Director Shareholding

Reed Elsevier PLC
Reed Elsevier NV.
25 March 2003


Director's Interests

To: RNS

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 21 March 2003 by the directors noted below.
     
(a)  Mr C H L Davis purchased, under the Reed Elsevier Group plc Bonus 
     Investment Plan introduced in 2002 (the 'Plan'), 13,522 Reed Elsevier PLC 
     ordinary shares and 9,601 Reed Elsevier NV ordinary shares. As a result of 
     these purchases, Mr Davis now holds an interest in 129,093 Reed Elsevier 
     PLC and 91,154 Reed Elsevier NV ordinary shares.

     Following these purchases, Mr Davis has been awarded nil cost options under 
     the terms of the Plan over 22,731 Reed Elsevier PLC and 16,115 Reed 
     Elsevier NV ordinary shares.

(b)  Mr M H Armour purchased, under the Plan, 6,738 Reed Elsevier PLC ordinary 
     shares and 4,784 Reed Elsevier NV ordinary shares. He also purchased an 
     additional 2,500 Reed Elsevier PLC and 15,000 Reed Elsevier NV ordinary 
     shares. As a result of these purchases, Mr Armour now holds an interest in 
     31,738 Reed Elsevier PLC and 22,284 Reed Elsevier NV ordinary shares.

     Following the purchases made under the Plan, Mr Armour has been awarded nil 
     cost options under the terms of the Plan over 11,327 Reed Elsevier PLC and 
     8,030 Reed Elsevier NV ordinary shares.
 
(c)  Mr G J A van de Aast purchased, under the Plan, 7,184 Reed Elsevier NV 
     ordinary shares. As a result of this purchase, Mr van de Aast now holds an 
     interest in 19,684 Reed Elsevier NV ordinary shares.

     Following the purchase, Mr van de Aast has been awarded nil cost options 
     under the terms of the Plan over 12,057 Reed Elsevier NV ordinary shares.

(d)  Mr D J Haank purchased, under the Plan, 6,855 Reed Elsevier NV ordinary 
     shares. As a result of this purchase, Mr Haank now holds an interest in 
     38,735 Reed Elsevier NV ordinary shares.

     Following the purchase, Mr Haank has been awarded nil cost options under 
     the terms of the Plan over 14,332 Reed Elsevier NV ordinary shares.

(e)  Mr A Prozes purchased, under the Plan, 3,214 Reed Elsevier PLC American 
     Depositary Shares ('ADSs') (representing 12,856 Reed Elsevier PLC ordinary 
     shares) and 4,667 Reed Elsevier NV ADSs (representing 9,334 Reed Elsevier 
     NV ordinary shares). As a result of these purchases, Mr Prozes now holds an 
     interest in 76,353 Reed Elsevier PLC and 53,734 Reed Elsevier NV ordinary 
     shares.

     Following these purchases, Mr Prozes has been awarded nil cost options 
     under the terms of the Plan over 5,010 Reed Elsevier PLC ADSs (representing 
     20,040 Reed Elsevier PLC ordinary shares) and 7,276 Reed Elsevier NV ADSs 
     (representing 14,552 Reed Elsevier NV ordinary shares).

The shares were purchased by the directors at the following prices:

Reed Elsevier PLC ordinary shares      489.9787p 
Reed Elsevier NV ordinary shares       €10.2108 
Reed Elsevier PLC ADSs                 $31.9765 
Reed Elsevier NV ADSs                  £22.0185

The awards under the Plan vest after three years, subject to the participant
retaining the shares purchased under the Plan for a period of three years, and
also subject to remaining in Reed Elsevier's employment during this period.


From: Reed Elsevier PLC

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