Offer for MediMedia MAP

Reed Elsevier PLC
26 May 2005



                                  NEWS RELEASE



           Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV



                                                                     26 May 2005



  Reed Elsevier announces binding offer to acquire MediMedia's European and US
               Netter professional medical publishing businesses

Reed Elsevier announced today that it has made a binding offer to acquire
MediMedia's European and US Netter professional medical publishing businesses
(MediMedia MAP) for €270 million in cash, subject to the necessary regulatory
clearances.


The acquisition of MediMedia MAP would be an important next step in Reed
Elsevier's strategy of building a leading global healthcare business in long
term growth markets.  It is a high quality business that fits extremely well
within the Elsevier Health Sciences division.


MediMedia MAP is a leading provider of medical information in fast growing
international healthcare markets, with its principal operations in France, Spain
and the US as well as activities in the UK, Italy and Mexico. MediMedia MAP has
highly successful brands in its markets and outstanding content.  Publishing
through the highly regarded imprints of Masson, Doyma and Netter amongst others,
MediMedia MAP provides medical books and journals and reference information
principally for the practioner market as well as continuing medical education
and pharmaceutical industry sponsored communications. The world renowned Netter
collection of medical illustrations is sold in over 200 countries.


The geography and publishing programmes of the MediMedia MAP businesses fit
excellently within Reed Elsevier's specialist health sciences group, Elsevier
Health Sciences International.  MediMedia MAP will bring Elsevier an extended
footprint in France, Spain, Italy and Mexico as well as significant new content.
The combination of the two businesses will accelerate growth with expanded
publishing programmes and digital services, serving the growing medical and
allied healthcare professions and their evolving needs for greater productivity
and in meeting the increasing trend for structured continuing education.


The MediMedia MAP businesses saw revenues of €101 million and proforma EBITDA of
€16 million in 2004.  The focus on new publishing and marketing opportunities
and the benefits of shared operations and sales and digital expertise are
expected to build revenue growth to around 7-8% per annum in the second year
post acquisition and to significantly improve profitability.  The acquisition is
expected to be accretive to adjusted earnings from the outset, and to generate
post tax annual returns in excess of 8% within three years, covering Reed
Elsevier's cost of capital, and to continue to grow returns strongly thereafter.
Elsevier's Health Sciences International business outside the US had revenues
of US$414 million in 2004 and is budgeted to deliver organic growth of at least
7% in 2005.


Commenting on the transaction, Elsevier's CEO Erik Engstrom said: 'We are very
excited by the opportunities presented by an acquisition of MediMedia MAP.  It
is a business showing strong growth potential, with prestigious brands and
content.  We look forward to continuing to invest in the respected French,
Spanish, and Italian medical publishing traditions of Masson and Doyma, as well
as developing the potential of the successful Netter business.  The combination
of our two successful businesses will provide all our customers with expanded
resources to contribute further to their professional success.'




Notes to Editors


Reed Elsevier Group plc is a world leading publisher and information provider.
It is owned equally by its two parent companies, Reed Elsevier PLC and Reed
Elsevier NV.  The parent companies are listed on the London, Amsterdam and New
York Stock Exchanges, under the following ticker symbols: London: REL;
Amsterdam: REN; New York: RUK and ENL.  In 2004, Reed Elsevier made adjusted
profit before taxation of £1,027 million/€1,510 million on turnover of £4,812
million/€7,074 million.  The group employs 35,600 people, including
approximately 22,000 in North America. Operating in the scientific, legal,
educational and business-to-business sectors, Reed Elsevier provides high value
and flexible information solutions to professional end users, with increasing
emphasis on internet delivery.


                                     -Ends-



For further information please contact:


Media:             Catherine May:           [phone]

Investors:        Sybella Stanley:          [phone]



Forward looking statements


This announcement contains forward looking statements within the meaning of
Section 27A of the Securities Act 1933, as amended, and Section 21E of the
Securities Exchange Act 1934, as amended.  These statements are subject to a
number of risks and uncertainties and actual results and events could differ
materially from those currently being anticipated as reflected in such forward
looking statements.  The terms 'expect', 'should be', 'will be', and similar
expressions identify forward looking statements.  Factors which may cause future
outcomes to differ from those foreseen in forward looking statements include,
but are not limited to: general economic conditions and business conditions in
Reed Elsevier's markets; exchange rate fluctuations; customers' acceptance of
its products and services; the actions of competitors; legislative, fiscal and
regulatory developments; changes in law and legal interpretation affecting Reed
Elsevier's intellectual property rights and internet communications; and the
impact of technological change


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