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## (c) Interests in shares 

The interests of the directors of Reed Elsevier PLC and Reed Elsevier NV in the issued share capital of the respective companies at the beginning and end of the year are shown below: 

<img src='content_image/22503.jpg'>

(i) At date of appointment as a director, if later 

(ii) At date of resignation as a director. 

Any ordinary shares required to fulfil entitlements under nil cost share option grants are provided by the Employee Benefit Trust (“EBT”) from market purchases. As a potential beneficiary under the EBT in the same way as other employees of Reed Elsevier, each executive director is deemed to be interested in all the shares held by the EBT which, at 31 December 2003, amounted to 6,383,333 Reed Elsevier PLC ordinary shares and 1,327,777 Reed Elsevier NV ordinary shares. 

There have been no changes in the interests of the directors in the share capital of Reed Elsevier PLC or Reed Elsevier NV since 31 December 2003. 

Approved by the board of Reed Elsevier Group plc on 18 February 2004 

## Rolf Stomberg 

Chairman of the Remuneration Committee 

Approved by the board of Reed Elsevier PLC on 18 February 2004 

## Rolf Stomberg 

Non-executive director 

Approved by the combined board of Reed Elsevier NV on 18 February 2004 

## Rolf Stomberg 

Member of the supervisory board 

