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## Creditors: amounts falling due after more than one year 16 

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These amounts are denominated in sterling and earn interest at a fixed rate of 10.5% (2002: 10.5%) for a remaining duration of two years (2002: three years). At 31 December 2003 these amounts had a fair value of £40m (2002: £42m). 

## Called up share capital 17 

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Details of shares issued under share option schemes are set out in note 18. 

## Share option schemes 18 

During the year a total of 2,737,010 ordinary shares in the company, having a nominal value of £0.3m, were allotted in connection with the exercise of share options. The consideration received by the company was £11.5m. Options were granted during the year under the Reed Elsevier Group plc Executive Share Option Scheme to subscribe for 15,004,082 ordinary shares, at prices between 431p and 540p per share. Options were also granted during the year under the Reed Elsevier Group plc SAYE Share Option Scheme to subscribe for 1,825,263 ordinary shares at a price of 399.6p per share. 

Options outstanding at 31 December 2003 over the company’s ordinary share capital were: 

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The above entitlements are expected, upon exercise, to be met principally by the issue of new ordinary shares. 

Options to subscribe for 3,539,646 ordinary shares in the company lapsed during the year. 

Excluded from above are 2,407,064 options at subscription prices ranging between 424p and 537.5p and 232,461 nil cost options which, upon exercise, will be met by the Reed Elsevier Group plc Employee Benefit Trust from shares purchased in the market. 

## Reserves 19 

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Details of shares held in treasury are provided in note 26 to the combined financial statements. 

