Director Shareholding

Reed Elsevier PLC
27 April 2005


           ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

                              Interests in shares


Reed Elsevier received notification today from Hill Samuel Offshore Trust
Company Limited, the Trustees of the Reed Elsevier Employee Benefit Trust ('the
Trust'), that between 19 April and 21 April 2005 they purchased 33,373 Reed
Elsevier PLC American Depositary Shares ('ADRs') at a prices between $40.2040
and $40.5881 per ADR (equivalent to 133,492 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. Following the transactions, the
Trust now holds an interest in 8,875,473 ordinary shares in Reed Elsevier PLC
and 3,780,057 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.


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