On-sale of Businesses

Reed International PLC
Elsevier NV
13 July 2001







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



                                                                  13 July 2001



      Reed Elsevier completes on-sale of certain Harcourt businesses to 
                            The Thomson Corporation





Following the completion of its acquisition of Harcourt General Inc., Reed
Elsevier announced today the successful completion of its on-sale to The
Thomson Corporation of Harcourt's Higher Education and certain Corporate and
Professional Services businesses for $2.06 billion.



Reed Elsevier will retain Harcourt's Scientific, Technical and Medical
business and US Schools Education and Testing businesses.  Taking into account
Harcourt's net debt and other corporate liabilities, and the post-tax on-sale
proceeds, the implied value for the businesses retained is approximately $4.5
billion.



Further enquiries:



Please contact Catherine May or Susanna Smart,
Reed Elsevier plc (+44) (0) 20 7222 8420