Director Shareholding

Reed Elsevier PLC
19 April 2002


LETTER TO RNS


                       Issued on behalf of Elsevier NV 
             Exercise of options and other dealings in Elsevier shares

We are writing to advise you that we received notification yesterday of the 
following transaction in the ordinary shares of Elsevier NV:

     D J Haank, a director of Reed International P.L.C. and Elsevier NV, 
     exercised an option over 30,000 Elsevier NV ordinary shares at an option 
     price of €14.11 per share on 17 April 2002.

     Mr Haank sold 27,000 Elsevier NV ordinary shares on the same day at a price 
     of €15.61 per share, in order to meet the cost of exercising the above 
     option. He retained the remaining 3,000 Elsevier NV ordinary shares.

As a consequence of the above transactions, Mr Haank's interest in Elsevier as 
at 17 April 2002 was 21,880 ordinary shares.



FROM REED ELSEVIER 
                                            


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