Director Shareholding

Reed Elsevier PLC
31 March 2004



          ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV


                            Interests in shares

We received notification today from Hill Samuel Offshore Trust Company Limited, 
the Trustees of the Reed Elsevier Employee Benefit Trust ('the Trust'), that the 
Trust now holds an interest in 8,165,798 ordinary shares in Reed Elsevier PLC 
and 2,954,378 ordinary shares in Reed Elsevier NV as a result of the following 
transactions:

(a)    On 29 March 2004: Purchase of 17,167 Reed Elsevier PLC American 
       Depositary Shares ('ADSs') at a price of $35.3345 per ADS (equivalent to 
       68,668 Reed Elsevier PLC ordinary shares) and 14,973 Reed Elsevier NV 
       ADSs at a price of $26.1774 per ADS (equivalent to 29,946 Reed Elsevier 
       NV ordinary shares).

(b)    On 30 March 2004: Purchase of 8,300 Reed Elsevier PLC American Depositary 
       Shares ('ADSs') at a price of $35.4392 per ADS (equivalent to 33,200 Reed 
       Elsevier PLC ordinary shares) and 11,228 Reed Elsevier NV ADSs at a price 
       of $26.2956 per ADS (equivalent to 22,456 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. 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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