Director Shareholding

Reed International PLC
Elsevier NV
15 August 2001


Letter to Company Announcements Office

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

We have today received notification of the following transactions in Reed
International P.L.C. and Elsevier NV ordinary shares by a director of Reed
International P.L.C., Elsevier NV and Reed Elsevier plc:

Exercise of options and other dealings in Reed International and Elsevier shares

Date of exercise  Director    No. of Reed            No. of Elsevier NV shares
                              International          over which a nil cost 
                              shares over which a    option has been
                              nil cost option has    exercised
                              been exercised

14.08.01          A Prozes           20,169                 14,040


The above option, which was part of an option granted to Mr Prozes upon joining
Reed Elsevier, was satisfied by the transfer of shares from the Reed Elsevier
Employee Benefit Trust ('the Trust').

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.

Following the above transaction, the disclosable interests of Mr Prozes and the
Trust are as follows:

Mr Prozes:

Reed International P.L.C. shares        Elsevier NV shares
             43,329                           30,360

The Trust:

Reed International P.L.C. shares        Elsevier NV shares
            537,924                          283,442


Letter from Reed Elsevier PLC