Holding(s) in Company

Reed Elsevier PLC
27 August 2004

27 August 2004

           ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

                              Interests in shares


Reed Elsevier received notification yesterday 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 8,344,258 ordinary shares in
Reed Elsevier PLC and 3,630,626 ordinary shares in Reed Elsevier NV as a result
of the following transactions which took place on 26 August 2004:
     
(a)  Purchase of 350,000 ordinary shares in Reed Elsevier PLC at a price of 
     484.8643p per share.
     
(b)  Purchase of 750,000 ordinary shares in Reed Elsevier NV at a price of     
     €10.4983 per share.

The above 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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