1. Includes the results of Blackwell Publishing (Holdings) Ltd. (“Blackwell”), which was acquired on February 2, 2007.
2. The adjusted amounts reported for fiscal year 2008 exclude tax benefits of $18.7 million or $0.31 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.
3. The adjusted amount reported for fiscal year 2007 excludes a $5.5 million tax benefit or $0.09 per diluted share due to the resolution and settlement of certain tax matters with authorities in the U.S. and abroad.
4. The adjusted amount for fiscal year 2005 excludes 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 adjusted amount for fiscal year 2006 excludes a $0.12 per diluted share tax credit associated with the reversal of the 2005 tax charge.
5. The adjusted amount reported for fiscal year 2004 excludes a net tax benefit of $3 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.
6. Fiscal year 2002 and 2003 results exclude $12.3 million ($0.12 per diluted share) and $2.5 million ($0.02 per diluted share), respectively, of operating costs associated with the relocation of the Company’s headquarters.
7. The adjusted amount reported for fiscal year 2003 excludes 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.

Note: The Company’s management evaluates operating performance excluding unusual and/or nonrecurring events. Management believes excluding such events provides a more effective and comparable measure of performance and a more balanced view of the underlying dynamics of the Company’s 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.

Throughout this report, references to amounts “excluding foreign exchange” and “currency neutral” exclude both foreign currency translation effects and transactional gains and losses.

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