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## Financial Highlights 

For the years ended 31 December 

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The information provided above is based on Reed Elsevier NV's gross equity share of the Reed Elsevier combined businesses. 

(i) Financial information for 1999 has been calculated on the basis of the official exchange rate of Dfl 2.20371 to one euro. Percentage changes and financial ratios have been calculated using historic Dutch guilder figures and may be affected by rounding. 

(ii) Adjusted profit before tax, adjusted profit attributable and adjusted earnings per share are presented as additional performance measures and stated before amortisation of goodwill and intangible assets, exceptional items and related tax effects. These are reconciled to the reported figures in note 8 to the financial statements. 

(iii) Per share information has been calculated using the average number of shares outstanding, taking into account that the R-shares can be converted into ten ordinary shares. 

(iv) Dividend cover is the number of times the adjusted earnings, before amortisation of goodwill and intangible assets, exceptional items and related tax effects, cover the cash dividends paid and proposed for the year. 

(v) The closing price is the final quotation at year end on the stockmarket of Euronext Amsterdam N.V. for ordinary shares. 

(vi) The number of shares outstanding at year end include the R-shares, assuming that they have been converted into ten ordinary shares, and exclude Reed Elsevier NV shares held in treasury. 

(vii) Market capitalisation is the number of shares outstanding at year end multiplied by the closing price. 

