Multi-Currency Global Bond

Reed International PLC
Elsevier NV
25 July 2001




                                                         25 July 2001

        Issued on behalf of Reed International P.L.C. and Elsevier NV



Reed Elsevier Launches  $1.5 Billion Multi-Tranche, Multi-Currency Global Bond

Reed Elsevier announced today the launch and pricing of a $1.5 billion
equivalent multi-tranche, multi-currency global bond through its wholly-owned
US subsidiary, Reed Elsevier Capital Inc.  The global notes consist of both
Euro and U.S. dollar-denominated securities.  Reed Elsevier will use the
proceeds from the offering to refinance the majority of the short term
borrowings incurred to fund its July 12 acquisition of Harcourt General Inc.

The respective tranches comprise a $550 million five-year bond priced at US
Treasuries plus 148 basis points to yield 6.135%, a Euro500 million seven-year
bond priced at mid-swaps plus 72 basis points to yield 5.825% and a $550
million 10-year bond priced at US Treasuries plus 168 basis points to yield
6.809%.  Lehman Brothers, Salomon Smith Barney and UBS Warburg were the joint
bookrunners.

A shelf registration statement relating generally to these securities has been
filed with the US Securities and Exchange Commission and has become effective.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.

A copy of the prospectus relating to the offering may be obtained from any of
the joint bookrunners:

Contact:  Catherine May [phone]


Lehman Brothers             Salomon Smith Barney       UBS Warburg
3 World Financial Center    390 Greenwich Street       299 Park Avenue
200 Vesey Street            New York, NY 10013         New York, NY 10171
New York, NY 10285