Director Shareholding

Reed Elsevier PLC
22 April 2004


                             Directors' interests
                             --------------------

On 20 April 2004 a grant of options was made to employees under the Reed
Elsevier Group plc SAYE Share Option Scheme. The following executive director
was granted options under the scheme as set out below:

M H Armour - 4,329 shares at 377.6p per share, exercisable between 1 August 2009
and 31 January 2010.

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