Director Shareholding

Reed Elsevier PLC
25 February 2003




        Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV 



Director's Interests 


We are writing to advise you that we received notification today from Hill
Samuel Offshore Trust Company Limited, the Trustees of the Reed Elsevier
Employee Benefit Trust ('the Trust'), that on 21 February 2003 they purchased
110,000 ordinary shares in Reed Elsevier NV at a price of Euro9.2573 per
share, and that on 25 February 2003 they purchased 4,160,000 Reed Elsevier
PLC ordinary shares at a price of 447.94p per share.


Following these purchases, the Trust now holds 7,000,047 ordinary shares in
Reed Elsevier PLC and 1,664,381 ordinary shares in Reed 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 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.


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