content_image/35615.jpg content_image/35614.jpg content_image/35613.jpg
The increase in the transfer value of the directors’ pensions, after deduction of contributions, is shown below: 

<img src='content_image/35615.jpg'>

<img src='content_image/35614.jpg'>

Transfer values have been calculated in accordance with the guidance note "GN11" published by the UK Institute of Actuaries and Faculty of Actuaries. 

The transfer value in respect of individual directors represents a liability in respect of directors’ pensions entitlement, and is not an amount paid or payable to the director. 

## (d) Individual emoluments of non-executive directors 

<img src='content_image/35613.jpg'>

(i) R J Nelissen has served as chairman of the supervisory board of Elsevier Reed Finance BV throughout the year. During the period 9 April to 31 December 2003 he received fees of £7,758/ € 11,250 in such capacity. 

