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Final Results

1st Mar 2011 07:00

Embargoed until 7am 1 March 2011 Solid results - Investing for growth Results for the Year Ended 31 December 2010

- Headline revenue growth of 4.9% - underlying revenue growth of 5.6%

- Adjusted operating profit broadly flat at £171.8m reflecting higher investment

in new product development, sales and IT

- Adjusted EPS of 51.0p per share (2009: 55.1p)

- Final dividend of 19.0p to give full year dividend of 25.0p (2009: 24.2p) up

3.3%

- Emerging Markets(a) now 28.6% of total adjusted operating profit, up 20.6%

- Acquisition strategy continues: 22 acquisitions with £258.0m invested during

the year

- Canon integration on track; business performing well

- Cash generated from operations up 8.4% to £154.7m

- Comfortable debt maturity profile following successful $350m bond issue

David Levin, UBM's Chief Executive Officer, commented:

"UBM has delivered a robust performance in 2010 achieving 4.9% headline revenuegrowth, bolstered by 20% growth in our largest Emerging Markets of China, Indiaand Brazil which now account for a quarter of our adjusted operating profit. Our consistent strategy of developing products in winning formats, targetingattractive business communities in growing geographies, provides us with a goodplatform for growth. We are investing in our people, our products and servicesand, in addition, we made 22 acquisitions during 2010 which have strengthenedour offering and geographic reach. Initial trading in 2011 is encouraging andwe are cautiously optimistic about our results for the full year." Business performance Full Full Change Underlying Year Year Change at CC Change(b) 2010 2009 % % % Revenue £889.2m £847.6m 4.9 4.5 5.6 Adjusted operating profit(c) £171.8m £171.2m 0.4 (0.5) 1.2

Adjusted operating profit margin 19.3% 20.2% (0.9)%pt

(e) Adjusted EBITDA £188.2m £184.4m 2.1 Adjusted PBT £156.4m £165.1m (5.3) Adjusted EPS(d) 51.0p 55.1p (7.4) Dividend per share 25.0p 24.2p 3.3

Cash generated from Operations £154.7m £142.7m 8.4

IFRS Statutory results Full Year Full Year Change

2010 2009 % Revenue £889.2m £847.6m 4.9

Operating profit/(loss) £132.3m £(25.8)m

Profit after tax £99.4m £81.8m 21.5 EPS 37.3p 30.9p 20.7

No. of shares in issue 243,400k 243,078k

Net Debt £484.6m £226.4m Operational Highlights

Robust performance in Events (34.8% of UBM revenue and 54.4% of UBM adjusted operating profit(c))

- Reported revenue growth of 7.8% with underlying revenues up 12.2%

- Strong margin(e) of 30.2% (2009: 30.3%) despite dilutive effects of biennial

cycle and new launches

- £4m of revenue from new 2010 launches worldwide - breakeven in aggregate

- Four new geo-cloned exhibitions launched in India, China, Abu Dhabi and the US

- Nine events-related acquisitions contributing £16.3m to 2010 revenues - c£49.5m

pro forma 2010

- Forward bookings for our 2009 Top 20 events are up 18.3% with higher confidence

resulting in earlier bookings

- Good visibility: current forward bookings for 2009 Top 20 events represents

59.7% of their 2010 revenues

Resilient Targeting, Distribution & Monitoring ("TD&M") revenue performance (20.4% of UBM revenues and 24.5% of UBM adjusted operating profit(c))

- Reported revenue growth of 12.3% at PR Newswire group, with underlying revenues

up 5.6%

- Resilient US wire performance (+2.9%) with consistently solid margins

- Positive US non-wire revenue performance (+21.4%) as well as international

growth (+18.8%)

- Margin(e) of 23.2% (2009: 27.8%) reflecting revenue mix and investment in new

products, IT infrastructure and significantly enhanced sales force

- Five acquisitions bolster Emerging Markets exposure and enhance TD&M's product

offering

- 2011: Continued investment in IT infrastructure, sales force and new product

development

Solid revenue performance in Data Services ("DS") (20.8% of UBM revenues and 19.8% of UBM adjusted operating profit(c))

- Reported revenue growth of 3.1%

- Underlying revenue growth of 3.5% principally driven by improvements in sales

to the electronics industry

- Margin(e) of 18.5% (2009: 20.8%) largely reflecting investment to expand the

business into Emerging Markets plus some margin dilution from product mix

- Print data to online conversion continues with online and service revenues now

66.7% of total DS (2009: 61.4%)

- 2011: Continuing investment into new products, core database development as

well as geographic expansion

Good revenue growth in Online - Marketing services ("Online") (7.8% of UBM revenues and 0.8% of UBM adjusted operating profit(c))

- Improving advertising trends and innovations driving reported revenue growth of

28.6%

- Underlying growth of 20.2% driven principally by higher sales in the technology

sector given improvements in that sector's trading environment and UBM product

innovations

- Significant investment in new products, notably virtual events - 103 virtual

events hosted during 2010 (2009: 38) for communities in North America, Asia and

Europe

Consistent Print - Magazines ("Print") portfolio management delivering improved profit (16.2% of UBM revenues and 5.8% of UBM adjusted operating profit(c))

- Reported revenues declined 13.1% - driven in part by closure of 13 titles

during 2010

- Underlying revenues (which exclude c£18.0m of pro-forma Canon) declined 8.1%

- c.12.9% decline including Canon pro-forma

- Margin(e) improvement to 6.9% (2009: 5.4%) reflecting cost rationalisation and

title closures

- Systematic review of portfolio of titles continues

- Combined online and print revenues declined 2.9% while combined margin(e)

improved to 5.3% (2009: 4.3%)

Strategic progress

Our consistent strategy of developing products in winning formats, targetingattractive business communities in growing geographies, provides us with a goodplatform for growth. It is worth noting that our Emerging Markets(a)revenues grew 17.6% during 2010 and now account for 18.7% of UBM's revenues(2009: 16.7%) and 28.6% of total adjusted operating profit(c) (2009: 23.8%). We have maintained our consistent strategy of building the business throughorganic development and acquisition. Initiatives to strengthen UBM'sfoundations have included; launching the 'GEM' best practice initiative duringthe year; investing in our technology, new product development and the salesforce of our Targeting, Distribution and Monitoring ("TD&M") business;strengthening Data Services ("DS") through new products, core databasedevelopment and geographic expansion; and, enhancing our Online - MarketingServices ("Online"), particularly in virtual events. Meanwhile our strategy ofmanaging the contraction of the Print - Magazines ("Print") business continues,with the portfolio now contributing just 16.2% of UBM's revenues and 5.8% ofadjusted operating profits (2009: 19.6% and 5.2% respectively). During the year we acquired full control or majority interests in 22 businessesfor an aggregate consideration of £258.0m. The most notable of these was CanonCommunications which provides UBM with market-leading media brands serving themedical device design and advanced manufacturing industry. Canon bringsgeographically diverse revenues from a community which is complementary to ourexisting electronics industry presence, and its events portfolio also providesan attractive base for geo-cloning. This acquisition and eight others haveincreased our exposure to the attractive events industry - which now accountsfor 54.4% of UBM's adjusted operating profit (2009: 50.9%) - while theremaining 13 acquisitions have further strengthened the offerings andgeographic reach of our TD&M, DS and Online businesses.

Outlook

We expect the improved quality and shape of the business to result in sustainedunderlying revenue growth during 2011 broadly in line with that enjoyed in2010. Overall we anticipate continued growth in profit largely driven by afull year of contribution from our acquisitions and continued momentum in ourEvents business tempered by targeted investment in Data Services, TD&M andOnline.

Please see the Segmental review below for an Outlook for each of UBM's business segments.

Throughout this announcement: (a) Emerging Markets constituents are the non-G10 countries - most notably for UBM:China, Brazil, India, Thailand, Singapore, Indonesia, Malaysia, Philippines,Mexico and UAE.

(b) Where quoted, underlying growth rates exclude currency movements, discontinued revenues, revenues from acquisitions and biennial events

(c) Adjusted operating profit represents operating profit excluding amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on profit from joint ventures and associates.

(d) Adjusted earnings per share is before amortisation of intangible assets arisingon acquisitions, certain exceptional items, deferred tax on intangible assets,taxation relating to exceptional items and net financing expense - other.(e) All references to margin are on the adjusted operating profit basis (as definedabove) - additional information on these measures has been provided after theCEO Review. ContactsMedia Investors Peter Director of Communications Kate Postans Head of Investor Bancroft Relations

E-mail [email protected] E-mail [email protected]

Direct +44 20 7921 5961 Direct +44 207 921 5023 telephone telephone Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct +44 20 7282 2943 telephone Mobile +44 796 872 72 89 UBM will be hosting an analyst and investor presentation at 9am at the LondonStock Exchange. A live webcast of the results presentation will be madeavailable from UBM's website from around 9.00am, 1 March 2011. To access thewebcast please go to www.ubm.com.

An on demand recording of the webcast will also be accessible from UBM's website, www.ubm.com after midday.

Notes to EditorsAbout UBMUBM focuses on two principal activities: worldwide information distribution,targeting and monitoring; and the development and monetisation of B2Bcommunities and markets. UBM's businesses inform markets and serve professionalcommercial communities - from doctors to game developers, from journalists tojewellery traders, from farmers to pharmacists - with integrated events,online, print and business information products. Our 6,000 staff in more than30 countries are organised into specialist teams that serve these communities,bringing buyers and sellers together, helping them to do business and theirmarkets to work effectively and efficiently.

For more information, go to www.ubm.com

CEO Operational Review Full Full Change Underlying Year Year Change at CC Change* £m 2010 2009 % % % Revenue Events 310.0 287.5 7.8 7.0 12.2

Targeting, Distribution & Monitoring 181.2 161.4 12.3 9.0 5.6

Data Services 184.7 179.1 3.1 3.8 3.5 Online - Marketing services 69.2 53.8 28.6 27.6 20.2

Data Services & Online combined 253.9 232.9 9.0

Print - Magazines 144.1 165.8 (13.1) (11.5) (8.1) Total Revenue 889.2 847.6 4.9 4.5 5.6 Adjusted Operating Profit** Events 93.5 87.2 7.2 6.2 12.0 Targeting, Distribution & Monitoring 42.1 44.8 (6.0) (8.9) (9.0) Data Services 34.1 37.3 (8.6) (7.1) (5.8) Online - Marketing services 1.3 0.6 116.7 96.1 (144.0)

Data Services & Online combined 35.4 37.9 (6.6)

Print - Magazines 10.0 8.9 12.4 15.8 28.4 Net Corporate costs (9.2) (7.6) 20.2 20.2 -

Total Adjusted Operating Profit** 171.8 171.2 0.4 (0.5) 1.2

Adjusted Operating Profit** Margin

Events 30.2% 30.3% (0.1)%pt

Targeting, Distribution & Monitoring 23.2% 27.8% (4.6)%pt

Data Services 18.5% 20.8% (2.3)%pt Online - Marketing services 1.9% 1.1% 0.8%pt Print - Magazines 6.9% 5.4% 1.5%pt

Total Adjusted Operating Profit** 19.3% 20.2% (0.9)%pt

Margin

* Underlying growth rates exclude currency movements, portfolio changes and biennial events.

** Adjusted operating profit is operating profit excluding amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on profit from joint ventures and associates. All references to margin are on this adjusted operating profit basis.

We are encouraged by the progress of our Events business which, notwithstandingthe anticipated lower "even" year biennial revenue contribution, showed 7.8%revenue growth and a solid margin performance. The strength of our eventsbrands has enabled us to capitalise on the gradually improving trends incorporate spending while the operational performance of the business hascontinued to develop. We held over 300 events in 21 countries during the yearand launched four new geo-cloned events in India, China, Abu Dhabi and the US. We have also continued to enhance best practice across our entire eventportfolio through our "GEM" initiative launched in June 2010.The other important driver for events has been the continuation of oursuccessful acquisition strategy. Today we have announced the acquisition oftwo leading events in India which will further strengthen our position as oneof the leading commercial organisers in that country. During 2010 UBM boughtoutright or acquired major positions in nine event-related businesses. Themost notable of these was Canon Communications, acquired for £182.9m, which isperforming well and will deliver on planned geo-cloning opportunities, mostnotably in Brazil and India. Other events related acquisitions have providedus with further exposure to the attractive Emerging Markets(a) (which accountedfor 38.7% of 2010 total events revenues), strengthened our offering to anexisting community or provided access to a community we think has naturalgrowth potential or geo-cloning opportunities. PR Newswire, our Targeting, Distribution and Monitoring ("TD&M") businessrevenues grew by 12.3% during 2010. Our US wire business saw resilient revenuegrowth of 2.9% with continued solid margins, while our strategy of diversifyingthe revenue base is delivering strong growth in non-wire US products (includingproducts such as multimedia news releases, where we believe we are the marketleader in the US, and filing services) which grew by 21.4% and in ourinternational business which expanded by 18.8%. During the year we successfullymigrated the business's 600+ servers to an outsourced provider, substantiallyenhancing the robustness of the platform and providing a secure foundation forfuture development. This investment in IT infrastructure, the development ofnew products and services and the enhancement of the sales teams, coupled withproduct mix dilution resulted in a 4.6 percentage point decline in the margin.

We also acquired five businesses which enhance the geographic reach of our PR Newswire business.

Data Services ("DS") has seen improving top line trends with revenues up 3.1%,largely driven by a good performance in products and services for thetechnology community. We are making good progress in migrating our print dataproducts to the online environment with online data and service revenues nowaccounting for 66.7% of total DS revenues (2009: 61.4%). We are investing inthe development of new products such as; trading platforms for our shippingdatabase business; expanding our aviation cargo database; a new analytics toolfor the paper industry; as well as expanding our offering geographically,particularly in Asia. This investment in DS combined with the shift in productmix resulted in the overall DS margin declining from 20.8% to 18.5%. We alsomade £9.0m of DS related acquisitions to bolster specific opportunities in theimport/export community, maritime industry, UK Built Environment and Chinesepaper industry. The fastest revenue growth has been in our Online - Marketing Services("Online") segment where revenues rose 28.6%, principally due to increasedrevenues from the Technology community where the marketing budget environmentis improving and we are offering an enhanced product range with improved clientengagement. Our most significant investment has been in virtual events which,rather than cannibalising the live events, are proving a complementary revenuestream that helps strengthen the associated brands. During 2010 we ran 103virtual events worldwide, investing operating expenditure in developing thisarea. Enhancements in our key online brands, such as Information Week, coupledwith product innovations are also having positive revenue effects and receivingrecognition through industry awards. Print - Magazines ("Print") revenues fell 13.1% during the year and nowaccounts for only 16.2% of UBM's total revenues. In line with our establishedstrategy we have continued to manage our print magazine portfolio towards asmaller, more profitable and commercially sustainable set of titles, asevidenced by a 1.5 percent point increase in the margin in 2010. Adjustedoperating profit for Print rose to £10.0m (2009: £8.9m). As we furtherrationalise our portfolio of titles we expect that in time our continuing printtitles will form part of an integrated "Online and Print - Marketing Services"offering and growth will be driven by our ability to engage with an audiencethrough a variety of channels including, more recently, mobile. It is worthnoting that the combined revenues of Online and Print declined 2.9% in 2010while combined margin improved to 5.3% (2009: 4.3%). Total adjusted operating profits for UBM were broadly flat at £171.8m - thiswas owing to the operational investments in TD&M, DS and Online plus a smallincrease in net corporate costs. Gross corporate costs remained constant at £15.6m (2009: £15.5m) but were offset by lower sundry corporate income of £6.4m(2009: £7.9m). In 2011 we expect the gross corporate costs to increaseslightly while the level of sundry corporate income continues to decline. Finally, given the strategic emphasis we are placing on growth markets it isworth noting that 18.7% of 2010 total revenues are now generated in EmergingMarkets(a). During the year these revenues grew 17.6% with an increasingpresence in both India and South America. In our largest Emerging Market ofChina (which now accounts for 12.6% of total revenues) we appointed PhilipChapnick, formerly CEO of our Think Services business, as Group ChiefRepresentative in Beijing to manage and coordinate our overall Chineserelationships.EVENTS Full Full Change Underlying Year Year Change at Change* CC £m 2010 2009 % % % Annual Events Revenue 290.2 257.7 12.6 11.7 12.2 Biennial Events Revenue 19.8 29.8 (33.6) (33.8) n/a Total Revenue 310.0 287.5 7.8 7.0 12.2

Total Adjusted Operating Profit** 93.5 87.2 7.2 6.2

12.0

Total Adjusted Operating Profit Margin** 30.2% 30.3% (0.1)%pt

* Underlying growth rates exclude currency movements, portfolio changes and biennial events.

We are encouraged by the progress of our Events business which, following goodgrowth in revenues and a solid margin performance, now accounts for 34.8% ofUBM's revenues (2009: 33.9%) and 54.4% of total adjusted operating profit(2009: 50.9%).Over the course of the year we hosted over 300 events, including: 198tradeshows, 78 conferences and 23 awards in 21 different countries (2009: over300 events in 17 countries). In keeping with our strategy of increasing ouremphasis on high growth countries this included six new exhibitions in India,two in China, one in Brazil and one in the Middle East. Three of these eventswere geo-clones into China, India and Abu Dhabi (while a fourth was geo-clonedin the US). We acquired nine further events businesses while discontinuingcertain others (£19.3m of 2009 revenues have now been discontinued or sold). A total of 36,900 exhibitors attended our annual events during the year (2009:37,300) with square meters for our annual portfolio rising 3.3% to 925,200 andoverall visitor numbers remaining broadly flat (1,220,000 vs. 1,207,000)despite discontinuing or selling a small number of paid attendee events. Total reported revenues for events grew by 7.8% over the year to £310.0m (2009:£287.5m) impacted by a lower biennial contribution. In 2010 we hosted 16biennial events (2009: 12 events) which contributed £19.8m of revenue. Although these exhibited 3.1% constant currency revenue growth over their 2008editions, overall biennial revenue fell £10.0m year on year reflecting theportfolio difference between the "odd" and "even" year events. Annual eventrevenues grew 12.6% to £290.2m (2009: £257.7m) reflecting the improvements inthe quality of the event portfolio - stand revenues rose 10.2% to £193.9m(2009: £175.9m), attendee revenues were up 24.1% to £36.8m (2009: £29.7m) andSponsorship and other revenues rose 14.2% to £59.5m (2009: £52.1m). During 2010 we invested a total of £229.4m buying outright or acquiringmajority interests in nine events related businesses, which have alreadycontributed £16.3m to the 2010 reported events revenue. Had they all beenowned since 1 January 2010 they would have contributed approximately a further£33.2m. The most high profile acquisition was of Canon Communications whileour other acquisitions provide UBM with greater exposure to Emerging Markets orto attractive high growth communities. For example the World RoutesDevelopment Forum provides UBM with a leading scheduling event in the aviationcalendar while the Sign China tradeshow provides good exposure to this highgrowth outdoor advertising sector in an Emerging Market economy and both eventsnow feature among our Top 20 shows. Other notable acquisitions include theShanghai international Children-Baby-Maternity Products Expo ("CBME") and theNavalshore tradeshow and Concrete Show South America in Brazil. Since the yearend we have also completed our first acquisition in Turkey, of a 65% interestin Rotaforte, the country's largest jewellery event organiser. On an underlying basis revenues grew 12.2% during the year. This figurerepresents the constant currency ("CC") organic growth of our continuing annualevents portfolio (stripping out biennials, discontinued activity and acquiredbusinesses). Approximately 1.7 %pts of this increase reflects new launcheswhile the remainder is attributable to improvements in the events industry moregenerally. Of our top 20 trade shows that we owned in both 2009 and 2010,these showed revenue growth of 5.8% during the year - with our H1 eventsdeclining 2.0%, while our H2 shows exhibited 13.1% growth. Full Year Full Year Change Change at Underlying 2010 2009 CC Change* £m % % % Annual Events Revenue Emerging Markets(a) 116.0 87.2 33.0 31.1 26.3 N. America 80.0 74.4 7.5 6.8 4.9 UK 48.2 49.7 (3.0) (3.0) 2.2 Europe 35.1 33.2 5.7 5.9 8.1 RoW(b) 10.9 13.2 (17.4) (18.8) 5.8 Annual Events 290.2 257.7 12.6 11.7 12.2 Revenue

* Underlying growth rates exclude currency movements, portfolio changes and biennial events.

Emerging Markets constituents are the non-G10 countries - most notably for UBM:China, Brazil, India, Thailand, Singapore, Indonesia, Malaysia, Philippines,Mexico and UAE

RoW denotes UBM's event revenues from Japan

The table above shows the annual event revenues split by geography. EmergingMarkets now account for 40.0% of our annual event revenues having risen 33.0%during the year. This increase was largely driven by acquisitions, mostnotably Sign China and CBME, new launches and good growth in our largestevents. We ran our first ever events in the year in Vietnam and Indonesia andapproved a plan to expand our ASEAN business. Underlying revenues for theregion were up 26.3%. The positive North American performance has been driven by the contribution ofthe acquired World Routes and Canon tradeshows, cyclical recovery of ourtechnology events and three new exhibitions. On an underlying basis NorthAmerican annual event revenues rose 4.9%, driven in particular by significantgrowth in attendee revenues from our Black Hat (IT security) event in July andother technology events. It is worth noting that had we owned the Canon andDesignCon businesses from 1 January 2010 they would have contributedapproximately a further £23.4m to North American annual event revenues.Revenues from our UK annual events fell 3.0% with the incremental revenue fromthe E Commerce Expo acquisition, positive performances at certain (largely H2weighted) events and incremental revenues from new events, more than offset bydisappointing early year performances, particularly at IFSEC and InteriorsBirmingham both of which have been impacted by the continued pressure on theconstruction sector, and the decision to discontinue various events. Underlying UK annual event revenues rose 2.2%. European annual revenues rose 5.7% largely because of a strong performance atICSE and a good performance at CPhI Worldwide. On an underlying basis revenuesrose 8.1% reflecting the influence of the two largest events on our Europeanannual portfolio. The rest of world revenues refer to Japan, which has seen a17.4% decline in annual revenues largely driven by discontinued/sold events. When excluded, underlying annual revenues grew by 5.8%.Adjusted operating profit rose 7.2% to £93.5m (2009: £87.2m) with a broadlyflat operating margin of 30.2% (2009: 30.3%). We are continuing to grow thebusiness through a programme of investment into geo-clones and new launcheswhich dilutes the overall margin, added to which, in aggregate, our "even" yearbiennial shows have a lower margin than "odd" years.

Outlook

We expect that our Events segment will show continued good growth through 2011,which will include a full year contribution from Canon and other eventsacquisitions, as well as our odd year biennial shows. We are encouraged bybooking trends - as at 31 January 2011 forward bookings for our 2009 Top 20Events were up 18.3% relative to their levels a year ago, reflecting not onlyunderlying growth but also significantly increased business confidence andconsequently earlier booking commitments. Based on current trading, marketconditions and forward booking trends, we expect underlying growth across theportfolio to continue, albeit at a slower pace than in 2010 which reflectedcyclical recovery trends through the year and, in particular, a sharp pickup inpaid attendee revenues from the low of 2009. We expect year on yearcomparisons will become increasingly challenging as 2011 progresses given thetiming of improvement in these markets during 2010.We expect good margins from our 2011 biennial events (which mainly occur in thesecond half of the year). However, their positive impact on the total Eventsmargin is expected to be less pronounced than usual, partly because growth inannual event revenues will dilute the relative impact of biennials, and partlyas we continue to invest in the development of new markets and events.

TARGETING, DISTRIBUTION & MONITORING

Full Full Change Change Underlying Year Year at CC Change* 2010 2009 £m % % % Revenue US wire products 75.4 73.3 2.9 1.3 1.3 US non-wire products 52.7 43.4 21.4 19.6 12.7 PR Newswire Europe 13.5 12.2 10.7 10.8 4.7 Other 39.6 32.5 21.8 11.2 5.6 Total Revenue 181.2 161.4 12.3 9.0 5.6

Total Adjusted Operating Profit** 42.1 44.8 (6.0)

(8.9) (9.0)

Total Adjusted Operating Profit Margin** 23.2% 27.8% (4.6)%pt

* Underlying growth rates exclude currency movements and portfolio changes.

PR Newswire, our TD&M business made good progress in 2010. The business showedheadline revenue growth of 12.3% to £181.2m (2009: £161.4m), part of which wascurrency appreciation and on a constant currency basis, revenues grew by 9.0%. Our US wire business showed a resilient performance with revenues increasing2.9% to £75.4m reflecting generally higher levels of corporate and marketingactivity. The number of wire releases we distributed in 2010 in the US (onbehalf of US and international customers) grew 4.4% to 190,700. We estimatethat overall press release volumes in the US increased approximately 9.6%, withsome smaller competitors gaining traction, principally with the small andmedium sized enterprises. In response to this we have recently launchediReach, a streamlined lower cost distribution platform aimed at smallerbusinesses. Our non-wire US products exhibited 21.4% growth to deliver £52.7m of revenues,driven by particularly strong performances at MultiVu (our multi-media newrelease ("MNR") production and distribution platform), from managing anincreasing number of corporate and IR websites and from Vintage (our filing andprinting service). Statistics for 2010 suggest we are the leader in the US MNRmarket, and we believe the business is well positioned to benefit from thegrowing popularity of MNRs as well as the increasingly widespread use ofmultimedia content as part of standard corporate communications practice. We have continued to make progress in diversifying our geographic revenuebase. Our non US revenues rose 18.8% to £53.1m and now account for 29.3% oftotal TD&M revenues (2009: 27.7%). PR Newswire Europe revenues rose 10.7% to £13.5m, principally driven by UK wire growth. Revenues generated in the otherPR Newswire businesses grew 21.8% to £39.6m driven by currency appreciation, animproving wire performance in Asia and Latin America and the increasingpopularity of MultiVu. The Corporate360 acquisition further bolsters ourmultimedia offering to Asian businesses, particularly for corporatewebcasting. During the year we strengthened PR Newswire by spending £14.3m on acquiringfive complementary businesses, which contributed £2.9m of revenues to 2010, andwould have contributed approximately a further £4.1m had we owned them since1st January 2010. These acquisitions improve our international reach: HorsAntenne provides a high quality French database of contacts, Corporate360 is aHong Kong based company which provides webcasting solutions for Asianbusinesses, DNA-13 allows our Canadian Newswire business to build upon itsworkflow solution for PR professionals, while the purchases of the remaininginterests in PR Newswire do Brasil and PR Newswire Argentina enable us tocapture the full upside of growth in these Emerging Markets. Excluding theseacquisitions and currency impact, total underlying revenues rose 5.6% duringthe year. Adjusted operating profit for TD&M fell 6.0% to £42.1m with a margin of 23.2%(2009: 27.8%). Our core US wire margins remain robust and this declinepartially reflects the growth in our newer lower margin non US wire products,the integration of our acquisitions which given their small scale are alsocurrently lower margin, as well as a significant step up in investment in thebusiness. During the year we enhanced our IT by outsourcing our significant(600+) server infrastructure to a third party provider. This has not onlyimproved the robustness and reliability of the platform but has improved our ITflexibility, and we are beginning to create a virtualised infrastructure basedon cloud technology. We have also invested in marketing - increasing thenumber of personnel at the management level, "in the field" and in our callcentres not only to drive wire product sales but also promote sales of ournewer products such as MultiVu and Vintage. Given the broadening productoffering we are investing in further development of our sales force andimproving the CRM and database tools used to support their activities. Anumber of new products have been launched - most notably iReach and ProfNetConnect. Higher levels of capital expenditure of £7.6m (2009: £5.6m) tosupport our flagship press release platform and various new productdevelopments have resulted in increased depreciation.

Outlook

The outlook for revenue growth at PR Newswire is positive, with a return tosolid economic expansion in the US underpinning our growth outlook in US wireand US non-wire revenues (particularly in our Vintage filings and financialprinting services) complemented by solid growth in Europe and continued rapidexpansion in Latin America and Asia. We are also encouraged by our progress innew product development, and expect these to begin to have an impact later inthe year. Operating profit margin at PR Newswire will continue to reflect the stepped upcosts of its reinforced IT infrastructure and expenditure in the development ofour editorial and sales teams and product development, as well as the lowercontribution margin of Vintage. We expect the overall margin to be slightlyahead of the margin of the second half of 2010. DATA SERVICES Full Year Full Year Change Change Underlying 2010 2009 at CC Change* £m % % % Revenue Subscription & listing fees 117.2 115.1 1.8 2.8 Consulting, content & 49.8 42.0 18.6 17.3 training Advertising 17.7 21.9 (19.2) (17.6) Total Revenue 184.7 179.1 3.1 3.8 3.5 Total Adjusted Operating 34.1 37.3 (8.6) (7.1) (5.8) Profit** Total Adjusted Operating 18.5% 20.8% (2.3)%pt Profit Margin**

* Underlying growth rates exclude currency movements and portfolio changes.

Data Services has seen improving performance during 2010 with revenues up 3.1%to £184.7m (2009: £179.1m). Underlying revenues rose 3.5% overall. Our coreproducts and services are progressing well, particularly the mix of revenuesand managing the migration from print data to online, while investment in newproducts and our core data sets is positioning us for future growth. As thetable demonstrates there has been a significant variation in performancebetween the different types of revenue stream. Subscription and listing fees grew 1.8% to £117.2m with the good performance ofdigital healthcare subscription products such as MIMS digital product in Asia/Pacific and Vidal Integrated Data Services (IDS), more than offsetting declinesin the majority of print data products. It is worth noting that print relatedproducts now only account for 33.3% of total DS revenues, 5.3 percentage pointsless than in 2009. Consulting, content and training provide the second largestcategory of revenues and these rose 18.6% to £49.8m. This uplift wasprincipally driven through our services to the Technology community, mostnotably by our UBM TechInsights business which is an increasingly high profileplayer in the electronics and semiconductor intellectual property market. Margins in this category tend to be somewhat below those in the pure data partsof the business and therefore its growth had a dilutive impact on the overallDS margin. Advertising revenues fell 19.2% to £17.7m with the majority of theshortfall in print advertising due to the Health and Trade & Transportcommunities, including the US rail print directories. £1.5m of the total revenue growth is attributable to the five DS acquisitionsmade during the year which, if acquired at 1 January 2010, would havecontributed approximately a further £2.3m of revenues. SharedVue providesmarketing automation software for technology manufacturers, CenTradeX providesmarket intelligence tools for the global import/export community and has beenfully integrated into the core PIERS offerings, the start-up JOC Exchangeprovides a trading platform for maritime transport container shipping capacityand has now signed its first customers, while Lead in Research provides a richdata set for our UK-based Built Environment business. Geographically, DS activity remains weighted towards the North American andEuropean markets - Emerging Markets currently account for only 10.5% of totalDS revenues (2009: 10.6%). We continue to explore ways to increase thispresence either through leveraging our current data sets (for example takingour Spanish and Portuguese healthcare services into Latin America) or acquiringcomplementary businesses in the region. In keeping with this strategy ourfifth acquisition, UM Paper, is a Chinese paper pricing and intelligencebusiness and we are working to expand our Data Services presence in thesemarkets. Full Year Full Year Change Change at Underlying CC Change £m 2010 2009 % % % Revenue Health 70.4 69.4 1.4 5.3 3.2 Technology & IP 43.7 37.0 18.1 16.6 14.6 Trade & Transport 43.0 46.3 (7.1) (8.5) (5.1) Paper 13.5 13.0 3.8 2.4 2.1 Built Environment 12.7 12.6 0.8 0.4 0.0 Other 1.4 0.8 75.0 89.3 89.3 Total DS Revenue 184.7 179.1 3.1 3.8 3.5 The table above highlights how the performance of our DS products and servicesvary between different communities. The revenues from Health rose 1.4% to £70.4m reflecting growth in our online data products and Emerging Markets,partially offset by declines in our print directory businesses and negativecurrency movements. Our Technology & IP related revenues grew 18.1% to £43.7mwith over half the increase attributable to growth in UBM TechInsights. Thisbusiness has benefitted from the ongoing mobile devices technology race andgeneral improvements in the health of the electronics and semiconductorindustry. The Trade & Transport community remains under economic pressure andthis is reflected in the 7.1% decline in revenues to £43.0m driven by thediscontinuation of certain legacy rail print directories and general pressurein the rail and aviation markets. The performance of our Paper relatedproducts and services rose 3.8% to £13.5m helped by our pulp & paper economicanalysis product and some currency appreciation. For the UK constructioncommunity although ABI has seen improvements during 2010 this was largelyoffset by declines in Health and Safety and the decision to discontinue certainproducts serving the sector - revenues derived from products serving the BuiltEnvironment sector rose only 0.8% to £12.7m.

Adjusted operating profit for Data Services fell 8.6% to £34.1m (2009: £37.3m) and there was a corresponding decline in the margin to 18.5% (2009: 20.8%).

described in February, and reiterated by Henry Elkington at our Investor Day inNovember, we are investing in the DS business, to enhance the quality of thedata sets, to develop new products and expand our geographic reach. We havebeen investing in new delivery channels and now have 10 healthcare applicationsfor smart phones in the market generating over 170,000 downloads and 15,000subscriptions. During the year we set up a RISI office in China, which hasbeen enhanced with the UM Paper acquisition and we have been investing to enterthe Middle Eastern and Latin American drug information markets by beginning tolocalise our existing content. We have also bolstered the patent brokeragebusiness at UBM TechInsights and, following the Canon acquisition, are movinginto IP related consultancy and data for the electronic medical devicesindustry. OutlookOur expectation is that revenue from our Data Services businesses will continuegrowing at the solid pace demonstrated in 2010 with above average growth in ourlower margin UBM TechInsights business. We expect stable revenues in Europe,exemplified by the Vidal drug prescription reference directory which has tradedsolidly and, in aggregate, expect that declines in traditional print datadirectory sales will be offset by growth in digital data products.

This progress in the business coupled with continued investment in core database development, new products and geographic expansion, together with the dilutive mix effect of UBM TechInsights, is expected to result in margins broadly in line with those of the margins in the second half of 2010.

ONLINE - MARKETING SERVICES Full Full Change Change at Underlying Year Year CC Change* £m 2010 2009 % % % Revenue Advertising 45.5 35.9 26.7 25.3 Lead Generation & other 21.8 16.5 32.1 33.5 Subscriptions 1.9 1.4 35.7 32.0 Total Revenue 69.2 53.8 28.6 27.6 20.2

Total Adjusted Operating Profit** 1.3 0.6 nm nm nm

Total Adjusted Operating Profit**

Margin 1.9% 1.1% 0.8%pt

* Underlying growth rates exclude currency movements and portfolio changes.

**Adjusted operating profit is operating profit excluding amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on profit from joint ventures and associates. All references to margin are on this adjusted operating profit basis.

Our Online businesses have seen very strong top line growth with revenues up28.6% to £69.2m, aided slightly by currency appreciation. On a constantcurrency basis revenues rose 27.6% with underlying growth of 20.2%. Theprofitability of the business is still inadequate although understated as aresult of our significant investment into virtual events. Evidently the onlinemarketing industry is still relatively new and the need to invest and innovateremains high. The growth rates of different types of revenues have varied. Advertisingrevenues have increased 26.7% to £45.5m driven largely by growth in our NorthAmerican technology and semiconductor related businesses. As for Data Servicesthis growth is indicative of the general improvements in the tradingenvironment for these communities, although it has been aided by a number ofimportant product innovations such as "EETimes Confidential" and "InternetEvolution", increases in the number of digital issues we are publishing andincremental revenues from our Game Advertising Online ("GAO") and Canonacquisitions. Our "Lead generation and other" revenues have increased by £5.3mto £21.8m, up 32.1%. This is largely driven by the significant increase in thenumber of virtual events we hosted in 2010 (103 vs 38 in 2009) coupled withgrowing traction of new customised products which deliver higher audienceengagement. The subscription element of the business grew 35.7% albeit off asmall base of £1.4m in 2009. There is still a high degree of experimentationin the online subscription market and we are closely monitoring the trends andexploring new ways of generating revenues, although the largely controlledcirculation legacy makes this transition quite complex.As mentioned above some of the growth is attributable to the three onlineacquisitions made during the year, which have enhanced our offerings to the USGame Developer community (GAO), the US virtual recruitment industry (Astound)and the US healthcare community (OBGYN.net). Excluding these acquisitions,which in aggregate had contributed £5.6m of revenues in 2010 (including someadditional Canon and Routes online revenues), underlying revenue growth was

20.2%. Full Year Full Year Change Change at Underlying CC Change* £m 2010 2009 % % % Revenue Technology 54.6 41.1 32.9 30.9 22.6 Health 7.0 5.9 18.6 24.1 23.5 Built Environment 2.2 2.4 (8.3) (6.3) 10.9 Trade & Transport 1.2 1.2 - 0.5 (71.4) Other 4.2 3.2 31.2 25.0 24.6 Total Online Revenue 69.2 53.8 28.6 27.6 20.2

* Underlying growth rates exclude currency movements and portfolio changes. As shown in the table the main driver has been the Technology community whereunderlying growth was 22.6% reflecting general improvements in the tradingenvironment for technology companies coupled with good take-up of UBM'sinnovations. During the year we ran 103 virtual events (2009: 38) and of the65 additional virtual events, 30 were for the Technology community. The growthin Health revenues, although relatively modest is derived from a good onlineperformance by health in the US. The declines in Built Environment are largelydriven by the challenging economic conditions prevailing in the UK constructionsector which led to the decision to discontinue several related onlineproducts. Stripping these out, the remaining Built Environment revenues havegrown slightly, although from a small base. The Trade & Transport performanceis flattered by the online revenues from the Routes acquisition - excludingthese revenues have declined. The growth in Other is principally driven bygood performances in Farmers Guardian and Daltonsbusiness.com.As referenced above the Online segment launched a number of new products during2010. The business also made improvements in the existing product offering. For example Information Week, our largest brand, trebled the number of digitalissues during the year to 27. Although adjusted operating profit for Onlinemore than doubled to £1.3m (2009: £0.6m) as a result of this continuedinvestment into new products which deliver higher audience engagement, the

margin was 1.9% (2009: 1.1%). Outlook

Our outlook is for continued momentum in Online revenues, though we expect some moderation in underlying growth relative to 2010 as the effect of cyclical recovery moderates, especially in the IT and technology sectors.

Operating margins, however, will continue to reflect the dilutive effect of investment in new products, including our substantial commitment to virtual events, and we do not expect Online operating margin to improve in 2011 from 2010 levels.

As we continue to rationalise our print portfolio it is increasingly relevantto analyse operating performance of our Online and Print segments on a combinedbasis. On this basis, our expectation is that in 2011 combined margin will

show gradual improvement. PRINT - MAGAZINES Full Full Change Change at Underlying Year Year CC Change* £m 2010 2009 % % % Total Revenue 144.1 165.8 (13.1) (11.5) (8.1)

Total Adjusted Operating Profit** 10.0 8.9 12.4 15.8 28.4

Total Adjusted Operating Profit**

Margin 6.9% 5.4% 1.5%pt

* Underlying growth rates exclude currency movements and portfolio changes.

The significance of Print within the overall UBM business revenue mix continuesto diminish and now accounts for 16.2% of total revenues (2009: 19.6%) and 5.8%of total adjusted operating profit (2009: 5.2%). Revenues for the year fell by 13.1% to £144.1m. This decline was magnified bythe negative impact of the shift in the Euro, such that on a constant currencybasis revenues declined 11.5%. We continue to manage the portfolio actively inorder to mitigate the impact of the long term structural shift away from printand during 2010 we closed or exited 13 titles, which contributed to some of thedecline in revenues. On an underlying basis, excluding these titles andadjusting for currency, revenues fell 8.1%.We believe print continues to suffer from over capacity but that there will besufficient demand in mature markets to support one, or perhaps two, leadingprint titles in most verticals. We continue to review our portfoliosystematically in light of this market view. It is worth noting that as partof the Canon and Children-Baby-Maternity acquisitions we have inherited 26titles which, had we owned these since 1 January 2010, would have contributedapproximately a further £18.0m revenues but would have resulted in theunderlying revenues falling by 12.9% in 2010. Our systematic review is beingexpanded to include these acquired titles. We are managing our print portfolio to a smaller, more commercially sustainableand profitable set of leading titles. This is evidenced by a 12.4% rise inadjusted operating profit to £10.0m (2009: £8.9m) with margins rising 1.5percentage points to 6.9%. As we further rationalise our portfolio of titleswe expect that it will form part of an integrated "Online and Print - MarketingServices" offering and growth will be driven by our ability to engage with anaudience through a variety of channels including, more recently, mobile. It isworth noting that the combined revenues of Online and Print declined 2.9% in2010 while combined margin improved to 5.3% (2009: 4.3%).

Outlook

Organic decline in our Print - Magazines portfolio will in our view continue atrates similar to those across our portfolio in 2010, in which cyclical recoverymoderated the pace of organic decline. We expect to continue to drive cost andportfolio rationalisation, and our expectation is that profit margin levels forthe segment will gradually improve from those achieved in 2010. CFO Financial ReviewRevenues in 2010 were £889.2m, 4.9% higher than in 2009 (2009: £847.6m) largelydriven by robust underlying performance of the Events, TD&M, DS and Onlinebusinesses and the revenue contribution from acquisitions. Adjusted operatingprofit1 for 2010 was 0.4% higher at £171.8m (2009: £171.2m). Lower margins1largely reflected higher investment particularly in our TD&M, DS and Onlinebusinesses, coupled with higher net corporate costs due to lower offsettingincome at the centre. Detailed commentary on the performance of our operatingsegments can be found on pages 8 to 17 of the CEO - Operational Review. Ourbalance sheet remains strong, with net debt at 31 December 2010 of £484.6m -the equivalent of 2.6 times our 2010 adjusted EBITDA1 - an increase from netdebt of £226.4m at the end of 2009 as a result of the significant investment inacquisitions during the year. On a pro forma basis, adjusted to include theresults of businesses acquired during the year, net debt to adjusted EBITDA1(over the last twelve months) would be approximately 2.3 times.

*UBM uses a range of business performance indicators to help measure its development against strategy and financial objectives. All non-IFRS measures have been notated with a 1 and additional information on these measures has been provided at the end of this section.

Summary of Income Statement

IFRS Measures As adjusted(b) FY FY % FY FY % £m 2010 2009 Change 2010 2009 Change Revenue 889.2 847.6 4.9 889.2 847.6 4.9

Operating expenses (excluding (a)

line items below) (701.0) (663.2) (701.0) (663.2)

Share of tax on profit in JV & (b) (b)

associates(a) (0.8) (0.7)

Exceptional reorganisation and (b) (b)

restructuring costs(a) (5.8) (16.5)

Exceptional items relating to (b) (b)

acquisitions(a) (5.1) - Impairment charges(a) - (153.0) (b) (b) EBITDA 188.2 184.4 2.1 Depreciation(a) (16.4) (13.2) 24.2 (16.4) (13.2) 24.2 EBITA 160.1 1.0 n/a 171.8 171.2 0.4

Amortisation - intangible assets (b) (b)

arising on acquisition(a) (27.8) (26.8) Operating profit 132.3 (25.8) n/a 171.8 171.2 0.4 Net interest expense (18.7) (13.0) (18.7) (13.0) Financing income - pension schemes 3.2 2.2 3.2 2.2 Financing income - FX gain on forward contracts 0.1 4.7 0.1 4.7 Financing income - other 1.2 2.9 (b) (b) Financing expense - other (2.6) (6.7) (b) (b) PBT 115.5 (35.7) n/a 156.4 165.1 (5.3) Taxation (16.1) (17.7) (23.5) (24.8)

Exceptional taxation net credit - 135.2 (b) (b)

PAT 99.4 81.8 21.5 132.9 140.3 (5.3) Non-controlling interest (8.6) (6.6) (8.6) (6.6) Attributable profit 90.8 75.2 124.3 133.7

Weighted average no. of shares

(million) 243.4 243.1 243.4 243.1

Fully diluted weighted average

no. of share (million) 247.6 246.5 247.6 246.5 Earnings per share (pence) 37.3 30.9 20.7 51.0 55.1 (7.4) Earnings per share (diluted) 20.3 (pence) 36.7 30.5 50.2 54.2 (7.4) Dividend per share (pence) 25.0 24.2 3.3 25.0 24.2 3.3

(a) Expenses not included within Operating expense figure

(b) All non-IFRS measures and business performance measures have been notatedwith a 1 and additional information on these measures has been provided at

theend of this section. Corporate CostsTotal corporate costs for 2010 were £15.6m (2009: £15.5m). These corporatecosts are partially offset by internal cost recoveries from UBM's operatingbusinesses and by sundry income which is not attributable to any of the UBM'soperations to give a net corporate cost figure of £9.2m (2009: £7.6m).

Exceptional items

Impairment

We have reviewed the carrying value of our intangible assets (including goodwill) in light of current trading conditions and expectations and consider that no provision for impairment is required at 31 December 2010.

Restructuring and business reorganisation costs

During 2010 we continued to manage our product portfolio actively, closing orexiting 13 print magazine titles and reducing the frequency of 2 others. Wealso made further progress in planned restructuring of a number of ourbusinesses, particularly within our Data Services segment. The exceptionalcharge of £5.8m includes £3.0m of redundancy costs, £1.7m relating torestructuring and business reorganisation costs and £1.1m relating to propertycosts. Of the amount charged, £3.2m has been incurred in 2010 and the balanceis committed to be incurred in 2011.

Exceptional items relating to acquisitions

Following the adoption of IFRS 3 (revised) from 1 January 2010, acquisitioncosts of £6.1m were expensed as exceptional items, rather than included in thecalculation of goodwill on acquisition as previously required by the standard. Of this cost, £3.3m relates to the costs incurred in respect of the acquisitionof Canon. For the year ended 31 December 2010 an exceptional credit of £1.0mhas been recognised in respect of revisions made to the initial estimate of thecontingent consideration payable on acquisitions made in 2010.

Interest

Net interest expense represent interest payments on UBM's bonds and bank loans,reduced by interest receipts on our cash holdings. Net interest expense in 2010was £18.7m, compared with £13.0m in 2009. This is mainly a result of a higheraverage debt for the year, higher costs from lengthening debt maturity andlower returns on cash balances. For further information relating to our capitalstructure see the Capital Structure section below.

Financing income includes an IAS 19 pension interest credit of £3.2m (2009: £ 2.2m). Financing income also includes a foreign exchange gain on forward contracts of £0.1m (2009: £4.7m).

Net financing expense - other includes a net charge of £1.4m (2009: £2.8m) taken in respect of ineffective fair value hedges and net investment hedges.

Income tax

UBM's effective rate of taxation1 for the year was 15.0% (2009: 15.0%).

In March 2010 UBM made a payment of £46.5m to the UK tax authorities in settlement of historical tax issues. Movements in our tax creditor balance during 2010 were as follows:

£m

Current tax liability at 1 January 2010 109.0

Current tax charge 22.7 Tax paid (62.1)

Current tax liability at 31 December 2010 69.6

Overall our current tax liability decreased from £109.0m as at 31 December 2009to £69.6m as at 31 December 2010. The tax creditor includes provisions for taxsettlements in various jurisdictions in which UBM operates. We have necessarily made judgements as to the outcome of tax matters notconcluded. This creditor has been consistently classified as short term in linewith our accounting policy. We do not expect the tax cash outflow in respect ofthis creditor in 2011 to exceed £10.0m. The total cash paid in respect ofincome taxes was £62.1m in 2010, including the settlement of £46.5m.

Foreign Currency

Our income statement exposure to foreign currency risk is shown (by way of sensitivity to changes in exchange rates) in the foreign currency risk table below.

31 December Average Currency Effect on Effect on adjusted 2010 exchange rate in value rises/ revenue + / operating profit1 + / 2010 falls by - £m - £m US dollar USD1.54 1 cent 3.0 0.6 Euro EUR1.16 1 cent 1.3 0.4

The following table outlines the currency profile of our revenues and adjusted operating profits for 2010:

2010 Revenue % Adjusted operating profit1 % US Dollar 51.8 52.7 Euro 17.0 23.5 UK Pound Sterling 15.8 5.8 Canadian Dollar 3.7 6.2 Japanese Yen 2.8 2.4 Renminbi 2.8 4.4 Indian Rupee 1.1 0.6 Brazilian Real 1.0 1.7 Other 4.0 2.7 Total 100 100 Capital StructureBalance sheet

UBM's consolidated net debt at 31 December 2010 stood at £484.6m, up from £226.4m at the end of 2009. During 2010, cash generated from operations rose to£154.7m (2009: £142.7m). UBM paid £239.6m for acquisitions (net of cashacquired) and earnout payments in relation to acquisitions made in prior years,together with £58.9m of dividends to shareholders (excluding dividends paid tonon-controlling interests) and a foreign exchange movement of £4.5m whichmainly relates to exchange on cash, bonds and bank loans.

Pensions

UBM operates a number of defined benefit and defined contribution schemes,based primarily in the UK. The most recent actuarial funding valuations for themajority of the UK scheme liabilities were carried out in 2008, and updated to31 December 2010 using the projected unit credit method. The next triennialvaluation will take place in 2011. At 31 December 2010, the aggregate deficit under IAS 19 was £12.7m, animprovement of £13.9m compared to the deficit of £26.6m at the previous yearend. The movement reflects an increase in asset returns and a reduction in theinflation rate as a result of adopting a consumer price index ('CPI')inflationary assumption rather than retail price inflation ('RPI') (followingthe UK Government's announcement of its intention to adopt CPI rather than RPIfor statutory minimum pension revaluations/indexation from 1 January 2011)partially offset by an increase in assumed life expectancy. For US schemes,annual funding valuations are performed and therefore the results are based onthe 2009 valuation.

The IAS 19 interest credit was £3.2m, representing the excess of expected asset growth during 2009 over the interest accretion on the scheme liabilities

Debt and Liquidity

In our funding strategy, our objective is to maintain a balance betweencontinuity of funding and flexibility through the use of capital markets, bankloans and overdrafts. To facilitate access to these sources of funds we seekto maintain a long term investment grade credit rating with Moody's (currentrating Baa3 - stable outlook) and Standard & Poor's (current rating BBB -stable outlook).At the end of 2010, we had a strong liquidity position including undrawnfacilities of £304.7m and cash on hand of £125.9m. In November 2010 we issued$350m of 5.75% bonds due November 2020. We used the net proceeds from thisissuance to refinance $287m of borrowings incurred under UBM's senior creditfacility to fund the acquisition of Canon Communications LLC and for generalcorporate purposes. We also have £250m of sterling bonds with a November 2016maturity and an annual interest coupon of 6.5%. We maintain a £325mmulti-currency revolving credit facility from key relationship banks. Thefacility matures in July 2012 and allows UBM to draw and repay up to £325mprovided all conditions precedent are met. At 31 December 2010, all conditionsprecedent were met and UBM had drawn £20.3m from the facility leaving £304.7mavailable. We have other long term debt and committed facilities totalling £120.5m of which UBM had drawn £120.5m at 31 December 2010. £m Facility Drawn Undrawn Maturity LIBOR Fair value hedges + Margin % Syndicated Bank Facility 325.0 20.3 304.7 Jul-12 0.325 Bilateral Loan 45.5 45.5 0.0 Mar-12* 1.8 Puttable Bond 75.0 75.0 0.0 Sept-11* 0.68 £250m fixed rate sterling bond 250.0 250.0 0.0 Nov-16 6.5% fixed Floating rate swap for £150m GBP LIBOR + 2.9% $350m fixed rate 223.5 223.5 0.0 Nov-20 5.75% fixed Floating rate swap for $150m dollar bond US$ LIBOR + 2.63% Total 919.0 614.3 304.7 * Minimum maturity, can be extended at option of bondholder

Note: Amounts drawn exclude fair value movements on the debt instruments

UBM has issued two debt instruments which include put and call options:

In September 2008, UBM raised £75.0m through the issue of 20-year Floating RateReset Bonds which bear interest for the first three years at six month LIBORplus 0.68% (currently 1.71%). Under the terms, the holder of the bonds has theoption to put them back to UBM at Par (£75m) in September 2011 and every threeyears until maturity in September 2028.In March 2009, UBM raised â‚¬53.1m through two Floating Rate Reset Loans. Theloans bear interest for the first three years at six month EURIBOR plus 1.80%(currently 3.48%). Under the terms, the lender has the option to put them backto UBM at Par (â‚¬53.1m) in March 2012 and every three years until maturity inMarch 2024.

If the bond or loans are not put then one of two events will occur:

The interest rate on the bond and loans are reset to 4.70% and 4.16%, respectively, plus UBM's 3 year credit spread until the next put date;

UBM exercises its call option and pays the fair value of the instruments at date of exercise to the current holders.

Since the onset of the 2008/2009 credit crisis, long term swap rates havefallen below the reset interest rates of 4.70% and 4.16%. This, combined with amaterial increase in market volatility, has increased the fair value of thebonds and loans as at 31 December 2010 to £84.0m and â‚¬57.3m respectively. IfUBM exercises its call options and repays the instrument, the early unwind atthe current valuation would result in a loss of £9.0m crystallising on the bondand â‚¬4.2m crystallising on the loans. Under IAS 39 the losses would berecognised as a financial expense in the income statement.

From the 31 December 2010 valuation, assuming all other variables remain constant, the fair value of the bonds increases by approximately £0.8m for a 0.1% fall in the 17 year swap rate.

From the 31 December 2010 valuation, assuming all other variables remain constant, the fair value of the loans increases by approximately â‚¬0.5m for every 0.1% fall in the 12 year swap rate.

Further detail on these facilities, including maturity profile, can be found inthe Notes of the condensed consolidated financial statements. The followingtable summarises our estimated payment profile for contractual obligations

asof 31 December 2010: £m 2011 2012 2013 2014 Thereafter Long-term debt 75.3 65.8 - - 473.5 Interest payable* 32.5 30.1 29.1 29.1 109.7 Derivative financial liabilities (undiscounted) (2.0) 3.4 - - 30.3 Operating lease payments 34.9 27.3 21.0 18.8 11.2 Pension contributions** 3.1 3.1 3.1 - - Trade and other payables 86.5 1.6 - - -

Contingent and deferred consideration 21.6 11.6 6.7 0.4

0.7

Put options over non-controlling interests - 1.4 - -

7.1 Total 251.7 144.3 59.9 48.3 632.5 * Based on current year rates.** Subject to renegotiation in 2013.The table includes the bilateral loan and puttable bonds, redeemed at par onthe earliest date the holders can redeem. The put and call option over thesebonds and loans are explained above.

Capital management

UBM maintains conservative capital ratios in order to support its businessesand maximise shareholder value. At the end of 2010, the net debt to adjustedearnings before interest, taxation, depreciation and amortisation was 2.6 timesas shown below: £m 2010 2009 Financial liabilities 610.5 385.3 Financial assets (125.9) (158.9) Net debt1 484.6 226.4 Adjusted earnings before interest, taxation, depreciation and amortisation1 188.2 184.4 Net debt to EBITDA ratio* 1 2.6 times 1.2 times

Net debt to EBITDA ratio1at average rates *

2.6 times 1.2 times

* Adjusting EBITDA to include a full year of pro forma operating profit from acquisitions made during 2010 decreases the ratio to 2.3 times.

1 Refer to the Explanation of UBM's business measures section below for additional information on these non-IFRS financial measures.

Our policy is to maintain investment grade ratings from each of Moody's andStandard and Poor's. In assessing the leverage ratios of net debt to adjustedearnings before interest, taxation, depreciation and amortisation, both Moody'sand Standard and Poor's take account of a number of other factors, includingfuture operating lease obligations and any pension deficit.

Cash flow

Cash generated from operations rose to £154.7m from £142.7m in 2009, reflectinglower restructuring payments. Cash conversion1 was 97.9% of adjusted operatingprofit1 (2009: 102.0%). Free cash flow prior to cash invested in acquisitionswas £51.0m, £47.7m behind 2009, reflecting the tax payment and higher interestcosts in 2010. A reconciliation of net cash inflow from operating activities to free cash flowis shown below: £m 2010 2009

Adjusted cash generated from operations1 182.9 189.2

Restructuring payments (24.5) (41.3) Other adjustments (3.7) (5.2) Cash generated from operations 154.7 142.7

Dividends from JVs and associates 0.6 1.5

Net interest paid (23.1) (14.5) Taxation paid (62.1) (16.5) Capital expenditure (19.1) (14.5) 51.0 98.7 Acquisitions (240.7) (34.3)

Proceeds from sale of investments 1.7 3.4

Free cash flow1 (188.0) 67.8 Net share issues 1.9 0.2 Dividends (64.8) (63.2) (250.9) 4.8 Year end net debt1 484.6 226.4 Year end net debt/EBITDA1 2.6 times 1.2 times

1 Refer to the Explanation of UBM's business measures section below for additional information on these non-IFRS financial measures

We expect to continue to generate significant free cash flow in 2011 because ofour business model and believe that our cash on hand, cash from our operationsand available credit facilities will be sufficient to fund our cash dividends,debt service and acquisitions in the normal course of business.

Capital Expenditure

Capital expenditure for the year was £19.1m, reflecting our continuedinvestment in the business. The largest capital investments were to enhanceTargeting, Distribution and Monitoring's existing products and to upgrade itsIT infrastructure. We do not expect that the capital expenditure levels for2011 will be significantly different to those of 2010.

Acquisitions

We invested £224.7m of cash in the acquisition of 20 new businesses andacquired the remaining equity interest in two further businesses. Theseacquisitions were closely aligned to our strategic priorities and provide uswith exposure to attractive communities and geographies, while being highlycomplementary to our existing segmental offering. Of the acquisitions madenine related to events, five (including acquisitions of the remaining equity intwo businesses) relates to Targeting, Distribution and Monitoring, five to DataServices and three to Online - Marketing Services. Our investment comprised cash of £224.7m (net of cash acquired) and expectedcontingent and deferred consideration of £33.3m. We also made payments inrespect of earnouts relating to acquisitions made in prior years, totalling

£9.4m. Expected Initial Contingent and Estimated consideration net Deferred total2010 Acquisitions of cash acquired consideration consideration £m £m £m Events E Commerce Expo 0.4 1.2 1.6 Sign China 6.3 4.3 10.6 DesignCon 0.9 - 0.9 Sienna - Concrete show 6.5 6.8 13.3 NavalShore 1.2 0.1 1.3

Children-Baby-Maternity-Expo 6.3 4.2

10.5

The Routes Development Group 6.8 1.3

8.1 Canon Communications 182.9 - 182.9 Publishing Expo 0.2 - 0.2 Targeting, Distribution & Monitoring DNA-13 4.0 0.6 4.6 PR Newswire do Brasil 0.7 0.1 0.8 PR Newswire Argentina - - - Corporate360 0.2 0.7 0.9 Hors Antenne 5.3 2.7 8.0 Data Services SharedVue 0.2 4.9 5.1 CenTradeX 0.3 0.1 0.4 UM Paper 0.1 0.2 0.3 JOC Exchange (Triton) 0.3 1.7 2.0 Lead-In Research 0.9 0.3 1.2

Online - Marketing Services

Game Advertising Online 0.6 3.0 3.6 Astound 0.1 1.0 1.1 OBGYN.net 0.5 0.1 0.6 Total 224.7 33.3 258.0 Contingent Deferred Total Contingent and deferred consideration 2010 2010 2010 £m £m £m At 1 January 2010 24.6 0.5 25.1 Change in estimate - goodwill (2.0) - (2.0) Change in estimate - exceptional items relating to (1.0) - (1.0) acquisition Acquisitions during the year 32.0 1.3 33.3 Consideration paid (14.4) (0.5) (14.9) Foreign exchange gain 0.5 - 0.5 At 31 December 2010 39.7 1.3 41.0

The 2010 acquisitions contributed adjusted operating profit of £7.5m since acquisition and achieved a pre-tax return on investment1 of 10.6% on a pro forma basis. The following table shows the performance of our acquisitions since 2008 relative to our target pre-tax cost of capital threshold of 10%:

Consideration Return on Investment1 £m 2008 2009 2010 2008 acquisitions 49.9 12.4% 6.5% 7.8% 2009 acquisitions 26.5 - 14.8% 4.5%(2) 2010 acquisitions3 258.0 - - 10.6% Total 334.4 10.0%

1 Refer to the Explanation of UBM's business measures section below for additional information on these non-IFRS financial measures.

2 Performance reflects reported results for The Fuel Team which was integrated into PR Newswire in 2010. Excluding it, the pre tax return on acquisitions would have been 8.6%.

3 2010 Return on investment calculated on a full year pro forma basis.

Return on average capital employed

The return on average capital employed for 2010 was 14.7% (2009: 15.8%). Thereduction in returns reflects the initially dilutive effect on returns of theacquisitions. We expect the acquisition of Canon to deliver longer termreturns well above UBM's cost of borrowing. The table below shows ourperformance over time: £m 2006 2007 2008 2009 2010

Operating profit before exceptional items (£m) 133.3 145.7 146.7 143.7 143.2

Average capital employed (£m) 585.3 642.5 815.9 910.6

971.1

Return on average capital employed1 (ROACE) (%) 22.8 22.7 18.0 15.8 14.7

1Refer to the Explanation of UBM's business measures section below for additional information on these non-IFRS financial measures.

The downward trend over the longer term reflects the dilutive effect of returns on acquisitions.

DividendsThe Board has announced a second interim dividend of 19.0p (2009: 18.2p),bringing the total dividend for the year to 25.0p (2009: 24.2p), representingan increase of 3.3% in the full year dividend. The second interim dividend onordinary shares will be paid on 19 May 2011 to shareholders on the register

on15 April 2011. Going concernAfter making enquiries, the directors have a reasonable expectation that UBMhas adequate resources to continue in operational existence for the foreseeablefuture. Accordingly, they continue to adopt the going concern basis inpreparing the financial statements.

In reaching this conclusion, the directors have had due regard to the following:

After taking account of available cash resources, committed bank facilities,short term borrowings and proceeds from the sterling bond issue in November2009 and US dollar bond issue in November 2010, none of UBM's borrowings falldue within the next two years that require refinancing from resourcesnot already available.

The strong cash generated from operations, committed facilities and UBM's ability to access debt capital markets, taken together, provide confidence that UBM will be able to meet its obligations as they fall due.

Further information on the financial position of UBM, its cash flows, financialrisk management policies and available debt facilities are described in theFinancial Review on the preceding pages. UBM's business activities, togetherwith the factors likely to impact its future growth and operating performanceare set out in the Operational Review.

Explanation of UBM's business measures

Financial How we define it Why we use it

Measure Underlying Underlying measures are adjusted The Group believes underlying revenue and for the estimated effects of revenue and underlying operatingunderlying acquisitions, discontinued profit assists investors in operating products, foreign exchange and their assessment and profit biennial events. understanding of our underlying business trends, without distortion from the effect of acquisitions, discontinued products, biennial events and foreign currency movements during the period.

Adjusted Operating profit excluding The Group believes adjusted operating amortisation of intangible operating profit, adjusted profit and assets arising on acquisitions, operating margin and adjusted adjusted exceptional items and share of EBITDA assists investors in EBITDA taxation on joint ventures and their assessment and associates. understanding of our earnings and is also a measure commonly Adjusted EBITDA is adjusted used by shareholders to measure group operating profit before our performance. depreciation. Margin relates to our adjusted Margin operating margin. It is adjusted operating profit expressed as a percentage of revenues Adjusted Before amortisation of The Group believes adjusted profit before intangible assets on profit before tax and adjusted tax and EPS acquisitions, exceptional items, EPS assists investors in their share of taxation on profit from assessment and understanding of joint ventures and associates, our earnings and is also a net financing expense - other. measure commonly used by EPS also excludes deferred tax shareholders to measure our on the amortisation of performance. intangible assets. Diluted EPS includes the impact of share options. Net debt Net debt is current and Provides a measure of non-current borrowings less cash indebtedness in excess of the and cash equivalents. current cash available to pay down debt. Net debt to Net debt divided by adjusted Provides a measure of financial adjusted EBITDA. leverage. EBITDA EBITDA adjusted to include a

Net debt to full year of pro forma operating LTM adjusted profit from acquisitions made

EBITDA during 2010. Free cash Net cash provided by operating Helps assess our ability, over flow activities after meeting the long term, to create value obligations for interest, tax, for our shareholders as it dividends paid to non represents cash available to controlling interests, capital repay debt, pay dividends and expenditures and other investing fund future acquisitions. activities.

Adjusted Adjusted to exclude The Group believes adjusted operating non-operating movements in operating cash flow assists

cash flow working-capital, such as investors in their assessment

expenditure against and understanding of our reorganisation and restructuring operating cash flows. provisions. Pre-tax Attributable adjusted operating Helps us assess the performance return on profit divided by the cost of of our acquisitions relative to Investment acquisitions. Calculated on a our target pre-tax cost of

pro forma basis, as if the capital threshold of 10%. acquired business were owned throughout the year.

Estimated Estimated total consideration Provides a measure of total total includes initial consideration consideration for businesses consideration (net of cash acquired), the acquired.

latest estimate of expected earnouts and deferred consideration. Return on ROACE is operating profit before Provides a measure of the average exceptional items divided by efficiency of profitability of capital average capital employed. our capital investment. employed Average capital employed is the (ROACE) average of opening and closing total assets less current liabilities for each period. Effective tax The effective tax rate on Provides a more comparable basisrate adjusted profit before tax to analyse our tax rate. reflects the tax rate excluding movements on deferred tax balances on the amortisation of intangible assets.

SUMMARY OF RISKS & UNCERTAINITES

The principal risk factors that the directors believe could materially affect UBM include the following:

The risks listed do not necessarily comprise all those associated with UBM, and are not set out in any order of priority.

Marketplace risk

In times of economic slowdown or recession, some companies spend less, particularly on advertising.

Ability to respond to changes in technological innovation.

A disaster or natural catastrophe, terrorism, political instability or diseasecould affect our ability to continue to do business if it renders officesunavailable or curtails travel (which will have an impact on the running of

anevent).Mergers & Acquisitions

The availability of suitable acquisition candidates, obtaining regulatory approval and changes in the availability or cost of financing may affect our ability to execute on this strategy.

Delays in integration or unexpected costs or liabilities, as well as the risk of failing to realise operating benefits or synergies from completed transactions may mean that the financial impact is less beneficial than expected.

Attracting and retaining key management personnel

Operational

Operations in new territories may present logistical and management challenges due to different business cultures, laws and languages.

A diminished reputation for UBM's corporate or products brands may affect competitive position.

The failure to manage and execute significant projects successfully could lead to increased costs, delays or erosion of UBM's competitive position.

Failure or conflict with a key supplier at a critical time in the production process could result in loss of revenue or incremental costs.

There are negative implications if IT system failure impacts our ability to do business.

Unfavourable legislation changes may have a negative impact.

Financial

Liquidity issues may curtail the ability to make certain acquisitions, whilelocal liquidity issues could have a negative reputational impact, particularlywith suppliers.

FX fluctuations could adversely affect earnings and the strength of the balance sheet.

Fluctuations in interest rates will impact our costs of borrowing.

We seek to limit interest rate and foreign exchange risk by the use of financial instruments. As a result we have an unsecured credit risk from the potential non-performance by counterparties to these financial instruments.

Tax risk - failure to comply with the necessary tax legislation or challenges to legal structures.

Pension fund risk - risk that asset returns are insufficient to cover changes in the schemes liabilities over time.

Consolidated income statement

for the year ended 31 December 2010

Before Before exceptional Exceptional exceptional Exceptional items items Total items items Total 2010 2010 2010 2009 2009 2009 Notes £m £m £m £m £m £m Continuing operations 3 Revenue 889.2 - 889.2 847.6 - 847.6 Other operating income 7.0 - 7.0 9.7 - 9.7 Operating expenses (728.0) - (728.0) (688.8) - (688.8) Amortisation of (27.8) - (27.8) (26.8) - (26.8) intangible assets arising on acquisitions 4 Exceptional - (5.8) (5.8) - (16.5) (16.5) reorganisation and restructuring costs 4 Exceptional items - (5.1) (5.1) - - - relating to acquisitions 4 Impairment charge - - - - (153.0) (153.0) Share of results from 2.8 - 2.8 2.0 - 2.0 joint ventures and associates (after tax) Group operating profit/ 143.2 (10.9) 132.3 143.7 (169.5) (25.8) (loss) Finance income/(expense) 5 Interest income 0.7 - 0.7 1.8 - 1.8 5 Interest expense (19.4) - (19.4) (14.8) - (14.8) 5 Financing income 3.3 - 3.3 6.9 - 6.9 5 Financing income - other 1.2 - 1.2 2.9 - 2.9 5 Financing expense - (2.6) - (2.6) - (6.7) (6.7) other Profit/ (loss) before 126.4 (10.9) 115.5 140.5

(176.2) 35.7 tax 6 Taxation (16.1) - (16.1) (17.7) - (17.7)

4 Exceptional taxation net - - - - 135.2 135.2 credit (16.1) - (16.1) (17.7) 135.2 117.5 Profit for the year 110.3 (10.9) 99.4 122.8 (41.0) 81.8 Attributable to: Equity holders of the 90.8 75.2 parent entity - ordinary shares Non-controlling 8.6 6.6 interests 99.4 81.8 Earnings per share (pence) 7 - basic 37.3p 30.9p 7 - diluted 36.7p 30.5p £m £m Adjusted Group operating 171.8 171.2 profit* Amortisation of (27.8) (26.8) intangible assets arising on acquisitions 4 Exceptional (5.8) (16.5) reorganisation and restructuring costs 4 Exceptional items (5.1) - relating to acquisitions 4 Impairment charge - (153.0) Share of taxation on (0.8) (0.7) profit in joint ventures and associates Group operating profit/ 132.3 (25.8) (loss) £m £m Dividends 8 - Interim dividend of 14.6 14.6 6.00p (6.00p) 8 - Proposed second 46.2 44.3 interim dividend of 19.00p (18.20p) * Adjusted Group operating profit represents Group operating profit excludingamortisation of intangible assets arising on acquisitions, exceptional items,impairment charges and share of taxation on profit in joint ventures andassociates.

Consolidated statement of comprehensive income

for the year ended 31 December 2010

Notes 2010 2009 £m £m Profit for the year 99.4 81.8 Other comprehensive income/(losses): Currency translation differences on foreign 6.6 (45.3) operations - Group 12 Net investment hedge (14.6) (5.0) Cash flow hedges 12 Gains/(losses) on cash flow hedges arising - 0.2 during the year 12 Add/(less) reclassification adjustments for - 7.7 losses/(gains) included in profit or loss - 7.9 Actuarial gains/ (losses) recognised in the 9.0 (63.9) pension schemes Irrecoverable element of pension surplus (2.4) 13.8 Share of other comprehensive income of joint ventures and associates: Currency translation differences on foreign 0.4 (1.5) operations Movement recognised in the pension schemes of - (3.9) associates 0.4 (5.4) 6 Income tax relating to components of other - - comprehensive income Other comprehensive (losses)/income for the (1.0) (97.9) year net of tax Total comprehensive (losses)/income for the 98.4 (16.1) year net of tax Attributable to: Equity holders of the parent entity - ordinary 89.3 (22.6) shares Non-controlling interests 9.1 6.5 98.4 (16.1)

Consolidated statement of financial position

at 31 December 2010 As restated 31 December 31 December 2010 2009 Notes £m £m Assets Non-current assets 9 Goodwill 1,044.1 820.7 Intangible assets 177.4 110.6 Property, plant and equipment 41.2 38.2 Investments in joint ventures and 19.8 17.0 associates Retirement benefit surplus 9.1 - Other investments 0.6 0.6 Derivative financial instruments 6.8 - 1,299.0 987.1 Current assets Inventories 7.8 7.7 Trade and other receivables 208.6 169.8 Derivative financial instruments 0.1 0.3 10 Cash and cash equivalents 125.9 158.9 342.4 336.7 Total assets 1,641.4 1,323.8 Liabilities Current liabilities 11 Borrowings 75.3 0.3 Trade and other payables 378.4 315.6 Derivative financial instruments 0.1 0.4 Provisions 12.9 23.4 6 Current tax liabilities 69.6 109.0 536.3 448.7 Non-current liabilities 11 Borrowings 535.2 385.0 Derivative financial instruments 34.7 10.5 Retirement benefit obligation 21.8 26.6 Trade and other payables 22.3 12.9 Provisions 22.2 26.6 6 Deferred tax liabilities 49.7 27.7 685.9 489.3 Total liabilities 1,222.2 938.0 Equity attributable to owners of the parent entity Share capital 24.4 24.4 Share premium 3.1 1.2 12 Other reserves (608.7) (597.7) Retained earnings 986.7 948.4 Put options over non-controlling interests (8.5) - Total equity attributable to owners of the 397.0 376.3 parent entity Non-controlling interests 22.2 9.5 Total equity 419.2 385.8 Total equity and liabilities 1,641.4 1,323.8

These financial statements were approved by the Board of Directors and were signed on its behalf on 1 March 2011 by:

Robert Gray Director

Consolidated statement of changes in equity

for the year ended 31 December 2010

Notes Put options over non- Non- Share Share Other Retained controlling controlling Total capital premium reserves earnings

interests interests equity

£m £m £m £m £m £m £m At 1 January 2010 24.4 1.2 (597.7) 948.4 - 9.5 385.8 Profit for the year - - - 90.8 - 8.6 99.4 Other comprehensive - - (8.1) 6.6 - 0.5 (1.0) losses 12 Total comprehensive - - (8.1) 97.4 - 9.1 98.4 (losses)/income for the year Issued in respect of - 1.9 - - - - 1.9 share option schemes and other entitlements Share-based payments - - - 3.2 - - 3.2 8 Equity dividends - - - (58.9) - - (58.9) Non-controlling interest - - - - - (5.9) (5.9) dividends 13 Non-controlling interest - - - - (8.5) 9.5 1.0 arising on business combinations Acquisition of - - - - - - - non-controlling interests 12 Shares awarded by ESOP - - 3.4 (3.4) - - - 12 Own shares purchased by - - (6.3) - - - (6.3) the company At 31 December 2010 24.4 3.1 (608.7) 986.7 (8.5) 22.2 419.2 At 1 January 2009 24.4 1.0 (567.5) 1,005.7 - 7.6 471.2 Profit for the year - - - 75.2 - 6.6 81.8 Other comprehensive - - (43.8) (54.0) - (0.1) (97.9) losses 12 Total comprehensive - - (43.8) 21.2 - 6.5 (16.1) (losses)/income for the year Issued in respect of - 0.2 - - - - 0.2 share option schemes and other entitlements Share-based payments - - - 2.4 - - 2.4 8 Equity dividends - - - (58.8) - - (58.8) Non-controlling interest - - - - - (4.4) (4.4) dividends 13 Acquisition of - - - (8.5) - (0.2) (8.7) non-controlling interests 12 Shares awarded by ESOP - - 13.6 (13.6) - - - At 31 December 2009 24.4 1.2 (597.7) 948.4 - 9.5 385.8

Consolidated statement of cash flows

for the year ended 31 December 2010

As restated 2010 2009 Notes £m £m Cash flows from operating activities Reconciliation of profit to operating cash flows Profit for the year 99.4 81.8 Add back: 6 Taxation 16.1 (117.5) Depreciation 15.6 12.3 Amortisation of website development costs 0.8

0.9

Amortisation of intangibles arising on 27.8 26.8 acquisitions 5 Interest income (0.7) (1.8) 5 Interest expense 19.4 14.8 5 Financing income (3.3) (6.9) 5 Financing income - other (1.2)

(2.9)

5 Financing expense - other 2.6 6.7 Share of results from joint ventures and (2.8) (2.0) associates (after tax) 4 Exceptional items and charges to provisions 11.9

169.5

4, 13 Fair value adjustments of contingent (1.0)

- considerations Other non-cash items 3.5 2.9 188.1 184.6 Payments against provisions (24.5)

(41.3)

Pension deficit contributions (3.1)

(3.7)

(Increase)/ decrease in inventories (0.3)

0.9

(Increase)/ decrease in trade and other (14.0) 25.5 receivables (Increase)/ decrease in trade and other 8.5 (23.3) payables Cash generated from operations 154.7

142.7

Interest and finance income received 0.8 7.8 Interest and finance costs paid (23.9) (22.3) Taxation paid (62.1) (16.5) Dividends received from joint ventures and 0.6 1.5 associates Net cash flows from operating activities 70.1

113.2

Cash flows from investing activities 13 Acquisition of interests in subsidiaries, net (239.6) (25.6) of cash acquired Purchase of property, plant and equipment and (19.1) (14.5) intangibles Purchase of interest in joint ventures and (1.1) - associates Proceeds from sale of investments - 3.4 Proceeds from sale of joint ventures and 1.7 - associates Net cash flows from investing activities (258.1)

(36.7)

Cash flows from financing activities Proceeds from issuance of ordinary share 1.9 0.2 capital 13 Acquisition of non-controlling interests -

(8.7)

8 Dividends paid to shareholders (58.9)

(58.8)

Dividends paid to non-controlling interests (5.9)

(4.4)

12 Investment in own shares - ESOP (6.3) - Increase/ (decrease) in borrowings 4.4

(254.5)

Issue of £250m fixed rate sterling bonds 2016 -

247.1

Issue of $350m fixed rate dollar bonds 2020 214.2 - Net cash flows from financing activities 149.4

(79.1)

Net decrease in cash and cash equivalents (38.6)

(2.6)

Net foreign exchange difference 5.6

(7.3)

10 Cash and cash equivalents at 1 January 158.8

168.7

10 Cash and cash equivalents at 31 December 125.8

158.8

Notes to the consolidated financial statements

for the year ended 31 December 2010

1. General information

United Business Media Limited (`UBML') is a company incorporated in Jerseyunder the Companies (Jersey) Law 1991. The address of the registered office isOgier House, The Esplanade, St. Helier, JE4 9WG, Jersey. UBML is tax residentin the Republic of Ireland. The nature of the Group's operations and itsprincipal activities are set out in Note 3.

The preliminary announcement was approved by the Board of directors on 1 March 2011.

The figures and financial information for the year ended 31 December 2010 donot constitute the statutory financial statements for that year. Thosefinancial statements have not yet been delivered to the Jersey Registrar ofCompanies, but include the auditor's report which was unqualified. The figuresand financial information for the year ended 31 December 2009 included in thepreliminary announcement do not constitute the statutory financial statementsfor that year. Those financial statements have been delivered to the Registrarand included the auditor's report which was unqualified.The comparative information for the year ended 31 December 2009 has beenrestated for acquisition accounting adjustments which have been finalised inrelation to certain acquisitions made in 2009. The comparative information hasbeen restated in accordance with IFRS 3 `Business Combinations. The impact ofthis restatement is to decrease goodwill and accruals and deferred income by £0.2m.

Principal risks and uncertainties

Principal risks and uncertainties affecting the Group will be detailed withinthe Annual Report for the year ended 31 December 2010, a copy of which will bemade available on the Group's website at www.ubm.com.

2. Significant accounting policies

Basis of preparation

The consolidated financial statements of the Group have been prepared inaccordance with International Financial Reporting Standards (`IFRS') as issuedby the International Accounting Standards Board and IFRIC interpretations. Thefinancial statements are prepared in compliance with the provisions of theCompanies (Jersey) Law 1991.The consolidated financial statements have been prepared on a historical costbasis, except for derivative financial instruments that have been measured atfair value. The carrying values of recognised assets and liabilities that aredesignated as hedged items in fair value hedges that would otherwise be carriedat amortised cost are adjusted to record changes in the fair valuesattributable to the risks that are being hedged in effective hedgerelationships.After making enquiries, the directors have a reasonable expectation that theGroup has adequate resources to continue in operational existence for theforeseeable future. The group therefore continues to adopt the going concernbasis in preparing its consolidated financial statements for the year ended 31December 2010.

Changes in accounting policies

The accounting policies adopted are consistent with those of the previous financial year except for the adoption from 1 January 2010 of the following revised and improved IASs, IFRSs and IFRIC interpretations:

IFRS 3 `Business Combinations' (revised 2008) - which makes significant changesto the treatment of acquisition costs and performance-related consideration andother contingent consideration relating to an acquisition and provides anoption (the `full goodwill method') to recognise 100% of the goodwill of anacquired entity, rather than just the entity's acquired portion of goodwill,with corresponding increases to goodwill and non-controlling interests. Therevised standard has been adopted prospectively to business combinations forwhich the acquisition date is on or after 1 January 2010. The adoption of thisrevised standard has resulted in acquisition costs on such businesscombinations being expensed in the income statement and classified as cashflows from operations in the statement of cash flows. Contingent considerationrelating to acquisitions made in the year ended 31 December 2010 has beenestimated at the date of acquisition; any subsequent revisions to theseestimates will be recorded in the income statement. The Group policy is topresent acquisition costs and changes in contingent consideration asexceptional items relating to acquisitions as they do not relate to underlyingbusiness operations. Further details of business combinations made in the yearended 31 December 2010 are given in Note 13.IAS 27 `Consolidated and Separate Financial Statements' (revised 2008) - whichrequires non-controlling interests (formerly minority interests) to bepresented within equity which has been Group policy for several years. A changein the ownership interest of a subsidiary (without loss of control) isaccounted for as a transaction with owners in their capacity as owners and willnot impact goodwill or give rise to any gain or loss. When there is loss ofcontrol of a subsidiary, any retained interest is remeasured to fair value,which will impact the gain or loss recognised on disposal. The revised standardalso no longer restricts the allocation to non-controlling interests of lossesincurred by a subsidiary to the amount of the non-controlling equityinvestment. The changes by the revised standard affect transactions withnon-controlling interests after 1 January 2010. It has had no effect on thefinancial position or performance of the Group, but it may lead to changes inaccounting for subsidiaries in the future.

Consequential amendments to IAS 28 `Investments in Associates' and IAS 31 `Interests in Joint Ventures' resulting from the above amendments to IFRS 3 have also been adopted by the Group from 1 January 2010.

Improvements to IFRSs 2009 - in April 2009, the IAS issued its second omnibusof amendments to its standards, primarily to remove inconsistencies and toclarify wording. There are separate transitional provisions for each standard.The adoption of the following improvements resulted in changes to accountingpolicies but did not have any impact on the financial position or performanceof the Group:

* The improvement to IAS 7 `Statement of Cash Flows' states that only

expenditure that results in the recognition of an asset can be classified

as a cash flow from investing activities. As a result of this change

(adopted from 1 January 2010) and the adoption of IFRS 3 `Business

Combinations' (revised 2008), acquisition costs and payments of changes in

contingent consideration on business combinations will be classified as operating cash flows, within `Non-cash exceptional items and charges to provisions' and `Fair value adjustments of contingent considerations' respectively. These transactions are detailed in Note 13.

* The amendment to IAS 36 `Impairment of Assets' clarifies that the largest

unit permitted for allocating goodwill acquired in a business combination

is the operating segment as defined in IFRS 8 before aggregation for reporting purposes. The amendment, adopted from 1 January 2010, has no impact on the Group as the annual impairment test is performed before aggregation.

Other amendments resulting from Improvements to IFRSs 2009 to the following standards did not have any impact on the accounting policies, financial position or performance of the Group:

* IFRS 2 `Share-based Payment' * IFRS 5 `Non-current Assets Held for Sale and Discontinued Operations' * IAS 1 `Presentation of Financial Statements' * IAS 17 `Leases' * IAS 38 `Intangible Assets' * IAS 39 `Financial Instruments: Recognition and Measurement' * IFRIC 9 `Reassessment of Embedded Derivatives' * IFRIC 16 `Hedge of a Net Investment in a Foreign Operation'

The following standards and interpretations have also been adopted in the year ended 31 December 2010, but have had no impact on the financial position or performance of the Group or presentation of the financial statements:

* IFRS 2 `Share-based payments' - Group Cash-settled Share-based Payment

Transactions (amendment), effective for financial years beginning on or

after 1 January 2010. The amendment clarifies the scope and accounting for

group settled share-based payment transactions. * IAS 39 `Financial Instruments: Recognition and Measurement' - Eligible hedged items (amendment), effective for financial years beginning on or

after 1 July 2009. The amendment clarifies that an entity is permitted to

designate a portion of the fair value changes or cash flow variability of a

financial instrument as a hedged item. This also covers the designation of

inflation as a hedged risk or portion in particular situations. The Group

has not entered into any such hedges. * IFRIC 17 `Distribution of Non-cash Assets to Owners', effective for financial years beginning on or after 1 July 2009. The interpretation provides guidance on accounting for arrangements whereby an entity distributes non-cash assets to shareholders either as a distribution of reserves or as dividends. 3. Segment informationOperating segmentsThe chief operating decision maker (`CODM') for the purpose of IFRS 8 reportingis the executive management team - the Group Chief Executive Officer and theGroup Chief Financial Officer. The Group operates in a number of differentmarkets and communities and considers that presentation of financial results ona products and services basis is the most appropriate way to demonstrate theperformance of the Group. For the purpose of resource allocation andassessment of performance, the CODM regularly reviews information based on theproducts and services at a revenue and adjusted operating profit (as defined inthe footnote to the income statement) level.During 2010, UBM continued to reshape the business towards opportunities andattractive growth prospects - creating a range of quality products and serviceswhich help specific communities to do business effectively. As a result, theData Services and Online reportable segment has been split into two separateoperating and reportable segments: `Data Services' and `Online - MarketingServices'. Decisions regarding resource allocation, strategy and financialperformance for the Online - Marketing Services business are now distinct fromthose made for the Data Services business. Discrete financial information foreach of Data Services and Online - Marketing Services is now regularly providedand reviewed by the CODM. The comparative information for the year ended 31December 2009 has been restated to reflect the new operating and reportablesegments.

The Group considers there to be five reportable operating segments organised around products and services:

* Events which provide face to face interaction in the form of exhibitions,

trade shows, conferences and other live events;

* Targeting, Distribution & Monitoring which operates in the targeting and

distribution of company information and the evaluation of its impact on targeted audiences; * Data Services which provide a range of services including data-based workflow products, intellectual property consultancy and analytical services and sales lead generation programmes;

* Online - Marketing Services which provides website sponsorships and banner

advertising as well as online directory products; and

* Print - Magazines which publishes magazines and trade press to specialist

markets.

No operating segments have been aggregated to form the above reportable segments. The Group's management reporting and controlling systems use the accounting policies that are the same as those referred to in Note 2.

Segment measures

The Group measures the performance of its operating segments through a measureof segment profit or loss which is referred to as adjusted operating profit.Adjusted operating profit represents operating profit excluding amortisation ofintangible assets arising on acquisitions, exceptional items, impairmentcharges and share of taxation on results of joint ventures and associates. Thismeasure is reported to the CODM for the purposes of resource allocation andassessment of performance.Interest income, interest expense and income tax expense are not included inthe adjusted operating profit measure which is reviewed by the CODM. Tax andtreasury balances are managed centrally.Segment assets and liabilities are not regularly provided to the CODM. TheGroup has elected, as provided under IFRS 8 `Operating segments' (amended 2009)not to disclose a measure of segment assets or liabilities where these amountsare not regularly provided to the CODM.

Intersegment revenue is recorded at values that represent estimated third-party selling prices.

With respect to geographical regions, revenue is generally allocated tocountries based on the location where the products and services are provided.Non-current assets are disclosed according to the location of the businesses towhich the assets relate.Year ended 31 December 2010 Depreciation Share of (including pre-tax Segment amortisation results adjusted of website from JVs operating External Intersegment Total development and profit/ revenue revenue revenue costs) associates (loss) £m £m £m £m £m £m Events 310.0 0.5 310.5 (4.5) 2.0 93.5 Targeting 181.2 0.4 181.6 (5.7) 1.0 42.1 Distribution & Monitoring Data Services 184.7 - 184.7 (2.7) 0.3 34.1 Online - Marketing 69.2 - 69.2 (1.0) - 1.3 Services Print - Magazines 144.1 - 144.1 (2.1) - 10.0 Total segments 889.2 0.9 890.1 (16.0) 3.3 181.0 Corporate costs - - - (0.4) 0.3 (15.6) Internal cost - - - - - 6.4 recoveries and sundry income Eliminations - (0.9) (0.9) - - - 889.2 - 889.2 (16.4) 3.6 171.8

Amortisation of intangibles arising on

(27.8) acquisitions

Exceptional reorganisation and

(5.8) restructuring costs

Exceptional items relating to

(5.1)aquisitions

Share of taxation on profit in joint

(0.8) ventures and associates Group operating 132.3 profit Interest income 0.7 Interest expense (19.4) Financing income 3.3 Financing income - 1.2 other Financing expense (2.6) - other Profit before tax 115.5

Total corporate costs for 2010 were £15.6m (2009: £15.5m). The corporate costsare offset by internal cost recoveries from the Group's operating businessesand by sundry income which is not attributable to any of the Group'soperations.Year ended 31 December 2009 Depreciation Share of (including pre-tax Segment amortisation results adjusted of website from JVs operating External Intersegment Total development and profit/ revenue revenue revenue costs) associates (loss) £m £m £m £m £m £m Events 287.5 0.4 287.9 (3.6) 0.8 87.2 Targeting 161.4 0.5 161.9 (4.2) 1.1 44.8 Distribution & Monitoring Data Services 179.1 - 179.1 (2.2) 0.1 37.3 Online - 53.8 - 53.8 (0.7) - 0.6 Marketing Services Print - Magazines 165.8 - 165.8 (2.1) 0.2 8.9 Total segments 847.6 0.9 848.5 (12.8) 2.2 178.8 Corporate costs - - - (0.4) 0.5 (15.5) Internal cost - - - - - 7.9 recoveries and sundry income Eliminations - (0.9) (0.9) - - - 847.6 - 847.6 (13.2) 2.7 171.2 Amortisation of intangibles arising on (26.8) acquisitions Impairment charge (153.0) Exceptional reorganisation and (16.5) restructuring costs

Share of taxation on profit in joint

(0.7) ventures and associates Group operating (25.8) loss Interest income 1.8 Interest expense (14.8) Financing income 6.9 Financing income 2.9 - other Financing expense (6.7) - other Loss before tax (35.7)

Revenue by products and services

Revenue from external customers analysed by products and services is given inthe above segment tables. The Group's reportable segments are organised aroundproducts and services provided to external customers. There are no revenuesderived from a single external customer which are significant.

Geographic information

Revenues from external customers Year ended Year ended 31 December 31 December 2010 2009 £m £m United Kingdom 129.4 129.6 Foreign countries United States and Canada 413.8 386.7 Europe 145.7 159.4 China 112.2 101.4 Emerging markets 54.4 40.3 Rest of the world 33.7 30.2 759.8 718.0 Total revenue 889.2 847.6 Non-current assets 2010 2009 £m £m United Kingdom 262.3 236.6 Foreign countries United States and Canada 684.3 437.9 Europe 244.0 248.7 China 29.1 15.2 Emerging markets 56.5 42.1 Rest of the world 6.9 6.6 1,020.8 750.5 Total non-current assets* 1,283.1 987.1 * Non-current assets for this purpose consist of goodwill, intangible assets,property, plant and equipment, investments in joint ventures and associates

andother investments.4. Exceptional itemsExceptional items are presented separately as, due to their nature or for theinfrequency of the events giving rise to them, this allows shareholders tounderstand better the elements of financial performance for the year, tofacilitate comparison with prior periods, and to assess better the trends offinancial performance. 2010 2009 £m £m (Charged)/credited to operating profit/(loss) - Vacant property costs (1.1) (3.9) - Redundancy (3.0) (10.5)

- Restructuring and business reorganisation costs (1.7) (2.1)

Exceptional reorganisation and restructuring costs (5.8) (16.5)

Acquisition costs on business combinations (6.1) -

Changes in estimates of contingent consideration 1.0 -

Exceptional items relating to acquisitions (5.1) - Impairment of goodwill (see Note 9) - (149.8) Impairment of joint ventures and associates - (1.9) Impairment of other investments - (1.3) Impairment charge - (153.0) Total charged to operating profit/(loss) (10.9) (169.5) Charged to profit/(loss) before tax Fair value adjustment - early settlement of - (6.7) interest rate swap contracts Credited to profit after tax Exceptional taxation net credit - 135.2 Total credited to profit after tax - 135.2 Total charged to profit for the year (10.9) (41.0)

(Charged)/credited to operating profit/(loss)

Year ended 31 December 2010

During 2010 we continued to manage our product portfolio actively, closing orexiting 13 print magazine titles and reducing the frequency of two others. Wealso made further progress in the restructuring of a number of our businesses,particularly within our Data Services business. The exceptional charge of £5.8mincludes £3.0m relating to redundancy, £1.7m relating to restructuring andbusiness reorganisation costs and £1.1m relating to vacant property. Of theredundancy and restructuring costs charged, £3.2m has been incurred in 2010 andthe balance is committed to be incurred in 2011. The property costs of £1.1mrelate to vacant property and other property costs, which will be incurred overthe remainder of the lease terms.Following the adoption of IFRS 3 (revised) from 1 January 2010, acquisitioncosts of £6.1m have been expensed, rather than included in the calculation ofgoodwill on acquisition as previously required by the standard. Of this cost, £3.3m relates to the costs incurred in respect of the acquisition of CanonCommunications LLC. For the year ended 31 December 2010 a further exceptionalcredit of £1.0m has been recognised. This is a net credit relating to therevision of the contingent consideration estimates for acquisitions made in2010. Details of the acquisitions made in the year ended 31 December 2010 aregiven in Note 13.Year ended 31 December 2009

During 2009, UBM actively managed its product portfolio. This included theclosure and merging of a number of print titles, and a headcount reduction ofapproximately 500 people. The exceptional charge of £16.5m includes £10.5mrelating to redundancy, £2.1m relating to restructuring and businessreorganisation costs and £3.9m relating to vacant property. The redundancy andrestructuring and business reorganisation costs were substantially incurred by31 December 2010, and the amount relating to vacant property will be incurredover the remainder of the lease terms.Total impairment losses of £153.0m were recognised during the year of which £149.8m relates to goodwill; details are given in Note 9. The carrying value ofinvestments in joint ventures and associates and other investments wereimpaired by £1.9m and £1.3m respectively.

Charged to profit/(loss) before tax

Year ended 31 December 2009

The fair value adjustment relates to early settlement of six interest rate swapcontracts which were previously designated as cash flow hedges of expectedpayments under $300m of borrowing from the Group's £325m variable rate multioption facility. Further details are given in Note 5.

Credited to profit after tax

Year ended 31 December 2009

As a consequence of the resolution of a large number of outstanding taxationitems, in various jurisdictions, there was a net exceptional tax credit of £135.2m. Further details are given in Note 6.5. Finance income/(expense) 2010 2010 2010 2009 2009 2009 Before Before exceptional Exceptional Total exceptional Exceptional Total £m £m £m £m £m £m Interest income Cash and cash 0.7 - 0.7 1.8 - 1.8 equivalents Interest expense Borrowings and loans (18.2) - (18.2) (13.2) - (13.2) Other (1.2) - (1.2) (1.6) - (1.6) Total interest expense (19.4) - (19.4) (14.8) - (14.8)for financial liabilities not classified at fair value through profit or loss Financing income: Pension schemes 3.2 - 3.2 2.2 - 2.2 Foreign exchange gain 0.1 - 0.1 4.7 - 4.7 on forward contracts 3.3 - 3.3 6.9 - 6.9 Financing income - other Foreign exchange gain - - - 1.0 - 1.0 on forward contracts Ineffectiveness on net - - - 1.6 - 1.6 investment hedges Ineffectiveness on - - - 0.1 - 0.1 cash flow hedges Fair value movement on 8.9 - 8.9 (1.1) - (1.1) interest rate swaps Fair value movement on (7.9) - (7.9) 1.3 - 1.3 £250m bond Ineffectiveness on 1.0 - 1.0 0.2 - 0.2 fair value hedges Other fair value 0.2 - 0.2 - - - adjustment 1.2 - 1.2 2.9 - 2.9 Financing expense - other Foreign exchange loss (0.2) - (0.2) - - - on forward contracts Ineffectiveness on net (2.3) - (2.3) - - - investment hedges Fair value movement on (3.0) - (3.0) - - - interest rate swaps Fair value movement on 2.9 - 2.9 - - - $350m bond Ineffectiveness on (0.1) - (0.1) - - - fair value hedges Fair value adjustments - - - - (6.7) (6.7) - early settlement of interest rate swap contracts (2.6) - (2.6) - (6.7) (6.7) Net finance expense (16.8) - (16.8) (3.2) (6.7) (9.9) Foreign exchange gain on forward contracts within financing income representsrealised gains on foreign currency contracts against profits of the overseasoperations.The ineffectiveness on fair value hedges represents the difference between thefair value movement of the interest rate swaps designated as hedge instrumentsand the fair value movement of the hedged portions of the £250m fixed ratesterling bonds and the $350m fixed rate dollar bonds.In December 2009, the Group settled early six interest rate swap contractswhich were previously designated as cash flow hedges of expected payments under$300m of borrowing from the Group's £325m variable rate multi option facility.Following the issue of the £250m fixed rate sterling bonds in November 2009,that $300m of borrowings was repaid. Three of the swap contracts totaling $150mwere due to mature in January 2011 with the other three contracts totaling$150m were due to mature in July 2012. The early settlement resulted in a lossof £6.7m which has been included as an exceptional item.

6. Taxation

Major components of income tax charge for the year ended 31 December 2010 are: 2010 2009 £m £m Consolidated income statement Current tax: Current tax charge (22.7) (24.2) Exceptional taxation net credit - 135.2 Deferred tax:

Origination and reversal of temporary differences 6.6 6.5

Income tax (charge)/credit in the consolidated (16.1) 117.5 income statement

Consolidated statement of other comprehensive income Current tax - - Deferred tax - -

Income tax recognised in other comprehensive income - -

The amounts relating to current tax recognised in the statement of financialposition are: 2010 2009 £m £m At 1 January 109.0 237.2 Current tax charge 22.7 24.2 Exceptional tax net credit - (135.2) Tax paid (62.1) (16.5) Foreign exchange and other movements - (0.7) At 31 December 69.6 109.0

The Group does not expect the tax cash outflow in respect of this creditor in 2011 to exceed £10.0m.

At 1 January 2009 the current tax liability of £237.2m included an assessmentof the Group's uncertain tax positions in various jurisdictions, including thedispute with HMRC in relation to the sale of the Regional Newspapers businessin 1998 where the tax in dispute was estimated at £80m. During 2009 the Groupresolved a large number of outstanding items in various jurisdictions. Thisincluded:

i. the dispute in relation to the sale of the Regional Newspapers business,

for which a payment (including interest) of £36.4m was paid in March 2010;

ii. other UK issues for accounting periods up to 31 December 2007 for which a

payment (including interest) of £10.1m was paid in March 2010; and

iii. other non-UK issues for which a payment of £3.0m was made during 2009.

The £46.5m paid in March 2010 was included in the current tax liabilities at 31 December 2009.

The amounts included in the current tax liability at 1 January 2009 in relationto these issues, over and above the amounts paid and payable above, weretherefore released in 2009. As a consequence there was a net exceptional taxcredit of £135.2m.

Factors affecting tax charge/ (credit) for the year

A reconciliation of income tax expense applicable to profit/(loss) before taxat the statutory tax rate to tax expense for the year ended 31 December 2010 isas follows: 2010 2009 £m £m Profit/(loss) before tax 115.5 (35.7)

Profit/(loss) before tax multiplied by standard 14.4 (4.5) rate of corporation tax in Republic of Ireland of

12.5% (2009: 12.5%) Effect of: Expenses not deductible for tax purposes 10.3 23.7

Tax effect of items not recognised in consolidated (11.5) (9.1) financial statements

Origination and reversal of temporary differences (20.0) (9.5) not recognised

Different tax rates on overseas earnings 25.3 19.3

Share of results from associates and joint ventures (0.7) (0.6) (after tax)

Non-taxable income (1.7) (1.6) Exceptional taxation net credit - (135.2) Income tax charge/(credit) reported in the 16.1 (117.5) consolidated income statement

The Group has assessed the impact of changes in tax rates in various jurisdictions in which it operates and has determined that the changes do not have a significant impact on the current or future tax charges.

Deferred tax

Deferred tax at 31 December 2010 relates to the following:

Consolidated Consolidated statement of income financial position statement 2010 2009 2010 2009 £m £m £m £m Intangible assets acquired 48.2 26.0 (6.6) (6.4) Other temporary differences 1.5 1.7 - (0.1) 49.7 27.7 (6.6) (6.5)

At 31 December 2010, there was no recognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Group's subsidiaries as the Group has determined that undistributed profits of its subsidiaries will not be distributed in the foreseeable future.

The temporary differences associated with investments in subsidiaries for whicha deferred tax liability has not been recognised amount in aggregate to £5.6bn(2009: £5.3bn). There are no income tax consequences to the Group arising fromthe payment of dividends by the Company to its shareholders.

The movement in the net deferred tax liability was as follows:

2010 2009 £m £m Net liability at 1 January 27.7 35.2 Acquisition of subsidiaries (see Note 13) 28.9 1.3 Amounts credited to net profit (6.6) (6.5) Currency translation (0.3) (2.3) Net liability at 31 December 49.7 27.7 The Group has unrecognised deferred tax assets of £76.8m relating to deductibletemporary differences and £134.9m (of which £90.5m will expire between 2019 and2030) relating to unused tax losses (2009: £59.2m and £105.5m (of which £63.9mwill expire between 2019 and 2029) respectively). No deferred tax asset hasbeen recognised in respect of these amounts due to the unpredictability offuture taxable profit streams. The Group also has unrecognised deferred taxassets of £55.4m (2009: £52.3m) relating to unused capital losses which canonly be utilised against future capital gains.

7. Earnings per share

Basic earnings per share amounts are calculated by dividing net profit for theyear attributable to ordinary equity shareholders of the parent by the weightedaverage number of ordinary shares outstanding during the year.Diluted earnings per share amounts are calculated by dividing the net profitattributable to ordinary shareholders of the parent by the weighted averagenumber of ordinary shares outstanding during the year (adjusted for the effectsof dilutive options).The Group has one category of dilutive potential ordinary shares: those shareoptions granted to employees where the exercise price is less than the averagemarket price of the Company's ordinary shares during the year. The impact ofdilutive securities in 2010 would be to increase weighted average shares by 4.2million shares (2009: 3.4 million shares) for employee share options.

The weighted average number of shares excludes ordinary shares held by the Employee Share Ownership Plan (the `ESOP') and the Qualifying Employee Share Ownership Trust (the `QUEST').

Adjusted earnings per share is calculated on adjusted Group operating profit(net profit for the year attributable to ordinary equity shareholders, lessamortisation of intangible assets arising on acquisitions, exceptional items,impairment charges, deferred tax on amortisation of intangible assets, taxationrelating to exceptional items and net financing expense - other) divided by theweighted average number of ordinary shares outstanding during the year.Exceptional items, net financing expense - other, taxation related toexceptional items and deferred tax on amortisation of intangible assets areexcluded from this calculation, as due to their nature and the infrequency ofthe events giving rise to them, separate presentation allows shareholders tounderstand better the elements of financial performance for the year, so as tofacilitate comparison with prior periods and to assess better the trends offinancial performance. 2010 2010 2010 2009 2009 2009 Weighted Weighted average Earnings average Earnings no. of per no. of per Earnings shares share Earnings shares share £m million pence £m million Pence Adjusted Group 171.8 171.2 operating profit Net interest expense (18.7) (13.0) Financing income 3.3 6.9

Adjusted profit before 156.4 165.1

tax Taxation (23.5) (24.8) Non-controlling (8.6) (6.6) interests Adjusted earnings per 124.3 243.4 51.0 133.7 243.1 55.1 share Adjustments Amortisation of (27.8) (11.4) (26.8) (11.0)intangible assets arising on acquisitions Deferred tax on 6.6 2.8 6.4 2.6 amortisation of intangible assets Adjustments in respect (10.9) (4.6) (169.5) (69.8)of non-tax exceptional items Tax exceptional item - - 135.2 55.6 Net financing expense - (1.4) (0.5) (3.8) (1.6)other Basic earnings per 90.8 243.4 37.3 75.2 243.1 30.9 share Dilution Options - 4.2 (0.6) - 3.4 (0.4) Diluted earnings per 90.8 247.6 36.7 75.2 246.5 30.5 share Adjusted earnings per 124.3 243.4 51.0 133.7 243.1 55.1 share (as above) Options - 4.2 (0.8) - 3.4 (0.9) Diluted adjusted 124.3 247.6 50.2 133.7 246.5 54.2 earnings per share 8. Dividends 2010 2009 £m £m Declared and paid during the year Equity dividends on ordinary shares

Second interim dividend for 2009 of 18.20p (2008 of 44.3 44.2 18.20p)

Interim dividend for 2010 of 6.00p (2009: 6.00p) 14.6 14.6

58.9 58.8 Proposed (not recognised as a liability at 31 December) Equity dividends on ordinary shares

Second interim dividend for 2010 of 19.00p (2009: 46.2 44.3 18.20p)

The proposed second interim dividend has not been recognised as a liability in these financial statements.

Pursuant to the Dividend Access Plan (`DAP') arrangements put in place as partof the Scheme of Arrangement, shareholders in the Company are able to elect toreceive their dividends from a UK source (the `DAP election'). Shareholders whoheld 50,000 or fewer shares (i) on the date of admission of the Company'sshares to the London Stock Exchange and (ii) in the case of shareholders whodid not own the shares at that time, on the first dividend record date afterthey become shareholders in the Company, unless they elect otherwise, will bedeemed to have elected to receive their dividends under the DAP arrangements.Shareholders who hold more than 50,000 shares and who wish to receive theirdividends from a UK source must make a DAP election. All elections remain inforce indefinitely unless revoked. Unless shareholders have made a DAPelection, or are deemed to have made a DAP election, dividends will be receivedfrom an Irish source and will be taxed accordingly.

9. Goodwill

Goodwill was historically recorded under the seven business units (UBMTechnology, UBM Medica, UBM Asia, UBM Information, Commonwealth Business Media,RISI and Targeting, Distribution & Monitoring), which have comprised theGroup's cash generating units (CGUs), and represented the lowest level withinthe Group at which goodwill was monitored for internal management purposes. During 2008 and 2009, UBM reorganised the operations of UBM Technology, UBMInformation and Commonwealth into a number of smaller business units, resultingin UBM Technology being restructured into four business units, UBM Informationin to three business units and Commonwealth into two. As a consequence ofthese actions, the Group identified 13 separate business units, of which 12operate in a combination of Events, Data Services, Online - Marketing Servicesand Print - Magazines, with PR Newswire being the sole business unit involvedin the Targeting, Distribution and Monitoring segment. However, during 2009,the seven historical business units remained the lowest level within the Groupat which goodwill was monitored for management purposes. Goodwill was notsub-allocated to the three of the then reportable segments, being Events, DataServices and Online, and Print - Magazines. Accordingly the impairment reviewin 2009 was performed at the level of the seven historical business units. During 2010, following further segregation of cashflows, each of the 13business units was considered to comprise several individual CGUs to whichgoodwill is allocated and monitored by management. The goodwill previouslyrecorded under the seven CGUs was allocated into 31 separate CGUs such that foreach of the 12 business units (excluding PR Newswire), there is an allocationof goodwill across the relevant operating segments of Events, Data Services,Online - Marketing Services and Print - Magazines. It should be noted that notall business units are active in all segments. The allocation was based on anassessment of the relative fair values of the 31 CGUs to which the goodwillrelates, determined using forecasted EBITA multiples that were consideredappropriate for each sector and segment.

For reporting purposes, the CGUs have been aggregated into the reportable segments, as shown in the table below. The 31 CGUs have been individually tested for impairment in 2010. Goodwill and other assets held at 31 December 2009 have not been realigned to the Group's reportable segments.

31 December 2010 Targeting Online - Distribution Data Marketing Print - Events & Monitoring Services Services Magazines Total £m £m £m £m £m £m Cost At 1 January 2010 412.9 72.4 305.5 22.3 157.4 970.5 Acquisitions (see Note 141.9 15.4 4.9 40.7 16.5 219.4 13) Currency translation 5.7 1.7 (3.0) 0.7 0.7 5.8 At 31 December 2010 560.5 89.5 307.4 63.7 174.6 1,195.7 Impairment At 1 January 2010 13.7 - 11.1 - 125.0 149.8 Charge for the year 0.4 - 0.2 - 1.2 1.8 At 31 December 2010 14.1 - 11.3 - 126.2 151.6 Carrying value At 1 January 2010 399.2 72.4 294.4 22.3 32.4 820.7 At 31 December 2010 546.4 89.5 296.1 63.7 48.4 1,044.1 Within the aggregate Events goodwill above, the Group considers the UBM TechWebEvents and UBM Live Events CGUs to be significant. The carrying value ofgoodwill attributed to these CGUs at 31 December 2010 was £168.9m and £292.5mrespectively. Within the aggregate Data Services goodwill above, the Groupconsiders the UBM Medica Data Services CGU to be significant. The carryingvalue of UBM Medica Data Services goodwill at 31 December 2010 was £196.0m. TheTargeting, Distribution & Monitoring CGU as reported above is also consideredto be significant.

31 December 2009 (as restated)

Commonwealth Targeting UBM UBM UBM UBM Business Distribution Technology Medica Asia Information Media RISI & Monitoring Total £m £m £m £m £m £m £m £m Cost At 1 January 300.3 321.5 19.7 212.9 104.1 5.0

75.7 1,039.2 2009 Acquisitions (1.5) 3.4 2.5 0.4 (0.5) - 4.1 8.4 (see Note 13) Transfer to - - (2.5) - - - - (2.5)joint venture (see Note 13) Transfers (0.2) - (4.6) 4.8 - - - -

Currency (29.9) (25.0) (1.9) (1.5) (8.9) -

(7.4) (74.6)translation

At 31 December 268.7 299.9 13.2 216.6 94.7 5.0

72.4 970.5 2009 Impairment At 1 January - - - - - - - - 2009

Charge for the 47.0 67.0 - - 35.8 -

- 149.8 year

At 31 December 47.0 67.0 - - 35.8 -

- 149.8 2009 Carrying value

At 1 January 300.3 321.5 19.7 212.9 104.1 5.0

75.7 1,039.2 2009

At 31 December 221.7 232.9 13.2 216.6 58.9 5.0 72.4 820.7 2009

The amounts shown for the year ended 31 December 2009 have been restated to reflect the finalisation of acquisition accounting adjustments relating to certain acquisitions made in 2009 (Note 1).

Impairment tests for goodwill

A summary of the goodwill allocation to the Group's CGUs is given in the above tables.

Management tests goodwill annually for impairment as at 30 September each yearor more frequently if there are indicators that goodwill may be impaired. Therecoverable amount of a CGU is the higher of a CGUs fair value less costs tosell and its value in use. In calculating the fair value less costs to sell andvalue in use of its CGUs, management is assisted by the work of externaladvisors.

The recoverable amount of a CGU is not re-computed annually by management if all of the following criteria are met:

* The component assets and liabilities of the CGU have not changed

significantly since the last recoverable amount calculation;

* The previous assessment of recoverable amount exceeded the carrying amount

of the CGU by a substantial margin; and

* Based on an analysis of events that have occurred and circumstances that

have changed since the most recent recoverable amount calculation, the

likelihood that a current recoverable amount determination of the CGU would

be less than its carrying value is remote.

31 December 2010

Due to the changes in the CGUs used to determine impairment losses detailed onthe previous page, the above criteria have not been applied to the financialperformance and position of the new CGUs at 30 September 2010. Fair value lesscosts to sell testing has been performed for all of the Group's CGUs for the2010 goodwill impairment test. Additional value in use testing has also beenperformed for three of the CGUs: UBM Medica Data Services, UBM TechWeb Eventsand UBM Aviation Data Services.Following the completion of the fair value exercise ('the acquisitionaccounting'), goodwill of £150.4m recognised on acquisition of CanonCommunications LLC has been allocated to three CGUs: UBM Live Events (£97.3m),UBM Electronics Online - Marketing Services (£37.0m) and UBM Electronics Print- Magazines (£16.1m). The acquisition completed on 21 October 2010 and theacquisition accounting was performed subsequent to the annual impairmenttesting date. A further impairment review was not performed on these three CGUsas there was significant headroom on each CGU at 30 September 2010, and thereare no indicators of impairment on the goodwill attributable to Canon.

31 December 2009

In 2009, management considered that three CGUs - Targeting, Distribution &Monitoring, UBM Asia and RISI - met all three of the carry forward criteria,and the results of prior year calculations of the recoverable amounts of theseCGUs, based on fair value less costs to sell, were rolled forward for thepurpose of the 2009 impairment test. Fair value less costs to sell testing wasperformed in 2009 for all other CGUs, with additional value in use testingperformed for UBM Technology, UBM Medica and Commonwealth Business Media.

Impairment charges recognised

The impairment charges in respect of goodwill recognised in the consolidatedincome statement as a separate line item within operating profit/(loss) are

asfollows: 2010 2009 Cash generating unit Segment £m £m UBM Technology Print - Magazines - 47.0 UBM Medica Print - Magazines - 53.3 UBM Medica Events - 13.7 67.0 Commonwealth Business Print - Magazines - 24.7 Media Commonwealth Business Data Services - 11.1 Media 35.8 - 149.8

In 2010, the impairment charges recognised in the year ended 31 December 2009 have been allocated to each of the reportable segments.

UBM Technology

During the year ended 31 December 2009, the goodwill in relation to UBMTechnology was impaired by £47.0m, mainly due to the continued decline in printrevenue and operating profit within the technology sector. Over the past fewyears, UBM has actively managed the print magazine portfolio to adapt to thelong term structural shifts in the media environment. A number of titles hadeither been discontinued, consolidated or the frequency of publicationreduced, resulting in a significant decline in print-based revenue andoperating profit, further accelerated in 2009 by the difficult economicclimate.

UBM Medica

The goodwill in relation to UBM Medica was impaired by £67.0m during the yearended 31 December 2009. This was primarily due to reduced print magazinerevenue and operating profit. A number of UBM Medica titles were discontinuedin 2009, resulting in a significant decline in print-based revenue andoperating profit, further accelerated by the reduction in General Practitioneradvertising revenue reflecting the difficult economic climate. In addition,regulatory change in the US resulted in reduced spending by the pharmaceuticalcompanies for Continuing Medical Education, which resulted in the cancellationof a number of planned meeting series.

Commonwealth Business Media

During the year ended 31 December 2009, the goodwill in relation toCommonwealth Business Media was impaired by £35.8m. As with UBM Technology andUBM Medica, the charge was mainly attributable to the decline in print magazineand print directory revenue and operating profit. Both magazines anddirectories within the trade and transportation sector were impacted by thelong term structural shift away from print media towards digital andface-to-face media. This decline was accelerated in 2009 as a result of thedifficult economic environment, particularly in the US.

Financial results of cash generating units

The table below shows the revenue and adjusted operating profit measures of each CGU tested for impairment in the prior year. The amounts are shown to provide additional financial information in respect of the financial performance of those CGUs and as a context for the reasons for impairment in 2009. The same measures for the Group's reportable segments of Events, Targeting, Distribution & Monitoring, Data Services, Online - Marketing Services and Print - Magazines and are set out in Note 3.

31 December 2009 Commonwealth Targeting UBM UBM UBM UBM Business Distribution Technology Medica Asia Information Media RISI & Monitoring Total £m £m £m £m £m £m £m £m External 162.2 178.7 117.6 154.1 58.2 15.4 161.4 847.6 revenue Inter-CGU - - 0.4 - - - 0.5 0.9 revenue Total CGU 162.2 178.7 118.0 154.1 58.2 15.4 161.9 848.5 revenue Eliminations (0.9) Total revenue 847.6 CGU Adjusted 15.1 28.4 39.7 38.5 10.5 1.8 44.8 178.8 operating profit* Other corporate (7.6) Total adjusted 171.2 operating profit*

* Adjusted operating profit represents operating profit excluding amortisation of intangible assets arising on acquisitions, exceptional items, impairment charges and share of taxation on profit in joint ventures and associates.

Value in use impairment test

The recoverable amounts for UBM Medica Data Services, UBM TechWeb Events andUBM Aviation Data Services were determined using value in use during 2010. Thevalue in use tests for each CGU have been based on the estimated future cashflows which are discounted to their present value using a pre-tax discount ratethat reflects management's estimate of the CGUs weighted average cost ofcapital. Equivalent testing was performed in 2009 for UBM Technology, UBMMedica and Commonwealth Business Media.

The following key assumptions used by management for the value in use calculation for the above mentioned CGUs are considered to be most sensitive:

Forecast EBITA

Forecast EBITA used in the 2010 and 2009 tests is based upon the financialprojections approved by management covering a five year period. The projectionsare determined by using a combination of past experience, long term trends,industry forecasts and management estimates. Management's estimates and longterm trends reflect the following factors:

* The continued rebalancing of the product portfolio, away from print to

digital and face-to-face media.

* Margin improvements due to restructuring and business reorganisation plans,

that have taken place during 2009 and 2010 within each CGU. Each

restructuring programme aims to either rebalance the product portfolios to

better meet the future needs of customers and audiences, or to ensure the

support platforms and divisional structures are cost efficient. This was

undertaken by a combination of cost reductions and investment in organic

product development and acquisitions. The EBITA projections take into

account these margin improvements and do not include any cash flows

relating to restructuring not provided at the time of the annual impairment

test. * Margin improvements due to significant investment upgrading the IT infrastructure within the Data Services business during 2010.

Management has considered industry specific growth rates in their calculation of the five year EBITA forecast, together with expectations specific to the healthcare, trade and transportation, technology and aviation industries.

Discount rate

The discount rate for each CGU in 2010 is based on the risk-free rate for 20year government bonds in the respective market, adjusted for a risk premium toreflect the increased risk of investing in equities, the systematic risk of thespecific CGU and taking into account the specific territories in which the CGUoperates. The increased risk of investing in equities is assessed using anequity market risk premium which reflects the increased return required overand above a risk free rate by an investor who is investing in the whole market.Management has used an equity market risk premium based on studies byindependent economists and historic equity market risk premiums.

The risk adjustment for the systematic risk, beta, of each CGU reflects the specific risk relating to that CGU relative to the market as a whole. This has been determined by management using an average of the betas of comparable companies within respective sectors.

The discount rates used in the 2009 testing were determined as above but alsoadjusted to reflect the relative size of each CGU. In 2010, no adjustment hasbeen made as this is already reflected in the cash flow forecasts.

Perpetuity growth rates

The cash flows for each specific CGU subsequent to the approved budget periodare based upon the weighted average projected real gross domestic productgrowth rate in 2014 of each of the territories in which the CGUs operate (2009:2013). Growth rates for each territory have been weighted based on contributionto 2011 budgeted revenue (2009: contribution to 2010 budgeted revenue).

The key assumptions for discount rate and perpetuity growth rate used in the value in use calculations are as follows:

2010 2009 Pre-tax Perpetuity Pre-tax Perpetuity discount growth discount growth rate rate rate rate UBM Medica Data Services 10.5% 3.5% n/a n/a UBM TechWeb Events 11.5% 3.5% n/a n/a UBM Aviation Data Services 11.9% 2.8% n/a n/a UBM Technology n/a n/a 12.0% 2.5% UBM Medica n/a n/a 12.6% 2.6% Commonwealth Business Media n/a n/a 13.3% 2.3%2010 sensitivities

The table below shows the carrying value of each CGU tested under value in use,the headroom determined and the reasonably possible changes needed in isolationin each of the above assumptions that would cause the recoverable amount ofeach CGU to be reduced to a level comparable with its carrying value. Otherthan the changes in the table below, management believes that no reasonablypossible change in any of the above assumptions would reduce the headroom tonil. Change needed in assumption to reduce recoverable amount to carrying value Headroom Goodwill above Pre-tax Perpetuity 30 September carrying EBITA discount growth 2010 amount forecasts rate rate percentage percentage £m £m % points points UBM Medica Data 196.3 36.2 (15.0) 2.1 (1.5)Services UBM TechWeb Events 167.9 16.5 (9.0) 1.5 (2.0) UBM Aviation Data 26.9 18.0 n/a n/a n/aServices 2009 sensitivitiesFollowing the impairment charge recognised in 2009, the estimated recoverableamount of the UBM Technology, UBM Medica and Commonwealth Business Media CGUswere equal to their carrying value at 31 December 2009. Consequently, anyadverse change in key assumption would, in isolation, cause a furtherimpairment loss to be recognised. The table below shows the (increase)/decreasein the aggregate impairment loss of a reasonably possible change in eachassumption: UBM UBM Commonwealth Technology Medica Business Media £m £m £m EBITA forecasts Decrease by 10% (19.0) (22.9) (7.5) Increase by 10% 19.0 22.9 7.5 Pre-tax discount rate Increase by 20 basis points (3.8) (4.1) (1.3) Decrease by 20 basis points 3.9 4.3 1.3 Perpetuity growth rate Increase by 0.5 percentage point 7.0 7.5 2.2

Decrease by 0.5 percentage point (6.3) (6.8) (2.0)

Fair value less costs to sell impairment test

The recoverable amounts of all CGUs have been determined using fair value lesscosts to sell. The estimate of fair value less costs to sell is based on thebest information available and refers to the amount at which the CGU could besold in a current transaction between willing parties. The valuation method isbased on an earnings multiple approach using revenue and EBITA multiplesobtained from comparable businesses and transactions in comparable businessesin the professional media sector. A discount to the multiples from the peergroup has been applied due to the smaller size of the CGUs compared to the peergroup. The multiples range from 0.1 to 3.3 for revenue and 0.7 to 12.3 forEBITA.The calculation uses actual sales and EBITA results for 2010 and forecast salesand EBITA for 2011, based upon financial budgets approved by management. Coststo sell are estimated to be 3% of the value of a CGU, based on experience ofprior disposals by the Group.In the determination of fair value less costs to sell, the calculations of fairvalue are most sensitive to the precedent transaction multiples used. Based onthe conditions at the balance sheet date, management determined that areasonably possible change in any of the key assumptions would not cause animpairment to be recognised in respect of each CGU.In 2009, an impairment test for the UBM Information CGU was performed under thefair value less costs to sell methodology, as described above. The multiplesranged from 1.6 to 2.2 for revenue and 7.5 to 9.5 for EBITA. The calculationused actual sales and EBITA results for 2009 and forecast sales and EBITA for2010, based upon financial budgets approved by management. Costs to sell wereestimated to be 3% of the value of a CGU, based on experience of priordisposals by the Group.In the determination of fair value less costs to sell in 2009, the calculationsof fair value were most sensitive to the precedent transaction multiples used.Based on the conditions at the balance sheet date, management determined that areasonably possible change in any of the key assumptions would not cause animpairment to be recognised in respect of UBM Information.

10. Cash and cash equivalents

2010 2009 £m £m Cash at bank and in hand 37.7 61.9 Short term deposits 88.2 97.0 125.9 158.9 Cash at bank earns interest at floating rates based on daily bank depositrates. Short term deposits are made for varying periods of between one day andthree months and earn interest at the respective short-term deposit rates. TheGroup classifies all its cash and short term deposits as loans and receivables.

The fair value of cash and cash equivalents at 31 December 2010 is £125.9m (2009: £158.9m).

The majority of the Group's surplus cash is deposited with major banks with rating of A (Standard and Poor's) or A2 (Moody's).

For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprise the following at 31 December:

2010 2009 £m £m Cash at bank and in hand 37.7 61.9 Short term deposits 88.2 97.0 125.9 158.9 Bank overdrafts (see Note 11) (0.1) (0.1) 125.8 158.8 11. Borrowings 2010 2009 £m £m Current Bank overdrafts 0.1 0.1 £75m floating rate reset bonds 75.0 - Current instalments due on bank loans 0.2 0.2 75.3 0.3 Non-current $350m fixed rate dollar bonds 2020 215.4 - £250m fixed rate sterling bonds 2016 254.0 245.8 £75m floating rate reset bonds - 75.0 Non-current instalments due on bank loans 65.8 64.2 535.2 385.0

The Group classifies all its derivative financial instruments at fair value through profit and loss and its bank overdrafts, bank loans, fixed rate bonds and floating rate reset bonds as financial liabilities at amortised cost.

Bonds

$350m fixed rate dollar bonds due 2020

On 3 November 2010, the Group issued $350m fixed rate dollar bonds at 98.295%of par. The bonds pay a 5.75% coupon on a semi annual basis on 3 May and 3November until maturity in 2020. The coupon of 5.75% would be increased in theevent the Group's long term credit rating were to be reduced below investmentgrade by either Standard and Poor's (below BBB-) or Moody's (below Baa3). Theincrease to the coupon would be 0.25% per `ratings notch' per agency. Theproceeds were primarily used to repay outstanding bank debt drawn to financethe acquisition of Canon. The Group entered into interest rates swaps so that$150m of the bonds has been swapped into floating rate US Dollars, at a rate ofUS LIBOR plus 2.63%.

£250m fixed rate sterling bonds due 2016

On 23 November 2009 the Group issued £250m fixed rate sterling bonds at 99.384%of par. The bonds pay an annual interest coupon of 6.5% on 23 November untilmaturity in 2016. The coupon of 6.5% would be increased by 1.25% in the eventthe Group's long term credit rating were to be reduced below investment gradeby either Standard and Poor's (below BBB-) or Moody's (below Baa3). Theproceeds were used to repay outstanding bank debt. The Group entered intocurrency and interest rate swaps so that approximately £150m has been swappedinto floating rate US Dollars, at a rate of US LIBOR plus 3.14%. The group alsoentered into currency swaps so that approximately £100m has been swapped intofixed rate US Dollars, at a rate of 6.34%.

£75m floating rate reset bonds

The bonds bear interest at six month LIBOR plus 0.68% until 26 September 2011.Thereafter the interest rate will be 4.70% plus a credit spread which will bereset every three years by auction. Bondholders may put the bonds back to theissuer, at par, on 26 September 2011 and on each triennial interest reset datethereafter. The Group may call the bonds at fair market value on interestpayment dates from September 2011. If not put or called, the bonds will maturein 2028.The £75m floating rate reset bonds and â‚¬53.1m floating rate reset loans 2012below are subject to put and call options as described above and below. Sincethe onset of the 2008/2009 credit crisis, long term swap rates have fallenbelow the reset interest rates of 4.70% and 4.16%. This, combined with amaterial increase in market volatility, has increased the fair value of thebonds and loans as at 31 December 2010 to £84.0m and â‚¬57.3m respectively. IfUBM exercises its call options and repays the instrument, the early unwind atthe current valuation would result in a loss of £9.0m crystallising on the bondand â‚¬4.2m crystallising on the loans. Under IAS 39 the losses would berecognised as a financial expense in the income statement.

From the 31 December 2010 valuation, assuming all other variables remain constant the fair value of the bonds increases by approximately £0.8m for a 0.1% fall in the 17 year swap rate.

From the 31 December 2010 valuation, assuming all other variables remain constant, the fair value of the loans increases by approximately â‚¬0.5m for every 0.1% fall in the 12 year swap rate.

Bank loans 2010 2009 £m £m â‚¬53.1m floating rate reset loan 2012 45.5 47.2

£325m variable rate multi option facility 2012 20.3 16.8

Other 0.2 0.4 66.0 64.4

â‚¬53.1m floating rate reset loans due 2012

These loans bear interest at six month LIBOR plus 1.80% until 16 March 2012.Thereafter the interest rate will be 4.16% plus a credit spread which will bereset every three years by auction. Lenders may put the loans back to theGroup, at par, on 16 March 2012 and on each triennial interest reset datethereafter. The Group may call the loans at fair market value on interestpayment dates from March 2012. If not put or called, the loans will mature in2024.

£325m variable rate multi option facility due 2012

This £325m multicurrency unsecured revolving facility is repayable on 27 July2012 and bears interest at LIBOR plus 0.325%. Drawings under the facility areas follows:Currency of borrowing 2010 2010 2009 2009 m £m m £m Canadian Dollar 31.5 20.3 - - Japanese Yen - - 2,530.0 16.8 20.3 16.8

The undrawn portion of this facility is £304.7m (2009: £308.2m).

12. Other reserves Foreign currency Total Merger translation ESOP Other other reserve reserve reserve reserve reserves £m £m £m £m £m

Balance at 1 January 2009 (732.2) 66.8 (19.5) 117.4 (567.5)

Total comprehensive losses - (51.7) - 7.9 (43.8)for the year* Shares awarded by ESOP - - 13.6 - 13.6

Balance at 31 December 2009 (732.2) 15.1 (5.9) 125.3 (597.7)

Total comprehensive losses - (8.1) - - (8.1)for the year** Shares awarded by ESOP - - 3.4 - 3.4 Own shares purchased by the - - (6.3) - (6.3)Company

Balance at 31 December 2010 (732.2) 7.0 (8.8) 125.3 (608.7)

* The amount included in the foreign currency translation reserve for 2009represents the currency translation difference on foreign operations on Groupsubsidiaries of £(45.2)m (excluding £(0.1)m relating to non-controllinginterests), net investment hedges of £(5.0)m and on joint ventures andassociates of £(1.5)m. The amount recognised in the other reserve representsthe gains on cash flow hedges arising during the year of £0.2m andreclassification adjustments for amounts included in profit or loss of £7.7m.** The amount included in the foreign currency translation reserve for 2010represents the currency translation difference on foreign operations on Groupsubsidiaries of £6.1m (excluding £0.5m relating to non-controlling interests),on net investment hedges of £(14.6)m and on joint ventures and associates

of £0.4m.Merger reserve

The merger reserve is used to record entries in relation to certain reorganisations that took place in previous accounting periods. The majority of the balance on the reserve relates to the capital reorganisation that took place in 2008 which created a new holding company which is UK-listed, incorporated in Jersey and with its tax residence in the Republic of Ireland.

Foreign currency translation reserve

The foreign currency translation reserve is used to record exchange differencesarising from the translation of the financial statements of foreignsubsidiaries. It is also used to record the effect of hedging net investmentsof foreign operations.Other reserve

This reserve includes the unrealised gains and losses reserve which records theportion of the gain or loss on a hedging instrument in a cash flow hedge thatis determined to be an effective hedge.

ESOP reserve

The ESOP reserve records ordinary shares held by the ESOP to satisfy future share awards. The shares are recorded at cost. During the year ended 31 December 2010, 1,200,000 shares were purchased by the ESOP (2009: nil).

13. Acquisitions

The Group completed 22 acquisitions during 2010 of which Canon CommunicationsLLC (`Canon') was particularly significant. Details of all other acquisitionshave been provided below by reportable segment.

The following table sets out the carrying amounts of the identifiable assets and liabilities acquired in respect of acquisitions made in 2010:

Other All Canon acquisitions acquisitions 2010 2010 2010 Fair value Fair value Fair value to Group to Group to Group £m £m £m Intangible assets 67.8 24.2 92.0 Property, plant and equipment 1.3 0.8 2.1 Cash and cash equivalents 1.8 3.4 5.2 Trade and other receivables 13.9 11.1 25.0 84.8 39.5 124.3 Trade and other payables (23.7) (18.3) (42.0) Provisions (1.8) - (1.8) Deferred tax liability (23.7) (5.2) (28.9) (49.2) (23.5) (72.7) Identifiable net assets 35.6 16.0 51.6

Goodwill arising on acquisition (net 150.4 69.0 219.4 of changes in estimates of pre 1

January 2010 contingent consideration of £2.0m within Other acquisitions)

Non-controlling interests - (9.5) (9.5) 186.0 75.5 261.5 Trade and other receivables acquired have been recognised at fair value whichequates to the gross contractual amounts receivable. All amounts recognised areexpected to be collected.The total consideration paid and payable after working capital adjustments onacquisitions is shown below: Other All Canon acquisitions acquisitions 2010 2010 2010 £m £m £m Consideration:

Cash paid to acquire subsidiaries 186.0 43.9 229.9

Contingent consideration on - 32.0 32.0 acquisitions

Deferred consideration on acquisitions - 1.3 1.3

Contingent consideration adjustments - (2.0) (2.0) on pre 1 January 2010 acquisitions

Total consideration transferred 186.0 75.2 261.2

Fair value of previously held - 0.3 0.3 interests 186.0 75.5 261.5 The Group has acquired 100% of the voting rights in all cases whereacquisitions involved the purchase of companies unless otherwise stated below.All acquisitions where less than 100% of the voting rights of a company werepurchased have been accounted for using the full goodwill method, as permittedby IFRS 3 (revised 2008). As none of these companies are listed, no marketinformation is available. Therefore, the fair value of the non-controllinginterest for each acquisition has been estimated using a multiples approachwith assumed adjustments for the lack of control that market participants wouldhave by reference to the purchase price paid by the Group.

Acquisition costs of £6.1m have been expensed as exceptional items in the income statement (Note 4) and are included in operating cash flows in the statement of cash flows. £3.3m of these costs relate to the acquisition of Canon.

Canon Communications LLC

On 21 October 2010, the Group acquired Canon, a leading provider of tradeshowsand related media products serving the global advanced manufacturing sector,for cash consideration of $287.0m (£183.2m). The acquisition of Canon willcomplement three of the Group's reportable segments:

* Events: Canon brings UBM event leadership in the attractive, growing

medical device design and manufacturing market. The company's US events

expertise, databases and marketing services capabilities will augment and

advance the Group's existing US tradeshows in markets such as packaging,

ingredients and speciality chemicals. It will also provide the Group with

the opportunity to geo-clone events in fast growing economies such as

China, India and Brazil.

* Online - Marketing Services: Canon's Online - Marketing Services product

portfolio complements the Group's existing position in the electronic

engineering market, broadening the Group's portfolio of information

products and services for the electronic design and engineering community.

* Print - Magazines: Canon's print product portfolio complements the Group's

existing position in the electronic engineering market, broadening the

Group's portfolio of information products and services for the electronic

design and engineering community.

The goodwill of £150.4m arising from the acquisition of Canon relates to the following factors:

* the acquisition provides UBM with a market leading position in the growing

medical devices events market and provides growth opportunities,

particularly in emerging markets, through leveraging the Group's

international tradeshow infrastructure and expertise on Canon's existing

business;

* management expects a high proportion of new customers; the revenue streams

associated with new customers have been reflected in goodwill. The value of

existing Canon customers is included in the intangible asset detailed

below;

* buyer specific tax shields reflecting net operating losses and unrecognised

deferred tax assets which are expected to remain within the combined UBM

and Canon business; and

* acquired skilled workforce.

None of the goodwill recognised on acquisition of Canon is expected to be deductible for tax purposes.

Other acquisitions

The goodwill of £69.0m recognised above for other acquisitions relates tocertain intangible assets that cannot be individually separated. These includeitems such as customer loyalty, market share, skilled workforce and synergiesexpected to arise after the acquisition completion. Of the goodwill arising, anamount of £2.3m is expected to be deductible for tax purposes.

Events acquisitions

On 12 February 2010, the Group acquired 70% of Sign China, an internationaltradeshow serving the rapidly growing Chinese outdoor advertising signindustry, for initial cash consideration of $10.7m (£7.1m) with furtherperformance-related consideration of up to $3.9m (£2.6m) payable over the nextthree years. The acquisition of Sign China will add another industry leadingevent to the Group's portfolio, as well as provide a springboard for expansioninto South China for the Events segment.On 3 March 2010, the Group acquired E Commerce Expo Limited for initial cashconsideration of £0.6m with further performance-related consideration of up to£1.2m payable after the October 2010 event. E Commerce Expo is a two dayexhibition with an associated conference and awards ceremony dedicated toe-commerce and online retailing. The acquisition advances the presence of theEvents segment in the e-commerce, internet retailing and digital marketingsectors, which are identified as offering sustainable long-term growthpotential.

On 9 April 2010, the Group acquired DesignCon, an exhibition and conference serving the electronic design and semiconductor industry, for cash consideration of $1.4m (£0.9m). DesignCon will strengthen international presence of the Events segment in the electronic design and semiconductor industry.

On 21 May 2010, the Group made the following acquisitions:

* 60% interest in Navalshore, a Brazilian shipbuilding industry tradeshow and

conference for cash consideration of R$2.9m (£1.1m). The acquisition of a

majority stake in Navalshore within the Events segment gives UBM greater

exposure to the Brazilian maritime industry, one of the fastest growing

markets in the world. The Group has two call options, both priced at 7x

EBITA, over a further 30% of the equity: 20% exercisable after 31 December

2014 (capped at R$6m (£2.3m)) and 10% exercisable after 31 December 2018

(capped at R$4m (£1.5m)). The vendors also have a put option over their 40%

interest exercisable after 31 December 2012 and priced at 7x EBITA (capped

at R$10m (£3.8m)). The carrying value of the put option at 31 December 2010

is £1.4m, reported within non-current borrowings.

* 75% interest in Sienna Interlink, a Brazilian exhibition company based in

Sao Paulo for initial cash consideration of R$19.8m (£7.6m) with further

performance-related consideration of up to R$20.2m (£7.7m) payable over the

next year. In addition to contributing profitable revenue growth and

expanding the Events segment's presence in Brazil, the acquisition provides

exposure to the fast-growing South American concrete market which is

benefiting from significant construction activity taking place ahead of the

2014 FIFA World Cup in Brazil and the 2016 Rio de Janeiro Olympics. The

Group has a call option exercisable after 31 December 2014, priced at 7x

EBITA. The vendor also has a put option over their 25% interest exercisable

after 31 December 2016 and priced at 7x EBITA. The carrying value of the

put option at 31 December 2010 is £7.1m, reported within non-current

borrowings.

On 20 July 2010, the Group acquired the Shanghai InternationalChildren-Baby-Maternity Products Expo and related businesses for initial cashconsideration of $9.7m (£6.3m) and further performance-related consideration ofup to $6.4m (£4.2m) payable over the next two years. The acquisition, mainlycomprising an annual exhibition for the Chinese child and baby products market,will enable the Group to enter a dynamic new business sector within the Eventssegment by obtaining a profitable platform.On 12 August 2010, the Group acquired The Route Development Group Limited forinitial cash consideration of £8.0m and further performance relatedconsideration of up to £1.3m payable over the next two years. The acquisitionprovides the Group's Events segment with a face to face networking eventserving the Group's airline and airport customers, which is highlycomplementary to the Group's existing airline data and schedules business.On 10 November 2010, the Group acquired the Publishing Expo business, atradeshow serving the UK publishing industry, for cash consideration of £0.3m.The acquisition adds a further industry leading event to the Group and theMarch 2011 edition will be co-located with the Group's existing Technology ForMarketing & Advertising and Online Advertising and Affiliate Expo events.

Targeting, Distribution & Monitoring acquisitions

On 26 April 2010 the following transactions took place:

* the Group acquired the remaining 62.03% equity interest in PR Newswire do

Brasil for initial cash consideration of $1.0m (£0.7m) with further

performance-related consideration of up to $0.2m (£0.1m), payable over the

next two years. PR Newswire do Brasil was previously accounted for as an

associate; no gain or loss has been recognised as a result of remeasuring

the previous equity interest to fair value.

* the Group purchased the remaining 10% equity interest in PR Newswire

Argentina for cash consideration of $40,000 (£27,000). The transaction has

been accounted for as an equity transaction in accordance with IAS 27

`Consolidated and Separate Financial Statements' (revised 2008) since

control was held by the Group prior to the acquisition of the remaining 10%

interest. Transaction balances are not included in the above tables.

On 28 April 2010, a Group subsidiary, CNW Group Limited, acquired dna13 forinitial cash consideration of CAD6.1m (£4.0m) and further performance relatedconsideration of up to CAD0.9m (£0.6m). dna13 owns unique software allowingpublic relations practitioners to manage, monitor and measure the success oftheir communications campaigns.On 25 June 2010, the Group acquired Corporate360, a Hong Kong based corporatecommunications solution provider, for initial cash consideration of $0.4m (£0.2m) with further performance-based consideration of up to $1.0m (£0.7m)payable over the next three years. The acquisition of Corporate360 will allowexpansion of the Targeting, Distribution & Monitoring segment in Asia, byexpanding service delivery capability and by offering a more sophisticated andengaging set of communication tools.On 18 October 2010, the Group acquired Hors Antenne, a leading provider ofmedia targeting information to the European French-speaking markets, forinitial cash consideration of â‚¬6.0m (£5.3m) and further performance-relatedconsideration of up to â‚¬3.0m (£2.7m) payable over the next two years. Inaddition to adding profitable revenue to the Targeting, Distribution &Monitoring segment's successful European targeting business, the acquisitionwill enhance and expand the range of targeting and monitoring services HorsAntenne is able to offer its customers.

Data Services acquisitions

On 20 April 2010, the Group acquired SharedVue, a web-based marketing business,for initial cash consideration of $0.4m (£0.2m), with furtherperformance-related consideration of up to $30.0m (£19.5m) payable over thenext three years. The acquisition within the Data Services segment will enhanceand expand presence in the fast growing web-based marketing space.On 5 May 2010, the Group acquired selected assets of CenTradeX Inc., a providerof market intelligence tools, for initial cash consideration of $0.5m (£0.3m)with further performance-related consideration of up to $0.1m (£0.1m) payableover the next two years. The acquisition will enable the Data Services segmentto enhance the user interface and analytical tools for its market leading PIERSGlobal Intelligence product portfolio.On 10 September 2010, the Group acquired Shanghai Leadway E-Commerce Co.Limited, trading as UM Paper, for initial cash consideration $0.4m (£0.3m) andfurther performance related consideration of up to $0.4m (£0.3m) payable overthe next two years. The information and analytical services business willassist the Group in fulfilling its ambition to become the leading provider forthe paper and board industry in China.On 7 October 2010, the Group acquired certain software and intellectualproperty assets of Triton Works LLC (`Triton') (`JOC Exchange') for initialcash payment of $0.5m (£0.3m) and further performance related consideration ofup to $36.0m (£23.0m), payable in each of the years 2011-15. Triton is alaunch business with an objective to create electronic market places for thetrading of container slots on ships. The Group intends to use the industryposition, access to carrier industry companies and media assets within the DataServices segment to grow the Triton business.On 1 November 2010, the Group acquired Lead-In Research Limited, a boutiquesales lead business, for initial cash consideration of £1.2m and furtherperformance related consideration of up to £0.3m payable at the end of 2010.The acquisition will enhance the current product offering of the Group's ABIbusiness within the Data Services segment.

Online - Marketing Services acquisitions

On 23 February 2010, the Group acquired Game Advertising Online (`GAO'), abanner advertising agency serving advertising publishers in the online videogame industry, for initial cash consideration of $0.9m (£0.6m), deferredconsideration of $0.1m (£0.1m) and further performance-related consideration ofup to $7.0m (£4.4m) payable over the next year. GAO will diversify the gamesindustry revenue stream within the Online - Marketing Services segment anddeepen business relationships with online game publishers.On 31 August 2010, the Group acquired Astound LLC, a US virtual career fairsbusiness, for initial cash consideration of $0.1m (£0.1m) and furtherperformance related consideration of up to $3.0m (£1.9m) payable over the nextthree years. Astound LLC is a highly complimentary acquisition to the virtualevents business, providing a new customer base and further exposure to anemerging market.On 15 October 2010, the Group acquired OBGYN.net, a women's health website forobstetrics and gynaecology professionals and consumers, for cash considerationof $0.8m (£0.4m). OBGYN.net has strong brand recognition as one of the leadingsites focussing on women's health issues. Within the Online - MarketingServices segment, it will add to the Group's online resources for healthcareprofessionals.

31 December 2009 acquisitions

The Group completed five acquisitions during 2009.

On 3 July 2009, the Group acquired Iasist S.A. for a total cash considerationof â‚¬6.4m (£5.5m). Iasist S.A. is a provider of benchmarking data and softwareto regional health authorities, hospitals and other health service providers,principally in Spain and Portugal. Iasist S.A is reported within the DataServices segment.On 3 July 2009, the Group acquired the remaining 48% of the voting rights ofRISI Inc. for a total cash consideration of $14.3m (£8.7m). This equitypurchase brings UBM's total shareholding in RISI Inc. to 79% (2008: 52%),although 100% of the voting rights are now owned (2008: 52%). RISI Inc.provides online and printed market, pricing, news and analysis and benchmarkingproducts and services on the forest product industry. RISI Inc is reportedwithin the Data Services segment.On 31 July 2009, the Group acquired The Fuel Team for an initial cashconsideration of $2.5m (£1.5m), with a further performance-relatedconsideration of up to $4.5m (£2.8m) payable over the next three years. TheFuel Team builds and hosts specialist website modules (or, microsites) forcommunications professional working in businesses, healthcare andnot-for-profit organisations. The Fuel Team is reported within the Targeting,Distribution & Monitoring segment.On 27 August 2009, the Group acquired a 70% interest in the China InternationalOptoelectronic Expo (`CIOE') for a total cash consideration of $5.0m (£3.0m).CIOE is the world's largest optoelectronics event held annually in Shenzhen.The event covers all aspects of the market, including laser and infraredapplications, precision optics, optical communications and LEDs. CIOE wasallocated to the Events segment and was subsequently transferred at cost to thejoint venture eMedia Asia Limited on 30 December 2009.

On 14 December 2009, the Group acquired Virtual Press Office for an initial cash consideration of $6.5m (£4.0m), with a further performance-related consideration of up to $3.5m (£2.2m) payable over the next three years. Virtual Press Office is the market-leading provider of communications and marketing services to live event organizers, exhibitors and attendees. Virtual Press Office is reported within the Targeting, Distribution & Monitoring segment.

The Group acquired 100% of the voting rights in all cases where acquisitions involved the purchase of companies unless otherwise stated.

The following table sets out the carrying amounts of the identifiable assetsand liabilities acquired and their fair value in respect of the acquisition ofbusinesses (excluding RISI Inc.) during 2009: 2009 2009 Fair Acquiree's value to carrying Group amount £m £m Intangible assets 6.3 0.1 Property, plant and equipment 0.1 0.1 Cash and cash equivalents 2.8 2.8 Trade and other receivables 4.5 4.5 13.7 7.5 Trade and other payables (3.3) (4.1) Deferred tax liability (1.3) - (4.6) (4.1) Fair value of net assets 9.1 Goodwill arising on acquisition (net of changes in 8.4 estimates of contingent consideration of £5.7m) 17.5

The total consideration paid and payable on acquisitions is shown below:

2009 £m Consideration: Cash paid 18.3 Contingent consideration on acquisitions 4.9 Contingent consideration adjustments (5.7) Total consideration 17.5 As disclosed in Note 1, the acquisition accounting adjustments have beenfinalised in relation to certain acquisitions which were made in 2009. Theamounts disclosed above have been restated in accordance with IFRS 3 `BusinessCombinations'. The goodwill of £8.4m recognised above for 2009 acquisitionsrelates to certain intangible assets that cannot be individually separated.These include items such as customer loyalty, market share and a skilledworkforce.

The acquisition of RISI Inc. was accounted for using the entity concept method as control was already held by the Group on the date of the acquisition:

2009 £m Cash paid 8.7

Carrying amount of non-controlling interest on acquisition (0.4) date

Remaining non-controlling interest after 3 July 2009 0.2 Recognised in equity 8.5 Intangible assetsThe intangible assets acquired as part of the acquisitions are detailed in thefollowing table: Other Canon businesses As restated Total Total 2010 2010 2010 2009 £m £m £m £m Brands 34.2 10.3 44.5 2.8 Software - 3.6 3.6 1.0 Order backlog 3.0 0.1 3.1 0.7 Customer relationships 17.9 9.2 27.1 1.0 Customer contracts and 20.9 9.3 30.2 1.7 relationships Subscription lists - 0.3 0.3 0.3 Databases 12.7 0.7 13.4 0.5 Total 67.8 24.2 92.0 6.3

The intangible assets acquired in the year ended 31 December 2009 have been restated to reflect the finalisation of acquisition accounting adjustments relating to certain acquisitions made in 2009.

Identification and measurement of intangible assets acquired as part of business combinations requires the use of judgments by management. For significant acquisitions, management is assisted by the work of external advisors in identifying and calculating the valuation of any intangible assets.

Contingent and deferred consideration

The potential undiscounted amount for all future payments that the Group couldbe required to make under the contingent consideration arrangements are betweennil and the maximum amounts disclosed by acquisition on the previous pages; £70.6m in aggregate (2009: £5.0m). The contingent consideration for eachacquisition made during the year is based on the terms set out in the relevantpurchase agreements. The amounts recognised in the above consideration tablesas the fair values of contingent considerations have been determined byreference to the projected financial performance in relation to the specificcontingent consideration criteria for each acquisition.The movement in the contingent and deferred consideration payable during theyear was: 2010 2010 2010 2009 2009 2009 Contingent Deferred Total Contingent Deferred Total £m £m £m £m £m £m Balance at 1 24.6 0.5 25.1 37.0 1.6 38.6 January Acquisitions 32.0 1.3 33.3 4.9 - 4.9 Consideration paid (14.4) (0.5) (14.9) (9.1) (1.0) (10.1) Changes in (2.0) - (2.0) (5.7) - (5.7)estimates (goodwill) Changes in (1.0) - (1.0) - - - estimates (income statements) Currency 0.5 - 0.5 (2.5) (0.1) (2.6)translation Balance at 31 39.7 1.3 41.0 24.6 0.5 25.1 December

Acquisition performance

From the date of acquisition to 31 December 2010, Canon has contributed £(0.2)mto operating profit of the Group, £(0.2)m to profit after tax of the Group and£8.1m to revenue of the Group. From the date of acquisition to 31 December2010, the other acquisitions made in 2010 have contributed £7.7m to operatingprofit of the Group and £23.4m to revenue of the Group. If all acquisitions hadtaken place at the beginning of the year, the acquisitions would havecontributed £28.0m to operating profit and £100.2m to revenue of the Group.Acquisitions made in 2009 contributed £2.6m of profit to operating loss and £4.8m to revenue of the Group from the date of acquisition to 31 December 2009.If the acquisitions had taken place at the beginning of that year, theacquisitions would have contributed £2.8m of profit to operating loss and £9.6mto revenue of the Group.

Cash flow effect of acquisitions

The aggregate cash flow effect of acquisitions was as follows:

2010 2009 £m £m Net cash acquired with the subsidiaries (5.2) (2.8) Cash paid to acquire subsidiaries 229.9 18.3 Contingent consideration on 2006 acquisitions 0.9 0.8 Contingent consideration on 2007 acquisitions 5.1 1.2 Contingent consideration on 2008 acquisitions 1.9 7.1 Contingent consideration on 2009 acquisitions 1.0 - Contingent consideration on 2010 acquisitions 5.5 - Deferred consideration on 2006 acquisitions - 0.9 Deferred consideration on 2008 acquisitions 0.5 0.1 Net cash outflow on acquisitions 239.6 25.6 The Group paid £14.4m of contingent consideration during 2010 in relation tothe 2006 acquisition of MediReach Healthcare Communication, the 2007acquisitions of Vintage Filings LLC, Semiconductor Insights Inc and Notilog,the 2008 acquisitions of Global Games Media and Exposure Events UK Limited, the2009 acquisition of The Fuel Team and the 2010 acquisitions of Sign China, ECommerce Expo Limited and Sienna Interlink. The Group also paid £0.5m ofdeferred consideration during 2010 in relation to the 2008 acquisition ofSanguine Microelectronics.The Group paid £9.1m of contingent consideration during 2009 in relation to the2006 acquisition of MediReach Healthcare Communication, the 2007 acquisitionsof Energy Solutions Expo, Semiconductor Insights Inc, How Machines WorkCorporation and Portelligent Inc and the 2008 acquisitions of Mass Event Labs,Exposure Events UK Limited, Aerostrategy's aviation data business, Next Level,Sanguine Microelectronics, the Sleep Event and the Arc Show.The Group also paid £1.0m of deferred consideration during 2009 in relation tothe 2006 acquisitions of Aviation Industry Group and Thames Gateway Forum andthe 2008 acquisition of Sleep Event and the Arc Show.Under the terms of the relevant sale and purchase agreements, additionalconsideration was payable if certain revenue and profit targets were met. Noneof the contingent or deferred consideration balances are individually material.14. Share capital 2010 2009 Authorised £m £m 1,217,124,740 (2009: 1,217,124,740) ordinary 121.7 121.7shares of 10 pence each Ordinary Ordinary shares Shares Issued and fully paid Number £m At 1 January 2009 244,082,372 24.4

Issued in respect of share option schemes and 92,116 - other entitlements

At 31 December 2009 244,174,488 24.4 Issued in respect of share option schemes and 379,118 - other entitlements At 31 December 2010 244,553,606 24.4 Share repurchases

The Group did not repurchase nor cancel any of its own ordinary shares during the year (2009: nil).

Company share schemesThe ESOP Trust and QUEST Trust own 0.55% (2009: 0.27%) of the issued sharecapital of the company in trust for the benefit of employees of the group andtheir dependents. The voting rights in relation to these shares are exercisedby the trustees.

15. Events after the reporting period

On 24 January 2011, the Group completed the acquisition of a 65% stake inRotaforte International Trade Fairs & Media (`Rotaforte'), the owner ofTurkey's largest jewellery exhibitions, for initial cash consideration of $1.7m(£1.1m) and further performance related consideration of up to $8.1m (£5.2m)payable over the next two years. The acquisition of Rotaforte adds a furtherindustry-leading exhibition to the Group's jewellery portfolio within theEvents segment, and is in line with the Group's strategy to enhance and expandits international presence in geographic regions of significant growth.On 6 February 2011, the Group acquired SATTE, India's largest travel andtourism exhibition, for initial cash consideration of $4.0m (£2.5m) and furtherperformance related consideration of up to $3.7m (£2.3m) payable over the nextthree years. The SATTE event provides the Group with a leading position in therapidly-growing Indian travel and tourism industry. The event is also supportedby T3, a controlled circulation monthly publication which will be reported inthe Group's Print - Magazines division.On 25 February 2011, the Group entered into a framework agreement to acquire60% of the Famdent dental exhibition and conference for initial cashconsideration of INR 35m (£0.5m) and further performance related considerationof up to INR43m (£0.6m) payable over the next three years. The transaction isexpected to complete in the next three months, subject to regulatory approvals,and will enable the Group to expand its offering in the Indian medicalexhibition and conference market.On 25 February 2011, the Group signed an agreement to dispose of its UKlicensed trade portfolio for initial cash consideration of £1.5m and furtherperformance related consideration of up to £0.2m, payable over the next year.The sale of the portfolio, expected to complete within the next month,comprises The Publican print magazine title, websites and awards event,together with the Theme and Bar Show brands.On 28 February, the Group sold its French medical newspaper and magazinebusiness, retaining a 37.1% equity share, for initial cash consideration of â‚¬4.4m (£3.7m) and extended vendor finance of â‚¬6.0m (£5.1m) to the management buyout team. The business publishes weekly, bi-weekly, monthly and othersubscription and controlled circulation titles for the French healthcareprofessional community. The transaction further rationalises the Group's printportfolio and continues its progression towards a portfolio of integratedcross-media marketing services designed to serve specific commercial andprofessional communities.

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