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Wolters Kluwer NV: Wolters Kluwer 2014 First-Quarter Trading Update

May 7, 2014 - Wolters Kluwer,
a global leader in professional information services
, today released its scheduled 2014 first-quarter trading update.


* Full-year 2014 guidance affirmed.
* First-quarter revenues up +2% in constant currencies and up +2%
organically. * First quarter benefitted from a favorable comparison to the
prior year. * Leading, high growth businesses continue to drive
performance. * Digital subscriptions saw good organic growth; transactional
and cyclical revenues declined.
* First-quarter adjusted operating margin declined, as expected, due to
planned restructuring costs.
* First-quarter adjusted free cash flow declined in constant currencies, as
expected, partly due to higher paid financing costs.
* Net-debt-to-EBITDA 2.2 (March 31, 2014) in line with year-end 2013 and
better than target of 2.5.
* Year-to-date acquisition spending, net of cash acquired, was €170 million
including Datacert.

Nancy McKinstry, CEO and Chairman of the Executive Board, commented:
"Our leading, high growth businesses and digital products again drove positive
organic revenue performance in the first quarter, more than compensating for
expected decline in print formats and certain transactional and cyclical
revenue streams. We sustained organic investment in new products and
geographic expansion, and, as announced previously, stepped up restructuring
in order to drive further efficiencies, particularly in Europe. The
acquisition of Datacert last month will help further transform our portfolio.
We remain confident of achieving the guidance we set out at the start of this

First Quarter Developments

First-quarter revenues declined 1% overall due to the strength of the Euro
against the U.S. Dollar and other currencies. In constant currencies,
revenues rose +2%, driven mainly by organic growth which benefitted from a
favorable comparison to the prior year (first quarter 2013: -1%). The effect
of 2013 acquisitions (mainly Prosoft in Tax&Accounting) was broadly offset by
the impact of last year's divestitures (mainly in Legal&Regulatory).
Recurring revenues saw good organic growth in the quarter, despite further
decline in print subscriptions. Books, transactional and other non-recurring
revenues declined. The first-quarter adjusted operating margin declined
compared to a year ago, due to increased restructuring costs, lower
transactional revenues as well as the effect of last year's disposals and

InLegal&Regulatory, Corporate Legal Services (CLS) achieved positive organic
growth, with growth in digital subscriptions partly offset by slower
transaction volumes due to decelerating trends in M&A volumes, commercial
lending activity and UCC filings compared to a year ago. Legal&Regulatory
publishing operations saw organic revenue decline, as expected, in both
Europe and North America. While digital revenues grew, this was offset by
trends in print subscriptions and books (including U.S. legal education). The
divisional adjusted operating margin declined, as expected. As indicated in
February 2014, we have transferred certain European tax publishing assets
into the Legal&Regulatory division (a net transfer of approximately €33
million revenue in 2014) in order to drive further scale economies. For the
full year, we continue to expect Corporate Legal Services to achieve positive
organic growth, although momentum in CLS transactional revenues is expected
to be slower this year. In our Legal&Regulatory publishing operations, we
anticipate organic revenue decline due to continued economic uncertainty in
Europe, weakness in print formats, and lower U.S. law school enrollments.
Continued softness in revenue combined with higher restructuring, the effect
of dilutive disposals and the transfer of tax publishing assets is expected
to lead to a lower margin in 2014.

Tax&Accountingsaw positive organic growth in the first quarter, with software
products (over 60% of divisional revenues) performing well around the world,
while other product lines, including print, partly offset this
in Brazil continues to perform well. The first quarter adjusted operating
profit margin declined, as expected, due to planned restructuring
initiatives. For the full year, we continue to expect the division's software
businesses to achieve good organic growth, partly offset by trends in other
product areas. As before, we anticipate margin contraction due to increased
restructuring which will be weighted towards the first half.

Healthachieved strong organic growth in the first quarter, benefitting from an
easy comparable in the first quarter of 2013. Clinical Solutions achieved
double-digit organic growth, withUpToDate, Pharmacy OneSource, Provation,
andHealth Language
driving this performance. Medical Research posted improved organic growth,
with growth in digital revenues including online journal advertising
outweighing expected print decline. Professional&Education revenues declined
in the seasonally small first quarter. For the full year, we continue to
expect another strong year for Clinical Solutions. Market conditions for
print journals and books are expected to remain weak. The positive effect
from the ongoing mix shift towards Clinical Solutions should benefit margins
despite continued investment in new digital product development and global

Financial&Compliance Servicesfirst quarter revenues were lower on organic
basis due to declines in our Originations and Transport units. Finance,
Risk&Compliance saw positive organic growth driven by strong performance
products. In Audit,TeamMate
internal audit software had a strong start to the year which more than
compensated for the expected revenue attrition from the rationalisation of
platform. We expect full year results to be back-end loaded, supported by
positive organic growth in our Finance, Risk&Compliance and Audit units.
First half performance is expected to be impacted by lower mortgage
refinancing volumes.

Cash Flow, Acquisitions, Divestitures, and Net Debt
Cash conversion was broadly stable compared to a year ago. Adjusted free cash
flow declined in constant currencies, as expected, due mainly to higher paid
financing costs resulting from double coupon payments due to the maturing
Eurobond in January 2014. We continue to expect at least €475 million
adjusted free cash flow at constant currencies for the full year. Twelve
months rolling net-debt-to-EBITDA was 2.2 at the end of the first quarter,
stable compared to 2.2 reported for year-end 2013, and better than our target
of 2.5.

Subsequent to the first quarter, we announced the completion of our
acquisition of the 62% of Datacert (Third Coast Holdings) we did not already
own. The event triggered a non-cash book profit of approximately $100 million
(approximately €73 million) on Wolters Kluwer's prior minority investment,
subject to accounting adjustments. This is excluded from adjusted results.
Including Datacert, net acquisition spending including earnouts for earlier
acquisitions and net of cash acquired, was approximately €170 million in the
year to date. Following approval at the Annual General Meeting, a dividend of
€0.70 per share will be paid in cash on May 13, 2014.

Full-Year 2014 Outlook

We reaffirm our full-year 2014 guidance. Our 2014 margin guidance includes
expected restructuring costs of approximately €25-30 million (2013: €10-15
million) which will fall mainly in the Legal&Regulatory and Tax&Accounting
divisions and will be weighted towards the first half.

|Pe 201 |
|r 4 Guidance |
|f |
|ormance indicators |
|Adjusted operating profit margin 20.5%-21.5% |
|Adjusted free cash flow >= €475 million |
|Return on invested capital >= 8% |
|Diluted adjusted EPS Low single-digit growth |
|Guidance for adjusted free cash flow and diluted adjusted EPS is in constant |
|currencies (EUR/USD 1.33). |
Our guidance is based on constant exchange rates. Wolters Kluwer generates
more than half of its adjusted operating profit in North America. As a rule
of thumb, based on our 2013 currency profile, a 1 U.S. cent move in the
average EUR/USD exchange rate for the year causes an opposite 1.0 euro-cent
change in diluted adjusted EPS.

Starting with 2014 figures, Wolters Kluwer is adopting more standard
terminology for its benchmark figures. See our
websitewww.wolterskluwer.comfor more details.

About Wolters Kluwer
Wolters Kluwer is a global leader in professional information services.
Professionals in the areas of legal, business, tax, accounting, finance,
audit, risk, compliance and healthcare rely on Wolters Kluwer's market
leading information-enabled tools and software solutions to manage their
business efficiently, deliver results to their clients, and succeed in an
ever more dynamic world.

Wolters Kluwer reported 2013 annual revenues of €3.6 billion. The group serves
customers in over 150 countries, and employs over 19,000 people worldwide.
The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on NYSE Euronext Amsterdam (WKL) and are
included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored
Level 1 American Depositary Receipt program. The ADRs are traded on the
over-the-counter market in the U.S. (WTKWY).

For more information about our products and organization,
visitwww.wolterskluwer.com, follow @Wolters_Kluwer onTwitter, like us
onFacebook, follow us onLinkedIn, or follow WoltersKluwerComms onYouTube.

|Financial Calendar |
|May 13, 2014 Dividend payment date |
|May 20, 2014 ADR dividend payment date |
|July 30, 2014 Half-Year 2014 Results |
|November 5, 2014 Third-Quarter 2014 Trading Update |
|February 18, 2015 Full-Year 2014 Results |

|Media Investors/Analysts |
|Caroline Wouters Meg Geldens |
|Corporate Communications Investor Relations |
|t + 31 (0)172 641 459 ...

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