Issue of R-Shares

Reed International PLC
Elsevier NV
12 April 2001







        Issued on behalf of Reed International P.L.C. and Elsevier NV



                       Issue of R-Shares by Elsevier NV



Reed International P.L.C. and Elsevier NV announced today the issue by
Elsevier of 629,298 R-Shares to Reed Holding BV, a wholly owned subsidiary of
Reed International, for Euro91.3 million (£56.3 million). The Elsevier
R-Shares are not listed and are only held by Reed Holding BV.  Each R-Share is
convertible into 10 Elsevier ordinary shares and, accordingly, the price of
issue reflects the Elsevier ordinary share price at the close of business
yesterday.



The issue of Elsevier R-Shares follows the placing of Reed International and
Elsevier ordinary shares in November 2000 such that Reed International's
indirect equity interest in Elsevier's share capital represented by the
R-Shares is maintained at 5.8% on a fully diluted basis.  This reflects the
respective economic interests of the shareholders of Reed International and
Elsevier in the combined businesses, represented by the equalisation
arrangements.  The equalisation ratio is unaffected.



Reed International is funding the subscription for Elsevier R-Shares out of
the proceeds of the November 2000 issue of Reed International ordinary shares.



Contact
Catherine May

+ 44 (0)20 7227 5657