8 Aug 2002

Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV Reed Elsevier: Highlights of 2002 Interim Results Firmly on track to hit growth targets Results in line with stated expectations Adjusted EPS 3% lower than 2001 first half Business division comparison against stronger conditions last year Harcourt business weighted to second half Dilution from last year’s portfolio changes Good progress against strategic priorities On track to deliver above market revenue growth and double digit earnings growth in 2002 and beyond REED ELSEVIER  2002 £m  2001 £m    2002 €m 2001 €m Change at constant currencies % Turnover     2,467 2,036   3,972 3,258 +22% Adjusted profit before taxation    398    410      641    656 -3%   PARENT COMPANIES Reed Elsevier PLC Reed Elsevier NV     2002 2001 Change %   2002 2001 Change % Adjusted earnings per share 12.3p 12.7p -3%   €0.30 €0.31 -3% Dividend per share     3.2p   3.1p +3%   €0.09 €0.09 - Crispin Davis, Chief Executive Officer of Reed Elsevier, commented: “The first half of 2002 saw continued good progress across our businesses despite the challenging economic environment. Growth momentum was maintained in our Science and Legal businesses, whilst our Business division suffered, as expected, from depressed advertising markets and comparison with a more buoyant prior year first half. The Harcourt Education and STM businesses acquired last year are performing well and, with sales and profits seasonally weighted to the second half, we are confident that they will have a good outturn for the year. We remain firmly on track to deliver on our key financial targets of above market revenue growth and double digit adjusted earning per share growth at constant exchange rates for 2002 and beyond.” ENQUIRIES London/Amsterdam Sybella Stanley (Investor Relations) +44(0)20 7227 5630 Susanna Smart (Media) +44 (0)20 7227 5670 New York Paul Richardson +1 212 309 5432 High resolution photographs are available to the media free of charge at www.newscast.co.uk Click here to view a PDF of the full interim statement Click here to view an HTML version of the interim statement Click here to view a PDF of the full interim statement in Dutch