Director Shareholding

Reed Elsevier PLC 12 August 2002 Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV Directors' Interests We have today received notification of the following transactions in the securities of Reed Elsevier PLC and Reed Elsevier NV: On 9 August 2002, Mr A Prozes, a director of Reed Elsevier PLC and Reed Elsevier NV, exercised a nil cost option over 20,168 ordinary shares in Reed Elsevier PLC and 14,040 ordinary shares in Reed Elsevier NV. The option was satisfied by the transfer of shares from the Reed Elsevier Employee Benefit Trust ('the Trust'). Mr Prozes retained all of the shares and, as a consequence, he now holds an interest in 63,497 Reed Elsevier PLC ordinary shares and 44,400 Reed Elsevier NV ordinary shares. On 9 August 2002 the Trust purchased 240,000 ordinary shares in Reed Elsevier NV at an average price of Euro 12.24 per share Between 9 and 12 August 2002 the Trust purchased 511,002 ordinary shares in Reed Elsevier PLC at an average price of 550.78p per share. Following the above transactions, the Trust now holds an interest in 2,840,047 Reed Elsevier PLC ordinary shares and 1,599,136 Reed Elsevier NV ordinary shares. 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 Elsevier PLC and Reed Elsevier NV are, for technical disclosure purposes, deemed to be interested in the shares held by the Trust, by virtue of being potential beneficiaries under the Trust. 12 August 2002 This information is provided by RNS The company news service from the London Stock Exchange

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