Director Shareholding

Reed Elsevier PLC
26 February 2004

LETTER TO:  RNS
 
ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

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 purchased on 25 February 2004 1.5 million ordinary shares in Reed
Elsevier PLC, at a price of 505.3953p per share and 1.5 million ordinary shares
in Reed Elsevier NV, at a price of €11.0527 per share. This transaction took
place in order to meet the future exercise of share option entitlements by
employees of Reed Elsevier. Following this transaction, the Trust now holds
7,876,396 ordinary shares in Reed Elsevier PLC and 2,823,259 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, Reed Elsevier PLC)

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