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CCH Partners with Financial Reporting Specialists to deliver a world class financial reporting solution

(Sydney, Australia, December, 2010) CCH, a Wolters Kluwer business, a leading provider of tax, accounting and audit information, software and services, today announced that it has entered into an agreement with Financial Reporting Specialists (FRS). Under the agreement CCH will offer FRS’s revolutionary financial reporting software as the CCH Financial Reporter.

The software helps automate the production of annual and interim financial reports by importing data from a general ledger. The general ledger data is combined with client input
data to create a complete financial reporting solution, including those financial statements required by Australian Securities and Investment Commission (ASIC) and the Australian Stock Exchange (ASX). The software, which has been designed around an Auditor’s needs, combines FRS’s unique methodology and compliant technical content to deliver the financial report, consolidated audit trails and a number of other reports.

Michael Berrington (the Founder and Director of FRS) says, “We initially began developing the software to help improve the efficiency of our business and after many years of
investment and development we believe that we have world class software, that leads the way in effective and efficient financial report production. We are very pleased that Wolters
Kluwer Tax & Accounting, in particular CCH, have shown confidence in our software and are willing to work with us to realise its full potential, not only in Australia, but also throughout the world.”

“The agreement with FRS is very a positive development ” said Bob Fowler, Head of CCH Software in Australia, “The CCH Financial Reporter will fill a gap in the market, and based on the customer feedback obtained during our concept testing we expect strong demand for the product. The preparation of reports is a key process in the accountant’s workflow and with FRS internal benchmarks suggesting the software (CCH Financial Reporter) can reduce the
time taken to produce some financial reports by up to 80%. It will also ease the burden of meeting International Financial Reporting Standards (IFRS) requirements and we look
forward to working with FRS to pass on these productivity gains to our customers”.

The CCH Financial Reporter will assist accounting firms to:

  • Produce International & Australian Financial Reports effectively & efficiently

  • Produce reports that comply with International Financial Reporting Standards (IFRS)

  • Implement a seamless process that ensures year on year consistency & data integrity

  • Reduce the time and cost of client report production

  • Provide Auditors with lead schedules & audit trails prior to an audit commencing

Bob Fowler added that “in addition to CCH distributing and supporting the software we are also excited to be working with FRS to integrate the Financial Reporter software into other CCH solutions and therefore delivering even greater client benefits.

About Financial Reporting Specialists (FRS)

Financial Reporting Specialists (FRS) was founded in 2004 and is based in Sydney Australia. FRS specialise in the production of International and Australian Financial Reports. The Directors have almost 100 years of combined experience in the areas of Financial Reporting, Audit, Accountancy and Technology and much of their experience has been acquired within the Big 4 Accountancy firms of PricewaterhouseCoopers and Ernst & Young. FRS currently has a number of Australia’s leading corporations amongst its customer base.

About Wolters Kluwer Tax & Accounting

Wolters Kluwer Tax & Accounting, a division of Wolters Kluwer, is the preferred provider of premier information, research, and software tools in the global tax and accounting arena. Tax, accounting, and audit professionals who serve as trusted advisors to clients and businesses worldwide rely on authoritative content and integrated workflow solutions from global leader Wolters Kluwer Tax & Accounting Its market leading solutions include CCH®, ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect™. Its headquarters are in Riverwoods, Illinois.

About Wolters Kluwer

Wolters Kluwer is a market-leading global information services company. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare rely on Wolters Kluwer’s leading, information-enabled tools and solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world. Wolters Kluwer has 2009 annual revenues of €3.4 billion ($4.8 billion/£3.0 billion), employs approximately 19,300 people worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphenaan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

Media Contact

Kevin Ormrod
Wolters Kluwer Asia Pacific
Office +61 2 9857 1715; Mobile +61 416 153 467

Forward-looking Statements

This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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