Director Shareholding-Replcmt

Reed Elsevier PLC
27 April 2005


           ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

27 April 2005

                              Interests in shares

This announcement replaces the announcement which was released at 15:37 on 27
April 2005 under RNS No. 6120L, which was a duplication of an announcement made
previously on 22 April 2005.

Reed Elsevier received notification yesterday from Hill Samuel Offshore Trust
Company Limited, the Trustees of the Reed Elsevier Employee Benefit Trust ('the
Trust'), that on 19 April 2005 they purchased 38,281 Reed Elsevier NV American
Depositary Shares ('ADRs') at $29.2144 ADR (equivalent to 76,562 Reed Elsevier
NV ordinary shares).

The transaction took place in order to meet the future exercise of share option
entitlements by employees of Reed Elsevier. Following the transaction, the Trust
now holds an interest in 8,875,473 ordinary shares in Reed Elsevier PLC and
3,856,619 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.


                      This information is provided by RNS
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