Director Shareholding

Reed Elsevier PLC
10 June 2003


To RNS

We have today received notification from Hill Samuel Offshore Trust Company 
Limited, the Trustees of the Reed Elsevier Employee Benefit Trust ('the Trust'), 
that they sold on 6th June 2003 18,250 ordinary shares in Reed Elsevier PLC, at 
a price of 547.43p per share and that they sold on 9th June 33,314 ordinary 
shares in Reed Elsevier NV, at a price of €10.72. These transactions took place 
in order to meet the exercise of share option entitlements by employees of Reed 
Elsevier. Following this transaction, the Trust now holds 6,498,514 ordinary 
shares in Reed Elsevier PLC and 1,341,817 ordinary shares in Reed Elsevier NV.

The Trust is a discretionary employee benefit trust which is operated in 
conjunction with Reed Elsevier's share option schemes, and which provides for 
the transfer of shares to employees on the exercise of options granted under 
the said schemes. Executive directors of Reed Elsevier PLC and Reed Elsevier NV 
are, for technical disclosure purposes, deemed to be interested in the shares 
held by the Trust, by virtue of being potential beneficiaries under the Trust.

From REED ELSEVIER PLC



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