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Details of options held by directors in the ordinary shares of Reed Elsevier PLC and Reed Elsevier NV during the period are shown below. There have been no changes in the options held by directors over Reed Elsevier PLC and Reed Elsevier NV ordinary shares since 31 December 2003. 

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(i) Retained an interest in 321,200 shares 

(ii) Options lapsed unexercised during the year 

(iii) At date of resignation as a director 

(iv) Retained an interest in all of the shares 

(v) At date of appointment as a director 

The middle market price of a Reed Elsevier PLC ordinary share during the year was in the range 392p to 552p and at 31 December 2003 was 467.25p. 

