The Cambridge Learner Corpus （CLC）is a unique collection of over 95,000exam papers from Cambridge ESOL.It shows real mistakes students makeand highlights the parts of English which causeproblems for learners. The CLC has been developedby Cambridge University Press with University ofCambridge ESOL Examinations to help in writingmaterials for learners of English.www, cambridge,orglcorpus
Thanks and acknowledgements
Test 1 Reading 22
Test 2 Reading 40
Test 3 Reading 58
Test 4 Reading 76
Key (including tapescripts and sample answers)
Test 1 94
Test 2 102
Test 3 110
Test 4 118
Speaking test interlocutor frames 127
Sample Answer Sheets 128
Following the company's poor annual results in November, the share price plunged and hassince remained around 200p. Analysts now believe that the company is seriously undervaluedby the stock market. The company's biggest problems were in Germany and France last yearwhere supply outstripped demand, leading to a 20 million loss for the year. However, thecompany has recently appointed a new chairman who has a first-rate track record of revivingfailing companies. It is believed that he will be successful in turning round the company'sfortunes.
Analysts are impressed with the company's recent performance. In the last six months, it hasmanaged to increase prices by 3 per cent without adversely affecting sales. In such a low-margin, high-sales sector, this ought to translate directly into increased profits. The company'srecent sale of its packaging division has eliminated all its debts. Shares have risen in the pastmonth from 80p to 100p. Despite these promising signs, it must be remembered that thecompany is trading in an extremely volatile market.
For some weeks, there has been widespread expectation that the company will announce thesale of its troubled newspaper-and-magazine distribution arm. Speculation came to an endwhen this was firmly ruled out as a possibility at the annual general meeting last week. Profitsfrom this division were down from 13 million to 8 million. However, this drop was morethan offset by an improvement in the company's retail division, which has taken the innovativestep of opening stores in places such as hospitals and colleges. Profits in this division rose fromThe company has had steady growth prospects since it opened four more upmarket hotels andseveral health and fitness clubs. This move has come at a time when the market is particularlybuoyant. There were rnmours that the company might become the subject of a takeover bid byone of the large American corporations. However, this has not materialised, and it now seemsunlikely that any such bids will be made in the immediate future.