Director Shareholding

Reed International PLC Elsevier NV 19 September 2001 LETTER TO COMPANY ANNOUNCEMENTS OFFICE Issued on behalf of Reed International P.L.C. and Elsevier NV We are writing to advise you that we have today received notification from Hill Samuel Offshore Trust Company Limited, the Trustees of the Reed Elsevier Employee Benefit Trust ('the Trust'), that they purchased today 580,000 ordinary shares at an average price of 516.1284p per share in Reed International P.L.C. They also purchased today 280,000 ordinary shares at an average price of EUR11.5785 per share in Elsevier NV. Following these purchases, the Trust now holds 2,417,924 ordinary shares in Reed International P.L.C. and 1,413,442 ordinary shares in Elsevier NV. The Trust is a discretionary employee benefit trust which is operated in conjunction with Reed Elsevier's share option schemes, and which provides for the transfer of shares to employees on the exercise of options granted under the said schemes. Executive directors of Reed International P.L.C. and Elsevier NV are, for technical disclosure purposes, deemed to be interested in the shares held by the Trust, by virtue of being potential beneficiaries under the Trust. FROM REED ELSEVIER

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