I N T E R I M R E S U L T S 2 0 0 3. Highlights Good performance in challenging markets Good performance in challenging markets Continuing strong progress.

I N T E R I M R E S U L T S 2 0 0 3

HighlightsHighlights

Good performance in challenging Good performance in challenging marketsmarkets

Continuing strong progress against Continuing strong progress against strategic prioritiesstrategic priorities

Acceleration of growth in second halfAcceleration of growth in second half On track to deliver 2003 targetsOn track to deliver 2003 targets

Financial UpdateFinancial Update

Mark Armour Mark Armour

Chief Financial OfficerChief Financial Officer

Adjusted figures exclude amortisation of goodwill and intangible assets and exceptional items Adjusted figures exclude amortisation of goodwill and intangible assets and exceptional items

TurnoverTurnover

Adjusted operating profitAdjusted operating profit

Operating marginOperating margin

Net interest expenseNet interest expense

Adjusted profit before taxAdjusted profit before tax

%%

%%

%%

% change% changeconstantconstant

20022002 €m €m

20032003€m€m

20022002£m£m

20032003£m£m

2,4672,467

813813505505

20.5%20.5%20.5%20.5%

(172)(172)(107)(107)

641641398398

6 months to 30 June6 months to 30 June

3,9723,9722,3452,345

496496

21.2%21.2%

(88)(88)

408408

3,4243,424

724724

21.2%21.2%

(128)(128)

596596

00

00

+3+3

Adjusted Profit And LossAdjusted Profit And Loss

Reported results reflect currency translation effectsReported results reflect currency translation effects

RevenuesRevenues Operating Operating profitprofit

623

1,003943

646

0

200

400

600

800

1000

1200

20022002 2003200320022002 20032003

202

325 320

219

0

100

200

300

400

20022002 2003200320022002 20032003

Science & MedicalScience & MedicalRevenues up 6% - operating profit up 5% - margin 33.9%Revenues up 6% - operating profit up 5% - margin 33.9%

Underlying revenues up 4%; operating profit up 5%Underlying revenues up 4%; operating profit up 5% Strong subscription renewals and growing online salesStrong subscription renewals and growing online sales Science & Technology revenues up 4%Science & Technology revenues up 4% Health Sciences revenues up 3%Health Sciences revenues up 3% Book publishing programme to accelerate second halfBook publishing programme to accelerate second half

£m£m €€mm £m£m €€mm

LegalLegalRevenues up 4% - operating profit up 17% - margin 20.7%Revenues up 4% - operating profit up 17% - margin 20.7%

Underlying revenues up 2%; operating profit up 13%Underlying revenues up 2%; operating profit up 13% Strong operating margin improvement in first halfStrong operating margin improvement in first half US Legal revenues up 3%; Online up 7% - strong small lawUS Legal revenues up 3%; Online up 7% - strong small law US Corporate & Federal Markets flat; strong risk solutionsUS Corporate & Federal Markets flat; strong risk solutions International underlying revenues up 3%; accelerating demand for onlineInternational underlying revenues up 3%; accelerating demand for online

670

1,079939

643

0

500

1000

1500

122

197

133

194

0

50

100

150

200

250

20022002 2003200320022002 20032003 20022002 2003200320022002 20032003

£m£m £m£m€€€€ €€mm€€mm

RevenuesRevenues Operating Operating profitprofit

EducationEducationRevenues down 5% - operating profit down 32% - margin 7.5%Revenues down 5% - operating profit down 32% - margin 7.5%

Underlying revenues down 6%; operating profit down 35%Underlying revenues down 6%; operating profit down 35% First half growth unrepresentative; revenues and profit second half First half growth unrepresentative; revenues and profit second half

weightedweighted US K-12 revenues flat; orders deferred to second halfUS K-12 revenues flat; orders deferred to second half Testing revenues down 27%; loss of California contractTesting revenues down 27%; loss of California contract International revenues up 1%; UK funding shortfallsInternational revenues up 1%; UK funding shortfalls

449

723

565

387

0

200

400

600

800

48

77

42

29

0

50

100

20022002 2003200320022002 20032003 20022002 2003200320022002 20032003

£m£m £m£m€€mm €€mm

RevenuesRevenues Operating Operating profitprofit

BusinessBusinessRevenues down 6% - operating profit down 12% - margin 17.2%Revenues down 6% - operating profit down 12% - margin 17.2%

Underlying revenues down 6%; operating profit 12%Underlying revenues down 6%; operating profit 12% Rate of decline in advertising markets slowed; few signs of recoveryRate of decline in advertising markets slowed; few signs of recovery Margins defended through continued cost actionsMargins defended through continued cost actions Investment in product quality and disciplined yield managementInvestment in product quality and disciplined yield management Exhibitions resilient: revenues down 3% excluding cyclingExhibitions resilient: revenues down 3% excluding cycling

725

1,167977

669

0

500

1000

1500

2000

133

214

168

115

0

100

200

300

20022002 2003200320022002 20032003 20022002 2003200320022002 20032003

£m£m £m£m€€mm €€mm

RevenuesRevenues Operating Operating profitprofit

Adjusted Profit Before Tax: Adjusted Profit Before Tax: ReconciliationReconciliation

-7%-7%596596+3%+3%4084082003 Adjusted profit before tax2003 Adjusted profit before tax

-10%-10%(64)(64)--(3)(3)Currency translation effectCurrency translation effect

+1%+1%77+1%+1%55Acquisitions/DisposalsAcquisitions/Disposals

+2%+2%1212+2%+2%88Base businessBase business

6416413983982002 Adjusted profit before tax2002 Adjusted profit before tax

% % changechange€€mm

% % changechange£m£m6 months to 30 June6 months to 30 June

Adjusted figures exclude amortisation of goodwill and intangibles and exceptional items Adjusted figures exclude amortisation of goodwill and intangibles and exceptional items

Cash FlowCash Flow

Total cash outflow before financingTotal cash outflow before financing

Free cash flow after dividendsFree cash flow after dividends

Other exceptional itemsOther exceptional items

DisposalsDisposals

Acquisition spendAcquisition spend

% conversion% conversion

2002 2002 €€mm

20032003€€mm

20022002£m£m

20032003£m£m

6 months to 30 June6 months to 30 June

Adjusted operating cash flowAdjusted operating cash flow 177177

36%36%

(5)(5)

(209)(209)

(214)(214)

(97)(97)

8989

(41)(41)

(263)(263)

160160

32%32%

(36)(36)

(190)(190)

(226)(226)

(90)(90)

113113

(37)(37)

(240)(240)

258258

36%36%

(8)(8)

(305)(305)

(313)(313)

(141)(141)

130130

(59)(59)

(383)(383)

258258

32%32%

(58)(58)

(306)(306)

(364)(364)

(145)(145)

182182

(59)(59)

(386)(386)

DividendsDividends

Free cash flow before dividendsFree cash flow before dividends

Reported Profit AttributableReported Profit Attributable

€€0.100.10€€0.090.09Reed Elsevier NV EPSReed Elsevier NV EPS

3.9p3.9p3.9p3.9pReed Elsevier PLC EPSReed Elsevier PLC EPS

15615614214297979797Reported profit attributableReported profit attributable

117117363673732525Exceptional itemsExceptional items

(433)(433)(332)(332)(269)(269)(228)(228)Amortisation of goodwill Amortisation of goodwill and intangible assetsand intangible assets

472472438438293293300300Adjusted profit attributableAdjusted profit attributable

20022002€€mm

20032003€€mm

20022002£m£m

20032003£m£m6 months to 30 June6 months to 30 June

Adjusted Earnings and DividendsAdjusted Earnings and Dividends

-11% -11%

€€0.080.08+3%+3%3.33.3ppEqualised dividendsEqualised dividends

+3%+3%-7%-7%€€0.280.28+2%+2%12.6p12.6pAdjusted EPSAdjusted EPS

% change % change constantconstant

Reed Reed ElsevierElsevier

NVNV

ReedReed Elsevier Elsevier

PLCPLC

Strategy & ExecutionStrategy & Execution

Crispin Davis Crispin Davis

Chief Executive OfficerChief Executive Officer

Reed Elsevier:Reed Elsevier:Key Objectives For 2003Key Objectives For 2003

Maximise above market organic Maximise above market organic growth from four core businessesgrowth from four core businesses

Execute and deliver on all strategic Execute and deliver on all strategic milestonesmilestones

Improve operating margin further Improve operating margin further through increased efficiencythrough increased efficiency

Deliver double digit earnings growthDeliver double digit earnings growth

ON TRACK

ON TRACK

ON TRACK

ON TRACK

Science & Medical:Science & Medical:ScienceDirect:ScienceDirect: Increasing UsageIncreasing Usage

Article downloads (millions)Article downloads (millions)

1616

19991999

2828

20002000

5050

20012001

8686

20022002 2003*2003*

124124

* 12 months to 30 June* 12 months to 30 June

Science & Medical:Science & Medical:ScienceDirect:ScienceDirect: Expanding ContentExpanding Content

Full text articles (millions)Full text articles (millions)

1.21.2

20002000

1.81.8

20012001

3.33.3

20022002 2003*2003*

4.54.5

* At 30 June* At 30 June

Science & Technology:Science & Technology:Continued Low Attrition

* Full Year Estimate* Full Year Estimate

5.2%5.2%

4.0%4.0%4.0%4.0%

8.5%8.5%

2003*2003* 20012001 2000200019991999 20022002

4.0%4.0%

Science & Medical: Science & Medical: Health SciencesHealth Sciences

Successful front list publishing programmeSuccessful front list publishing programme Accelerating electronic information businessAccelerating electronic information business

– MD Consult 13% aheadMD Consult 13% ahead– Wide ranging introduction of new productsWide ranging introduction of new products– Significant online education training Significant online education training

opportunitiesopportunities

Accelerating international expansionAccelerating international expansion– Local versioning of authoritative contentLocal versioning of authoritative content– Acquisition of Holtzbrinck STM in GermanyAcquisition of Holtzbrinck STM in Germany

Integration of book production and Integration of book production and distribution on trackdistribution on track

Science & Medical: Science & Medical: 20032003 OutlookOutlook

Revenue growth to accelerateRevenue growth to accelerate– Strong 2003 book publishing programmeStrong 2003 book publishing programme– Continued growth in electronic salesContinued growth in electronic sales

Cost efficiencies and operational Cost efficiencies and operational gearing to drive further margin gearing to drive further margin improvementimprovement

Expansion of content and innovative Expansion of content and innovative electronic serviceselectronic services

Legal:Legal:US Legal Online Usage GrowingUS Legal Online Usage Growing

Growth in commercial Growth in commercial searchessearches

+22%+22%

+17%+17%

+31%+31%

Online revenues up 7%Online revenues up 7%

19991999 200220022001200120002000 2003*2003*

+20%+20%

* To 30 June* To 30 June

Legal: Legal: Risk Solutions: Long Term GrowthRisk Solutions: Long Term Growth

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003E1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003E

Enterprise/Lib.

Total LN

Risk Mgmt.

Legal/Tax

Law Firms

CFM

Growth in public recordsGrowth in public records

Legal:Legal:Optimising Cost EfficiencyOptimising Cost Efficiency

Operating marginOperating margin

24.9%24.9%

19991999

20.1%20.1%

20012001

19.7%19.7%

20002000 2003*2003*

c.22.5%c.22.5%

*Full Year Estimate*Full Year Estimate

20022002

21.3%21.3%

Legal: Legal: 2003 Outlook2003 Outlook

Maintain above market revenue Maintain above market revenue momentum in US marketsmomentum in US markets

Acceleration of growth from new product Acceleration of growth from new product initiatives and acquired businessesinitiatives and acquired businesses

Margin improvement from focused cost Margin improvement from focused cost actions, releasing funds for investmentactions, releasing funds for investment

International – strong growth in online International – strong growth in online sales mitigated by print migration and sales mitigated by print migration and weak corporate marketsweak corporate markets

Education:Education:US Schools MarketUS Schools Market

Attractive long term growth marketAttractive long term growth market Strong federal and state commitmentStrong federal and state commitment Short term market weakness in Short term market weakness in

2003/20042003/2004– Low point in adoption cycleLow point in adoption cycle– State budget pressuresState budget pressures

2003 impact from federal funding 2003 impact from federal funding modestmodest

Education:Education:Winning Performance in 2003 Winning Performance in 2003 Adoption RevenuesAdoption Revenues

# 1# 1# 1# 1ScienceScience

# 4# 4# 1# 1Social StudiesSocial Studies

# 3# 3# 1# 1MathematicsMathematics

# 1# 1# 1# 1Language ArtsLanguage Arts

# 1# 1# 3# 3Reading/LiteratureReading/Literature

SecondarySecondaryElementaryElementary

Overall Overall # 1# 1

Overall Overall # 1 # 1 ==

Based on estimated share of total available adoption revenuesBased on estimated share of total available adoption revenues

Education:Education:Harcourt AssessmentHarcourt Assessment

2003 revenues impacted by loss of 2003 revenues impacted by loss of CaliforniaCalifornia

Momentum regenerated: management, Momentum regenerated: management, product, scoring, operationsproduct, scoring, operations

New edition of Stanford Achievement New edition of Stanford Achievement Test launchedTest launched

Awarded 7 out of 11 state contracts Awarded 7 out of 11 state contracts tenderedtendered

Strong pipeline of state level bidsStrong pipeline of state level bids

Education: Education: 2003 Outlook2003 Outlook

US schools market broadly flat; small US schools market broadly flat; small decline possibledecline possible

Success in state adoptions will come Success in state adoptions will come through as second half salesthrough as second half sales

Continued success in state Testing Continued success in state Testing contractscontracts

Margin improvement through continuing Margin improvement through continuing process efficiency process efficiency

Business: Business: Trading environmentTrading environment

No marked deterioration; no real sign of No marked deterioration; no real sign of recoveryrecovery

OverallOverallOverallOverall

Variability by sector: Growth in Entertainment; Variability by sector: Growth in Entertainment; Manufacturing and Electronics still weak; Manufacturing and Electronics still weak; Construction late cycle Construction late cycle

USUSUSUS

Economic conditions weaker; resilient Economic conditions weaker; resilient subscription revenues mitigated advertising subscription revenues mitigated advertising declines across all sectorsdeclines across all sectors

Continental Continental EuropeEuropeContinental Continental EuropeEurope

UKUKUKUK Variability by sector; Aerospace, Social Variability by sector; Aerospace, Social Services and Property holding upServices and Property holding up

Impact of economic weakness, SARS and Iraq; Impact of economic weakness, SARS and Iraq; cycling out of non-annual showscycling out of non-annual shows

Global Global ExhibitionsExhibitionsGlobal Global ExhibitionsExhibitions

Business:Business:Online Revenue GrowthOnline Revenue Growth

$57m$57m

$95m$95m

$115m$115m

$22m$22m

20022002200120012000200019991999 2003*2003*

$140m$140m

* Full year estimate* Full year estimate

Business: Business: Market OutperformanceMarket Outperformance

Continuing to build market share on magazines

Further improvement in yield management

Tight control of costs Exhibitions challenging, but showing

resilience

Business: Business: 2003 Outlook2003 Outlook

Continued tough trading conditions across markets

Product quality, sales effectiveness and yield management restrict revenue decline

Continued margin improvement, mitigating impact on profitability

Significant upside as economy recovers

State annotated State annotated codescodes

e-Filing, e-Access, e-Filing, e-Access, e-Discoverye-Discovery

Integrated Risk Integrated Risk SolutionsSolutionscapabilitycapability

Industry DossierIndustry Dossier Global Legal Global Legal

PlatformPlatform

Reference Reference works onlineworks online

Scirus search Scirus search engineengine

MD Consult MD Consult upgradeupgrade

EVOLVE EVOLVE medical medical education education platformplatform

ScienceDirect ScienceDirect multimedia multimedia capabilitycapability

Market Market leading leading adoption adoption programmesprogrammes

Online HRW Online HRW BasalBasal

Stanford 10Stanford 10 Texas Texas

STARgateSTARgate Alzheimer Alzheimer

QuicktestQuicktest

Totaljobs.comTotaljobs.com KellySearchKellySearch 14 magazines 14 magazines

relaunchedrelaunched RCD ConnectRCD Connect 16 new exhibitions 16 new exhibitions

launchedlaunched

Product Upgrade Initiatives: Product Upgrade Initiatives:

Elsevier Elsevier Dedicated Engineering/Dedicated Engineering/Life Sciences/Chemistry Life Sciences/Chemistry

sales forcessales forces

Reed BusinessReed BusinessCustomer researchCustomer researchprogramme for all programme for all

magazinesmagazines

LexisNexisLexisNexisStrengthened smallStrengthened small

law programmelaw programme

All DivisionsAll DivisionsExecution ofExecution of

sales audit programmessales audit programmes

ElsevierElsevierCoordinatedCoordinated

global price increaseglobal price increaseprogrammeprogramme

Elsevier/Elsevier/LexisNexisLexisNexisImplementation ofImplementation of

global branding programmeglobal branding programme

HarcourtHarcourt Major upgrade ofMajor upgrade of

Open Territories salesOpen Territories salesforceforce

HarcourtHarcourtGlobal LibraryGlobal Library

marketing programmemarketing programme

Reed BusinessReed BusinessRCD nationalRCD national

accounts programmeaccounts programme

Reed BusinessReed BusinessSuccessful yieldSuccessful yield

management management programmeprogramme

LexisNexisLexisNexisKey accountKey accountrelationship relationship programmeprogramme

ElsevierElsevierIntroduction ofIntroduction of

Health Sciences Health Sciences telesalestelesales

Sales and Marketing Initiatives: Sales and Marketing Initiatives:

Infrastructure and Cost Initiatives:Infrastructure and Cost Initiatives:

New content management systemsNew content management systems New customer fulfilment systemsNew customer fulfilment systems New editorial systemsNew editorial systems Off-shore printing/outsourcingOff-shore printing/outsourcing Pre-plate restructuringPre-plate restructuring Electronic author workbenchElectronic author workbench New CRM systemsNew CRM systems

2000-2002: $500m of savings achieved 2000-2002: $500m of savings achieved 2003: $150m further savings2003: $150m further savings

Risk Risk ManagementManagement

e-Discovery, e-e-Discovery, e-Filing, e-AccessFiling, e-Access

Endeavor Endeavor Library Library ServicesServices

International International Healthcare Healthcare

e-Healthcaree-Healthcare

Clinical Clinical TestingTesting

Customised Customised State State TestingTesting

On-line On-line recruitment, recruitment, directoriesdirectories

Variety Variety franchisefranchise

““Shooting Stars”Shooting Stars”

All businesses outperforming in dynamic growth sectorsAll businesses outperforming in dynamic growth sectors Annual revenue growth at high single/double digitAnnual revenue growth at high single/double digit Total revenue c.$700mTotal revenue c.$700m

Reed Elsevier:Reed Elsevier:Key Objectives For 2003 UnchangedKey Objectives For 2003 Unchanged

Maximise above market organic growth Maximise above market organic growth from four core businessesfrom four core businesses

Execute and deliver on all strategic Execute and deliver on all strategic milestonesmilestones

Improve operating margin further Improve operating margin further through increased efficiencythrough increased efficiency

Deliver double digit earnings growthDeliver double digit earnings growth

ON TRACK

ON TRACK

ON TRACK

ON TRACK

I N T E R I M R E S U L T S 2 0 0 3

AppendicesAppendices

Turnover: ReconciliationTurnover: Reconciliation

%%changechange€€mm

% % changechange£m£m

-14%-14%3,4243,424-5%-5%2,3452,3452003 Turnover2003 Turnover

-14%-14%(541)(541)-5%-5%(117)(117)Currency translation effectCurrency translation effect

--(19)(19)--(13)(13)DisposalsDisposals

+1%+1%5454+1%+1%3737AcquisitionsAcquisitions

-1%-1%(42)(42)-1%-1%(29)(29)Base businessesBase businesses

3,9723,9722,4672,4672002 Turnover2002 Turnover

6 months to 30 June6 months to 30 June

First half average rates:First half average rates:

20032003 20022002

$:£$:£ 1.611.61 1.441.44

$:€ $:€ 1.10 1.10 0.900.90

€€:£ 1.46 1.61:£ 1.46 1.61

Full year average rates:Full year average rates:

2003*2003* 2002 2002

$:£$:£ 1.62 1.62 1.501.50

$:€ $:€ 1.13 1.13 0.940.94

€€:£ 1.43 1.59:£ 1.43 1.59

Currency Profile:Currency Profile:Adjusted Profit Before TaxAdjusted Profit Before Tax

LTM to 30 June 2003LTM to 30 June 2003LTM to 30 June 2003LTM to 30 June 2003

EuroEuro41%41%

SterlingSterling21%21%

US DollarUS Dollar33%33%

OtherOther5%5%

*2003 average rates (approx) if recent spot *2003 average rates (approx) if recent spot rates continue ($1.62:£1; $1.15:€1; €1.41:£1)rates continue ($1.62:£1; $1.15:€1; €1.41:£1)

20032003 20022002 20032003 20022002£m£m £m£m €€mm €€mm

Adjusted operating cash flowAdjusted operating cash flow 177 177 160160 258258 258258

InterestInterest (85) (85) (108)(108) (124)(124) (174)(174)

TaxTax (97)(97) (88)(88) (142)(142) (142)(142)

DividendsDividends (209)(209) (190)(190) (305)(305) (306)(306)

Free cash outflowFree cash outflow (214)(214) (226)(226) (313)(313) (364)(364)

6 months to 30 June6 months to 30 June

Free Cash FlowFree Cash Flow

Cash Flow SeasonalityCash Flow Seasonality

Cash flow Cash flow conversion %conversion %

90%90% 36%36% 136%136%

1,0271,027 177177 850850

£m£m

12 months12 monthsto 30 Juneto 30 June

£m£m £m£m2003 20022003 200220032003

90%90% 36%36% 136%136%

1,4991,499 258258 1,2411,241

€€mm

12 months12 monthsto 30 Juneto 30 June

€€mm €€mm2003 20022003 200220032003

H1 H2H1 H2 H1 H2 H1 H2

Adjusted operating Adjusted operating cash flowcash flow

Exceptional ItemsExceptional Items

153153(12)(12)9595(9)(9)Net tax (charge)/creditNet tax (charge)/credit

(36)(36)4848(22)(22)3434Exceptional credit/(charge) Exceptional credit/(charge) before taxbefore tax

14148282995757Net profit on sale of fixed asset Net profit on sale of fixed asset investments and businessesinvestments and businesses

(50)(50)(34)(34)(31)(31)(23)(23)Charged to operating profitCharged to operating profit

(36)(36)(22)(22)(22)(22)(15)(15)Acquisition related costsAcquisition related costs

(14)(14)(12)(12)(9)(9)(8)(8)Reorganisation costsReorganisation costs

20022002€€mm

20032003€€mm

20022002£m£m

20032003£m£m6 months to 30 June6 months to 30 June

11711736 36 737325 25 Total exceptional creditTotal exceptional credit

Balance SheetBalance Sheet

1,0301,0301,0001,000669669694694

Net debtNet debt 5,0765,0764,2094,2093,2963,2962,9232,923

Other net liabilities/minoritiesOther net liabilities/minorities

4,4034,4033,7673,7672,8592,8592,6162,616Shareholders’ fundsShareholders’ funds

10,50910,5098,9768,9766,8246,8246,2336,233

248248206206161161143143InvestmentsInvestments

764764704704496496489489Tangible fixed assetsTangible fixed assets

9,5639,5637,9797,9796,2106,2105,5415,541Goodwill/intangible assetsGoodwill/intangible assets

20022002€€mm

20032003€€mm

20022002£m£m

20032003£m£m

(66)(66)8787(43)(43)6060Working capitalWorking capital

10,50910,5098,9768,9766,8246,8246,2336,233

At 30 June At 30 June

Dividend EqualisationDividend Equalisation

Reed Elsevier PLC (p)Reed Elsevier PLC (p)

20032003 20022002 %%ChangeChange

InterimInterim

3.33.3 3.23.2

UK tax credit rateUK tax credit rate

Gross (p)Gross (p)

Equalisation ratioEqualisation ratio

Exchange rate (€:£)Exchange rate (€:£)

Reed Elsevier NV (€)Reed Elsevier NV (€)

10%10% 10%10%

3.673.67 3.563.56

1.5381.538

1.411.41

0.080.08

1.5381.538

1.591.59

0.090.09 -11%-11%

+3%+3%

This presentation contains forward-looking statements within the meaning of Section 27A ofthe US Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended. These statements concern future matters, such as the features andfunctions of, and markets for, products and services offered by Reed Elsevier, and ReedElsevier’s business plans and strategies. Forward-looking statements are based on the currentexpectations of the management of Reed Elsevier and are subject to risks and uncertainties.Actual results and events could differ materially from the results discussed in the forward-looking statements. Factors which could cause or contribute to differences in results include,but are not limited to, general economic conditions and business conditions in Reed Elsevier’smarkets, customers’ acceptance of its products and services, the actions of competitors,changes in law and legal interpretation affecting Reed Elsevier’s intellectual property rights,and the impact of technological change. Reed Elsevier is not under any obligation (andexpressly disclaims any such obligation) to update or alter its forward-looking statementswhether as a result of new information, future events or otherwise.

This presentation contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements concern future matters, such as the features and functions of, and markets for, products and services offered by Reed Elsevier, and Reed Elsevier’s business plans and strategies. Forward-looking statements are based on the current expectations of the management of Reed Elsevier and are subject to risks and uncertainties. Actual results and events could differ materially from the results discussed in the forward-looking statements. Factors which could cause or contribute to differences in results include, price and currency fluctuations; the impact of electronic or other distribution formats; legislative, fiscal and regulatory developments and political risks, general conditions in the businesses, actions of competitors and general economic conditions. Reed Elsevier is not under any obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

I N T E R I M R E S U L T S 2 0 0 3