AGM Statement

Reed Elsevier PLC
28 April 2004



                                  NEWS RELEASE

                                                                   28 April 2004

       Annual General Meetings of Reed Elsevier PLC and Reed Elsevier NV
                              Chairman's Statement

           Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV

Morris Tabaksblat, Chairman of Reed Elsevier PLC and Reed Elsevier NV, told
shareholders at the Reed Elsevier PLC meeting in London today:

'We were pleased to report another year of good progress in executing against
our growth strategy and the delivery of a strong financial result for 2003. Reed
Elsevier delivered double digit growth in adjusted earnings per share at
constant currencies for the third consecutive year, despite the late cycle
effects on each of our markets of the recent global economic slowdown. We
continued to invest significantly in the development of new products, expansion
of sales and marketing activities, and in pursuing new growth opportunities.
Strong relative performances in our markets and further cost efficiencies
delivered the good overall result.'

Looking at the trading performance in 2004 to date, Mr Tabaksblat commented:

'Overall trading conditions in our main markets have changed little since our
2003 Preliminary Results announcement on 19 February. Results so far this year
are in line with our expectations, and we continue to target for the year mid to
high single digit growth in adjusted earnings per share at constant currencies
and above market revenue growth.

The performance trends in Reed Elsevier's businesses are as follows:

Elsevier has had a sound start to the year.  In Science & Technology
subscription renewals were strong despite academic library budgets remaining
under pressure.  Expanded content development and continued good growth in sales
of electronic product are expected to contribute to a satisfactory year.  In the
Health Sciences business, another strong publishing programme is expected to
deliver good growth although given the seasonality of the business this will
mostly be seen in the second half.  Investment in new online products and
navigational services is progressing well.

LexisNexis has started the year satisfactorily.  Core legal research markets and
corporate and academic markets are still held back by the late cycle effect of
prior year economic slowdown. Growth is, however, being seen from the investment
in new content and online functionalities and workflow applications.  The risk
management business continues to show strong growth.  International growth
outside the US is benefiting from strong online sales growth.  The global online
delivery platform has now been launched in France and Australia and the initial
response is encouraging.

Harcourt Education faces an expected market decline in 2004 due to the trough in
the state text book adoption cycle and continued state budget pressures.
Although textbook sales are mostly in the second half, the response to the new
publishing programmes, particularly Maths, is encouraging and Harcourt expects
again to perform well in the available 2004 adoptions.  The Assessment business
is seeing good growth from recent state educational testing contract wins and
the UK education business should show some recovery from last year's difficult
funding environment.  The increased investment in classroom based assessment
products is progressing well.

Reed Business is seeing the benefit of a stronger exhibitions business but this
is largely due to favourable cycling of non annual shows.  On magazines,
advertising markets in most sectors remain sluggish. There is, however, more
interest now generally amongst advertisers in future programmes and some
previously weak sectors, such as electronics and building and construction in
the US and recruitment advertising in the UK, are showing signs of stabilisation
and potential growth. At this stage no overall growth in the business is
foreseen for this year as a whole. As and when market recovery does take hold,
Reed Business is expected to show good recovery and the flow through to
increased profitability will be strong.

As stated in February, if current exchange rates prevail, there will be an
adverse translation impact on reported earnings due to the year-on-year weakness
of the US Dollar.

Reed Elsevier continues to be excellently positioned in long term growth
markets, and has a clear investment led growth strategy. We expect to deliver on
our long term targets of above market revenue growth and double digit growth in
adjusted earnings per share at constant currencies in 2005 and beyond as our
markets benefit from the upturn in the US schools adoptions and improved
economic conditions.'

The Annual General Meeting of Reed Elsevier NV, the co-parent of Reed Elsevier
Group plc, will be held in Amsterdam tomorrow and Mr Tabaksblat, also Chairman
of Reed Elsevier NV, will make the same comments to that meeting.

This announcement contains forward looking statements within the meaning of
Section 27A of the Securities Act 1933, as amended, and Section 21E of the
Securities Exchange Act 1934, as amended. These statements are subject to a
number of risks and uncertainties and actual results and events could differ
materially from those currently being anticipated as reflected in such forward
looking statements. The terms 'expect', 'should be', 'will be', and similar
expressions identify forward looking statements. Factors which may cause future
outcomes to differ from those foreseen in forward looking statements include,
but are not limited to: general economic conditions and business conditions in
Reed Elsevier's markets; exchange rate fluctuations; customers' acceptance of
its products and services; the actions of competitors; legislative, fiscal and
regulatory developments; changes in law and legal interpretation affecting Reed
Elsevier's intellectual property rights; and the impact of technological change.

For media enquiries contact:

Susanna Smart, Reed Elsevier, tel [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange