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## Summary financial information in US dollars 

## Basis of preparation 

The summary financial information is a simple translation of the Reed Elsevier NV group financial statements into US dollars at the stated rates of exchange. The financial information provided below is prepared under UK GAAP as used in the preparation of the Reed Elsevier NV statutory financial statements. It does not represent a restatement under US GAAP which would be different in some significant respects. 

## Exchange rates for translation of euros ( € :$1) 

<img src='content_image/6191.jpg'>

## Group profit and loss account 

For the year ended 31 December 2003 

<img src='content_image/6195.jpg'>

## Data per American Depositary Share 

<img src='content_image/6196.jpg'>

## Group balance sheet 

As at 31 December 2003 

<img src='content_image/6200.jpg'>

Adjusted earnings per American Depositary Share is based on Reed Elsevier NV’s 50% share of the adjusted profit attributable of the Reed Elsevier combined businesses, which excludes amortisation of goodwill and intangible assets and exceptional items. Adjusted figures are described in note 8 to the Reed Elsevier NV statutory financial statements. 

Reed Elsevier NV shares are quoted on the New York Stock Exchange and trading is in the form of American Depositary Shares (“ADSs”), evidenced by American Depositary Receipts (“ADRs”), representing two Reed Elsevier NV ordinary shares of € 0.06 each. (CUSIP No. 758204101; trading symbol, ENL; Bank of New York is the ADS Depositary.) 

