Director Shareholding

Reed International PLC
Elsevier NV
2 April 2001



LETTER TO: COMPANY ANNOUNCEMENTS OFFICE

We are writing to advise you that we have today received notification from 
Hill Samuel Offshore Trust Company Limited, the Trustees of the Reed Elsevier
Employee Benefit Trust ('the Trust'), that they sold on 30 March 28,111 ordinary
shares in Reed International P.L.C., at a price of 624p per share and 19,668
ordinary shares in Elsevier NV at a price of EUR14.45. The transaction took
place in order to meet the exercise of share option entitlements by an employee
of Reed Elsevier. Following this transaction, the Trust now holds 562,146
ordinary shares in Reed International P.L.C. and 300,332 ordinary shares in
Elsevier NV.

The Trust is a discretionary employee benefit trust which is operated in
conjunction with Reed Elsevier's share option schemes, and which provides for
the transfer of shares to employees on the exercise of options granted under the
said schemes. Executive directors of Reed International P.L.C. and Elsevier NV
are, for technical disclosure purposes, deemed to be interested in all the
shares referred to above.

LETTER FROM: REED INTERNATIONAL