Director Shareholding

Reed Elsevier PLC
30 March 2004

To: RNS

            ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

                                Director's interests

We are writing to advise you that we received notifications yesterday of the
following transactions in the ordinary shares of Reed Elsevier PLC and Reed
Elsevier NV on 26 March 2004 involving the directors noted below, under the Reed
Elsevier Group plc Bonus Investment Plan approved by shareholders in 2003 (the
'Plan'). The Plan permits directors and other senior executives to invest up to
one half of their annual bonus in shares in the company, and receive an
equivalent award of nil cost restricted shares from Reed Elsevier Group plc.

(a)  Mr C H L Davis purchased 23,174 Reed Elsevier PLC ordinary shares and
     15,557 Reed Elsevier NV ordinary shares. As a result of these purchases, Mr
     Davis now holds an interest in 473,467 Reed Elsevier PLC and 298,261 Reed
     Elsevier NV ordinary shares.

     Following the above purchase, Mr Davis was granted a matching award of nil 
     cost restricted shares under the terms of the Plan over 39,554 Reed 
     Elsevier PLC and 26,421 Reed Elsevier NV ordinary shares.

(b)  Mr M H Armour purchased 11,264 Reed Elsevier PLC ordinary shares and 7,562
     Reed Elsevier NV ordinary shares. As a result of these purchases, Mr Armour 
     now holds an interest in 43,002 Reed Elsevier PLC and 29,846 Reed Elsevier 
     NV ordinary shares.

     Following the above purchase, Mr Armour was granted a matching award of nil 
     cost restricted shares under the terms of the Plan over 19,225 Reed 
     Elsevier PLC and 12,842 Reed Elsevier NV ordinary shares.

(c)  Mr G J A van de Aast purchased 18,600 Reed Elsevier PLC ordinary shares.
     As a result of this purchase, Mr van de Aast now holds an interest in 
     18,600 Reed Elsevier PLC and 19,684 Reed Elsevier NV ordinary shares.

     Following the above purchase, Mr van de Aast was granted a matching award 
     of nil cost restricted shares under the terms of the Plan over 31,217 Reed 
     Elsevier PLC ordinary shares.

(d)  Mr A Prozes purchased 3,588 Reed Elsevier PLC American Depositary Shares
     ('ADSs') (representing 14,352 Reed Elsevier PLC ordinary shares) and 4,860 
     Reed Elsevier NV ADSs (representing 9,720 Reed Elsevier NV ordinary 
     shares). As a result of these purchases, Mr Prozes now holds an interest in 
     110,877 Reed Elsevier PLC and 77,494 Reed Elsevier NV ordinary shares.

     Following the above purchase, Mr Prozes was granted a matching award of nil 
     cost restricted shares under the terms of the Plan over 5,026 Reed Elsevier 
     PLC ADSs (representing 20,104 Reed Elsevier PLC ordinary shares) and 6,806 
     Reed Elsevier NV ADSs (representing 13,612 Reed Elsevier NV ordinary 
     shares).

(e)  Mr P Tierney purchased 3,673 Reed Elsevier PLC American Depositary Shares
     ('ADSs') (representing 14,692 Reed Elsevier PLC ordinary shares) and 4,976 
     Reed Elsevier NV ADSs (representing 9,952 Reed Elsevier NV ordinary 
     shares). As a result of these purchases, Mr Tierney now holds an interest 
     in 26,692 Reed Elsevier PLC and 17,952 Reed Elsevier NV ordinary shares.

     Following the above purchase, Mr Tierney was granted a matching award of 
     nil cost restricted shares under the terms of the Plan over 4,893 Reed 
     Elsevier PLC ADSs (representing 19,572 Reed Elsevier PLC ordinary shares) 
     and 6,626 Reed Elsevier NV ADSs (representing 13,252 Reed Elsevier NV 
     ordinary shares).

The ordinary shares and ADSs purchased by the directors were at the following 
prices:

Reed Elsevier PLC ordinary shares    471.7237p per share 
Reed Elsevier NV ordinary shares     €10.52 per share 
Reed Elsevier PLC ADSs               $34.9483 per ADS 
Reed Elsevier NV ADSs                $25.8071 per ADS

The matching awards under the Plan vest after three years, subject to the
participant retaining the shares which they have purchased under the Plan for a
period of three years, and also subject to remaining in Reed Elsevier's
employment during this period. In addition, in order for the matching award to
vest, growth in the average of the Reed Elsevier PLC and Reed Elsevier NV
adjusted EPS must exceed 6% per annum compound during the three years 2004-2006.

For and on behalf of REED ELSEVIER PLC


        
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