax         Tax Prep     A&A          A&A           Practice     Document
                           Research    Software     Research     Software      Mgmt         Mgmt
Wolters Kluwer                                                                                            Premium
                                                                                                          Segments
(CCH & ProSystem)

Thomson
(RIA, PPC, GoSystem)


Intuit
(Lacerte)

Thomson
(CSI, PPC)

Intuit
(ProSeries)

Wolters Kluwer                                                                                            Value
                                                                                                          Segments
(ATX/TaxWise/ Kleinrock)

Drake


                                                   Core Assets
                                                   Core Assets   Adjacent Expansions
                                                                 Adjacent Expansions

                                                  2006 Results              February 28, 2007 Amsterdam    16
Strategic targeting of core enhancements and market
adjacencies creates a solid pipeline of opportunities…
                            Select Expansion Investments
                                     (Illustrative: Partial List)

         New           Accounting & Audit                      Corp SME
                       - Knowledge tools                       - Sales & Use
                       ProSystem Scan                          - CorpSystem
                                                               - Document Management
                       ProSystem Document
                                                               - Select Audit offerings
                       Tax Research Consultant



    Products
                                                               Small Firm Services
                                                               - Version to complete
                       Global Platform                           software suite
                                                               - Expand research offerings
                       ProSystem .Net                          - Commercial tax prep
                                                               Globalize ProSystem
                                                               - Canada
                                                               - Australia
         Core

                Core                              Customers                       New

                                             2006 Results                    February 28, 2007 Amsterdam   17
… drives exceptional product/market introductions …
 A&A Adjacency: Knowledge Tools                                       Market Expansion: Corp SME
• Knowledge Based Audit programs,                               • CorpSystem brand launch
  practice aids & workpapers
                                                                • Created dedicated SME sales (2006)
• Integrates and expands market
  leading ARM & Engagement                                      • First year sales significantly
                                                                  above target
• Co-authored with Audit Watch
                                                                • Increased average tax sale per SME
• Release Date: Q2 2007                                           customer by 73% (05-06)




                                  Tax Expansion: ProSystem fx Scan

                                 • Acquired Q1 2006
                                 • Grew base from 40 to over 650 customers
                                   in 9 months
                                 • Additional workflow enhancements
                                   slated for 2007



                                                 2006 Results              February 28, 2007 Amsterdam   18
… and enables WK TAA to expand its core customer base
and outpace market growth

                                                                            % Growth
        Key Operational Metrics (US market)1
                                                                             (05-06)
        Publishing Inventory Growth                                             6.8%

        Publishing Retention Increase                                           2.8%

        Publishing Revenue Growth - ARM                                        47.3%

        Software Inventory Growth                                              13.9%

        Software Revenue Growth – Tax                                           8.2%

        Software Revenue Growth – Non-tax2                                     32.4%

                                     20 products on Accounting Today “Top 100”
     Industry                        Industry Innovation Award for ProSystem fx Scan
     Leadership                      100 of top 100 accounting firms are CCH customers
                                     95%+ retention on tax software
    1   Does not include ATX /Kleinrock and TaxWise businesses
    2 Includes  only products with full year revenues 2005 and 2006


                                                       2006 Results      February 28, 2007 Amsterdam   19
Looking forward, WK TAA will begin roll-out of its new
research platform in late 2007

                                                                                                                                                                                      Focus Group / Testing Feedback
         New Research Platform




                                                                                                                                     Superior functionality to surpass competition
Simple, modernized                                                                                                   Improved
Interface                                                                                                              Display                                                       “Significantly easier to use because
                                                                                                                                                                                       it’s very basic. It’s self-explanatory.
                                                                                                                                                                                       Everything is right there for you.”
                        Current Platform


                                                                                           Financial & Estate Plng
                                                                       Accounting& Audit
                                                                                                                                                                                     “This is in the same format as a lot
                                     Sales & Use Tax

                                                       International
          Federal Tax

                         State Tax




                                                                                                                                                                                       of programs like Windows Explorer
                                                                                                                                                                                       and Outlook. People should really
                                                                                                                                                                                       understand how to use it.”


                                                                                                                                                                                     “Compared to what I am doing on my
                            Depth & Breadth
                             Key Features                                                                                                                                              computer, the ability to toggle back
                                                                                                                                                                                       and forth makes it much faster.
Intuitive &                                                                                       New Content                                                                          Time is money.”
innovative Search                                                                                  Intelligence



                                                                                                                                 2006 Results                                                  February 28, 2007 Amsterdam   20
And continue conversion of ProSystem fx to .Net to
provide customers next generation functionality
                         Portability & Collaboration
                           Smart Client
                           Application sharing
                           More connectivity options




                                                       Optimize Processes
Centralized Database
                                                          E-file Status
  SQL/Distributable
                                ProSystem fx              Client Correspondence
  Common client & firm
  data                                                    On-screen review tools




                         Workflow Management
                           Dashboard
                           Enhanced integration
                           Reporting & Tracking
                           New efficiency tools


                                       2006 Results    February 28, 2007 Amsterdam   21
Acquisition of ATX/Kleinrock and TaxWise enables CCH
to expand its position with small firm segments

56,000+ Small CPA Firm
and Commercial Tax                                                              Version select WK TAA
Prep customers                                                                  assets
Ability to better target                                                        Expand offerings to support
low-end of middle             1                               2                 commercial tax preparers
                                                           Increase
market                     Grow the                      Average Sales
                           Customer                           per
                             Base                          Customer




                              4                               3
Align Sales, Marketing                                                           Integrate product
& Customer Support                                        Integrate              platforms &
                           Consolidate                   Products &
Leverage technology                                                              technologies
                           Operations                   Technologies
and back office                                                                  Optimize and align
processes and                                                                    publishing operations
resources                                                                        and products




                                         2006 Results                  February 28, 2007 Amsterdam       22
TAA strategy is fully aligned with overall WK strategy

Migrate to .Net platform
for ProSystem
                                                                                       Extend leadership to low-
Increase adoption of                                                                   end CPA markets through
online content with                                                                    targeted products and
launch of global Atlas                                                                 brands
platform
                                  1                                 2                  Expand position in SME
Deepen and enhance                                                                     markets
                              Grow our                            Capture
content in leading
                               Leading                              Key                Leverage international
specialty areas
                              Positions                         Adjacencies            content into new segments
Execute on Paperless
Accounting & Audit
expansion strategies




                                  4                                 3
                                                                                       Continue globalization of
Broaden Lean Six Sigma                                          Exploit                ProSystem suite
initiatives                 Institutionalize
                              Operational                     Global Scale
                                                                                       Expand international TAL
Pursue editorial and IT       Excellence                       And Scope
development off-shoring                                                                content and software
alternatives                                                                           applications including re-
                                                                                       launch of ITPM
Continue to support and execute
Shared Services transformation                                                         Continue expansion into
                                                                                       emerging markets,
                                                                                       particularly China and India

                                               2006 Results                  February 28, 2007 Amsterdam     23
LTRE Results
    Organic growth of 3.8% in Q4 and
                                                                                  SC
    1.1% for FY 2006                                                   UK         3%              FR
                                                                       11%                       17%
    Good growth in Spain, France,                           BEL
    Central Europe and Italy                                8%

    Netherlands and Belgium returned
    to positive organic growth
                                                                                                           IT/SP
    Continued strong online growth                          NL                                              23%
                                                           17%
    Significant margin improvement due
                                                                       TLR
    to improved efficiencies from the                                   5%
                                                                                       GER/CEE
                                                                                         16%
    completion of in-country
    restructuring and shared services
    initiatives
                                                                       Q4 05/Q4 06 Change (millions)
                                                                             Acquisition
  Millions
                     Q4 06   FY 06   Q4 05         FY 05     Organic         / Disposal     Currency        Total

Revenues     (EUR)   398     1,342   380           1,292          15               2             1            18

Ord. EBITA   (EUR)    99     228       78           193           19               2             -            21

Ord. EBITA margin%    25      17       20            15


                                            2006 Results                     February 28, 2007 Amsterdam           24
Education Results
                                                             Germany / Aus             Other
      Organic growth of 7.7% in Q4 and 2.4%                      14%                    9%

      for the year; above guidance of 1-2%
      Good performance in all markets with                   UK
      strong growth in the UK driven by our                  16%

      AQA relationship
                                                                                                       Netherlands
      Tight cost control and restructuring                                                                 39%

      initiatives result in strong margins
                                                                   Sweden
                                                                     22%




                                                                   Q4 05/Q4 06 Change (millions)
                                                                       Acquisition
  Millions
                     Q4 06   FY 06   Q4 05        FY 05     Organic    / Disposal    Currency         Total

Revenues     (EUR)    57     316      52           309        4              -          1              5

Ord. EBITA   (EUR)    (2)     62      (3)          59         1              -           -             1

Ord. EBITA margin%    (4)     20      (5)          19


                                             2006 Results               February 28, 2007 Amsterdam           25
Strategy & Restructuring Impact

                        2003                 2004                     2005                 2006                   Total
EUR Million
                Original             Original                 Original             Original             Original
                           Actual               Actual                   Actual               Actual                 Guidance
                Target               Target                   Target               Target               Target

                                                                                                           ± 800      ± 800
Product                              200 + 50                 200 + 70                                  (incr. 200 (incr. 200
development       N/A          200                  220                      250     270          272
                                     (CC=235)                (CC=255)                                     3 year     3 year
spend
                                                                                                          period)    period)

Non-
exceptional
                  N/A          N/A     40           25           30          42      30           39
restructuring
expenses
                                                                                                          ± 215           ± 260
Exceptional
restructuring     100          96      40           44           10          20       -            -
expenses


FTE
                  500          521     500          724         400          358     200          216    ± 1600       ± 1800
reductions


Total cost                                                                                                             160
                  20           29      40           70           80          100     120          128   100-110
savings                                                                                                              run-rate




                                                          2006 Results                February 28, 2007 Amsterdam           26
Outlook




Nancy McKinstry
CEO and Chairman of
the Executive Board
Divisional Outlook 2007

                                                                 Organic Revenue Growth


         Health                                                           2-3%



         CFS                                                              5-7%



         TAL                                                              4-6%



         LTRE                                                             2-4%



         Education                                                        2-4%



         Wolters Kluwer                                                   4%


  UK is included in the TAL division as of 2007

                                                  2006 Results              February 28, 2007 Amsterdam   28
2007 Outlook

 Key Operational Measures           2003        2004              2005       2006              20071


Organic Revenue Growth                  -2%      1%                2%          3%               4%


Ordinary EBITA Margin                   18%      16%               16%        17%             19-20%


Cash Conversion                         109%    126%              106%        100%            95-105%


Key Financial Measures


Free Cash Flow                    €393 mln     €456 mln          €351 mln   €443 mln        ± €450 mln


ROIC %2                                 7%       7%                7%          7%            > WACC3


Ordinary Diluted EPS                €1.18       €1.02             €1.06      €1.23          €1.45-€1.55




1 At constant currencies EUR/USD 1.26
2 After Tax
3 Currently 8% after Tax



                                                  2006 Results              February 28, 2007 Amsterdam   29
Financials




Boudewijn Beerkens
CFO and Member of
the Executive Board
Financial Highlights

 All KPI’s achieved
  — Acceleration of organic revenue growth from 2% in 2005 to over 3% in 2006
  — Ordinary EBITA margin of 17% in 2006 is up from the 16% in 2005 which
    reflects higher revenue growth and cost savings, partly offset by shared
    services costs, investments in product development as well as increased
    marketing & sales spending.

 Profit for the year higher at €322 million (2005: €261 million)
 Strong free cash flow of €443 million; further improved working capital
 Effective tax rate on pre-tax ordinary income of 25% and in line with
 previous year
 Net debt increased by 25% to €2,050 million from €1,637 million due to
 acquisition spending. Gross debt in-line with previous year at €2.2 billion
 Full Year financing results of €104 million (2005: €103 million)




                                    2006 Results         February 28, 2007 Amsterdam   31
Key Financials


                                                    Actual    Constant           Organic
                                                  Currencies Currencies          Growth
EUR Million                2006      2005             %          %                  %
 Revenues                  3,693     3,374           9%           10%                3%

 Ordinary EBITA            618        533            16%          16%

 Ordinary EBITA margin %   16.7       15.8

Ordinary Net Income        387        327            19%          18%
 Ordinary diluted EPS      €1.23     €1.06           16%          15%

 Free cash flow            443        351            26%




                                   2006 Results             February 28, 2007 Amsterdam    32
Profit & Loss
EUR Million                      2006    2005
 Revenues                        3,693   3,374                                                       2006
                                                                                     2006          Ordinary
 Ordinary EBITA                  618     533
                                                               EUR Millions        Revenues         EBITA
 Ordinary EBITA margin %         16.7    15.8                  Health                  823            120
 Exceptional expense              0      (20)                  CFS                     534            116
 EBITA                           618     513                   TAL                     678            131
                                                               LTRE                   1,342           228
 EBITA margin %                  16.7    15.2
                                                               Education               316            62
 Amortization                    (121)   (81)
                                                               Corporate                0            (39)
 Operating profit                497     432
                                                               Total                  3,693          618
 Income from investments          6       5
 Financing results               (104)   (103)
 Results on disposals             9       4
                                                                     Higher revenues, EBITA and
 Share of profit of associates    1       3
                                                                     amortization reflect the
 Income (before tax)             409     341                         increased acquisition activity
 Taxation on income              (87)    (80)
                                                                     Stable financing results due to a
 Profit                          322     261
                                                                     more efficient capital structure
 Attributable to:
 Equity holders of the parent    321     260
 Minority interest                1       1


                                                2006 Results                  February 28, 2007 Amsterdam     33
Profit & Loss (cont.)

 EUR Million                                              2006            2005

  Net income attributable to equity holders               321              260

  Amortization of intangibles                             121               81

  Taxation on amortization                                (47)             (29)

  Results on disposals (after tax)                         (8)              2

  Exceptional restructuring expense (after tax)             -               13

 Ordinary Net Income                                      387              327

  Ordinary diluted EPS                                    €1.23           €1.06

  Weighted average number of shares                        307             302

  Weighted average diluted shares                          321             317




                                           2006 Results           February 28, 2007 Amsterdam   34
Consolidated Balance Sheet
EUR Million                           2006           2005         Increase in non-current assets
                                                                  mainly related to acquisitions
 Total non-current assets            4,388           3,805
                                                                  Non-current liabilities lower as a
 Total current assets            1,265          1,635
                                                                  result of shift of the €227
 Total current liabilities       (2,834)        (2,562)           million bonds (maturity 2007) to
                                                                  current liabilities
 Working capital                    (1,569)          (927)
                                                                  Total equity increased due to
Capital Employed                     2,819          2,878         profit for the year, off-set by a
                                                                  weaker dollar, cash dividend
 Total equity                        1,196           1,099
                                                                  and share buy back
 Total non-current liabilities       1,232           1,436
 Deferred tax liabilities                192              80
                                                                             Net Debt
 Employee benefits                       187            250     (stable gross debt at €2.2 billion)
                                                                                2821
 Provisions                                12             13           2614            2664
                                                                2363
                                                                                                                   2050
Total Financing                      2,819          2,878                                     1900
                                                                                                     1527   1637



Ratios                               2006           2005
Net debt / Equity                        1.7            1.5
                                                                1999   2000     2001   2002   2003   2004   2005   2006
Net debt / Ordinary EBITDA               2.9            2.6


                                                 2006 Results                 February 28, 2007 Amsterdam            35
Cash Flow from Operating Activities


    EUR Million                                                          2006         2005
                                                                                                   Increased Cash flow
     Operating Profit                                                        497      432
                                                                                                   from operations due to
     Amortization & Depreciation                                             208      172          higher operating profit

     Exceptional restructuring expense                                        -        20          Paid financing costs
                                                                                                   higher due to premium
     Autonomous movements in working capital1                                 9        30          redemption (€33
                                                                                                   million) of convertible
    Cash Flow from Operations                                                714      654          bonds 2001 – 2006
     Paid Financing costs                                                 (126)       (99)
                                                                                                   Paid corporate income
     Paid corporate income tax                                               (36)     (83)         tax lower due to refund
     Appropriation of restructuring provisions                               (37)     (51)
     Share-based payments                                                    17        12
     Other                                                                    3       (4)
    Cash Flow from Operating Activities                                      535      429
1   Autonomous working capital is including UK pension fund payments of €10 million




                                                              2006 Results               February 28, 2007 Amsterdam   36
Cash Flow from Investing & Financing Activities
EUR Million                                         2006      2005
Cash Flow from Operating Activities                  535      429
                                                                             Higher capital
 Net capital expenditure on property, plant and                              expenditure
                                                     (99)     (86)
 equipment
                                                                             Higher acquisition
 Net Acquisition spending                           (773)     (357)          spending is mainly due to
                                                                             Healthcare Analytics,
 Net receipts from disposal activities                   13    13            ProVation, ATX/
                                                                             Kleinrock and TaxWise
 Dividends received                                      7     8
                                                                             Cash from derivatives:
 Cash from derivatives                               105       83            realized swap gains of
                                                                             €105 million
Cash Flow from Investing Activities                 (747)     (339)
                                                                             Movement in loans as a
 Exercise of share options                               4     11            result of redemption of
                                                                             the bonds refinanced by
 Movement in (long-term) loans                      (644)     (356)          USD (multi-currency
                                                                             credit facility)
 New cash loans                                      682       9
                                                                             Dividend 2005 52% stock
 Movement in bank overdrafts                         (22)      46            versus 57% over 2004
 Dividend payments                                   (80)     (69)

 Repurchased shares                                  (19)       -

Cash Flow from Financing Activities                 (79)      (359)

                                          2006 Results                February 28, 2007 Amsterdam   37
Free Cash Flow

EUR Million                                       2006     2005
 Cash flow from operating activities               535      429            Free Cash Flow 2006

 Cash flow from investment activities             (747)    (339)          Improved growth &
                                                                          margin
 Cash flow from financing activities               (79)    (359)
                                                                          Reduction in corporate
Net Cash Flow                                     (291)    (269)          tax paid
 Cash and cash equivalents as at Jan. 1            428      687        Off-set by:

 Exchange differences on cash equivalents            1      10            Higher paid financing
                                                                          costs mainly due to
Cash and Cash Equivalents                                                 premium redemption
                                                   138     428
as at Dec. 31                                                             convertible bonds
 Cash flow from operating activities               535      429           Higher Capex spending

 Capital expenditure fixed assets                  (99)    (86)

 Dividends received                                  7       8

Free Cash Flow                                     443     351


                                            2006 Results           February 28, 2007 Amsterdam    38
Working Capital Development (Organic Trend)
    Analysis of contribution (+) absorption of (-) Cash Flow


    EUR Million                                         2006         2005     06/05
      Inventories                                       (6)            17      (23)         Strong Working
                                                                                          Capital Management
      Trade debtors                                     (69)          (63)     (6)
                                                                                                     149
      Other debtors                                      11            23      (12)

      Deferred income                                    34            21      13
                                                                                             34
                                                                                                              30
      Trade creditors                                    9             49      (40)                                  19


      Other short-term liabilities                       40           (17)     57           2003     2004     2005   2006


    Increase/(Decrease)                                 191            30     (11)



             €232 million improvement over 4 years
             €232 million improvement over 4 years

1   Excluding UK pension fund payments of €10 million


                                                               2006 Results           February 28, 2007 Amsterdam      39
2006 Main Acquisitions

                               • Healthcare Analytics (NDC IM)    January 2006
    Health
                               • ProVation Medical Inc.           January 2006


    CFS                        • GulfPak                          August 2006


                               • Sage Practice Solutions line     January 2006
    TAL                        • ATX/Kleinrock                    August 2006
                               • TaxWise                          October 2006


     LTRE                      • Carl Heymanns Verlag             May 2006


                               Annualized revenues of             2006 revenue contribution of
     Total
                               €252 million                       €187 million


• Total net cash acquisition spending €773 million; including earn-outs of past deals
• Total consideration on acquisitions was €829 million
• All acquisitions are accretive to ordinary EPS in year 1
• All acquisitions expected to cover their cost of capital within 3-5 years

                                            2006 Results             February 28, 2007 Amsterdam   40
Disposals


 On January 23, 2006 sale of Segment (LTRE) with annual
 revenues of €5 million
 On February 28, 2006 sale of Xchange Software and Financial
 Training (CFS) with annual revenues of €7 million
 On December 22, 2006 sale of school books part of Cedam
 (LTRE) with annual revenues of €5 million




                           2006 Results    February 28, 2007 Amsterdam   41
2007 Outlook

                                                                                              Free Cash Flow 2007
                                                                        Target
Key Operational Measures                       Actual 2006              20071              Improved growth &
                                                                                           margin
    Organic revenue growth                           3.2%                   4%
                                                                                        Off-set by:

    Ordinary EBITA margin                           16.7%                19-20%            Increased Capex spending
                                                                                           to 3% of revenues
    Cash conversion                                  100%               95-105%            Flat working capital; no
                                                                                           further improvement in
Key Financial Measures                                                                     2007
    Free cash flow                                €443 mln             ± €450 mln          Income tax paid returning
                                                                                           to normal levels
    ROIC %2                                          7.2%               > WACC3

    Ordinary diluted EPS                            €1.23             €1.45 - €1.55
                                                                                              Ordinary diluted EPS

                                                                                           Double digit growth

1 At constant currencies EUR/USD 1.26
2 After tax
3 WACC (weighted average cost of capital) is currently 8% after tax




                                                             2006 Results             February 28, 2007 Amsterdam    42
Solid Financial Position
      Working Capital (EUR million)                                        Free Cash Flow (EUR million)

                              EUR 232 mln                                                                      456                  443
                                                                                          400        393
                                                                      363                                                351
                               149                                              328




         23             34              30
                                              19
-54             -39


2000    2001    2002   2003    2004    2005   2006                   2000      2001       2002      2003      2004       2005      2006




         Net Debt (EUR million)                                     Debt Maturity Profile (EUR million)
         2821
2614            2664

                                              2050                             970                                                   919
                       1900
                               1527    1637

                                                                               676
                                                                                          253
                                                                     152                                                   14
                                                                                                     35         11


2000     2001   2002   2003     2004   2005   2006                   2006     2007*       2008      2009       2010      2011        Due
                                                                    Cash &                                                          after
                                                                    Derivatives                                                     2011
                                                                    *2007: includes draw downs on credit facility of €676m, maturing 2011


                                                     2006 Results                          February 28, 2007 Amsterdam                      43
Outlook




Nancy McKinstry
CEO and Chairman of
the Executive Board
2007 Outlook & Beyond

Key Operational Measures          2003      2004               2005      2006              20071        Beyond 20071


Organic Revenue Growth             -2%       1%                  2%       3%                 4%                4-5%

                                                                                                          Continuous
Ordinary EBITA Margin              18%       16%                16%       17%              19-20%
                                                                                                         improvement

Cash Conversion                    109%     126%                106%     100%             95-105%             95-105%


Key Financial Measures


Free Cash Flow                  €393 mln   €456 mln          €351 mln   €443 mln         ± €450 mln       > €450 mln


ROIC %2                             7%       7%                  7%       7%              > WACC3             > WACC3

                                                                                                         Double digit
Ordinary Diluted EPS              €1.18     €1.02              €1.06     €1.23           €1.45-€1.55
                                                                                                           growth




 1 At constant currencies EUR/USD 1.26
 2 After Tax
 3 Currently 8% after Tax



                                                      2006 Results              February 28, 2007 Amsterdam           45
Summary: Accelerating Profitable Growth

                     Grow our leading positions
                     Grow our leading positions



                      Capture key adjacencies
                      Capture key adjacencies



                   Exploit global scale and scope
                   Exploit global scale and scope



              Institutionalize operational excellence
              Institutionalize operational excellence




         Enhanced value for customers, shareholders and employees
         Enhanced value for customers, shareholders and employees



                               2006 Results          February 28, 2007 Amsterdam   46
The Professional’s First Choice
Provide information, tools, and solutions to help professionals make
their most critical decisions effectively and improve their productivity



                                 2006 Results      February 28, 2007 Amsterdam   47
Calendar

AR    March 22, 2007


AGM   April 20, 2007



Q1    May 9, 2007



Q2    August 1, 2007



Q3    November 7, 2007




                         2006 Results   February 28, 2007 Amsterdam   48
2006
Full-Year Results
Successful Completion
of Three-year Plan



February 28, 2007 Amsterdam


Nancy McKinstry
CEO and Chairman of
the Executive Board

Boudewijn Beerkens
CFO and Member of
the Executive Board

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Wolters Kluwer 2006 Full-Year Results

  • 1. 2006 Full-Year Results Successful Completion of Three-year Plan February 28, 2007 Amsterdam Nancy McKinstry CEO and Chairman of the Executive Board Boudewijn Beerkens CFO and Member of the Executive Board
  • 2. Forward-Looking Statements This presentation contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall", and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties, that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions, conditions in the markets in which Wolters Kluwer is engaged, behavior of customers, suppliers and competitors, technological developments, the implementation and execution of new ICT systems or outsourcing, legal -, tax -, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions and divestments. In addition, financial risks, such as currency movements, interest rate fluctuations, liquidity and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2006 Results February 28, 2007 Amsterdam 1
  • 3. Agenda Accomplishments & Highlights Key Performance Indicators Divisional Operating Performance Outlook Financials Outlook & Summary Q&A 2006 Results February 28, 2007 Amsterdam 2
  • 4. Accomplishments 2006 Achieved all KPI targets, most notably solid organic growth and strong cash flow Restructuring program completed: significant cost savings achieved Double digit online and software revenue growth Select acquisitions to strengthen leading positions and enter high-growth adjacent markets Strong shareholder returns Momentum Building Further in 2007 & Beyond 2006 Results February 28, 2007 Amsterdam 3
  • 5. Highlights Q4/FY 2006 Key Financials — Organic revenue growth of 6% in the quarter versus 3% last year — Full year organic revenue growth of over 3% versus 2% prior year — Product development spend of €272 million in 2006, which is €22 million higher than previous year (9% increase) — Ordinary EBITA margin of 17% versus 16% in 2005, due to increased cost savings and higher revenue growth — Structural cost savings of €128 million, which is above expectations (initial target of €120 million) Divisional Operating Performance: All divisions enhanced overall revenue performance over prior year — Health achieved 3% organic growth with a strong 4th quarter of 6% organic growth — Strong organic growth performance from CFS and TAL — LTRE achieved 1% organic growth, restoring growth to the division after several years of decline and marking its successful transformation — Education demonstrated good performance in all markets with especially strong growth in the UK 2006 Results February 28, 2007 Amsterdam 4
  • 6. Our three year plan has successfully restored organic growth across all divisions Organic Growth Rates by Division Total Health CFS TAL LTRE Education Wolters Kluwer 7% 5% 3% 3% 2% 1% 0% -2% -2% -2% -3% -4% ‘03 ’06 ‘03 ’06 ‘03 ’06 ‘03 ’06 ‘03 ’06 ‘03 ’06 2006 Results February 28, 2007 Amsterdam 5
  • 7. Highlights: Three Year Plan Delivering Results Well positioned to sustain strong organic growth — Strong online/electronic growth, with new integrated tools and solutions well received by customers — Product development investments increased over prior year by 9% and program largely focused on online and software solutions — Innovation program well entrenched within all divisions and supported through enhanced customer and sales and marketing programs Extending market positions through selective strategic acquisitions to strengthen leading positions, enter high-growth / adjacent markets (Healthcare Analytics, Provation, Carl Heymanns, ATX/Kleinrock and TaxWise) 2006 Results February 28, 2007 Amsterdam 6
  • 8. All 2006 KPI’s Achieved or Exceeded Key Operational Measures 2003 2004 2005 Target 20061 Actual 2006 Organic Revenue Growth -2% 1% 2% 2-3% √ 3% Ordinary EBITA Margin 18% 16% 16% 16.5-17.0% √ 17% Cash Conversion 109% 126% 106% 95-105% √ 100% Key Financial Measures Free Cash Flow €393 mln €456 mln €351 mln > €350 mln √ €443 mln ROIC % 2 7% 7% 7% 7% √ 7% Ordinary Diluted EPS €1.18 €1.02 €1.06 €1.18-€1.23 √ €1.23 1 At constant currencies EUR/USD 1.25 2 After Tax 2006 Results February 28, 2007 Amsterdam 7
  • 9. Electronic Sales Growth Accelerating Percent of Wolters Kluwer Revenue from Online/Electronic 3-year CAGR 12% 43% 31% 2003 2006 2006 Results February 28, 2007 Amsterdam 8
  • 10. Clinical Health Results Solutions 7% Pharma Solutions Professional & Organic growth of 6.0% for Q4 and Education 32% 2.7% for the year 26% Performance driven by: — Nursing segment and strong front list (P&E) — Strong online revenue growth (from Ovid) — Good customer adoption of electronic drug information and decision support tools Medical Research Margins reflect investments in new 35% products and data sets, sales and marketing, and higher royalty costs Q4 05/Q4 06 Change (millions) Acquisition Millions Q4 06 FY 06 Q4 05 FY 05 Organic / Disposal Currency Total Revenues (USD) 300 1036 237 814 14 49 - 63 (EUR) 232 823 199 656 12 41 (20) 33 Ord. EBITA (USD) 53 152 42 128 8 3 - 11 (EUR) 41 120 35 104 6 3 (3) 6 Ord. EBITA margin% 17 15 18 16 2006 Results February 28, 2007 Amsterdam 9
  • 11. CFS Results Financial Organic revenue growth of 8.8% for Q4 and 7.5% Services for FY, significantly overachieved guidance 35% Good performance at CLS (8.6% organic growth) despite strong comparables — Record volume growth in core services — UCC services and Litigation Solutions Corporate Legal Services delivering double digit growth 65% Financial services performed well with 5.4% organic growth, driven by growth in banking analytics product line and the successful launch of Expere in the large bank segment Maintained strong margins despite significant investments in new products and shared services Q4 05/Q4 06 Change (millions) Acquisition Millions Q4 06 FY 06 Q4 05 FY 05 Organic / Disposal Currency Total Revenues (USD) 176 670 161 617 14 1 - 15 (EUR) 137 534 136 496 12 1 (12) 1 Ord. EBITA (USD) 38 146 31 125 7 - - 7 (EUR) 30 116 26 100 6 0 (2) 4 Ord. EBITA margin% 22 22 19 20 2006 Results February 28, 2007 Amsterdam 10
  • 12. TAL Results Organic growth of 5.9% in Q4 and 5.0% for Law & Business the year 31% Within Tax & Accounting continued strong customer demand for software and integrated online libraries Law & Business showed solid organic Tax & growth through increased product Accounting 69% innovation, launch of several online libraries, and improved retention Maintained strong margins despite significant investments in new products, .Net technology and shared services Q4 05/Q4 06 Change (millions) Acquisition Millions Q4 06 FY 06 Q4 05 FY 05 Organic / Disposal Currency Total Revenues (USD) 231 849 197 775 12 20 2 34 (EUR) 179 678 165 621 10 17 (13) 14 Ord. EBITA (USD) 26 162 29 155 0 (3) 0 (3) (EUR) 20 131 24 122 0 (2) (2) (4) Ord. EBITA margin% 12 19 15 20 2006 Results February 28, 2007 Amsterdam 11
  • 13. Building Vertical Market Leadership in Tax & Accounting Kevin Robert CEO Wolters Kluwer Tax and Accounting
  • 14. Situation: Changing market dynamics are driving the need for workflow productivity solutions Key Market Dynamics New demand for information Workforce management Regulatory 75% of AICPA Ensuing Sarbanes membership to Increasing adoption of paperless Oxley legislation is retire within 14 creating additional years solutions and productivity tools compliance burden on Shortage of new accounting Demand for integration blurs software corporations graduates and research distinction Client Base & Services Work is shifting down-market as larger firms shed lower value clients to address resource constraints Smaller and Mid-Market firms are expanding services 2006 Results February 28, 2007 Amsterdam 13
  • 15. Strategy: Create the most comprehensive suite of tax & accounting workflow solutions in the industry Extend Into Emerging Practice Areas New Brands Target Version to Expand Small firms & Tax Prep Into Adjacent Markets Continuously Improve Core Tax & Accounting Products 2006 Results February 28, 2007 Amsterdam 14
  • 16. Refined market analysis focuses on understanding customer workflow to identify emerging growth US TAA Market Size (2006) Other Product development, marketing & sales, are segment based to reflect unique customer needs 10% In-depth knowledge of customer workflow and product usage 47% CPA Continuously improve & expand core assets and 36% capabilities Corporate 7% Significant additional new opportunities Commercial Tax identified - increases addressable market size Prep through adjacencies & new markets Total Core Market = $2.3 billion Extend leadership into Commercial Tax Prep segment 2006 Results February 28, 2007 Amsterdam 15
  • 17. Map segment needs against competitive positioning to prioritize strategic investments Example: Competitive Map (CPA Segment – Partial Map) Tax Tax Prep A&A A&A Practice Document Research Software Research Software Mgmt Mgmt Wolters Kluwer Premium Segments (CCH & ProSystem) Thomson (RIA, PPC, GoSystem) Intuit (Lacerte) Thomson (CSI, PPC) Intuit (ProSeries) Wolters Kluwer Value Segments (ATX/TaxWise/ Kleinrock) Drake Core Assets Core Assets Adjacent Expansions Adjacent Expansions 2006 Results February 28, 2007 Amsterdam 16
  • 18. Strategic targeting of core enhancements and market adjacencies creates a solid pipeline of opportunities… Select Expansion Investments (Illustrative: Partial List) New Accounting & Audit Corp SME - Knowledge tools - Sales & Use ProSystem Scan - CorpSystem - Document Management ProSystem Document - Select Audit offerings Tax Research Consultant Products Small Firm Services - Version to complete Global Platform software suite - Expand research offerings ProSystem .Net - Commercial tax prep Globalize ProSystem - Canada - Australia Core Core Customers New 2006 Results February 28, 2007 Amsterdam 17
  • 19. … drives exceptional product/market introductions … A&A Adjacency: Knowledge Tools Market Expansion: Corp SME • Knowledge Based Audit programs, • CorpSystem brand launch practice aids & workpapers • Created dedicated SME sales (2006) • Integrates and expands market leading ARM & Engagement • First year sales significantly above target • Co-authored with Audit Watch • Increased average tax sale per SME • Release Date: Q2 2007 customer by 73% (05-06) Tax Expansion: ProSystem fx Scan • Acquired Q1 2006 • Grew base from 40 to over 650 customers in 9 months • Additional workflow enhancements slated for 2007 2006 Results February 28, 2007 Amsterdam 18
  • 20. … and enables WK TAA to expand its core customer base and outpace market growth % Growth Key Operational Metrics (US market)1 (05-06) Publishing Inventory Growth 6.8% Publishing Retention Increase 2.8% Publishing Revenue Growth - ARM 47.3% Software Inventory Growth 13.9% Software Revenue Growth – Tax 8.2% Software Revenue Growth – Non-tax2 32.4% 20 products on Accounting Today “Top 100” Industry Industry Innovation Award for ProSystem fx Scan Leadership 100 of top 100 accounting firms are CCH customers 95%+ retention on tax software 1 Does not include ATX /Kleinrock and TaxWise businesses 2 Includes only products with full year revenues 2005 and 2006 2006 Results February 28, 2007 Amsterdam 19
  • 21. Looking forward, WK TAA will begin roll-out of its new research platform in late 2007 Focus Group / Testing Feedback New Research Platform Superior functionality to surpass competition Simple, modernized Improved Interface Display “Significantly easier to use because it’s very basic. It’s self-explanatory. Everything is right there for you.” Current Platform Financial & Estate Plng Accounting& Audit “This is in the same format as a lot Sales & Use Tax International Federal Tax State Tax of programs like Windows Explorer and Outlook. People should really understand how to use it.” “Compared to what I am doing on my Depth & Breadth Key Features computer, the ability to toggle back and forth makes it much faster. Intuitive & New Content Time is money.” innovative Search Intelligence 2006 Results February 28, 2007 Amsterdam 20
  • 22. And continue conversion of ProSystem fx to .Net to provide customers next generation functionality Portability & Collaboration Smart Client Application sharing More connectivity options Optimize Processes Centralized Database E-file Status SQL/Distributable ProSystem fx Client Correspondence Common client & firm data On-screen review tools Workflow Management Dashboard Enhanced integration Reporting & Tracking New efficiency tools 2006 Results February 28, 2007 Amsterdam 21
  • 23. Acquisition of ATX/Kleinrock and TaxWise enables CCH to expand its position with small firm segments 56,000+ Small CPA Firm and Commercial Tax Version select WK TAA Prep customers assets Ability to better target Expand offerings to support low-end of middle 1 2 commercial tax preparers Increase market Grow the Average Sales Customer per Base Customer 4 3 Align Sales, Marketing Integrate product & Customer Support Integrate platforms & Consolidate Products & Leverage technology technologies Operations Technologies and back office Optimize and align processes and publishing operations resources and products 2006 Results February 28, 2007 Amsterdam 22
  • 24. TAA strategy is fully aligned with overall WK strategy Migrate to .Net platform for ProSystem Extend leadership to low- Increase adoption of end CPA markets through online content with targeted products and launch of global Atlas brands platform 1 2 Expand position in SME Deepen and enhance markets Grow our Capture content in leading Leading Key Leverage international specialty areas Positions Adjacencies content into new segments Execute on Paperless Accounting & Audit expansion strategies 4 3 Continue globalization of Broaden Lean Six Sigma Exploit ProSystem suite initiatives Institutionalize Operational Global Scale Expand international TAL Pursue editorial and IT Excellence And Scope development off-shoring content and software alternatives applications including re- launch of ITPM Continue to support and execute Shared Services transformation Continue expansion into emerging markets, particularly China and India 2006 Results February 28, 2007 Amsterdam 23
  • 25. LTRE Results Organic growth of 3.8% in Q4 and SC 1.1% for FY 2006 UK 3% FR 11% 17% Good growth in Spain, France, BEL Central Europe and Italy 8% Netherlands and Belgium returned to positive organic growth IT/SP Continued strong online growth NL 23% 17% Significant margin improvement due TLR to improved efficiencies from the 5% GER/CEE 16% completion of in-country restructuring and shared services initiatives Q4 05/Q4 06 Change (millions) Acquisition Millions Q4 06 FY 06 Q4 05 FY 05 Organic / Disposal Currency Total Revenues (EUR) 398 1,342 380 1,292 15 2 1 18 Ord. EBITA (EUR) 99 228 78 193 19 2 - 21 Ord. EBITA margin% 25 17 20 15 2006 Results February 28, 2007 Amsterdam 24
  • 26. Education Results Germany / Aus Other Organic growth of 7.7% in Q4 and 2.4% 14% 9% for the year; above guidance of 1-2% Good performance in all markets with UK strong growth in the UK driven by our 16% AQA relationship Netherlands Tight cost control and restructuring 39% initiatives result in strong margins Sweden 22% Q4 05/Q4 06 Change (millions) Acquisition Millions Q4 06 FY 06 Q4 05 FY 05 Organic / Disposal Currency Total Revenues (EUR) 57 316 52 309 4 - 1 5 Ord. EBITA (EUR) (2) 62 (3) 59 1 - - 1 Ord. EBITA margin% (4) 20 (5) 19 2006 Results February 28, 2007 Amsterdam 25
  • 27. Strategy & Restructuring Impact 2003 2004 2005 2006 Total EUR Million Original Original Original Original Original Actual Actual Actual Actual Guidance Target Target Target Target Target ± 800 ± 800 Product 200 + 50 200 + 70 (incr. 200 (incr. 200 development N/A 200 220 250 270 272 (CC=235) (CC=255) 3 year 3 year spend period) period) Non- exceptional N/A N/A 40 25 30 42 30 39 restructuring expenses ± 215 ± 260 Exceptional restructuring 100 96 40 44 10 20 - - expenses FTE 500 521 500 724 400 358 200 216 ± 1600 ± 1800 reductions Total cost 160 20 29 40 70 80 100 120 128 100-110 savings run-rate 2006 Results February 28, 2007 Amsterdam 26
  • 28. Outlook Nancy McKinstry CEO and Chairman of the Executive Board
  • 29. Divisional Outlook 2007 Organic Revenue Growth Health 2-3% CFS 5-7% TAL 4-6% LTRE 2-4% Education 2-4% Wolters Kluwer 4% UK is included in the TAL division as of 2007 2006 Results February 28, 2007 Amsterdam 28
  • 30. 2007 Outlook Key Operational Measures 2003 2004 2005 2006 20071 Organic Revenue Growth -2% 1% 2% 3% 4% Ordinary EBITA Margin 18% 16% 16% 17% 19-20% Cash Conversion 109% 126% 106% 100% 95-105% Key Financial Measures Free Cash Flow €393 mln €456 mln €351 mln €443 mln ± €450 mln ROIC %2 7% 7% 7% 7% > WACC3 Ordinary Diluted EPS €1.18 €1.02 €1.06 €1.23 €1.45-€1.55 1 At constant currencies EUR/USD 1.26 2 After Tax 3 Currently 8% after Tax 2006 Results February 28, 2007 Amsterdam 29
  • 31. Financials Boudewijn Beerkens CFO and Member of the Executive Board
  • 32. Financial Highlights All KPI’s achieved — Acceleration of organic revenue growth from 2% in 2005 to over 3% in 2006 — Ordinary EBITA margin of 17% in 2006 is up from the 16% in 2005 which reflects higher revenue growth and cost savings, partly offset by shared services costs, investments in product development as well as increased marketing & sales spending. Profit for the year higher at €322 million (2005: €261 million) Strong free cash flow of €443 million; further improved working capital Effective tax rate on pre-tax ordinary income of 25% and in line with previous year Net debt increased by 25% to €2,050 million from €1,637 million due to acquisition spending. Gross debt in-line with previous year at €2.2 billion Full Year financing results of €104 million (2005: €103 million) 2006 Results February 28, 2007 Amsterdam 31
  • 33. Key Financials Actual Constant Organic Currencies Currencies Growth EUR Million 2006 2005 % % % Revenues 3,693 3,374 9% 10% 3% Ordinary EBITA 618 533 16% 16% Ordinary EBITA margin % 16.7 15.8 Ordinary Net Income 387 327 19% 18% Ordinary diluted EPS €1.23 €1.06 16% 15% Free cash flow 443 351 26% 2006 Results February 28, 2007 Amsterdam 32
  • 34. Profit & Loss EUR Million 2006 2005 Revenues 3,693 3,374 2006 2006 Ordinary Ordinary EBITA 618 533 EUR Millions Revenues EBITA Ordinary EBITA margin % 16.7 15.8 Health 823 120 Exceptional expense 0 (20) CFS 534 116 EBITA 618 513 TAL 678 131 LTRE 1,342 228 EBITA margin % 16.7 15.2 Education 316 62 Amortization (121) (81) Corporate 0 (39) Operating profit 497 432 Total 3,693 618 Income from investments 6 5 Financing results (104) (103) Results on disposals 9 4 Higher revenues, EBITA and Share of profit of associates 1 3 amortization reflect the Income (before tax) 409 341 increased acquisition activity Taxation on income (87) (80) Stable financing results due to a Profit 322 261 more efficient capital structure Attributable to: Equity holders of the parent 321 260 Minority interest 1 1 2006 Results February 28, 2007 Amsterdam 33
  • 35. Profit & Loss (cont.) EUR Million 2006 2005 Net income attributable to equity holders 321 260 Amortization of intangibles 121 81 Taxation on amortization (47) (29) Results on disposals (after tax) (8) 2 Exceptional restructuring expense (after tax) - 13 Ordinary Net Income 387 327 Ordinary diluted EPS €1.23 €1.06 Weighted average number of shares 307 302 Weighted average diluted shares 321 317 2006 Results February 28, 2007 Amsterdam 34
  • 36. Consolidated Balance Sheet EUR Million 2006 2005 Increase in non-current assets mainly related to acquisitions Total non-current assets 4,388 3,805 Non-current liabilities lower as a Total current assets 1,265 1,635 result of shift of the €227 Total current liabilities (2,834) (2,562) million bonds (maturity 2007) to current liabilities Working capital (1,569) (927) Total equity increased due to Capital Employed 2,819 2,878 profit for the year, off-set by a weaker dollar, cash dividend Total equity 1,196 1,099 and share buy back Total non-current liabilities 1,232 1,436 Deferred tax liabilities 192 80 Net Debt Employee benefits 187 250 (stable gross debt at €2.2 billion) 2821 Provisions 12 13 2614 2664 2363 2050 Total Financing 2,819 2,878 1900 1527 1637 Ratios 2006 2005 Net debt / Equity 1.7 1.5 1999 2000 2001 2002 2003 2004 2005 2006 Net debt / Ordinary EBITDA 2.9 2.6 2006 Results February 28, 2007 Amsterdam 35
  • 37. Cash Flow from Operating Activities EUR Million 2006 2005 Increased Cash flow Operating Profit 497 432 from operations due to Amortization & Depreciation 208 172 higher operating profit Exceptional restructuring expense - 20 Paid financing costs higher due to premium Autonomous movements in working capital1 9 30 redemption (€33 million) of convertible Cash Flow from Operations 714 654 bonds 2001 – 2006 Paid Financing costs (126) (99) Paid corporate income Paid corporate income tax (36) (83) tax lower due to refund Appropriation of restructuring provisions (37) (51) Share-based payments 17 12 Other 3 (4) Cash Flow from Operating Activities 535 429 1 Autonomous working capital is including UK pension fund payments of €10 million 2006 Results February 28, 2007 Amsterdam 36
  • 38. Cash Flow from Investing & Financing Activities EUR Million 2006 2005 Cash Flow from Operating Activities 535 429 Higher capital Net capital expenditure on property, plant and expenditure (99) (86) equipment Higher acquisition Net Acquisition spending (773) (357) spending is mainly due to Healthcare Analytics, Net receipts from disposal activities 13 13 ProVation, ATX/ Kleinrock and TaxWise Dividends received 7 8 Cash from derivatives: Cash from derivatives 105 83 realized swap gains of €105 million Cash Flow from Investing Activities (747) (339) Movement in loans as a Exercise of share options 4 11 result of redemption of the bonds refinanced by Movement in (long-term) loans (644) (356) USD (multi-currency credit facility) New cash loans 682 9 Dividend 2005 52% stock Movement in bank overdrafts (22) 46 versus 57% over 2004 Dividend payments (80) (69) Repurchased shares (19) - Cash Flow from Financing Activities (79) (359) 2006 Results February 28, 2007 Amsterdam 37
  • 39. Free Cash Flow EUR Million 2006 2005 Cash flow from operating activities 535 429 Free Cash Flow 2006 Cash flow from investment activities (747) (339) Improved growth & margin Cash flow from financing activities (79) (359) Reduction in corporate Net Cash Flow (291) (269) tax paid Cash and cash equivalents as at Jan. 1 428 687 Off-set by: Exchange differences on cash equivalents 1 10 Higher paid financing costs mainly due to Cash and Cash Equivalents premium redemption 138 428 as at Dec. 31 convertible bonds Cash flow from operating activities 535 429 Higher Capex spending Capital expenditure fixed assets (99) (86) Dividends received 7 8 Free Cash Flow 443 351 2006 Results February 28, 2007 Amsterdam 38
  • 40. Working Capital Development (Organic Trend) Analysis of contribution (+) absorption of (-) Cash Flow EUR Million 2006 2005 06/05 Inventories (6) 17 (23) Strong Working Capital Management Trade debtors (69) (63) (6) 149 Other debtors 11 23 (12) Deferred income 34 21 13 34 30 Trade creditors 9 49 (40) 19 Other short-term liabilities 40 (17) 57 2003 2004 2005 2006 Increase/(Decrease) 191 30 (11) €232 million improvement over 4 years €232 million improvement over 4 years 1 Excluding UK pension fund payments of €10 million 2006 Results February 28, 2007 Amsterdam 39
  • 41. 2006 Main Acquisitions • Healthcare Analytics (NDC IM) January 2006 Health • ProVation Medical Inc. January 2006 CFS • GulfPak August 2006 • Sage Practice Solutions line January 2006 TAL • ATX/Kleinrock August 2006 • TaxWise October 2006 LTRE • Carl Heymanns Verlag May 2006 Annualized revenues of 2006 revenue contribution of Total €252 million €187 million • Total net cash acquisition spending €773 million; including earn-outs of past deals • Total consideration on acquisitions was €829 million • All acquisitions are accretive to ordinary EPS in year 1 • All acquisitions expected to cover their cost of capital within 3-5 years 2006 Results February 28, 2007 Amsterdam 40
  • 42. Disposals On January 23, 2006 sale of Segment (LTRE) with annual revenues of €5 million On February 28, 2006 sale of Xchange Software and Financial Training (CFS) with annual revenues of €7 million On December 22, 2006 sale of school books part of Cedam (LTRE) with annual revenues of €5 million 2006 Results February 28, 2007 Amsterdam 41
  • 43. 2007 Outlook Free Cash Flow 2007 Target Key Operational Measures Actual 2006 20071 Improved growth & margin Organic revenue growth 3.2% 4% Off-set by: Ordinary EBITA margin 16.7% 19-20% Increased Capex spending to 3% of revenues Cash conversion 100% 95-105% Flat working capital; no further improvement in Key Financial Measures 2007 Free cash flow €443 mln ± €450 mln Income tax paid returning to normal levels ROIC %2 7.2% > WACC3 Ordinary diluted EPS €1.23 €1.45 - €1.55 Ordinary diluted EPS Double digit growth 1 At constant currencies EUR/USD 1.26 2 After tax 3 WACC (weighted average cost of capital) is currently 8% after tax 2006 Results February 28, 2007 Amsterdam 42
  • 44. Solid Financial Position Working Capital (EUR million) Free Cash Flow (EUR million) EUR 232 mln 456 443 400 393 363 351 149 328 23 34 30 19 -54 -39 2000 2001 2002 2003 2004 2005 2006 2000 2001 2002 2003 2004 2005 2006 Net Debt (EUR million) Debt Maturity Profile (EUR million) 2821 2614 2664 2050 970 919 1900 1527 1637 676 253 152 14 35 11 2000 2001 2002 2003 2004 2005 2006 2006 2007* 2008 2009 2010 2011 Due Cash & after Derivatives 2011 *2007: includes draw downs on credit facility of €676m, maturing 2011 2006 Results February 28, 2007 Amsterdam 43
  • 45. Outlook Nancy McKinstry CEO and Chairman of the Executive Board
  • 46. 2007 Outlook & Beyond Key Operational Measures 2003 2004 2005 2006 20071 Beyond 20071 Organic Revenue Growth -2% 1% 2% 3% 4% 4-5% Continuous Ordinary EBITA Margin 18% 16% 16% 17% 19-20% improvement Cash Conversion 109% 126% 106% 100% 95-105% 95-105% Key Financial Measures Free Cash Flow €393 mln €456 mln €351 mln €443 mln ± €450 mln > €450 mln ROIC %2 7% 7% 7% 7% > WACC3 > WACC3 Double digit Ordinary Diluted EPS €1.18 €1.02 €1.06 €1.23 €1.45-€1.55 growth 1 At constant currencies EUR/USD 1.26 2 After Tax 3 Currently 8% after Tax 2006 Results February 28, 2007 Amsterdam 45
  • 47. Summary: Accelerating Profitable Growth Grow our leading positions Grow our leading positions Capture key adjacencies Capture key adjacencies Exploit global scale and scope Exploit global scale and scope Institutionalize operational excellence Institutionalize operational excellence Enhanced value for customers, shareholders and employees Enhanced value for customers, shareholders and employees 2006 Results February 28, 2007 Amsterdam 46
  • 48. The Professional’s First Choice Provide information, tools, and solutions to help professionals make their most critical decisions effectively and improve their productivity 2006 Results February 28, 2007 Amsterdam 47
  • 49. Calendar AR March 22, 2007 AGM April 20, 2007 Q1 May 9, 2007 Q2 August 1, 2007 Q3 November 7, 2007 2006 Results February 28, 2007 Amsterdam 48
  • 50. 2006 Full-Year Results Successful Completion of Three-year Plan February 28, 2007 Amsterdam Nancy McKinstry CEO and Chairman of the Executive Board Boudewijn Beerkens CFO and Member of the Executive Board