Director Shareholding

Reed Elsevier PLC
30 March 2004

To: RNS

            ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

                                 Interests in shares

We received notification yesterday from Hill Samuel Offshore Trust Company
Limited, the Trustees of the Reed Elsevier Employee Benefit Trust ('the Trust'),
that they purchased on 26 March 2004 159,466 ordinary shares in Reed Elsevier
PLC at a price of 471.7237p per share, 65,157 ordinary shares in Reed Elsevier
NV at a price of €10.52 per share, 7,017 Reed Elsevier PLC American Depositary
Shares ('ADSs') at a price of $34.9483 per ADS (equivalent to 28,068 Reed
Elsevier PLC ordinary shares) and 6,780 Reed Elsevier NV ADSs at a price of
$25.8071 per ADS (equivalent to 13,560 Reed Elsevier NV ordinary shares).

The transactions took place in order to meet the future exercise of share option
entitlements by employees of Reed Elsevier. Following the transactions, the
Trust now holds an interest in 8,063,930 ordinary shares in Reed Elsevier PLC
and 2,901,976 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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