Trading Update

Reed International PLC
Elsevier NV
29 November 2000


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

REED ELSEVIER: UPDATE ON TRADING

Trading conditions in Reed Elsevier's markets have been broadly unchanged from
those reported in the first half, and the business is performing in line with
the expectations and outlook referred to in the Interim Statement issued in
August.

The execution of Reed Elsevier's growth strategy remains on track. Management
has continued to be strengthened across the business and, with the
announcement today of the appointment of Gerard van de Aast as global CEO for
Reed Elsevier's Business-to-Business publishing, the senior management team is
now essentially complete.  The substantially increased investment in new,
internet focused, product development, sales and marketing is meeting key
milestones, and the cost savings programmes will exceed the targets for the
year.  Acquisitions completed to date, totalling £0.9 billion/Euro1.5 billion,
should enhance Reed Elsevier's global capability and leadership positions in
its chosen markets.  The divestment programme is ongoing and, whilst dilutive
to earnings in the short term, is repositioning the business for faster
growth.

The performance trends in Reed Elsevier's businesses are as follows:

In the Science business, the good performance seen in the first half has
continued, with the stronger 2000 subscription renewals and an increasing
contribution from Internet services.  ScienceDirect now covers over 40% of the
subscription revenues and usage continues to grow well.  New customised
Internet products are also expanding the revenue base and attracting new
customers.

In the Legal business, progress has been made in turning around product
performance in the US and in sales and marketing effectiveness.  The launch of
lexis.com and the Lexis legal portal and the major relaunch of nexis.com in
September have been well received in the market.  The momentum in winning
increasing preference in the law schools is continuing.

Overall revenue growth in the US is, as expected, modest this year, partly
because of print migration but also because the impact of the Lexis Nexis
initiatives will take time to overcome customer prior preference and work
through subscription cycles. Outside the US, the legal businesses are
performing satisfactorily.

The schools educational business continues to perform well, particularly in
the Rigby US supplemental education business with strong growth from its new
publishing programmes.  Overall, the schools education business has increased
market share.

In the Business segment, the stronger revenue performance in the first half
has continued with solid advertising revenues and the impact of the investment
initiatives.  Profit performance is also benefiting from the major cost
savings programmes.

At Cahners, the recovery seen in the core business in the first half has been
maintained and the Internet portals in key sectors are being launched.  The
e-logic acquisition is delivering the planned acceleration of internet
development across the Cahners portfolio and CMDG is making satisfactory
progress.

Reed Business Information and Elsevier Business Information have seen some
benefit from improving trends in their markets and the launches during the
year.  Reed Exhibitions has maintained its positive growth momentum though, as
expected, the results are affected by the cycling out of some major non-annual
shows.  The Miller Freeman Europe business acquired in July is ahead of
expectations.

Commenting on the progress made in the second half of the year, Crispin Davis,
Chief Executive Officer, said:

'Across our businesses, we are continuing to see effective execution of the
strategy we announced in February.  Our good progress to date and the positive
outlook for the future have given us the confidence to take on the acquisition
of Harcourt General which we believe will considerably add to the shareholder
value that is being created in the business'.

The Reed Elsevier Preliminary Statement on the 2000 financial year will be
issued on 22 February 2001.


Enquiries:

Susanna Smart                     
+ 44 20 7227 5670                     

This document has been issued by and is the sole responsibility of Reed
International P.L.C. ('Reed International') and Elsevier NV ('Elsevier') and
has been approved solely for the purposes of Section 57 of the Financial
Services Act 1986 by ABN AMRO Bank N.V., Cazenove & Co., and Morgan Stanley
Securities. 

ABN AMRO Rothschild, part of ABN AMRO Bank N.V. which is regulated by The
Securities and Futures Authority Limited for the conduct of investment
business in the United Kingdom, is acting exclusively for Reed International
and Elsevier and no one else in connection with this announcement and will not
be responsible to anyone other than Reed International and Elsevier for
providing the protections afforded to customers of ABN AMRO Bank N.V., a
member of the ABN AMRO Group, or for giving advice in relation to this
announcement.

ABN AMRO Rothschild is a joint venture between ABN AMRO Bank N.V. and N M
Rothschild & Sons Limited ('NMR').  ABN AMRO Bank N.V. is regulated by The
Securities and Futures Authority Limited ('SFA') for the conduct of investment
business in the UK.  NMR is regulated by the SFA.

Cazenove & Co., which is regulated by The Securities and Futures Authority
Limited, is acting exclusively for Reed International and Elsevier and no one
else in connection with this announcement, and will not be responsible to
anyone other than Reed International and Elsevier for providing the
protections afforded to customers of Cazenove & Co., or for giving advice in
relation to this announcement.

Morgan Stanley Securities Ltd., which is regulated by The Securities and
Futures Authority Limited, is acting exclusively for Reed International and
Elsevier and no one else in connection with this announcement and will not be
responsible to anyone other than Reed International and Elsevier for providing
the protections afforded to customers of Morgan Stanley & Co. Ltd., or for
giving advice in relation to this announcement.

This announcement contains forward-looking statements within the meaning of
Section 27A of the US Securities Exchange Act of 1933, as amended (the
'Securities Act') and Section 21E of the US Securities Exchange Act of 1934,
as amended.  These statements concern future matters, such as the timing of
the acquisition of Harcourt General.  The forward-looking statements are based
on the current expectations of the management of Reed Elsevier and are subject
to risks and uncertainties, and actual results might differ materially from
the results discussed in the 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, customers' acceptance of its
products and services, the actions of competitors, changes in law and legal
interpretation affecting Reed Elsevier's intellectual property rights, and the
impact of technological change.  Reed Elsevier is not under any obligation
(and expressly disclaims any such obligation) to update or alter its
forward-looking statement whether as a result of new information, future
events or otherwise.