a. Includes the results of Blackwell Publishing (Holdings) Ltd. (“Blackwell”) which was acquired on February 2, 2007.

b. The amounts reported for fiscal year 2008 exclude tax benefits of $18.7 million or $0.32 per diluted share associated with new tax legislation enacted in the United Kingdom and Germany that reduced the corporate income tax rates to 28% and 29%, respectively. The benefits recognized by the Company reflect the adjustments required to restate all applicable deferred tax balances at the new tax rates.

c. The amount reported for fiscal year 2007 excludes a $5.5 million tax benefit, or $0.09 per diluted share due to the resolution and settlements of certain tax matters with authorities in the U.S. and abroad.

d. The results for fiscal year 2005 exclude a $0.12 per diluted share tax charge associated with the repatriation of $94 million of dividends under the American Jobs Creation Act of 2004.

The results for fiscal year 2006 exclude a $0.12 per diluted share tax credit associated with the reversal of the 2005 tax charge

e. The amounts reported for fiscal year 2004 exclude a net tax benefit of $3.0 million, or $0.05 per diluted share, related to the resolution of certain state and federal tax matters and an adjustment to accrued foreign taxes.

f. Fiscal year 2002 and 2003 results exclude $12.3 million ($0.12 per diluted share) and $2.5 million ($0.02 per diluted share) of operating costs associated with the relocation of the Company's headquarters, respectively.

g. The amounts reported for fiscal 2003 exclude a nonrecurring tax benefit of $12 million, equal to $0.19 per diluted share, resulting from a corporate reorganization that enabled the Company to increase the tax-deductible net asset basis of certain European subsidiaries.

h. Fiscal Year 1998 excludes a gain from the sale of the U.S. law publishing program of $21.3 million, or $12.2 million after tax equal to $0.19 per diluted share.

Note: The Company's management internally evaluates its operating performance excluding unusual and/or non-recurring events. The Company believes excluding such events provides a more effective and comparable measure of performance. We also believe that excluding the effects of these tax benefits and other items provides a more balanced view of the underlying dynamics of our business. Since adjusted net income and adjusted earnings per share are not measures calculated in accordance with GAAP, they should not be considered as a substitute for other GAAP measures, including net income and earnings per share, as an indicator of operating performance.

GAAP = U.S. Generally Accepted Accounting Principles  CAGR = Compound Annual Growth Rate