Director Shareholding

Reed Elsevier PLC
22 April 2003


To: RNS

                    ISSUED ON BEHALF OF REED ELSEVIER PLC


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 sold on 15 April 2003 22,640 
ordinary shares in Reed Elsevier PLC, at a price of 488.5p per share. The 
transaction took place in order to meet the exercise of share option 
entitlements by an employee of Reed Elsevier. Following this transaction, the 
Trust now holds 6,434,921 ordinary shares in Reed Elsevier PLC and 1,345,131 
ordinary shares in Reed 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 Elsevier PLC and Reed 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 PLC


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