Director Shareholding

Reed Elsevier PLC
28 April 2003


To: RNS


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 24 April 2003 51,157
ordinary shares in Reed Elsevier PLC, at a price of 495.0p per share. 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 6,383,764 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.


From: Reed Elsevier PLC


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