Director Shareholding

Reed Elsevier PLC
5 June 2003

LETTER TO:  RNS


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 3rd June 2003 2,000 ordinary shares in Reed Elsevier PLC, at a
price of 518.85p per share. The transaction took place in order to meet the
exercise of a share option entitlement by an employee of Reed Elsevier.
Following this transaction, the Trust now holds 6,516,764 ordinary shares in
Reed Elsevier PLC and 1,375,131 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:  L Dixon (Deputy Secretary)

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