Holding(s) in Company

Reed Elsevier PLC
23 December 2003



Disclosure of Interest in Voting Shares


I am writing to inform you that we received today a notification dated 
23 December 2003, in accordance with Part VI of the Companies Act 1985 
(as amended), that Franklin Resources Inc., and its affiliates, do not have a 
notifiable interest in the Company's current issued share capital.
 



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