<SEC-DOCUMENT>0001654954-22-002036.txt : 20220225
<SEC-HEADER>0001654954-22-002036.hdr.sgml : 20220225
<ACCEPTANCE-DATETIME>20220225073138
ACCESSION NUMBER:		0001654954-22-002036
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220225
FILED AS OF DATE:		20220225
DATE AS OF CHANGE:		20220225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEARSON PLC
		CENTRAL INDEX KEY:			0000938323
		STANDARD INDUSTRIAL CLASSIFICATION:	BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16055
		FILM NUMBER:		22674421

	BUSINESS ADDRESS:	
		STREET 1:		80 STRAND
		CITY:			LONDON ENGLAND
		STATE:			X0
		ZIP:			WC2R 0RL
		BUSINESS PHONE:		442070102000

	MAIL ADDRESS:	
		STREET 1:		80 STRAND
		CITY:			LONDON ENGLAND
		STATE:			X0
		ZIP:			WC2R 0RL
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a7876c.htm
<DESCRIPTION>FINAL RESULTS
<TEXT>
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UNITED STATES<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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SECURITIES AND EXCHANGE COMMISSION<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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Washington, D.C. 20549</font></div>
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FORM 6-K</font></div>
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REPORT OF FOREIGN PRIVATE ISSUER<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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PURSUANT TO RULE 13a-16 OR 15d-16 UNDER<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
For the month of</font> <font style="font-weight: bold; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
</font><font style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">February
2022</font></font></div>
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PEARSON plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Exact
name of registrant as specified in its charter)<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">N/A<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Translation
of registrant's name into English)<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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80 Strand<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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London, England WC2R 0RL</font></div>
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<font style="font-family: Times New Roman">&#x2028;</font>44-20-7010-2000</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive office)<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the Registrant files or will file annual
reports</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">under
cover of Form 20-F or Form 40-F:<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Form
20-F
X&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;Form 40-F<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the Registrant by furnishing the
information</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">contained
in this Form is also thereby furnishing the information to
the</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;No X</font></div>
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<br></font></div>
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<font style="font-weight: bold; color: #27405E; font-family: Times New Roman; font-size: 24px">
Pearson 2021 Preliminary Results and strategy update
(Unaudited)</font></div>
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<font style="font-family: Times New Roman; font-size: 24px;">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="font-weight: bold; color: #007FA3; font-family: Times New Roman; font-size: 16px">
25 February 2022</font><font style="font-weight: bold; color: #007FA3; font-size: 16px">&#xA0;&#xA0;&#xA0;</font><font style="color: #000000; font-size: 13px">Strong
financial performance and building growth
momentum</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Andy Bird, Pearson's Chief Executive, said:</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
"2021 has been a year of strong progress with the Group's financial
performance ahead of expectations. This reflects disciplined
management of the business, operational execution, commitment of
colleagues around the world and their ability to successfully
navigate challenging market conditions.&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Pearson has been reorganised and refocused with a new purpose to
'</font><font style="font-style: italic; color: #000000">add life
to a lifetime of learning'</font><font style="color: #000000">&#xA0;at the heart of everything we do. Our
direct-to-consumer strategy is being driven by Pearson+, which had
2.75 million registered users at the end of 2021, with a strategy
in place to engage more consumers and grow beyond Higher Education.
Pearson is a digital first business, with consumer grade products,
and the momentum across the company underpins our confidence for
further growth in 2022 and beyond."</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000; font-size: 13px">Underlying sales
growth</font><font style="font-size: 70%; vertical-align: top; color: #000000">1</font><font style="color: #000000; font-size: 13px">&#xA0;of
8%</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="color: #000000">Led by Assessment &amp; Qualifications up 18%,
driven by 19% growth in Professional Certification (VUE) with OnVUE
continuing to benefit from growth in the IT sector. US Student
Assessment grew 17% and Clinical Assessment was up 30% with strong
product launches in the year. Pearson VUE and Clinical Assessment
revenues have now grown in comparison to 2019, showing more than
post-COVID-19 recovery.</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="color: #000000">Virtual Learning up 11% due to strong enrolment
growth in Virtual Schools in the prior academic year (2020-21).
Underlying enrolment growth of 7% in Online Program Management
(OPM).</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="color: #000000">English Language Learning up 17% due to COVID-19
recovery in both International courseware and Pearson Test of
English (PTE).</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="color: #000000">Workforce Skills up 6% with strong growth in GED
and TalentLens.</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x25CF;&#xA0; &#xA0; &#xA0;</font> <font style="color: #000000">Higher Education down 5%, with growth in Canadian
and UK Courseware offset by a 6% decline in US Higher Education
Courseware.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
Adjusted operating profit</font><font style="color: #000000">&#xB9;</font><font style="font-weight: bold; color: #000000">&#xA0;up 33% on an underlying
basis to &#xA3;385m</font></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Driven by operating leverage on revenue growth and
cost savings offsetting cost inflation and investment to accelerate
future growth.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Adjusted earnings per share<font style="color: #000000">&#xB9;&#xA0;</font>of 34.9p (2020: 28.7p) after an
effective tax rate charge of 20% (2020: 14%) and net interest
charge of &#xA3;57m (2020: &#xA3;61m).</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Strong cash performance</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Operating cash inflow<font style="color: #000000">&#xB9;</font>&#xA0;increased on a headline basis
from &#xA3;315m in 2020 to &#xA3;388m in 2021 due to the
drop-through of increased operating profits and an improvement in
net working capital partially offset by an increase in capital
expenditure.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Balance sheet strength supports investment and increased
shareholder returns</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Acquisitions of Credly and Faethm to support growth
strategy in Workforce Skills division.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Year-end net debt reduced to &#xA3;350m (2020:
&#xA3;463m) with leverage at 0.6x (2020: 0.8x).</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Proposed final dividend of 14.2p (2020: 13.5p), which
equates to a full year dividend of 20.5p (2020:
19.5p).</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Intention to commence a buyback to repurchase shares
of &#xA3;350m in 2022.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Statutory results</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Sales increased 1% to &#xA3;3,428m (2020:
&#xA3;3,397m), reflecting underlying performance, portfolio changes
and currency movements.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Statutory operating profit was &#xA3;183m (2020:
&#xA3;411m). The decrease in 2021 is mainly due to the gain on sale
of PRH recognised in 2020 and restructuring costs in 2021 partially
offset by improved trading profits, reduced intangible charges and
gains on the 2021 business disposals.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Net cash generated from operations of &#xA3;570m
(2020: &#xA3;450m).</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Statutory earnings per share of 21.1p (2020:
41.0p).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Significant strategic progress</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Direct to Consumer: Launched direct to consumer
strategy led by new digital learning service, Pearson+, which
continues to make good progress with 2.75m registered users at the
end of 2021, reflecting a strong uptake from MyLab and Mastering
users, 133k paid subscriptions, and a latest app store rating of
4.8.&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Higher Education: Pearson's flagship Higher Education
product, Revel, completed the move to incorporate the Pearson
Learning Platform's capabilities, providing enhanced features, and
a new visual design for mobile.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Workforce Skills: Acquired Faethm, the workforce AI
and predictive analytics company in September 2021, and in January
2022, Credly, the market leader in digital workforce credentialing,
to further enhance Pearson's Workforce Skills
capabilities.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Simplification: The disposal of Pearson's Brazilian
K12 Sistemas business completed on 1 October 2021. Marketing is
progressing well with other businesses under strategic
review.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Today, we are announcing the acquisition of Clutch
Prep, an online video-based learning service that will rapidly fuel
Pearson+ with quality original video tutorials.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2022 outlook</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Confident of further&#xA0;group revenue growth, with
adjusted operating profit, interest and tax expected to be in line
with current market expectations<font style="font-size: 70%; vertical-align: top">2</font>.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Assessment &amp; Qualifications revenue growth of low
to mid-single digits with strong margins maintained.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Growth in Virtual Learning with low-single digit
growth in Virtual Schools and high-single digit growth in Online
Program Management (OPM) and further margin expansion through
operational efficiency improvements in OPM.
&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; English Language Learning revenue growth of
mid-single digits. Business continues to recover from COVID-19 with
further margin improvement expected. &#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Significant revenue growth in Workforce Skills
underpinned by the acquisitions of Faethm and Credly. Margins will
be break-even as we invest to accelerate growth.</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; Higher Education revenue to decline, but by less than
last year, with margin stabilisation reflecting cost efficiencies.
We expect enrolments to decline, but at a lower rate than in 2021,
although that could improve. We also expect pricing pressure to
continue due to the shift from print to ebooks and Pearson+, and
from bundles to digital only, offset by continued recapture of the
secondary market.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2025 ambition</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;
&#xA0; &#xA0; We expect the Group to achieve mid-single digit
revenue CAGR from 2022 to 2025 and for margins to remain relatively
stable in the near term, as we invest to drive growth, improving by
2025 to mid-teens.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px"><font style="color: #007FA3">
Strategy</font><font style="color: #007FA3; font-size: 16px">&#xA0;</font><font style="color: #007FA3">update</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In March 2021, we presented our lifetime of learning strategy. Our
priorities continue to centre on building a company that is digital
first, puts the consumer at its heart, and delivers high quality
learning products at scale to more people than ever
before.&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
To do that, we created a new organisational structure with five
core divisions, underpinned by a dedicated direct to consumer team
that successfully launched Pearson+ last July. We have also
recently introduced a new company purpose:&#xA0;</font><font style="font-style: italic; color: #000000">'to add life to a lifetime of
learning.</font><font style="color: #000000">' We redefined
Pearson's purpose for the new reality of a world in which learning
is becoming more fluid and exists inside and outside of formal
education.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The success of Pearson and the work we do has never been more
important. The world is changing, and the very definition of
learning is expanding. We no longer move only in a linear fashion
through school, into higher education, and then on to employment.
All of us are learning all the time. Pearson is re-focused and
re-organised to capitalise on this new wave of
learning.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
We also recognise that learning is no longer a phase of life, it's
a lifelong journey. The need to upskill and reskill has never been
more urgent. So, while we'll continue to work with long standing
partners such as schools, universities, and colleges, we are also
increasingly working with employers. Companies now play a critical
role in that learning lifecycle and we have an opportunity to help
individuals and employers turn the great resignation into the great
re-engagement. The recent acquisitions of Faethm and Credly in our
Workforce Skills division signal the direction of travel you can
expect from us, including the expansion into data as a service for
employers and into credentialing for workers. In English Language
Learning, we are building a business aimed at being the destination
for committed English learners. We are focused on continuing to
grow our institutional business and high stakes assessments, while
building a direct-to-consumer strategy.</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px; background-color: #FFFFFF">&#xA0;&#xA0;</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There are three reasons why Pearson will win in this new
environment:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.&#xA0;&#xA0;
We are the world's leading learning company with a strong brand, an
unmatched scope and scale; and have the deep expertise of thousands
of employees who deliver high quality, trusted learning solutions
every day.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.&#xA0;&#xA0;
We have a great foundation of established businesses that are
well-managed, cash generative and underpin the company
financially.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3.&#xA0;&#xA0;
We are bringing together the multiple facets of our expertise to
deliver innovative digital learning products through a more
connected commercial and consumer strategy.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Pearson is not just a collection of individual businesses, but,
increasingly, a highly interconnected company, with capabilities
that work together to help people learn at multiple points in their
lives. Pearson has the potential to accelerate growth when we
leverage our businesses in a coordinated fashion across the entire
spectrum of learning.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Pearson+ is critical to fulfilling that strategy. We're building
Pearson+ as the premier digital learning ecosystem for life -
whether through school, university, work, languages, or life skills
- for a growing addressable market globally. Pearson+ will become
the core digital offering for this company, reaching multiple
demographics and learners, giving us the opportunity to create a
meaningful business on a global scale. Consumers need a way to
discover, learn, build skills, and show credentials and they want a
great user experience. We can deliver that with a broader Pearson+
vision, by drawing on the assets&#xA0;of each Pearson business and
leveraging our growing relationships with students, consumers, and
enterprises.&#xA0;We can also support this with a robust data
infrastructure. The possibilities are vast when we can connect
these assets into one trusted ecosystem designed to meet
consumer-led learning where it happens.&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We also continue to evolve our sustainable business plan to align
with our company strategy&#xA0;and purpose and to&#xA0;drive
learning for everyone. We have placed renewed energy into building
our talent and our innovation culture, so&#xA0;our people can make
a difference&#xA0;at scale. As we become more digital, we're
providing products with a smaller carbon footprint, along with
products and services that meet the demands of a green economy and
content that influences action. As such, we are on track with our
goal to make Pearson a net zero carbon business by
2030.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
We believe our strategic priorities, combined with our disciplined
approach to capital allocation, will enable us to create
sustainable, long-term value for every Pearson stakeholder. Today,
we are setting out the financial framework that underpins our
strategy and have ambition through leveraging the opportunities
across the business to exceed these targets. Importantly, we
believe that Pearson is now in a position to sustainably grow not
only revenues but also profits and cashflows after allowing for
continued investment in our growth ambition.</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">Furthermore, progress on our
growth priorities can be measured through our Key Performance
Indicators (KPIs).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Financial expectations</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: top; width: 20%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Segment</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2021 Revenue (&#xA3;m)</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 9%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Margins 2021*</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2022 expectations</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Revenue CAGR 2022 to 2025</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Margins 2025*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Revenue</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Margins*</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Assessment &amp; Qualifications</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,204</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Low to
mid-single digit</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Maintained</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Low to
mid-single digit</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Maintained</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Virtual Learning</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">713</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Low to
mid-single digit</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incremental
improvement in Virtual Learning due to OPM
efficiencies</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-high
single digit</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Low
double digit</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
English Language Learning</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">238</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-single
digit</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Improvement
versus 2021</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-high
single digit</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-teens</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Workforce Skills</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">172</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Existing
business: Mid-high single digit</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;40%
for Faethm and Credly</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Break-even</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2025
revenues more than double 2021</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Low
double digit</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Higher Education</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">849</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Down
less than 2021</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Stabilisation</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Low to
mid-single digit</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-teens</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Strategic review</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">252</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Group</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,428</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11%</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Growth</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In line
with market expectations</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-single
digit</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mid-teens</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
*Adjusted operating profit margins</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
KPIs</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
KPI</font><font style="color: #000000">&#x200B;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 21%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
Objective</font><font style="color: #000000">&#x200B;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
KPI&#xA0;Measure</font><font style="color: #000000">&#x200B;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
2021 Actual</font><font style="color: #000000">&#x200B;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
2020 Actual</font><font style="color: #000000">&#x200B;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="6" style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Digital growth</font></div>
</td>
<td rowspan="6" style="vertical-align: middle; width: 21%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Drive digital revenue growth</font></div>
</td>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Underlying growth in Group digital and
digital-enabled&#xA0;sales</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
9%&#xA0;&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
(2)%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Virtual Schools US enrolments&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
111k&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
109k&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
OPM&#xA0;student enrolments&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
275k&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
245k&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
OnVUE&#xA0;volumes&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3.0m&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2.1m&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Higher Education US digital registrations&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11.4m&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12.3m&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
PTE volume&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
436k&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
350k&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Consumer&#xA0;&#x200B;<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Engagement&#x200B;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<br></font></div>
</td>
<td rowspan="3" style="vertical-align: middle; width: 21%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Create
engaging and&#xA0;personalised <font style="font-family: Times New Roman; font-size: 13px">consumer
<font style="font-family: Times New Roman; font-size: 13px">experiences&#x200B;</font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</td>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NPS for Connections Academy&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+62&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+60</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
NPS for PTE&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+56</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+60</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Pearson+ registered users&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2.75m</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
n/a&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="4" style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Product <font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Effectiveness&#x200B;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<br></font></div>
</td>
<td rowspan="4" style="vertical-align: middle; width: 21%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Improve the&#xA0;effectiveness of our&#xA0;products to
deliver&#xA0;better outcomes&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
PTE speed of score return&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1.2 days&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
1.5 days&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
VUE test volumes</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
16.8m</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
12.9m</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
VUE Partner retention&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
99%&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
96%&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Higher Education product usage - text units&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5.4m&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5.4m&#x200B;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Investing in Talent</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 21%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Enhance
our employee&#xA0;experience and help&#xA0;employees
progress&#xA0;through learning</font></div>
</td>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Number
of&#xA0;employees&#xA0;upskilling or reskilling&#x200B;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">71%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">63%&#x200B;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Employee
NPS&#x200B;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">+8</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">+17&#x200B;</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Inclusion &amp; Diversity</font></div>
</td>
<td rowspan="2" style="vertical-align: middle; width: 21%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Build
an inclusive&#xA0;culture and increase&#xA0;diverse
representation</font></div>
</td>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">% of
diverse candidates in leadership development and mentoring
programmes</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100% of
programmes have a minimum of 50% diversity</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">n/a</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">% of
diverse candidates in leadership succession plans</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Women =
72% BIPOC/BAME = 24%</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">n/a</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Sustainability Strategy</font></div>
</td>
<td style="vertical-align: middle; width: 21%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Achieve
net zero&#xA0;carbon by 2030</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Progress
against achieving net zero carbon by&#xA0;2030, as measured through
percentage carbon&#xA0;reduction&#x200B;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
26% reduction vs 2018 base*</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
25% reduction vs 2018 base*</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-size: 11px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">*Figures
have been restated to reflect relevant
disposals.</font></font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
This announcement contains inside information.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Contacts</font></div>
</td>
<td style="vertical-align: top; width: 50%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 31%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Investor Relations</font></div>
</td>
<td style="vertical-align: middle; width: 50%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Jo
Russell</font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">+44 (0)
7785 451 266</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Media</font></div>
</td>
<td style="vertical-align: middle; width: 50%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tom
Steiner</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Gemma
Terry</font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">+44 (0)
7787 415 891</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">+44 (0)
7841 363 216</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Teneo</font></div>
</td>
<td style="vertical-align: middle; width: 50%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Charles
Armitstead</font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">+44 (0)
7703 330 269</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #007fa3">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Virtual event</font></div>
</td>
<td style="vertical-align: middle; width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">
Pearson's full year results hybrid presentation today at 0900
(GMT). Register to receive log in details:&#xA0;</font><font style="color: #0000FF; font-size: 13px">https://pearson.connectid.cloud/register</font></font></div>
</td>
<td style="vertical-align: middle; width: 31%; border-bottom: 2px solid #007fa3">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Notes</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
Forward looking statements:</font><font style="color: #000000">&#xA0;Except for the historical information
contained herein, the matters discussed in this statement include
forward-looking statements. In particular, all statements that
express forecasts, expectations and projections with respect to
future matters, including trends in results of operations, margins,
growth rates, overall market trends, the impact of interest or
exchange rates, the availability of financing, anticipated cost
savings and synergies and the execution of Pearson's strategy, are
forward-looking statements. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that will occur in future. They
are based on numerous assumptions regarding Pearson's present and
future business strategies and the environment in which it will
operate in the future. There are a number of factors which could
cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements,
including a number of factors outside Pearson's control. These
include international, national and local conditions, as well as
competition. They also include other risks detailed from time to
time in Pearson's publicly-filed documents and you are advised to
read, in particular, the risk factors set out in Pearson's latest
annual report and accounts, which can be found on this website
(www.pearsonplc.com). Any forward-looking statements speak only as
of the date they are made, and Pearson gives no undertaking to
update forward-looking statements to reflect any changes in its
expectations with regard thereto or any changes to events,
conditions or circumstances on which any such statement is based.
Readers are cautioned not to place undue reliance on such
forward-looking statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
<br></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 39%; border-top: 1px solid rgb(0, 143, 180);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Financial
Overview</font></font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-top: 1px solid rgb(0, 143, 180);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1px solid rgb(0, 143, 180);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-top: 1px solid rgb(0, 143, 180);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-top: 1px solid rgb(0, 143, 180);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-top: 1px solid rgb(0, 143, 180);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA3;m</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Headline
growth</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CER</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">growth*</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Underlying
growth</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Business performance</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sales</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,428</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,397</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1%</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7%</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
operating profit</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
385</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">313</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23%</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33%</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operating
cash flow</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
388</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">315</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
earnings per share&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
34.9p</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28.7p</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Statutory results</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sales</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,428</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,397</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operating
profit</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">411</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
160</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
cash generated from operations</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">450</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Basic
earnings per share</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
21.1p</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41.0p</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividend
per share</font></div>
</td>
<td style="vertical-align: top; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
20.5p</font></div>
</td>
<td style="vertical-align: top; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19.5p</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
debt</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(350)</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(463)</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times New Roman;">Throughout
this announcement: a) Growth rates are stated on an underlying
basis unless otherwise stated. Underlying growth rates exclude
currency movements, and portfolio changes. b) The 'business
performance' measures are non-GAAP measures and reconciliations to
the equivalent statutory heading under IFRS are included in notes
to the attached condensed consolidated financial statements 2, 3,
4, 5, 7, and 14.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px">2022 consensus on the Pearson website
as at 12<font style="vertical-align: top; font-size: 70%">th</font>
November 2021; median adjusted operating profit of &#xA3;416m,
interest &#xA3;57.5m, tax rate 21%, &#xA3;:$ 1.37.</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-size: 11px">*Constant exchange rates are calculated by
assuming the average FX in the prior year prevailed through the
current year.</font></font><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Operational review</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA3; millions</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Headline</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">growth</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CER</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Growth*</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Underlying</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;growth</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Sales</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessment
&amp; Qualifications</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,204</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,082</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
713</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">692</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
238</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">218</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
172</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">163</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
849</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">956</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(11)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(5)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(5)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
review</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
252</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">286</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(12)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(9)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,428</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,397</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Adjusted operating profit</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessment
&amp; Qualifications</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
216</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">147</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">47%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">59%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">59%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,400%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,600%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,600%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">93</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(22)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(15)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(15)%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
review</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">27%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Penguin
Random House</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(100)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(100)%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total adjusted operating profit</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
385</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">313</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33%</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33%</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="font-size: 11px"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">See note 2 in
the condensed consolidated financial statements for the
reconciliation to the equivalent statutory
measures.</font></font></div>
<div><font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">*<font style="font-size: 11px">Constant
exchange rates are calculated by assuming the average FX in the
prior year prevailed through the current
year.</font></font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%; border-top: 1pt solid #008FB4">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Assessment &amp; Qualifications</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In Assessment &amp; Qualifications, revenue increased 18% on an
underlying basis and 11% on a headline basis. Professional
Certification (VUE) revenue was up 19%, with OnVUE continuing to
benefit from growth in the IT sector. US Student Assessment revenue
was up 17% and Clinical Assessment revenue was up 30% with strong
product launches in the year. Pearson VUE and Clinical Assessment
revenues have now grown in comparison to 2019, showing more than
post-COVID-19 recovery. Adjusted operating profit increased 59% in
underlying and 47% in headline terms due to the operating leverage
on revenue growth partly offset by currency movements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Pearson VUE revenue grew 19% in underlying terms with test volumes
increasing 30% to 16.8m due to COVID-19 recovery, new client
launches and growth in existing programmes. We renewed 99% of our
expiring contract base and fully resumed exam deliveries in our
testing centres. Volumes in OnVUE, Pearson's online proctoring
service, grew 46% to 3m reflecting continuing demand for remote
testing and as a complementary expansion to our test centre-based
delivery options.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In US Student Assessment, revenue increased 17% in underlying terms
due to new contract wins and a return to state testing in 2021,
following 2020 COVID-19-related cancellations.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In Clinical Assessment, revenue increased 30% in underlying terms
due to new product releases and a backlog of demand for mental
health services as in-person assessments resumed and schools
reopened. Revenue growth continued for our digitally delivered
assessments as they have become more widely accepted.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Virtual Learning</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Revenue grew 11% on an underlying basis and 3% on a headline basis
reflecting strong enrolment growth in Virtual Schools in the
2020/2021 academic year, with good underlying enrolment growth in
OPM.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted operating profit grew 28% in underlying terms, due to
operating leverage and efficiency improvements in OPM more than
offsetting the investment in our Virtual Schools' platform and
customer care support, as well as margin impact in OPM due to
discontinued programs. Headline profit grew 10% with good growth in
adjusted operating profit partially offset by currency
movements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Virtual Schools performed strongly driven by 43% enrolment growth
in new and existing schools for the 2020/2021 academic year. We
opened five new full-time, online partner schools in Florida, Rhode
Island, Colorado, South Carolina, and Oregon. We also announced our
first Connections Academy in the state of Virginia, which begins
enrolment in March 2022, one school in New Mexico moved from a
partner school to district programme. This brings the 2021/2022
total number of partner schools to 47 in 30 states. Enrolments in
the 2021/2022 academic year grew by 2% despite a significant
unwinding of the "covid cohort".</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In OPM, we saw good underlying enrolment growth of 7% as Maryville
University extended its OPM partnership for online degrees in the
high-demand field of Nursing through to 2033 and Northeastern
University added a new online master's degree and certificate
programs in Nursing and Healthcare. We ended the year with a total
of 477 programs across 31 partners with the addition of 43 new
programs in North America across 21 partners, and 7 new programs
internationally where underlying enrolments grew by more than
80%.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
English Language Learning</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In English Language Learning, sales were up 17% on an underlying
basis and 9% on a headline basis due to COVID-19 recovery in both
International courseware and Pearson Test of English (PTE) where
volumes grew 25% compared to 2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted operating profit increased in underlying and headline
terms due to increased revenue. &#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Workforce Skills</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In Workforce Skills, sales were up 6% on an underlying and headline
basis, predominantly driven by strong growth in GED and TalentLens
due to a recovery from COVID-19 and further expansion of their
enterprise sales. GED test volumes increased by 43%, enabled by the
provision of online proctored testing, launched in June 2020, which
grew by 200%.&#xA0; BTEC and Apprenticeship sales grew by 4%, with
strong international growth partially offset by lower growth in the
UK, as registrations declined as a result of COVID-19 disruption
and rebates for exam cancellations continued in 2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted operating profit grew 8% in underlying terms, with strong
flow through of sales growth operating leverage. Headline profits
grew 4% with good underlying growth offset by portfolio
changes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Higher Education</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
In Higher Education</font><font style="font-weight: bold; color: #000000">,</font><font style="color: #000000">&#xA0;sales declined 5% for the full year on an
underlying basis and 11% on a headline basis with growth in
Canadian and UK Courseware more than offset by an underlying 6%
decline in US Higher Education Courseware.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted operating profit declined 15% in underlying and 22% in
headline terms. This is driven by the combined effects of the
revenue declines and continued investments in our content and
platforms (inclusive of Pearson+).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We saw continued momentum in Inclusive Access where sales to
not-for-profit institutions grew 18% representing 16% of total US
Higher Education Courseware revenue versus 13% last
year.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
Strategic review</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sales
in our international courseware local publishing businesses under
strategic review were up 1% on an underlying basis and down 12% on
a headline basis for the full year.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
FINANCIAL REVIEW</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Operating
result</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Sales increased on a headline basis by &#xA3;31m or 1% from
&#xA3;3,397m in 2020 to &#xA3;3,428m in 2021 and adjusted operating
profit increased by &#xA3;72m or 23% from &#xA3;313m in 2020 to
&#xA3;385m in 2021 (for a reconciliation of this measure see note 2
to the condensed consolidated financial statements).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
headline basis simply compares the reported results for 2021 with
those for 2020. We also present sales and profits on an underlying
basis which exclude the effects of exchange, the effect of
portfolio changes arising from acquisitions and disposals and the
impact of adopting new accounting standards that are not
retrospectively applied. Our portfolio change is calculated by
taking account of the contribution from acquisitions and by
excluding sales and profits made by businesses disposed in either
2020 or 2021. Portfolio changes mainly relate to the sale of
Pearson Institute of Higher Education ('PIHE') in 2021, the sale of
the K12 Sistemas business in Brazil in 2021 and the sale of our
remaining interest in Penguin Random House ('PRH') in the first
half of 2020. Acquisitions, including Spotlight and Faethm in 2021,
had only a small impact on reported sales and profits.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
On an underlying basis, sales increased by 8% in 2021 compared to
2020 and adjusted operating profit increased by 33%. Currency
movements decreased sales by &#xA3;206m and decreased adjusted
operating profit by &#xA3;30m. Portfolio changes decreased sales by
&#xA3;27m and decreased adjusted operating profit by &#xA3;1m.
There were no new accounting standards adopted in 2021 that
impacted sales or profits.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Adjusted
operating profit excludes intangible charges for amortisation and
impairment, acquisition related costs, gains and losses arising
from acquisitions and disposals and the cost of major
restructuring. A summary of these adjustments is included below and
in more detail in note 2 to the condensed consolidated financial
statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
All figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operating
profit</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
411</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Add
back: Cost of major restructuring</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
214</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Add
back: Intangible charges</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
51</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
80</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 74%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Add
back: Other net gains and losses</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(63)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(178)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Adjusted
operating profit</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
385</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
313</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
March 2021, the Group announced a major restructuring programme to
run primarily in 2021. The programme includes the reorganisation of
the Group into five global business divisions and the
simplification of the Group's property portfolio. The restructuring
costs in 2021 of &#xA3;214m mainly relate to the impairment of
right of use property assets, the write-down of product development
assets and staff redundancies. There were no costs of major
restructuring in 2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Intangible
amortisation charges in 2021 were &#xA3;51m compared to a charge of
&#xA3;80m in 2020. This reduction is due to a decrease in
acquisition activity in recent years and additional intangible
charges which were recorded in 2020 and are not repeated in
2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
net gains and losses in 2021 largely relate to gains from the
disposal of PIHE and the K12 Sistemas business in Brazil offset by
costs related to the acquisition of Faethm and the wind down of
certain strategic review businesses. In 2020, other net gains and
losses largely relate to the sale of the remaining interest in
PRH.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
statutory operating profit of &#xA3;183m in 2021 compares to a
profit of &#xA3;411m in 2020. The decrease in 2021 is mainly due to
the gain on sale of PRH recognised in 2020 and restructuring costs
in 2021 partially offset by improved trading profits, reduced
intangible charges and gains on the 2021 business
disposals.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px"><font style="color: #007FA3">
Net finance costs</font><font style="color: #000000">&#xA0;&#xA0;</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Net interest payable reflected in adjusted earnings in 2021 was
&#xA3;57m, compared to &#xA3;61m in 2020. The decrease is mainly
due a reduction in interest payable on lease liabilities following
the disposal of PIHE.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Net finance income relating to retirement benefits has been
excluded from our adjusted earnings as we believe the income
statement presentation does not reflect the economic substance of
the underlying assets and liabilities. Also included in the
statutory definition of net finance costs (but not in our adjusted
measure) are interest costs relating to acquisition or disposal
transactions, foreign exchange and other gains and losses on
derivatives. Interest relating to acquisition or disposal
transactions is excluded from adjusted earnings as it is considered
part of the acquisition cost or disposal proceeds rather than being
reflective of the underlying financing costs of the Group. Foreign
exchange and other gains and losses are excluded from adjusted
earnings as they represent short-term fluctuations in market value
and are subject to significant volatility. Other gains and losses
may not be realised in due course as it is normally the intention
to hold the related instruments to maturity (for more information
see note 3 to the condensed consolidated financial
statements).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2021, the total of these items excluded from adjusted earnings
was income of &#xA3;31m compared to income of &#xA3;4m in 2020. Net
finance income relating to retirement benefits decreased from
&#xA3;6m in 2020 to &#xA3;4m in 2021 reflecting the comparative
funding position of the plans at the beginning of each year and
higher prevailing discount rates. In 2021, finance income of
&#xA3;6m relating to the revaluation of the US K12 disposal
proceeds was recorded compared to &#xA3;26m in 2020, and there were
gains on long-term interest rate hedges and foreign exchange gains
on unhedged inter-company loans and cash and cash equivalents in
2021 compared to losses in 2020. For a reconciliation of the
adjusted measure see note 3 to the condensed consolidated financial
statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Taxation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The effective tax rate on adjusted earnings in 2021 was a charge of
19.5% compared to an effective tax rate charge of 13.7%
in&#xA0;2020. The increase in the effective rate is mainly due to a
benefit from the release of tax provisions due to the expiry of the
relevant statute of limitation which was recorded in 2020 and is
not repeated in 2021. &#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The reported tax charge on a statutory basis in 2021 was a credit
of&#xA0;&#xA3;3m (1.8%)&#xA0;compared to a charge of &#xA3;44m
(12.5%)&#xA0;in 2020. The principal reasons for reduction in the
tax charge are the benefit received from the revaluation of
deferred tax assets following the increase in the UK tax rate from
19% to 25% together with a benefit from a change in Italian tax
accounting treatment.&#xA0; &#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Budget in March 2021 announced an increase in the UK
corporation tax rate to 25% with effect from 1 April 2023. This was
substantively enacted on 24 May 2021. The UK corporation tax rate
increase has resulted in an increase of &#xA3;27m in the UK
deferred tax liability associated with the UK Group pension plan
asset position, which has been recognised in other comprehensive
income, together with a &#xA3;25m increase in UK deferred tax
assets, which has been recognised in the income statement.&#xA0;The
UK corporation tax rate change is beneficial to the Group's
statutory tax as it increases the value of certain UK tax
attributes of the Group such as tax losses and, as noted above,
reduces the overall statutory tax charge.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Operating tax&#xA0;paid in 2021&#xA0;was&#xA0;&#xA3;60m (2020:
&#xA3;10m). In 2020 tax paid was impacted by refunds received in
the US and UK relating to historical periods. Non-operating tax
paid was &#xA3;117m in 2021 (2020: refund &#xA3;12m) of which
&#xA3;97m relates to the ongoing EU Commission investigation into
whether certain aspects of the UK tax system constituted State Aid
(see note 15 for further details). The Group expects to recover the
funds in due course. The &#xA3;97m is recognised as a non-current
tax asset.&#xA0; &#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A net deferred tax asset of&#xA0;&#xA3;17m&#xA0;is recognised in
2021 compared to a net &#xA3;30m deferred tax liability in 2020.
The movement is primarily due to the unwind of deferred tax
liabilities. The current tax creditor principally consists of
provisions for tax uncertainties. There are contingent liabilities
in relation to tax as outlined in note 15 to the condensed
consolidated financial statements.&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Other
comprehensive income</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Included
in other comprehensive income are the net exchange differences on
translation of foreign operations. The loss on translation of
&#xA3;6m in 2021 compares to a loss in 2020 of &#xA3;109m. The loss
in 2021 arises due to the strengthening of the US dollar being
offset by the weakening of other currencies used by the Group. A
significant proportion of the Group's operations are based in the
US and the US dollar strengthened in 2021 from an opening rate of
&#xA3;1:$1.37 to a closing rate at the end of 2021 of
&#xA3;1:$1.35. At the end of 2020,&#xA0;the US dollar had weakened
from an opening rate of &#xA3;1:$1.32 to a closing rate of
&#xA3;1:$1.37 and this movement was the main reason for the loss in
2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Also
included in other comprehensive income in 2021 is an actuarial gain
of &#xA3;149m in relation to retirement benefit obligations of the
Group. The gain arises from the favourable impact of changes in the
assumptions used to value the liabilities in the plans and in
particular movements in the discount rate. The actuarial gain in
2021 of &#xA3;149m compares to an actuarial loss in 2020 of
&#xA3;23m. There is a &#xA3;61m tax charge related to retirement
benefit obligations recognised in other comprehensive income, which
is primarily driven by the change in the UK corporation tax rate
from 19% to 25% in 2023 increasing the deferred tax liability held
on the balance sheet.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Fair
value gains of &#xA3;24m have been recognised in other
comprehensive income and relate to movements in the value of
investments in unlisted securities held at fair value through other
comprehensive income. In 2020, fair value gains of &#xA3;14m were
recognised in other comprehensive income.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2021, a gain of &#xA3;4m was recycled from the currency translation
reserve to the income statement in relation to businesses disposed.
In 2020, a loss of &#xA3;70m was recycled from the currency
translation reserve to the income statement in relation to the
disposal of PRH.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Cash
flow and working capital</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Our
operating cash flow measure is an adjusted measure used to align
cash flows with our adjusted profit measures (see note 14 to the
condensed consolidated financial statements). Operating cash inflow
increased on a headline basis by &#xA3;73m from &#xA3;315m in 2020
to &#xA3;388m in 2021. The increase is largely explained by the
drop-through of increased operating profits and an improvement in
net working capital offset by an increase in capital
expenditure.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
equivalent statutory measure, net cash generated from operations,
was &#xA3;570m in 2021 compared to &#xA3;450m in 2020. Compared to
operating cash flow, this measure includes restructuring costs but
does not include regular dividends from associates. It also
excludes capital expenditure on property, plant, equipment and
software, and additions to right of use assets as well as disposal
proceeds from the sale of property, plant, equipment and right of
use assets (including the impacts of transfers to/from investment
in finance lease receivable). In 2021, restructuring cash outflow
was &#xA3;24m compared to &#xA3;38m in 2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2021, there was an overall &#xA3;176m decrease in cash and cash
equivalents compared to an increase of &#xA3;679m in 2020. The
decrease in 2021 is primarily due to repayments of borrowings of
&#xA3;167m, dividends paid of &#xA3;149m, tax paid of &#xA3;177m,
interest payments of &#xA3;67m, capital expenditure of &#xA3;176m,
acquisitions of &#xA3;69m and repayments of lease liabilities of
&#xA3;88m. These were offset by the cash inflow from operations of
&#xA3;570m and proceeds from disposals of businesses and
investments of &#xA3;131m.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Working
capital provisions continue to be an area of focus for the Group in
light of the impact of COVID-19 on trading, in particular the
adequacy of inventory and bad debt provisions. Reductions in the
total level of inventory held by the Group are driven by the
digital first strategy and the resulting reduction in physical
product. The increase in trade and other liabilities held by the
Group is driven by timing differences which have increased deferred
income, an increase in accruals related to severance and the
recognition of deferred consideration in relation to acquisitions
made in 2021. The increase in trade and other receivables held by
the Group is driven by revenue growth which has increased debtors
despite strong collections and an overall reduction in the bad debt
provision.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Liquidity
and capital resources</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Group's net debt reduced from &#xA3;463m at the end of 2020 to
&#xA3;350m at the end of 2021. The decrease is largely due to
positive operating cashflow, proceeds from disposals of businesses
and investments and the disposal of lease liabilities with PIHE
partially offset by consideration paid for acquisitions and tax,
interest and dividend payments. Tax payments in 2021 include
amounts related to State Aid which the Group expects to recover in
due course.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
May 2021, the Group repaid the remaining &#x20AC;195m of its
&#x20AC;500m Euro 1.85% notes. In June 2020, the Group completed the
issuance of &#xA3;350m guaranteed notes maturing 4 June
2030.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">At 31 December 2021, the Group
had available liquidity of c&#xA3;1.6bn, comprising central cash
balances and its undrawn $1.19bn Revolving Credit Facility (RCF).
In February 2022, the Group renegotiated its revolving credit
facility, extending the maturity of $1bn of the facility by one
year to February 2026.</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
assessing the Group's viability for the five years to December
2026,&#xA0;the board analysed a variety of downside scenarios
including a severe but plausible scenario where the Group is
impacted by all principal risks from 2022 as well as reverse stress
testing to identify what would be required to either breach
covenants or run out of liquidity.&#xA0;The severe but plausible
scenario modelled an impact from risks which in aggregate were
significantly greater than seen in 2021 continuing throughout the
five year period.&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Even under a severe downside case, the Group would maintain
comfortable liquidity headroom and sufficient headroom against
covenant requirements during the period under assessment even
before modelling the mitigating effect of actions that management
would take in the event that these downside risks were to
crystallise. The downside scenarios assume that the RCF will be
available throughout the period to 31 December 2026.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
At 31 December 2021, the Group was rated BBB- (stable outlook) with
Fitch and Baa3 (stable outlook) with Moody's.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Post-retirement
benefits</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pearson
operates a variety of pension and post-retirement plans. Our UK
Group pension plan has by far the largest defined benefit section.
We have some smaller defined benefit sections in the US and Canada
but, outside the UK, most of our companies operate defined
contribution plans.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
charge to profit in respect of worldwide pensions and
post-retirement benefits amounted to &#xA3;58m in 2021 (2020:
&#xA3;54m), of which a charge of &#xA3;62m (2020: &#xA3;60m) was
reported in adjusted operating profit and income of &#xA3;4m (2020:
&#xA3;6m) was reported in other net finance costs. The slight
increase in the operating charge in 2021 is mainly explained by
curtailments recognised in 2020 which are not repeated in
2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
overall surplus on UK Group pension plans of &#xA3;410m at the end
of 2020 has increased to a surplus of &#xA3;537m at the end of
2021. The increase has arisen principally due to the actuarial gain
noted above in the other comprehensive income section. In total,
our worldwide net position in respect of pensions and other
post-retirement benefits increased from a net asset of &#xA3;325m
at the end of 2020 to a net asset of &#xA3;471m at the end of
2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Businesses
acquired and businesses disposed</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
September 2021, the Group completed the acquisition of 100% of the
share capital of Faethm Holdings Pty Limited ('Faethm'), having
already held 9% of the share capital previously. Total
consideration for the acquisition was &#xA3;65m comprising cash
consideration of &#xA3;49m, &#xA3;6m related to the Group's
existing interest in Faethm and &#xA3;10m of contingent
consideration payable in 2 years. Net assets acquired of &#xA3;27m
have been recognised on the Group's balance sheet including
&#xA3;21m of acquired intangible assets. Goodwill of &#xA3;38m has
also been recognised in relation to the acquisition.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2021, the Group also made two smaller acquisitions for total
consideration of &#xA3;11m and acquired interests in two
associates, Smashcut and Academy of Pop, for total consideration of
&#xA3;17m. There were no significant acquisitions in
2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
cash outflow in 2021 relating to acquisitions of subsidiaries is
&#xA3;55m. In addition, there is a cash outflow relating to the
acquisition of associates of &#xA3;10m and investments of &#xA3;4m.
In 2020, the cash outflow in relation to acquisition of
subsidiaries was &#xA3;6m which related to prior year acquisitions,
and the cash outflow in relation to acquisition of investments was
&#xA3;6m.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
March 2021, the Group announced the sale of its interests in K12
Sistemas in Brazil. The sale completed on 1 October 2021 for R$789m
realising a gain on disposal of &#xA3;84m in 2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
March 2021, the Group announced that it was launching a strategic
review of its international courseware local publishing businesses.
The strategic review is progressing in line with plan. The related
assets have been assessed in light of IFRS 5 'Non-current Assets
Held for Sale and Discontinued Operations' and they do not meet the
criteria to be classified as held for sale.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
November 2020, the Group announced the sale of its interests in
PIHE in South Africa. At the end of December 2020, the assets and
liabilities of PIHE were classified as held for sale on the balance
sheet. The sale completed on 5 February 2021 for nominal
consideration realising a loss on disposal of &#xA3;5m in
2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
December 2019, the Group announced the sale of its remaining 25%
interest in PRH. The business was sold at the beginning of April
2020 for $675m realising a profit of &#xA3;180m.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
cash inflow in 2021 relating to the disposal of businesses of
&#xA3;83m mainly relates to the disposal of the K12 Sistemas
business and deferred proceeds from the US K12 Courseware sale in
2019 offset by cash disposed with PIHE and other disposal costs. In
addition, in 2021 there is a cash inflow of &#xA3;48m relating to
the disposal of certain investments held at fair value through
other comprehensive income. The cash inflow in 2020 of &#xA3;631m
mainly relates to the disposal of PRH and the deferred proceeds
from US K12.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Further
details relating to these transactions can be found in notes 11 and
12 to the condensed consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">Dividends</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
dividend accounted for in our 2021 financial statements totalling
&#xA3;149m represents the final dividend in respect of 2020 (13.5p)
and the interim dividend for 2021 (6.3p).&#xA0; We are proposing a
final dividend for 2021 of 14.2p bringing the total paid and
payable in respect of 2021 to&#xA0;20.5p. This final 2021 dividend
which was approved by the Board in February 2022, is subject to
approval at the forthcoming AGM and will be charged against 2022
profits. For 2021, the dividend is covered&#xA0;1.7&#xA0;times by
adjusted earnings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #007FA3; font-size: 16px">Share buyback</font><font style="color: #000000; font-family: Times New Roman">&#xA0;</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">On
24 February 2022, the Board approved a
&#xA3;350m&#xA0;share&#xA0;buyback programme in order to return
capital to&#xA0;shareholders. The programme will commence as soon
as is practicable. The&#xA0;shares bought back will be cancelled
and the nominal value of the&#xA0;shares will be transferred to the
capital redemption reserve.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2020, approximately 30m shares were bought back and cancelled at a
cost of &#xA3;176m. The nominal value of these shares, &#xA3;7m was
transferred to the capital redemption reserve.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">CONDENSED
CONSOLIDATED INCOME STATEMENT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 73%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Continuing
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Sales</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,428</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,397</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cost of
goods sold</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,747)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,767)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Gross
profit</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,681</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,630</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operating
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,562)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,402)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
63</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">178</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share
of results of joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
profit</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">411</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Finance
costs</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(68)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(107)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Finance
income</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
42</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">50</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
before tax</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
157</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">354</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(44)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
160</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Attributable
to:</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity
holders of the company</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
159</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Earnings per share&#xA0;</font>(in pence per
share)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Basic</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
21.1p</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41.0p</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
20.9p</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41.0p</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
accompanying notes to the condensed consolidated financial
statements form an integral part of the financial
information.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
160</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Items
that may be reclassified to the income statement</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
exchange differences on translation of foreign operations -
Group</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(109)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Currency
translation adjustment disposed</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(70)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attributable
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(13)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Items
that are not reclassified to the income statement</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fair
value gain on other financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attributable
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Remeasurement of
retirement benefit obligations - Group</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
149</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(23)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Attributable
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(61)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
comprehensive income / (expense) for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(205)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
comprehensive income for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
277</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">105</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Attributable
to:</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity
holders of the company</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
276</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">105</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">CONDENSED
CONSOLIDATED BALANCE SHEET</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">as
at 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 75%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 12px; margin-right: -4px; text-indent: -12px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Property,
plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
366</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">515</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,769</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,742</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Investments
in joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deferred
income tax assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
57</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
assets - derivative financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
30</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">45</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Retirement
benefit assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
537</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">410</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
financial assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
113</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">138</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
97</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
129</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">223</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,122</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4,111</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
assets - product development</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
894</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">905</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Inventories</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
98</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">129</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,257</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,118</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
assets - derivative financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents (excluding overdrafts)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
937</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,097</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,214</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,267</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assets
classified as held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
7</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
7,343</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7,451</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
liabilities - borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,245)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,397)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
liabilities - derivative financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(30)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(40)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deferred
income tax liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(40)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(62)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Retirement
benefit obligations</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(66)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(85)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Provisions
for other liabilities and charges</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(95)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(80)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,483)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,672)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,256)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,196)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
liabilities - borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(155)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(254)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
liabilities - derivative financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(125)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(84)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Provisions
for other liabilities and charges</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(40)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,580)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,571)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Liabilities
classified as held for sale</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(74)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(3,063)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(3,317)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Net assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,280</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4,134</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share
capital</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
189</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">188</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share
premium</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,626</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,620</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Treasury
shares</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Reserves</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,467</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,324</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Total
equity attributable to equity holders of the company</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,270</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4,125</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 75%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total equity</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,280</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4,134</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
condensed consolidated financial statements were approved by the
Board on 24 February 2022.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 20%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: bottom; width: 64%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: top; width: 64%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity
attributable to equity holders of the company</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 0px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share
capital</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share
premium</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Treasury
shares</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Capital
redemption reserve</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fair
value reserve</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Translation
reserve</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Retained
earnings</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: middle; width: 6%; border-top: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-top: 0px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Total
equity</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="11" style="vertical-align: bottom; width: 100%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">At
1 January 2021</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">188</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,620</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">388</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">865</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,125</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,134</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">159</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
159</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-right: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
160</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive income / (expense)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">95</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
117</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Total
comprehensive income / (expense)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">254</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
276</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
277</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity-settled
transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
28</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Transfer of gain on
disposal of FVOCI investment</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(44)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Issue
of ordinary shares</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Buyback
of equity</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Release
of treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(149)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(149)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-
&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(149)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">At
31 December 2021</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">189</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,626</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">386</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,030</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,270</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,280</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="11" style="vertical-align: bottom; width: 100%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At 1
January 2020</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">195</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,614</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">567</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">911</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,313</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,323</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 0.5pt solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
310</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-right: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
comprehensive income / (expense)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(179)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(40)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(205)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(205)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Total
comprehensive income / (expense)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(179)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">270</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
105</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
105</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity-settled
transactions</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Transfer of gain on
disposal of FVOCI investment</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Issue
of ordinary shares</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Buyback
of equity</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(176)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(176)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(176)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Release
of treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(23)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(146)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(146)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(147)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 20%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At 31
December 2020</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">188</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,620</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">53</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">388</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">865</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,125</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4,134</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
CONDENSED CONSOLIDATED CASH FLOW STATEMENT</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
flows from operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
cash generated from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">450</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
paid</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(67)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(63)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
(paid) / received</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(177)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash generated from operating activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
326</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">389</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
flows from investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Acquisition of
subsidiaries, net of cash acquired</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(55)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Acquisition of
associates</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
investments</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
property, plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(64)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(53)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
intangible assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(112)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(81)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Disposal of
subsidiaries, net of cash disposed</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds from sale
of joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">531</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds from sale
of investments</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
48</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Lease
receivables repaid including disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Loans
repaid by related parties</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">48</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
received</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
13</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends from
joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash (used in) / generated from investing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(80)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">591</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
flows from financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds from issue
of ordinary shares</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Buyback
of equity</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(176)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds from
borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">346</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Repayment of
borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(167)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(230)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Repayment of lease
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(88)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(92)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends paid to
company's shareholders</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(149)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(146)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends paid to
non-controlling interest</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash used in financing activities</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(414)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(299)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Effects
of exchange rate changes on cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
(decrease) / increase in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(176)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">679</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents at beginning of year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,113</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">434</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents at end of year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
937</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,113</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">For
the purposes of the cash flow statement, cash and cash equivalents
are presented net of overdrafts repayable on demand. These
overdrafts are excluded from cash and cash equivalents disclosed on
the balance sheet.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
1.&#xA0;&#xA0;&#xA0;&#xA0; Basis of preparation</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #201F1E; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
The condensed consolidated financial statements have been prepared
in accordance with the Disclosure and Transparency Rules of the
Financial Conduct Authority and in accordance with UK-adopted
International Accounting Standards. On 31 December 2020, IFRS as
adopted by the European Union at that date was brought into UK law
and became UK-adopted International Accounting Standards, with
future changes being subject to endorsement by the UK Endorsement
Board. The Group transitioned to UK-adopted International
Accounting Standards in its condensed consolidated financial
statements on 1 January 2021. This change constitutes a change in
accounting framework. However, there is no impact on recognition,
measurement or disclosure in the period reported as a result of the
change in framework. The condensed consolidated financial
statements have also been prepared in accordance with the
International Financial Reporting Standards as issued by the
International Accounting Standards Board (IASB). In respect of
accounting standards applicable to the Group, there is no
difference between UK-adopted International Accounting Standards
and IFRSs as issued by the IASB.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The condensed consolidated financial statements have also been
prepared in accordance with the accounting policies set out in the
2020 Annual Report, except as outlined above, and have been
prepared under the historical cost convention as modified by the
revaluation of certain financial assets and liabilities (including
derivative financial instruments) at fair value.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
No new standards were adopted in 2021. 'Interest Rate Benchmark
Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16)' is effective from 1 January 2021 and in addition, the
Group has early adopted the amendment to IFRS 16 'COVID-19 related
rent concessions beyond 30 June 2021'. The amendments do not have a
material impact on the condensed consolidated financial statements.
The Group has also considered the IFRIC interpretation on
'Configuration and Customisation costs in a Cloud Computing
Arrangement' and concluded that it does not have a material impact
on the condensed consolidated financial statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The 2020 Annual Report refers to new standards that the Group will
adopt in future years but that are not yet effective in 2021. The
Group does not expect these to have a material impact.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In assessing the Group's ability to continue as a going concern for
the period to 30 June 2023,&#xA0;the board analysed a variety of
downside scenarios including a severe but plausible scenario where
the Group is impacted by all principal risks from 2022 as well as
reverse stress testing to identify what would be required to either
breach covenants or run out of liquidity. The severe but plausible
scenario modelled a severe reduction in revenue, profit and
operating cash flow from risks which in aggregate were
significantly greater than seen in 2021 continuing throughout 2022
to 2023.&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
At 31 December 2021, the Group had available liquidity of
c&#xA3;1.6bn, comprising central cash balances and its undrawn
$1.19bn Revolving Credit Facility (RCF). In February 2022, the
Group renegotiated its revolving credit facility, extending the
maturity of $1bn of the facility by one year to February
2026.&#xA0;Even under a severe downside case, the Group would
maintain comfortable liquidity headroom and sufficient headroom
against covenant requirements during the period under assessment
even before modelling the mitigating effect of actions that
management would take in the event that these downside risks were
to crystallise.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The directors have confirmed that there are no material
uncertainties that cast doubt on the Group's going concern status
and that they have a reasonable expectation that the Group has
adequate resources to continue in operational existence for a
minimum of the next 12 months. The condensed consolidated financial
statements have therefore been prepared on a going concern
basis.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The preparation of condensed consolidated financial statements
requires the use of certain critical accounting assumptions. It
also requires management to exercise its judgement in the process
of applying the Group's accounting policies. The areas requiring a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the condensed
consolidated financial statements, have been set out in the 2020
Annual Report.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
For the year ended 31 December 2021, in light of the new strategy
and organisation design, a key judgement has been added in respect
of the allocation of goodwill to cash generating units and groups
of cash generating units. In addition, in 2021, the Group has
undertaken a programme to simplify its property portfolio to occupy
a significantly smaller square footage. The recoverability of right
of use assets and in particular assumptions related to the ability
to sublease leased assets in the future has become a key area of
estimation.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
1.&#xA0;&#xA0;&#xA0;&#xA0; Basis of
preparation&#xA0;</font><font style="font-style: italic; color: #000000">continued</font></font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
As set out in the 2020 Annual Report, other areas where assumptions
and estimates are significant include the recoverability of
goodwill balances, the valuation of tax balances, provisions for
returns and the valuation of retirement benefit obligations and
assets. The recoverability of product development assets is no
longer considered an area of key estimation as the risk of a
material adjustment within the next financial year has diminished
as impairment triggers resulting from COVID-19 have reduced. In
addition, the Group has assessed the impact of the uncertainty
presented by the COVID-19 pandemic on the condensed consolidated
financial statements, specifically considering the impact on key
judgements and significant estimates along with other areas of
increased risk including provisions for bad debt, provisions for
inventory obsolescence, valuation of property related assets and
financial instruments. No material accounting impacts relating to
the areas assessed were recognised in 2021. The Group will continue
to monitor these areas of increased judgement, estimation and risk
for material changes.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group has assessed the impacts of climate change on the Group's
financial statements. The assessment did not identify any material
impact on the Group's significant judgements or estimates, the
recoverability of the Group's assets at 31 December 2021 or the
assessment of going concern for the period to June
2023.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The financial information for the year ended 31 December 2020 does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The independent
auditors' report on the full financial statements for the year
ended 31 December 2020 was unqualified and did not contain an
emphasis of matter paragraph or any statement under section 498 of
the Companies Act 2006.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This preliminary announcement does not constitute the Group's full
financial statements for the year ended 31 December 2021. The
Group's full financial statements will be approved by the Board of
Directors and reported on by the auditors in March
2022.&#xA0;Accordingly, the financial information for 2021 is
presented unaudited in the preliminary
announcement.&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
for the year ended 31 December 2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
2.&#xA0;&#xA0;&#xA0;&#xA0; Segment information</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
On 8 March 2021, the Group announced a new strategy, which included
a new management structure and operating model. As a result, the
primary operating segments reported to the Group's chief operating
decision-maker, the Pearson Executive Management team, have changed
from 1 July 2021 to reflect the new Group structure. There are now
five main global business divisions, which are each considered
separate operating segments for management and reporting purposes.
These five divisions are Virtual Learning, Higher Education,
English Language Learning, Workforce Skills and Assessments &amp;
Qualifications. In addition, the International Courseware local
publishing businesses are under strategic review and during this
time are being managed as a separate division, known as Strategic
Review. For the comparative period, the Group has separately
disclosed the results from the Penguin Random House associate (PRH)
to the point of disposal in April 2020. Comparative figures for
2020 have been restated to reflect the new segments.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The following describes the principal activities of the five main
operating segments:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman">-&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Assessments
&amp; Qualifications - Pearson VUE, US School Assessment, Clinical
Assessment, UK GCSE and A Levels and International academic
qualifications.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman">-&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Virtual
Learning - Virtual Schools and Online Program
Management.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman">-&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">English
Language Learning - Pearson Test of English, Institutional
Courseware and English Online Solutions.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman">-&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Workforce
Skills - BTEC, GED, TalentLens, Faethm, Pearson College and
Apprenticeships.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-family: Times New Roman">-&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font><font style="color: #000000">Higher
Education - US, Canadian and International Higher Education
Courseware businesses.</font></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 73%; border-top: 1pt solid #000000">
<div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font>&#xA0;<br></div>
</div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
2021<br></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font><font style="font-family: Times New Roman; font-size: 13px;"><font style="text-align: right; color: rgb(0, 0, 0); font-style: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; font-size: 13px; font-family: Times New Roman;">2020&#xB9;</font>&#xA0;<br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;<br></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Sales</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessments &amp;
Qualifications</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,204</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,082</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
713</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">692</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
238</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">218</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
172</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">163</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
849</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">956</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
Review</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
252</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">286</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
sales</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,428</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3,397</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Adjusted
operating profit</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessments &amp;
Qualifications</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
216</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">147</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
32</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
73</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">93</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
Review</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Penguin
Random House</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
adjusted operating profit</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
385</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">313</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -4px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px"><font style="font-size: 11px">
1.</font> <font style="font-size: 11px">Comparative amounts have
been restated to reflect the new operating
segments.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There were no material inter-segment sales.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
for the year ended 31 December 2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
2.&#xA0;&#xA0;&#xA0;&#xA0; Segment
information&#xA0;</font><font style="font-style: italic; color: #000000">continued</font></font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group derived revenue from the transfer of goods and services
over time and at a point in time in the following major product
lines:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 11%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessment &amp;
Qualifications</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 11%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 10%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 0%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 0%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 0%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
Review</font></div>
</td>
<td style="vertical-align: middle; width: 0%; border-top: 1pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 13%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 4%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="14" style="vertical-align: bottom; width: 53%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Courseware</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products
transferred at a point in time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">109</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">283</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">198</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
634</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products and
services transferred over time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">558</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
631</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">58</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">135</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">841</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">231</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,265</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Assessments</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products
transferred at a point in time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">173</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
195</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products and
services transferred over time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">973</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">72</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">119</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,164</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,146</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">78</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">135</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,359</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Services</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products
transferred at a point in time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
36</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products and
services transferred over time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">713</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
768</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">713</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
804</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
sales</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,204</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">713</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">238</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">172</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">849</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">252</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,428</font></div>
</td>
</tr><tr>
<td colspan="17" style="vertical-align: bottom; width: 70%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 348px; margin-right: 0px; text-indent: 144px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2020&#xB9;</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Courseware</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products
transferred at a point in time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">106</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">313</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">208</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
670</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products and
services transferred over time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">630</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
696</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">130</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">943</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">236</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,366</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Assessments</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products
transferred at a point in time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">138</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
148</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products and
services transferred over time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">887</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">61</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">123</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,071</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,205</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">64</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">130</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,219</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Services</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products
transferred at a point in time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
44</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Products and
services transferred over time</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">692</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
768</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">692</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">50</font></div>
</td>
<td style="vertical-align: bottom; width: 0%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
812</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: bottom; width: 38%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
sales</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,082</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">692</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">218</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">163</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">956</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">286</font></div>
</td>
<td style="vertical-align: bottom; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3,397</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 13%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 11%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 7%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<br>
<div style="text-align: left; margin-left: 24px; margin-right: -4px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px"><font style="font-size: 11px">
1.&#xA0;&#xA0;&#xA0;&#xA0; Comparative amounts have been restated
to reflect the new operating segments.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&#xA0;&#xA0;&#xA0; for the year ended 31 December
2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
2.&#xA0;&#xA0;&#xA0;&#xA0; Segment
information&#xA0;</font><font style="font-style: italic; color: #000000">continued</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 59%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Adjusted
operating profit is one of the Group's key business performance
measures. The measure includes the operating profit from the total
business but excludes intangible charges for amortisation and
impairment, acquisition related costs, gains and losses arising
from acquisitions and disposals and the cost of major
restructuring.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Cost
of major restructuring - In March 2021, the Group announced a
restructuring programme, to run primarily in 2021. The programme
includes the reorganisation of the Group into five global business
divisions and the simplification of the Group's property portfolio.
The restructuring costs in 2021 of &#xA3;214m mainly relate to the
impairment of right of use property assets, the write-down of
product development assets and staff redundancies.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Intangible charges - These represent charges relating to
intangibles acquired through business combinations. These charges
are excluded as they reflect past acquisition activity and do not
necessarily reflect the current year performance of the Group.
Intangible amortisation charges in 2021 were &#xA3;51m including
impairment charges of nil. In 2020, intangible charges were
&#xA3;80m including impairment charges of &#xA3;12m.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Other
net gains and losses - These represent profits and losses on the
sale of subsidiaries, joint ventures, associates and other
financial assets and are excluded from adjusted operating profit as
they distort the performance of the Group as reported on a
statutory basis. Other net gains and losses also includes costs
related to business closures and acquisitions. Other net gains and
losses in 2021 largely relate to gains from the disposal of PIHE
and the K12 Sistemas business in Brazil offset by costs related to
the acquisition of Faethm and the wind down of certain strategic
review businesses. In 2020 other net gains and losses largely
relate to the sale of the remaining interest in PRH.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
following table reconciles adjusted operating profit to operating
profit for each of our primary segments.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: bottom; width: 22%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="3" style="vertical-align: middle; width: 17%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessments &amp;
Qualifications</font></div>
</td>
<td colspan="2" rowspan="3" style="vertical-align: middle; width: 7%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td colspan="2" rowspan="3" style="vertical-align: middle; width: 7%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td colspan="2" rowspan="3" style="vertical-align: middle; width: 8%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td colspan="2" rowspan="3" style="vertical-align: middle; width: 12%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td rowspan="3" style="vertical-align: middle; width: 5%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
Review</font></div>
</td>
<td colspan="2" rowspan="3" style="vertical-align: middle; width: 7%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Penguin
Random House</font></div>
</td>
<td rowspan="3" style="vertical-align: middle; width: 13%; border-top: 1pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="15" style="vertical-align: bottom; width: 94%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted operating
profit</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">216</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">73</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
385</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cost of
major restructuring</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(27)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(28)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(63)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(214)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
charges</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(13)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(51)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">65</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
63</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
profit / (loss)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">155</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(41)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(15)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">86</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
183</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="15" style="vertical-align: bottom; width: 94%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2020<font style="font-size: 70%; vertical-align: top">1</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted operating
profit</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">147</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">93</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
313</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cost of
major restructuring</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
charges</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(29)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(30)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(7)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(8)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(80)</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">180</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
178</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
profit / (loss)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">118</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">181</font></div>
</td>
<td style="vertical-align: bottom; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
411</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -4px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px"><font style="font-size: 11px">
1.&#xA0;&#xA0;&#xA0;&#xA0; Comparative amounts have been restated
to reflect the new operating segments.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
3.&#xA0;&#xA0;&#xA0;&#xA0; Net finance costs</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
interest payable</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(61)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
finance income in respect of retirement benefits</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fair
value re-measurement of disposal proceeds</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
foreign exchange gains / (losses)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Derivatives not in
a hedge relationship</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">20</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(22)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Analysed
as:</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Finance
costs</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(68)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(107)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Finance
income</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
42</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">50</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Analysed
as:</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
interest payable reflected in adjusted earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(61)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net finance income</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
31</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Net interest payable is the finance cost measure used in
calculating adjusted earnings. Net finance costs classified as
other net finance costs are excluded from the calculation of the
Group's adjusted earnings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Net finance income in respect of retirement benefits is excluded as
it is considered that the presentation does not reflect the
economic substance of the underlying assets and liabilities. The
Group excludes finance costs relating to acquisition and disposal
transactions as these relate to future earn-outs or acquisition
expenses and are not part of the underlying financing. In 2021 and
2020, the fair value re-measurement of disposal proceeds relates to
the US K12 disposal in 2019.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Foreign exchange and other gains and losses are also excluded as
they represent short-term fluctuations in market value and are
subject to significant volatility. Other gains and losses may not
be realised in due course as it is normally the intention to hold
the related instruments to maturity. In 2021 and 2020, the foreign
exchange gains and losses largely relate to foreign exchange
differences on unhedged intercompany loans and cash and cash
equivalents. Losses on derivatives not in a hedge relationship
represent the unrealised mark to market of long-term interest rate
hedges used to fix the interest rate of borrowings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">
</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4.&#xA0;&#xA0;&#xA0;&#xA0; Profit before tax</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
before tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
157</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">354</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cost of
major restructuring</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
214</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(63)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(178)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
charges</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
51</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">80</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net finance income</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Adjusted
profit before tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
328</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">252</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
5.&#xA0;&#xA0;&#xA0;&#xA0; Income tax</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Income
tax benefit / (charge)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(44)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
benefit on cost of major restructuring</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(47)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
charge on other net gains and losses</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
benefit on intangible charges</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(22)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
charge on other net finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
amortisation benefit on goodwill and intangibles</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
8</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Benefit
from change in tax accounting treatment</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
benefit on UK tax rate change</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Adjusted
income tax charge</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(64)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(35)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
rate reflected in statutory earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1.8)%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.5%</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
rate reflected in adjusted earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">19.5%</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.7%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
adjusted income tax charge excludes the tax benefit or charge on
items excluded from the profit before tax (see note
4).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
tax benefit from tax deductible goodwill and intangibles is added
to the adjusted income tax charge as this benefit more accurately
aligns the adjusted tax charge with the expected rate of cash tax
payments.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2020, included within the tax charge relating to intangible charges
above is a one-off charge of &#xA3;17m relating to the impairment
of a deferred tax asset associated with goodwill. If this item was
excluded there would be a tax credit of &#xA3;10m associated with
intangible charges.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Budget in March 2021 announced an increase in the UK corporation
tax rate to 25% with effect from 1 April 2023. This was
substantively enacted on 24 May 2021. The UK corporation tax rate
increase has resulted in an increase of &#xA3;27m in the UK
deferred tax liability associated with the UK Group pension plan
asset position, which has been recognised in other comprehensive
income, together with a &#xA3;25m increase in UK deferred tax
assets, which has been recognised in the income
statement.&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
6.&#xA0;&#xA0;&#xA0;&#xA0; Earnings per share</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Basic
earnings per share is calculated by dividing the profit or loss
attributable to equity shareholders of the company (earnings) by
the weighted average number of ordinary shares in issue during the
year, excluding ordinary shares purchased by the company and held
as treasury shares. Diluted earnings per share is calculated by
adjusting the weighted average number of ordinary shares to take
account of all dilutive potential ordinary shares and adjusting the
profit attributable, if applicable, to account for any tax
consequences that might arise from conversion of those
shares.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 73%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Earnings for the
year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
160</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Earnings
attributable to equity holders</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
159</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted average
number of shares (millions)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
754.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">755.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Effect
of dilutive share options (millions)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
5.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.0</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted average
number of shares (millions) for diluted earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
759.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">755.4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Earnings per share&#xA0;</font>(in pence per
share)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Basic</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">21.1p</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41.0p</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">20.9p</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">41.0p</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7.&#xA0;&#xA0;&#xA0;&#xA0; Adjusted earnings per share</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In order to show results from operating activities on a consistent
basis, an adjusted earnings per share is presented which excludes
certain items as set out below.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Adjusted earnings is a non-GAAP financial measure and is included
as it is a key financial measure used by management to evaluate
performance and allocate resources to business segments. The
measure also enables our investors to more easily, and
consistently, track the underlying operational performance of the
Group and its business segments over time by separating out those
items of income and expenditure relating to acquisition and
disposal transactions, major restructuring programmes and certain
other items that are also not representative of underlying
performance (see notes 2, 3, 4 and 5 for further information and
reconciliation to equivalent statutory measures).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The adjusted earnings per share includes both continuing and
discontinued businesses on an undiluted basis when relevant. The
Group's definition of adjusted earnings per share may not be
comparable to other similarly titled measures reported by other
companies. A reconciliation of the adjusted measures to their
corresponding statutory measures is shown in the tables below and
in notes 2, 3, 4 and 5.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">7.&#xA0;&#xA0;&#xA0;&#xA0;
Adjusted earnings per share&#xA0;</font><font style="font-style: italic; color: #000000">continued</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="3" style="vertical-align: bottom; width: 17%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: bottom; width: 27%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 12%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Statutory
income statement</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cost of
major restructuring</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
charges</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net finance costs</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Benefit
from change in tax accounting treatment</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Change
in UK tax rate</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
amortisation benefit</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
income statement</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 5%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="16" style="vertical-align: bottom; width: 89%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2021</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
profit</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">183</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">214</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(63)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">51</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
385</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
before tax</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">157</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">214</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(63)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">51</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(31)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
328</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(47)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(64)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">160</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">167</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(49)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
264</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 5%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Earnings&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">159</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">167</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(49)</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">39</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(11)</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(25)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
263</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 12%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="13" style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
average number of shares (millions)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
754.1</font></div>
</td>
</tr><tr>
<td colspan="13" style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
average number of shares (millions) for diluted
earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
759.1</font></div>
</td>
</tr><tr>
<td colspan="13" style="vertical-align: bottom; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="13" style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
earnings per share (basic)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
34.9p</font></div>
</td>
</tr><tr>
<td colspan="13" style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
earnings per share (diluted)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
34.6p</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 5%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 0%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">7.&#xA0;&#xA0;&#xA0;&#xA0;
Adjusted earnings per share&#xA0;</font><font style="font-style: italic; color: #000000">continued</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 22%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: middle; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Statutory
income statement</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cost of
major restructuring</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
charges</font></div>
</td>
<td style="vertical-align: middle; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net finance costs</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
amortisation benefit</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
income statement</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
<td colspan="8" style="vertical-align: bottom; width: 100%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operating
profit</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">411</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(178)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">80</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">313</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(57)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(61)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
before tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">354</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(178)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">80</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">252</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(44)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(22)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(35)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(175)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">58</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">217</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-controlling
interest</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Earnings&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(175)</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">58</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">217</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 22%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: bottom; width: 68%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
average number of shares (millions)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px">755.4</font></font></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: bottom; width: 68%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted
average number of shares (millions) for diluted
earnings</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">755.4</font></div>
<div></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: bottom; width: 68%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div><font>&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: bottom; width: 68%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
earnings per share (basic)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">28.7p</font></div>
<div></div>
</td>
</tr><tr>
<td colspan="6" style="vertical-align: bottom; width: 68%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Adjusted
earnings per share (diluted)</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 14%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="width: 10%;">
<div style="text-align: right"><font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">28.7p</font></div>
<div></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px;">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
8.&#xA0;&#xA0;&#xA0;&#xA0; Dividends</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 71%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 71%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amounts
recognised as distributions to equity shareholders in the
year</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
149</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">146</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
directors are proposing a final dividend of 14.2p per equity share,
payable on 6 May 2022 to shareholders on the register at the close
of business on 25 March 2022. This final dividend, which will
absorb an estimated &#xA3;107m of shareholders' funds, has not been
included as a liability as at 31 December 2021.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
9.&#xA0;&#xA0;&#xA0;&#xA0; Exchange rates</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pearson
earns a significant proportion of its sales and profits in overseas
currencies, the most important being the US dollar. The relevant
rates are as follows:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Average
rate for profits</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1.38</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.28</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Year
end rate</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1.35</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.37</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
10.&#xA0;&#xA0;&#xA0;&#xA0; Non-current intangible
assets</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Goodwill</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,145</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,094</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
intangibles</font></div>
</td>
<td style="vertical-align: bottom; width: 6%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
624</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">648</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 74%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-current
intangible assets</font></div>
</td>
<td style="vertical-align: bottom; width: 6%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,769</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,742</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2021, the CGUs and aggregations of CGUs were revised to take into
account the announcement and implementation of a new strategy
including five new business divisions and a strategic review
division. The newly created CGUs and CGU aggregations reflect the
level at which goodwill is monitored by management and mirror the
primary operating segments. Goodwill has been reallocated to the
new CGUs and aggregations of CGUs using a relative value method.
The new CGU aggregations and the associated goodwill balances are
set out in the table below:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 72%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Assessments &amp;
Qualifications</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1,198</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Virtual
Learning</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
395</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">English
Language Learning</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
153</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Workforce
Skills</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
223</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Higher
Education</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
68</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Strategic
Review</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
108</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
goodwill</font></div>
</td>
<td style="vertical-align: bottom; width: 17%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,145</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Following
the annual impairment review for 2021, no impairment charges have
been recorded against goodwill or intangibles. In 2020, following
the annual impairment review, impairments of &#xA3;12m were
recorded against intangibles, but no impairments were recorded
against goodwill.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
11.&#xA0;&#xA0;&#xA0;&#xA0; Acquisitions</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In September 2021, Pearson completed the acquisition of 100% of the
share capital of Faethm, having already held 9% of the share
capital. Faethm uses artificial intelligence and analytics services
to help governments, companies and workers understand the dynamic
forces shaping the labour market. Faethm will be part of the
Workforce Skills division. The total consideration for the
transaction was &#xA3;65m, which included &#xA3;10m of contingent
consideration which is payable after two years, dependent upon
meeting certain earnings targets. The contingent consideration has
been valued at the net present value of the Group's best estimate
of the amount that will be payable.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In addition, the Group made two additional acquisitions of
subsidiaries for total consideration of &#xA3;11m. In both cases,
the Group acquired 100% of the share capital of the respective
entities. Opinion Interactive LLC (also known as Spotlight
Education) was acquired in February 2021. MZ Development Inc. was
acquired in July 2021. Both will be part of the Assessments &amp;
Qualifications division.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Details of the fair values of the assets and liabilities recognised
at the acquisition date and the related consideration is shown in
the table below. The fair values of Faethm's net assets are
provisional at this stage as management are finalising their review
of the asset valuations. The provisional goodwill arising from the
acquisition of Faethm represents assets and benefits that cannot be
separately recognised. The goodwill is not deductible for tax
purposes and at the acquisition date there were no material
contingent liabilities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There were no significant acquisitions in 2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Faethm</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
21</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deferred
tax assets</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
1</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents (excluding overdrafts)</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deferred tax
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Net assets acquired</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
27</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
33</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Goodwill</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
38</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
43</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
65</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
76</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Satisfied by:</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
consideration</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
49</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
5</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
54</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fair
value of existing interest</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Contingent
consideration</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total consideration</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
65</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
11</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
76</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cash flow from acquisitions</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash -
current year acquisitions</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(49)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(54)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents acquired</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deferred
payments for prior year acquisitions</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Acquisition
costs paid</font></div>
</td>
<td style="vertical-align: bottom; width: 4%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Net cash outflow from acquisitions</font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(46)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(9)</font></div>
</td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(55)</font></div>
</td>
<td style="vertical-align: bottom; width: 8%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Faethm
generated revenues of &#xA3;1m and a loss before tax of &#xA3;1m
for the period from the acquisition date to 31 December 2021. If
the acquisition had occurred on 1 January 2021, there would not
have been a material impact on the Group's results.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Total
acquisition-related costs of &#xA3;2m were recognised in 2021
within other operating costs.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
12.&#xA0;&#xA0;&#xA0;&#xA0; Disposals</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
February 2021, the Group completed the sale of its interests in
PIHE in South Africa resulting in a pre-tax loss of &#xA3;5m. In
October 2021, the Group completed the sale of its K12 Sistemas
business in Brazil resulting in a pre-tax gain of &#xA3;84m. There
were no other business disposals in 2021 and additional losses of
&#xA3;14m relate to other disposal costs including costs related to
the wind down of certain businesses under strategic review. In
April 2020, the Group completed the sale of the remaining 25%
interest in PRH resulting in a pre-tax profit of &#xA3;180m. There
were no other material disposals in 2020. Deferred proceeds
relating to the K12 sale were received in 2021 and
2020.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 63%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Property,
plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(48)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Investments
in joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(418)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Intangible
assets - product development</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Inventories</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents (excluding overdrafts)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Provisions
for other liabilities and charges</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
liabilities - Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
67</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cumulative
translation adjustment</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">70</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Net assets disposed</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(19)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(348)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
proceeds</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
108</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">531</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Costs
of disposal including business wind downs</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Gain on disposal</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
65</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">184</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cash flow from disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds
- current year disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
108</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">531</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds
- prior year disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
16</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">105</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents disposed</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Costs
and other disposal liabilities paid</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(17)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 63%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Net cash inflow from disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
83</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">631</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In addition to the above, in 2021, proceeds of &#xA3;48m were
received in relation to the disposal of certain investments held at
fair value through other comprehensive income.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
13.&#xA0;&#xA0;&#xA0;&#xA0; Net debt</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 72%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-current
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
30</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">45</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables - investment in finance lease</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
100</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">112</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Current
assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables - investment in finance lease</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
15</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash
and cash equivalents (excluding overdrafts)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
937</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,116</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-current
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1,245)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,463)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(30)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(40)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Current
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Borrowings</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(155)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(257)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Derivative
financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(4)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(12)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 72%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
debt</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(350)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(463)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
debt presented above includes no borrowings (2020: &#xA3;69m) or
cash and cash equivalents (2020: &#xA3;19m) which are included in
assets and liabilities held for sale.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Included
in borrowings at 31 December 2021 are lease liabilities of
&#xA3;633m (non-current &#xA3;565m, current &#xA3;68m). This
compares to lease liabilities of &#xA3;752m (non-current
&#xA3;676m, current &#xA3;76m) at 31 December 2020. The net lease
liability at 31 December 2021 after including the investment in
finance leases noted above was &#xA3;518m (2020: &#xA3;622m). Net
cash excluding net lease liabilities was &#xA3;168m (2020:
&#xA3;159m).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">On
4 June 2020, the Group completed the issuance of &#xA3;350m
guaranteed notes maturing 4 June 2030. The notes bear a coupon of
3.75% and have been issued in accordance with the ICMA Social Bond
Principles 2018. The proceeds will be primarily used to finance and
re-finance delivery of education in Connections Academy, BTEC and
GED businesses to help achieve the United Nations' 4th Sustainable
Development Goal (SDG) for a Quality Education. The social bond
framework is a natural progression of Pearson's long-standing
commitment to integrating social and environmental sustainability
into the business.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
2021, the movement on borrowings reflects the repayment of amounts
outstanding under the Group's 1.875% Euro bond. In addition, bonds
maturing in 2022 have been reclassified from non-current to current
borrowings.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
14.&#xA0;&#xA0;&#xA0;&#xA0; Cash flows</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 73%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Reconciliation
of profit for the year to net cash generated from
operations</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Profit
for the year</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
160</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">310</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Income
tax</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(3)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Depreciation,
amortisation and impairment charges</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
408</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">317</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
profit on disposal of businesses</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(65)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(184)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
net gains and losses</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
loss on disposal of fixed assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
4</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
profit on disposal of right of use assets including transfers to
investment in finance lease receivable</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
finance costs</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
26</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share
of results of joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(5)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
foreign exchange adjustment</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
9</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(34)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Share-based payment
costs</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
28</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Product
development</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(56)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Inventories</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
22</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other receivables</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(71)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trade
and other liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
37</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(26)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Retirement benefit
obligations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Provisions for
other liabilities and charges</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
14</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(37)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash generated from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">450</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
14.&#xA0;&#xA0;&#xA0;&#xA0; Cash flows</font><font style="font-style: italic; color: #000000">&#xA0;continued</font><font style="font-weight: bold; color: #000000">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 73%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-top: 1pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
all figures in &#xA3; millions</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">note</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: bottom; width: 80%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Reconciliation
of net cash generated from operations to closing net
debt</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
cash generated from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
570</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">450</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends from
joint ventures and associates</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
PPE</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(64)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(53)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Addition of new
right-of-use lease assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(30)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(61)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
disposal of right-of-use lease assets including transfers to/from
investment in finance lease receivable</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
intangible assets</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(112)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(81)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Add
back: net costs paid for major restructuring</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
24</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
cash flow</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
388</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">315</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Operating tax
paid</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(60)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
operating finance costs paid</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(54)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(50)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
free cash flow</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
274</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">255</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-operating tax
(paid) / received</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(117)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
costs paid for major restructuring</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(24)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(38)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Free
cash flow</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
133</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">229</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends paid
(including to non-controlling interest)</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(149)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(147)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
movement of funds from operations</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">82</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Acquisitions and
disposals</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
62</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">619</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Disposal of lease
liabilities</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
67</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Loans
repaid</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">48</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Proceeds from issue
of ordinary shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
6</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Buyback
of equity</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(176)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase of
treasury shares</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(16)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(6)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
movements on financial instruments</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
20</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(29)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
movement of funds</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
123</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">544</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exchange movements
on net debt</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(10)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Movement
in net debt</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
113</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">553</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Opening
net debt</font></div>
</td>
<td style="vertical-align: bottom; width: 7%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(463)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1,016)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 73%">
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Closing
net debt</font></div>
</td>
<td style="vertical-align: bottom; width: 7%">
<div style="text-align: center; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(350)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(463)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Operating
cash flow and free cash flow are non-GAAP measures and have been
disclosed as they are part of the Group's corporate and operating
measures. These measures are presented in order to align the cash
flows with corresponding adjusted profit measures.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 16px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #007FA3; font-family: Times New Roman; font-size: 16px">for
the year ended 31 December 2021</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -4px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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15.&#xA0;&#xA0;&#xA0;&#xA0; Contingencies</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There are contingent Group liabilities that arise in the normal
course of business in respect of indemnities, warranties and
guarantees in relation to former subsidiaries and in respect of
guarantees in relation to subsidiaries, joint ventures and
associates. In addition, there are contingent liabilities of the
Group in respect of unsettled or disputed tax liabilities, legal
claims, contract disputes, royalties, copyright fees, permissions
and other rights. None of these claims are expected to result in a
material gain or loss to the Group.</font></div>
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On 25 April 2019, the European Commission published the full
decision that the United Kingdom controlled foreign company group
financing partial exemption ('FCPE') partially constitutes State
Aid. The Group has lodged an appeal. The Group has benefited from
the FCPE in 2018 and prior years by approximately &#xA3;116m (which
does not include additional interest that would be due if this
amount had to be repaid). In February 2021, the Group received
Charging Notices requiring a payment on account of materially all
of the alleged State Aid to be made. Payments totaling &#xA3;105m
(comprising tax and interest) were made during 2021 and the Group
expects to recover the funds in due course. The Group continues to
be of the view that no provision is required in respect of this
issue.&#xA0;</font></div>
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The Group is under assessment from the tax authorities in Brazil
challenging the deduction for tax purposes of goodwill amortisation
for the years 2012 to 2017. Similar assessments may be raised for
other years. Potential total exposure (including possible interest
and penalties) could be up to BRL 1,079m (&#xA3;143m) up to 31
December 2021, with additional potential exposure of BRL 98m
(&#xA3;13m)&#xA0;in relation to deductions expected to be taken in
future periods. Such assessments are common in Brazil. The Group
believes that the likelihood that the tax authorities will
ultimately prevail is low and that the Group's position is strong.
At present, the Group believes no provision is
required.</font></div>
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16.&#xA0;&#xA0;&#xA0;&#xA0; Related parties</font></div>
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In 2021, the Group acquired a 40% interest in Academy of Pop and is
accounting for the investment as an associate. At 31 December 2021,
the Group had a current liability payable to Academy of Pop of
&#xA3;7m which relates to the Group's initial capital contribution
that has not yet been paid. This balance is expected to be paid in
H1 2022.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In 2020, the Group disposed of its interests in Penguin Random
House and therefore Penguin Random House is no longer a related
party. Prior to the completion of the sale of Penguin Random House,
the Group received dividends of &#xA3;1m from Penguin Random House
and repaid loans of &#xA3;49m which were outstanding at the point
of disposal.</font></div>
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There were no other material related party transactions in 2021 or
2020 and no guarantees have been provided to related parties in the
year.</font></div>
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17.&#xA0;&#xA0;&#xA0;&#xA0; Events after the balance sheet
date</font></div>
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On 28 January 2022, the Group acquired 100% of the share capital in
Credly Inc, having previously held a 19.9% interest in the company.
Total consideration is c$200m comprising upfront cash consideration
of c$142m, Pearson's existing interest valued at c$42m and c$16m of
deferred consideration. Net assets acquired will mainly comprise of
acquired intangible assets.&#xA0;</font></div>
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In January 2022, the Group received $117m in relation to full and
final payment of the remaining receivable balance which arose on
the disposal of the US K-12 business in 2019.</font></div>
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In February 2022, the Group renegotiated its revolving credit
facility, extending the maturity of $1bn of the facility by one
year to 2026.</font></div>
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On 24 February 2022, the Board approved a
&#xA3;350m&#xA0;share&#xA0;buyback programme in order to return
capital to&#xA0;shareholders. The programme will commence as soon
as is practicable.</font></div>
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<font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #000000">1</font><font style="color: #000000">&#xA0;Measures
are non-GAAP measures. Reconciliations to the equivalent statutory
heading under IFRS are included in notes to the attached condensed
consolidated financial statements 2, 3, 4, 5, 7 and
14.&#xA0;Underlying growth rates exclude currency movements, and
portfolio changes.</font></font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; color: #000000">2</font></font><font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Consensus
adjusted operating profit as at 12</font><font style="font-size: 70%; vertical-align: top; color: #000000">th</font><font style="color: #000000">&#xA0;November
2021 was &#xA3;416m at average USD:GBP of
1.37.</font></font></font></font></div>
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SIGNATURE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.<font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">PEARSON
plc</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">
Date:&#xA0;</font><font style="color: #000000; font-size: 13px; background-color: #FFFFFF">25
February 2022</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By: /s/
NATALIE WHITE</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px">------------------------------------</font></div>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Natalie
White</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deputy
Company Secretary</font></div>
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