Director Shareholding

Reed Elsevier PLC
7 April 2003


                               Director's Interest
 
We are writing to inform you that we have today received notification of the
following transactions in Reed Elsevier PLC and Reed Elsevier NV ordinary shares
by Mr C H L Davis, a director of Reed Elsevier PLC and Reed Elsevier NV.

On 4 April 2003 Mr Davis exercised a nil cost option granted to him in September
1999 over 535,332 Reed Elsevier PLC shares and 319,250 Reed Elsevier NV shares,
and converted them into ordinary shares. In order to meet the income tax charge
arising on the exercise of the options, Mr Davis sold on the same day 214,132
Reed Elsevier PLC ordinary shares at 502.8l03p per share and 127,700 Reed
Elsevier NV ordinary shares at €10.4915 per share.

As a consequence of the above transactions, Mr Davis's holdings have increased
to 450,293 Reed Elsevier PLC and 282,704 Reed Elsevier NV ordinary shares.

The ordinary shares required to satisfy the above option exercise have been
satisfied from the Reed Elsevier Employee Benefit Trust (the 'Trust'). Following
the transaction, the Trust now holds 6,457,561 ordinary shares in Reed Elsevier
PLC and 1,345,131 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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