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## (b) Options over shares in Reed Elsevier NV 

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(i) Retained an interest in 191,550 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 market price of a Reed Elsevier NV ordinary share during the year was in the range € 8.13 to € 12.03 and at 

31 December 2003 was € 9.85. 

