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Pearson Annual report and accounts 2009Learn more about how we educate,entertain and inform at pearson.comand report and accounts 2009

Always learningPrincipal offices worldwidePearson is a world-leading ‘education’ company, in the broadestsense of that word. We have a very simple goal: to help peopleget on in their lives through education. We aim to serve the citizensof our brain-based global economy wherever and whenever theyare learning – old or young, at home or school or work, in anypursuit, anywhere.Pearson (UK)80 Strand, London WC2R 0RL, UKT 44 (0)20 7010 2000F 44 (0)20 7010 earson (US)1330 Avenue of the Americas,New York City, NY 10019, USAT 1 212 641 2400F 1 212 641 comPearson EducationOne Lake Street,Upper Saddle River,NJ 07458, USAT 1 201 236 7000F 1 201 236 comFinancial Times GroupNumber One Southwark Bridge,London SE1 9HL, UKT 44 (0)20 7873 3000F 44 (0)20 7873 3076firstname.lastname@ft.comwww.ft.comThe Penguin Group (UK)80 Strand, London WC2R 0RL, UKT 44 (0)20 7010 2000F 44 (0)20 7010 Penguin Group (US)375 Hudson Street, New York City,NY 10014, USAT 1 212 366 2000F 1 212 366 ingroup.comPearson plcRegistered number 53723 (England)Have you tried learning about Pearson online?123Visit the all-new www.pearson.comBrowse, download or print our interactive online annual report a virtual tour at on this documentOur Business Review on pages 8 to 43 has been preparedin accordance with the Directors’ Report Business ReviewRequirements of section 417 of the Companies Act 2006.It also incorporates much of the guidance set out in theAccounting Standards Board’s Reporting Statement onthe Operating and Financial Review.The intention of this document is to provide information toshareholders and is not designed to be relied upon by anyother party or for any other purpose.Forward-looking statementsThis document contains forward-looking statements whichare made by the directors in good faith based on informationavailable to them at the time of approval of this report. Inparticular, all statements that express forecasts, expectationsand projections with respect to future matters, includingtrends in results of operations, margins, growth rates, overallmarket trends, the impact of interest or exchange rates,the availability of financing, anticipated costs savingsand synergies and the execution of Pearson’s strategy, areforward-looking statements. By their nature, forward-lookingstatements involve risks and uncertainties because theyrelate to events and depend on circumstances that will occurin the future. There are a number of factors which couldcause actual results and developments to differ materiallyfrom those expressed or implied by these forward-lookingstatements, including a number of factors outside Pearson’scontrol. Any forward-looking statements speak only as of thedate they are made, and Pearson gives no undertaking toupdate forward-looking statements to reflect any changesin its expectations with regard thereto or any changes toevents, conditions or circumstances on which any suchstatement is based.Design and Production: Radley Yeldar (London) ry.comPrint: Beacon PressPearson has supported the planting of 1,750m2 of new native woodland with the Woodland Trust, helping to capture and store70 tonnes of carbon dioxide emissions generated by the production of this report.The cover of this report has been printed on Cocoon Silk 100 which is FSC certified and contains 100% recycled de-inked wastepaper. The text pages are printed on Cocoon Offset which is also made from 100% recycled fibres. This report was printed usingvegetable oil based inks and 100% renewable energy by a CarbonNeutral printer certified to ISO 14001 environmentalmanagement system and registered to EMAS the Eco Management Audit Scheme.

Pearson plc Annual report and accounts 2009Section 1 Introduction016Business reviewIntroductionProduct quality and impactValuing our peopleSustainable business practiceActive citizenshipProgress and plans444656Board of directorsBoard governanceReport on directors’ remuneration7984148157158160163ibcGroup accountsIndependent auditors’ reportParent company accountsPrincipal subsidiariesFive year summaryCorporate and operating measuresShareholder informationPrincipal offices worldwideFinancial statements5Governance363638394041Governance4Our impact on society14 Our performance16 EducationNorth AmericaInternationalProfessional24 FT GroupFT PublishingInteractive Data28 Penguin30 Other financial information33 Principal risks and uncertaintiesOur impact on society3Our performance08 Chief Executive’s strategic overviewOur performance2Our strategyA summary of who we are and what we do,including highlights of the operating andfinancial performance for the year.02 Pearson at a glance04 Financial highlights06 Chairman’s statementOur strategy1IntroductionIntroductionDirectors’ reportWhat’s inside this report?An analysis of our business strategy andthe key areas of investment and focus.An in-depth analysis of how we performedin 2009. Also looks at the outlook for 2010and the principal risks and uncertaintiesaffecting our businesses.Explains what corporate responsibilitymeans at Pearson, giving a summary ofour work in 2009 and our plans for 2010.Provides details of the board, its policiesand procedures and the report on directors’remuneration.Financial statementsDetailed financial statements for both theGroup and the parent company, includingan analysis of the key measures used by theGroup in its management of the business.

02Pearson plc Annual report and accounts 2009Pearson at a glancePearson is an international company with market-leadingbusinesses in education, business information and consumerpublishing. We are 37,000 people in more than 60 countries,helping children and adults to learn, business people to makeinformed decisions and readers of all ages to wind down or wiseup with a good book.OverviewEducationPearson is the world’s leading educationcompany. We provide learning materials,technologies, assessments and servicesto teachers and students of all ages andin more than 60 countries.Business informationThe FT Group provides news, data,comment and analysis to the internationalbusiness community. It is known aroundthe world for its independent andauthoritative information.Consumer publishingPenguin publishes more than 4,000fiction and non-fiction books each year –on paper, on screens and in audio formats– for readers of all ages. It is one of theworld’s leading consumer publishingbusinesses and an iconic global brand.People27,000US 16,400UK 3,000RoW 7,600Proportion of Pearson revenue67%North America 2,470mInternational 1,035mProfessional 275m4,800US 1,900UK 2,000RoW 90015%FT Publishing 358mInteractive Data 484m4,200US 1,900UK 800RoW 1,50018%Penguin 1,002m

Section 1 IntroductionLearn more are a leading provider of educationalmaterial and learning technologies.We provide test development, processingand scoring services to educationalinstitutions, corporations and professionalbodies around the world. We publish acrossthe curriculum under a range of respectedimprints including: Scott Foresman,Prentice Hall, Addison-Wesley, Allyn andBacon, Benjamin Cummings and Longman.For some years, Pearson has beena leader in education, with leadingpositions in large developed marketsand local publishing centres in morethan 30 countries. More recently we havesignificantly accelerated our internationalexpansion, investing in new educationoperations in countries including China,India, Southern Africa and Latin America.Our performanceMarketsOur strategyBusinessesIntroductioni03i See more on page 16 and at pearsoned.comInteractive Data is Pearson’s 61%-ownedprovider of specialist financial data tofinancial institutions and retail investors.Penguin combines a longstandingcommitment to local publishing witha determination to benefit from itsworldwide scale, a globally recognisedbrand and growing demand for booksin emerging markets. Its largestbusinesses are in the US, the UK,Australia, Canada, Ireland, India,South Africa and New Zealand.i See more on page 28 and at penguin.comFinancial statementsPenguin operates around the world througha series of connected national publishinghouses. It publishes under a number of wellknown imprints including Putnam, Viking,Allen Lane, Hamish Hamilton, Berkley, thePenguin Press, Puffin and Dorling Kindersley.i See more on page 24 and at ft.comGovernanceThe FT Group also has a stake in a numberof joint ventures, including those with FTSEInternational, Vedomosti in Russia, BDFMin South Africa and a 50% stake inThe Economist Group.The Financial Times has a network ofapproximately 600 journalists in 40countries and a unique model of producingdistinctive newspaper editions for Europe,the UK, the US, Asia and the Middle, with nine million unique usersand 1.8 million registered users aroundthe world, makes the FT even more widelyavailable.Our impact on societyFT Publishing includes: the Financial Timesand; a range of specialist financialmagazines and online services; andMergermarket.

04Pearson plc Annual report and accounts 2009Financial highlightsIn financial terms, Pearson’s goal is to achieve sustainablegrowth on three key financial goals – earnings, cashand return on invested capital – and reliable cash returnsto our investors through healthy and growing dividends.In 2009, we reported underlying growth in sales andoperating profit, in spite of the exceptionally difficultmacroeconomic environment and against record2008 results. We achieved significant profit growth ineducation, helping us to grow even though our marketsin US school publishing, financial advertising andconsumer books were especially challenging.2009 Sales 5.6bn 4%2009 Adjusted operating profit2009 m2008 mHeadlinegrowthCER 2%Business performanceSalesAdjusted operating profit76167413%65.4p57.7p13%Operating cash flow91379615%Total free cash flow72363115%Total free cash flowper share90.5p79.2p14%Return on invested capital8.9%9.2% (0.3)%ptsNet debt1,0921,46025%Operating profit75567612%Profit before tax66058513%Basic earningsper share – continuing53.2p47.9p11%Cash generatedfrom operations1,01289413%Dividend per share35.5p33.8p5%Adjusted profit before taxAdjusted earnings per shareStatutory resultsNote Throughout this document (unless otherwise stated), sales and adjusted operating profit growthrates are stated on a constant exchange rate (CER) basis. Where quoted, underlying growth rate excludeboth currency movements and portfolio changes. The ‘business performance’ measures are non-GAAPmeasures and reconciliations to the equivalent statutory heading under IFRS are included in notes 2, 8and 31 to the annual report. Adjusted operating profit is stated on a continuing basis. 858m 4%Our recordAverage annual growth in headline terms2004-2009Sales 11% 19%Adjusted operating profit

Section 1 Introduction05Introduction4% 65%67%9%18%2009 by region2009 by businessNorth America 3,663mEurope 1,222mAsia 519m15%RoW 220m22%5%74%2009 by businessNorth America 637m14%68%10%2009 by regionOur performance7%Our strategyEducation 3,780mFT Group 842mPenguin 1,002mEducation 587mAsia 58mFT Group 187mPenguin 84m22%RoW 45mAdjusted operating profit mPearson(continuing operations)6,0001,0005,000Pearson(continuing operations)GovernanceSales mOur impact on societyEurope 00004FT Group200PenguinFT Group0506070809040506070809Financial statements3,000

066Pearson plc Annual report and accounts 2009Chairman’s statementIt is worth recalling that, only a decade ago, Pearsonwas a completely different company. We were thepublisher of general interest and sports newspapersin Spain; we were the TV production company behindThe Price is Right and Baywatch; we were a part-ownerof the Lazard banking houses. Marjorie and hercolleagues had just begun the major move into theglobal education industry, but had barely articulatedthe strategy of investing in testing and technologyto make learning more personal and more effective.Glen Moreno ChairmanTwelve months ago I wrote to you withthis very sober assessment:“None of us is under any illusion: theshort-term outlook is tough and 2009 willbe a difficult year. All kinds of companies,including our own, will be affected.”In the event, economic conditions wereevery bit as bad as we feared. But in thatchallenging environment, Pearson turnedin an excellent performance by anymeasure. I attribute this to two things:Our people, who stayed close to theircustomers, anticipated significant changesin our markets and worked their socks off;Our strategy, which we have patientlydeveloped, implemented and investedin over a number of years.That year, a ‘boom’ period in the industry, ouroperating profits were 490m and our educationrevenues a little over 2bn; last year, in a deeprecession, our operating profits were 858m and oureducation revenues approaching 4bn. The scale ofour transformation is striking. It shows thatsometimes it pays to take a long-term view.But more important than our scale alone, we haveonce again demonstrated our credentials as botha durable company and a growth company.The financial results for 2009 that are set outelsewhere in this report paint a picture of remarkableperformance and resilience in an extremely difficulteconomic environment.There is evidence that those qualities were recognisedby the market over the course of the past year, andthat those who held their Pearson shares througha turbulent period were rewarded. Our shares began2009 at 641p, and ended the year 39% higher, at closeto nine pounds. That increase was well ahead of boththe major market indices (the FTSE 100 was up 22%)and the media sector (FTSE All-Share Media index up29% and DJ Stoxx 600 Media up 20%).The second element of our return to shareholders –the dividend – was further increased in 2009. So ourtotal shareholder return (which combines both theshare price movement and dividends paid) was up46%. Again, this was significantly ahead of the FTSE100 (up 27%), the DJ Stoxx 600 Media (up 26%) andthe FTSE media sector (up 34%).Our decade-long transformation was partly the resultof some extensive portfolio changes. Over thoseten years, we made 4.1bn of disposals and 6.3bnof acquisitions. But underneath those very visiblechanges, there were some deeply held principlesat work. Those are important to understand, becausethey tell you as much about our future as they doabout our past.

Section 1 IntroductionPearson 39.0%FTSE 100 22.1%FTSE All-Share Media 29.2%DJ Stoxx 600 Media 19.8%Share price performance – 3 year % change01.01.07 – 31.12.09FTSE 100-16.3%FTSE All-Share Media-29.7%DJ Stoxx 600 MediaTotal shareholder return – 1 year % change01.01.09 – 31.12.09FTSE 100 27.3%FTSE All-Share Media 34.1%DJ Stoxx 600 Media 26.1%Total shareholder return – 3 year % change01.01.07 – 31.12.09Pearson 31.9%-2.0%-19.94%FTSE 100FTSE All-Share MediaDJ Stoxx 600 MediaSource: DatastreamFor that, I have to thank our people for their dedicationand ingenuity; and our investors for their commitmentto the company. As always, I look forward to seeingmany of you at our annual meeting.Glen Moreno ChairmanFinancial statementsSecond, one driver of our transformation has beento make Pearson a reliable and resilient company.Proud as we are of our performance in 2009,what’s even more important to us is the long-termconsistency of our growth. For each of the past sixyears, we have delivered growth in sales, earningsand cash, through both good markets and bad.My personal view is that the prospects for a sustainedeconomic recovery remain fragile. We have to expecta prolonged period of severely restrained governmentand consumer spending. It’s going to be a battle, butone we intend to keep fighting and winning. Pearsonis prepared for it, and ready to help people carry onlearning whatever the economic weather.GovernanceFirst, every part of Pearson has a relentless focuson the value we provide to our customers – the learner,the teacher, the reader, the investor, the businessperson. We know that the ultimate measure of ourperformance is shareholder value; but we understandwe can best deliver shareholder value throughhelping our customers make progress in their lives.So, the story of 2009 is of a strong business,resolutely pursuing a successful strategy throughtough markets and disruptive change.Our impact on society-7.5%Our performancePearson 46.0%Fourth, that long-term view is accompanied bya commitment to constant innovation and change.As you’ll read elsewhere in this report, Pearson hasbecome a major innovator and investor in digitaltechnologies – new reading experiences, new learningplatforms, applications for new devices, new waysof communicating with and selling to our customers.This represents a profound and disruptive structuralchange in all our industries; we are encouraged by ourprogress so far but if we are to remain successful inthis new world, we will need to continue to transformourselves. And we will.Our strategyPearson 15.5%-13.0%Third, companies can sometimes be defined by whatthey don’t do: by what they choose to avoid. Becauseour strategy is about long-term value creation forcustomers and shareholders, Pearson did not engagein short-term financial engineering. During the creditbubble, we resisted calls to load up our balancesheet with cheap debt and reduce our equitycapital. I believe you can attribute a good deal ofour financial stability and competitive strength toour determination to stick to the fundamentals andto take a long-term view.IntroductionShare price performance – 1 year % change01.01.09 – 31.12.0907

08Pearson plc Annual report and accounts 2009Pearson’s strategy: Marjorie Scardino, chief executiveThe Education of Pearson“Anyone who stops learning is old,whether twenty or eighty.”In that powerful sentence Henry Ford,one of the great innovators of the20th century, captured perfectly ourattitude to the 21st – we’re trying tomake sure we’re always learning.So we reviewed the lessons we’d learned in previousyears – keep our eyes on our goal; keep investing;keep people working; change, change, change.And in spite of the challenges, we can now lookback on 2009 as Pearson’s best year yet.To achieve that in any market would be a causefor modest pride. To achieve it in the most difficulttrading conditions I’ve seen in my time at thecompany puts me in awe of my colleagues here.It’s a testament to their talent, ingenuity and sheerbloody-minded grit, for which I’m grateful every day.And it’s a just reward for our long-term shareholderswho had confidence in our vision for Pearson whenconfidence was a scarce commodity. We thank yousincerely for your trust in us.Marjorie Scardino Chief executiveAdjusted earnings per share penceAs a company, we learned a lot in 2009. We startedthe year facing a ragged array of challenges.The threat of a full financial meltdown looked lessseismic, but the aftershocks of recession wererippling out to just about every one of our markets.At the same time, the gathering pace of disruptivetechnological change was testing the strategy andimagination of every media company. 13%Operating cash flow m09 65.4p09 913m08 57.7p08 796m07 46.7p07 684m06 43.1p06 575m05 34.1p05 570mAdjusted operating profit m 4%Return on invested capital %09 858m09 8.9%08 762m08 9.2%07 619m07 8.9%06 552m06 8.1%05 470m05 7.3% 15%-0.3%

Section 2 Our strategyIn North America, we pulled further away from ourtraditional education competitors. In School andHigher Education we grew 5%, a full five percentagepoints faster than the industry. In testing, we won60% of the state and national contracts that wereup for bid during the year.Our strategyOur approach to 2009 and the global economicdownturn was aggressive. We saw an opportunity,not to ease off the gas but to accelerate, to investboth money and imagination in the fast-growingdigital, services and international markets that havegiven us our impetus. We reckoned that in the shortterm we could pull further away from our competitors,and that in the long term we simply could not afford topause for rest on the journey from publisher to digitalservices company that has been our goal for someyears now.The lessons of our strategy also showed in someremarkably strong competitive performances:The world's leading education companiesEducation revenues bnPearson 5.8bnI’m happy to say that, though we did not by anymeans get everything exactly right, that reckoningwas true. It showed up in our financial results:IntroductionThe 2009 lessons09Apollo Group 3.3bnMcGraw-Hill 2.6bnKaplan (Washington Post) 2.3bnEducation Media & Publishing 2.0bn– Sales of 5.6bn, against 4.8bn in 2008, anincrease of 4% at constant exchange rates;Career Education Corp 1.7bnOur performanceCengage Learning 1.4bnCorinthian Colleges 1.2bn– Profits of 858m, up 4% from 762m in 2008;– Adjusted earnings per share of 65.4p, up from 57.7pin 2008 and well ahead of our expectations at thestart of the year;Santillana (Prisa) 0.9bnETS 0.9bnInfinitas Learning 0.5bnScholastic 0.4bnSanoma Education 0.4bnNew Oriental 0.3bn2008 dataOur impact on society– A dividend increase of 5%, underlining our convictionthat the dividend is both a reliable cash distribution toshareholders and a signal of the board’s confidenceand determination about the future.Lagardere Education 0.9bnDividend per share paid in fiscal year 7.497989900010203040506070809Financial statements9627.024.222.320.116.11531.625.4

10Pearson plc Annual report and accounts 2009Pearson’s strategy: Marjorie Scardino, chief executivecontinued– In International education, we chalked up anotheryear of good growth and at the same time built thefoundations for faster progress in dynamic marketslike China, India and Southern Africa.– At the FT Group, we produced healthy profits inspite of a precipitous fall in business advertising.This was possible because of our continued shifttowards subscription and digital revenues.– And in Penguin we had another solid year of financialresults and of great books while doing the things thatwill allow the publisher who invented the paperbackto take its rightful place as a leader in the age ofdigital readers – both people and devices.Trade publishing trends: digitalPenguin eBooks sold by month2005 – 2009, USAmazonKindle 2Technology and servicesFT Group revenue mix %Print 00 72%09 27%SonyReaderDigitalAmazonKindle28%73%Content and subscriptions 00 48%09 81%Advertising52%19%1 Jan 20051 Jan 20061 Jan 20071 Jan 20081 Jan 2009Dec 2009(In some ways, those competitive performances areeven more important than the financial results theymake possible. They show that our customers arechoosing Pearson’s products and services – findingsomething more valuable or compelling or alluring inwhat we do. Those customers are the ultimate arbitersof whether our strategy is working.)12Our strategyOur strategyLong-term organic investment in content:Digital and services businesses:Over the past five years, we have invested 2.3bnin content: new education programmes; new andestablished authors for Penguin; the FT’s journalism.In 2009, that investment reached an all-time highof 500m. We believe that this constant investmentis critical to the quality and effectiveness of ourproducts and services; and that it has helped usgain share in many of our markets.Our strategy centres on adding services to our content,usually enabled by technology, to make the contentmore useful, more personal, more valuable. These digitalproducts and services give us access to new, bigger andfaster growing sources of revenue to sustain our growth.In 2009, digital products accounted for 1.7bn in revenues– close to one-third of Pearson’s total sales – and morethan double the total five years ago.Education and Penguin pre-publicationexpenditure and author’s advances mPearson’s digital revenues% of sales09 79409 31%08 77508 29%07 74107 27%06 65706 24%05 64205 21%

Section 2 Our strategyLast year we faced down tougher markets – in somecases, much tougher. And we expect many to remaintough through this year. Some of our markets have‘cyclical challenges’, and all our industries are goingthrough a period of significant structural change.Our approach to the task and our business is to stickwith our strategy and to take a long-term view.1. To develop high-quality, compelling, trustworthycontent that customers deem worth paying for;2. To serve it up not just naked, but with services,mostly delivered by technology, to make it moreuseful, more valuable, more personal;3. To work in selected geographic markets that aregrowing and have strong demand for our services;4. To reap cost savings and competitive advantagesfrom Pearson’s global scale and the similarities of itsbusinesses and processes through efficiencies in ourcentral services.4Our strategyOur strategyInternational expansion:Efficiency:International revenues(outside USA and Canada) bnPearson margins %09 1.9bn09 15.3%08 1.8bn08 15.8%07 1.6bn07 14.9%06 1.4bn06 13.8%05 1.3bn05 12.8%Financial statementsOur investments in content, services and new geographicmarkets are fuelled by steady efficiency gains, oftengenerated through Pearson’s overall scale. Since 2005,our operating profit margins have increased from 12.8%to 15.3% and our ratio of average working capital tosales has improved from 27.4% to 25.1%. In 2009 ourmargins fell slightly compared to 2008 due to a declinein advertising, restructuring charges at Penguin andtransactional exchange losses.GovernancePearson has market-leading positions in major developedeconomies – particularly the US, UK and Western Europe.We are already present in more than 60 countries and weare investing to become a much larger global educationcompany, with particular emphasis on fast-growingmarkets in China, India, Africa and Latin America. Over thelast five years, our international education business hasgrown headline sales at an average annual rate of 17%,becoming a 1bn business in 2009.Our impact on society3Our basic strategy to achieve that grand goal ispursued by all Pearson’s businesses in some shapeor form and has four fundamental parts:Our performanceAnd there is still much to do to further them. Thereare still 72 million children who don’t go to school atall; still 30 million people who will enter universitythis year and not ever graduate; still a complex worldof business, finance and politics to illuminate andexplain; still buyers for some 70bn worth of booksthis year (and less than 2% of those are eBooks).So much to do.Our goal is unchanged: To help people make progressin their lives and to thrive in a brain-based economythrough learning. We’re reaching for a wide definitionof ‘learning’, though: one not constrained by age orcircumstance or confined to a classroom. We thinklearning never stops: it’s happening all the time,all around us. And we’re setting out to prove it.Our strategySo naturally, the question we’ve asked ourselvesis: “Can we continue our record of performance inunpredictable markets and contracting economies?”To answer, we’ve had to stop and review ourassumptions and revisit our plans. But our conclusionis a simple truth about demand: No matter what,people will still go to school; still need informationabout markets; still want to escape from their presentinto someone else’s story. Those are the things we do.That may seem obvious, but don’t take it as a ‘businessas usual’ approach. We’re making it ambitious andaggressive at every level.IntroductionOur world in 201011

12Pearson plc Annual report and accounts 2009Pearson’s strategy: Marjorie Scardino, chief executivecontinuedWho are we now?Based on that goal and strategy, you should lookout for many things that will continue to change inPearson: our focus on consumers; our participationin more links of the chain of formal learning; ourinterest in training not only the minds of citizens, butalso the skills of 21st-Century workers; our take-up ofopportunities all over the world.The 2009 results written up in this report are alreadyjust footnotes to history. Perhaps more important toyou as you think about Pearson’s future should bethose things that are changing, because I believePearson today may not be quite the company thatyou think we are.We’re still a publishing company – and convincedthat quality content is valuable. But today we’realso a digital services company, and that changeis responsible for our market share and efficiencyas well as our growth opportunities.In 2009, about a third of our sales came from digitalproducts and services. Over the past five years, ourdigital revenues have grown at an average annualrate of 19%. Seven years ago, our testing andqualifications businesses (a good example of ourproviding education services, rather than ‘products’)had sales of less than 200m. This past year, theyproduced more than 1bn.We’re still proud to have strong roots in the UK, ourhistoric ‘home’ market, and in North America, hometo our largest concentration of business and people.But Pearson is becoming an ever more internationalcompany – in our mix of business and (maybe moreimportantly) in our attitude. Even though we’vebeen growing well in the US, over the past five yearsPearson’s sales outside America have grown 11% peryear on average and our profits outside Americanow amount to more than 250m, one-third of ouroperating profit.Growth in services busin

Pearson (UK) 80 Strand, London WC2R 0RL, UK T 44 (0)20 7010 2000 F 44 (0)20 7010 6060 Pearson (US) 1330 Avenue of the Americas, New York City, NY 10019, USA T 1 212 641 2400 F 1 212 641 2500 Pearson Education One Lake Street, Upper Saddle River,

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2 Financial highlights 3 Chairman’s statement 4 Chief executive’s review 6 The management team 8 The Pearson Company 10 The Pearson goals 12 The results 14 Pearson Education 18 The Penguin Group 22 Pearson Television 26 The Financial Times Group 30 Recoletos 32 Associates 33 Financial review 36 Financial policy 39 Board of directors

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