Acquisition

Reed International PLC
Elsevier NV
5 July 2001



                                 News Release

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

                                                                 5 July 2001





 Reed Elsevier announces acquisition of Harcourt General, Inc. approved by UK
  Department of Trade & Industry, and announces extension of Harcourt tender
     offer until 8:00 p.m. New York City time on Wednesday, July 11, 2001



Reed Elsevier plc announced today that the Minister for Competition at the UK
Department of Trade & Industry (DTI), Melanie Johnson MP, has approved its
acquisition of Harcourt General, Inc. (NYSE: H).



The Minister's decision is based on the recommendations made by the UK
Competition Commission in its report on the proposed acquisition, which is
published today.  This decision marks the completion of the regulatory process
in all relevant jurisdictions.



Crispin Davis, CEO, said: 'We are very pleased that the DTI has cleared this
transaction and we can now move quickly to complete the tender offer. The
acquisition of Harcourt represents a major step forward in our strategy.  The
combination of our businesses provides an exceptional platform for growth, to
the benefit of our customers, shareholders and staff.'



Reed Elsevier Inc. also today announced an extension of the expiration date of
its tender offer for all outstanding shares of common stock, par value $1.00
per share, and all outstanding shares of series A cumulative convertible
stock, par value $1.00 per share, of Harcourt General, Inc. from 8:00 pm, New
York City time on Friday, July 6, 2001 until 8:00 pm, New York City time on
Wednesday, July 11, 2001.



The offer is being extended to provide shareholders with the opportunity to
tender their shares following completion of the regulatory review process.



Reed Elsevier has been advised by Citibank, N.A., the Depositary for the
tender offer, that as of the close of business on July 3, 2001, approximately
22,293,001 shares of common stock and approximately 571,662 shares of series A
cumulative convertible stock of Harcourt had been validly tendered and not
withdrawn pursuant to the offer.



For further information about the tender offer, please contact MacKenzie
Partners, Inc., the Information Agent for the offer, on  (+1) [phone].



For further information about Reed Elsevier :



Please contact Catherine May, Reed Elsevier plc, on: (+ 44) (0) 20 7222 8420