Chairman's Statement

Reed International PLC
Elsevier NV
10 April 2001


10 April 2001

Annual General Meetings of Reed International P.L.C. and Elsevier NV


                             Chairman's Statement


Morris Tabaksblat, Chairman of Reed International P.L.C. and Elsevier NV, told
shareholders at the Reed International Annual General Meeting in London today
that '2000 saw significant progress in the transformation of Reed Elsevier.
The financial results were ahead of our expectations and we achieved key
milestones in the execution and delivery of the strategy for growth announced
last year.'



Commenting on the acquisition of Harcourt General announced in October 2000,
which awaits regulatory clearance in the UK and US, Mr Tabaksblat said 'The
Harcourt acquisition represents a major step forward for Reed Elsevier.  It
will give us a leading position across the Scientific, Medical and Technical
spectrum and an excellent position in the fast growing US Schools market.  The
very positive performance of these businesses reported by Harcourt for the
year to October 2000 and our meetings with management and staff have
reaffirmed our high expectations.  We were disappointed by the referral of the
proposed acquisition to the UK Competition Commission for further review, but
remain convinced that we have a strong case in support of our acquisition of
the business and that it will not have any adverse effect on the public
interest, nor any significant implications for the competitive environment.
In the US we have co-operated fully with the Department of Justice in its
review of the transaction and are awaiting its determination.  We have
received competition clearance in all other relevant jurisdictions.'



Looking at trading performance in 2001 to date, Mr Tabaksblat commented that '
Overall trading conditions in our main markets are little changed since our
2000 Preliminary Results announcement on 22 February.  As stated then, the
slowing of the US economy is having an impact on our Business to Business
operations, but we believe this to be manageable.  The Science and Medical,
Legal and Education businesses are largely unaffected.  We expect this year to
move very significantly towards our target for 2002 and beyond of above market
revenue growth and double digit earnings growth.'



The Annual General Meeting of Elsevier, the co-parent company of Reed Elsevier
plc, will be held in Amsterdam tomorrow and Mr Tabaksblat, also Chairman of
Elsevier, will make the same comments to that meeting.