Director Shareholding

Reed Elsevier PLC
13 April 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 8,300,966 ordinary shares in Reed Elsevier PLC 
and 3,006,007 ordinary shares in Reed Elsevier NV as a result of the following 
transactions:

(a)    On 7th April 2004: Purchase of 65,352 ordinary shares in Reed Elsevier PLC 
       at a price of 494.50p per share, 20,427 ordinary shares in Reed Elsevier 
       NV at a price of €11.15 per share and 13,085 Reed Elsevier NV ADSs at a 
       price of $27.5671 per ADS (equivalent to 26,170 Reed Elsevier NV ordinary 
       shares).

(b)    On 8th April 2004: Purchase of 5,032 ordinary shares in Reed Elsevier NV 
       at a price of €11.25 per share and 17,479 Reed Elsevier PLC American 
       Depositary Shares ('ADSs') at a price of $36.734 per ADS (equivalent to 
       69,916 Reed Elsevier PLC 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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