- Improved trading performance and good business progress
- Revenue growth of 2% underlying against 6% decline in 2009
- Adjusted operating margin 0.2% pts lower at 25.7%
- Good progress on business unit specific priorities
- New content and information solutions launched
- Increased product development and sales & marketing
- Focus on cost efficiency and process innovation
- Portfolio actions taken
- Strong cash generation
- Prospects encouraging; recovery will be gradual

REED ELSEVIER
£ €
2010 £m 2009 £m Change 2010 €m 2009 €m Change Change at constant currencies Underlying growthrates
Revenue 6,055 6,071 0% 7,084 6,800 +4% ‐1% +2%
Adjusted operating profit 1,555 1,570 ‐1% 1,819 1,758 +3% ‐2% ‐1%
Adjusted operating margin 25.7% 25.9% 25.7% 25.9%
Adjusted pre‐tax profit 1,279 1,279 0% 1,496 1,432 +4% ‐1%
Adjusted operating cash flow 1,519 1,558 ‐3% 1,777 1,745 +2% ‐3%
Adjusted net profit 983 982 0% 1,150 1,099 +5% ‐1%
Reported net profit 642 391 +64% 751 438 +71% +61%
Net borrowings 3,455 3,931 4,043 4,402

ARENT COMPANIES
Reed Elsevier PLC Reed Elsevier NV Change at
constant currencies 2010 2009 Change 2010 2009 Change
Adjusted earnings per share 43.4p 45.9p ‐5% €0.78 €0.79 ‐1% ‐6%
Reported earnings per share 27.3p 17.2p +58% €0.51 €0.32 +62%
Ordinary dividend per share 20.4p 20.4p 0% €0.412 €0.400 +3%

Adjusted figures are supplemental performance measures used by management. Reconciliations between the reported and adjusted figures
are set out in note 4 to the combined financial information on page 30 and note 2 to the respective parent company financial information on
pages 35 and 40.

Commenting on the results, Anthony Habgood, Chairman of Reed Elsevier, said:
“Considerable progress has been made during the year resulting in improvements in trading performance with underlying sales returning to positive organic growth. Reported profits are also strongly ahead with the bulk of our
major restructuring programmes now behind us. Management has put in place business unit teams to sharpen the focus on value creation and operational execution. I am confident that the good progress which is being made on
individual business priorities will deliver further improvements.”

Reed Elsevier’s Chief Executive Officer, Erik Engstrom, commented:
“The year has seen improved trading performance, with 2% organic revenue growth against a 6% decline last year.
Increased spend on product development and sales & marketing was largely offset by cost efficiency gains.
During 2010, we also made good progress against the key priorities we outlined for each of the businesses at the start of the year. In Elsevier, subscription renewals for 2010 were completed in line with our expectations and the
renewals process for 2011 is well progressed. We continued to develop new content and innovative tools, including the launch of SciVerse, an integrated platform for researchers. LexisNexis Risk Solutions captured the benefit of
increased market activity and growing demand for data and analytics. LexisNexis Legal & Professional added new features and content sets, including the initial launch of Lexis Advance for Solos, the first of a series of tools for specific legal segments. Effective from January 2011, we reorganised LexisNexis Risk Solutions and Legal & Professional to operate as separate businesses, reporting directly to me, to sharpen the management focus on their
respective markets. Reed Exhibitions significantly stepped up its launch programme with 35 new shows, particularly targeting high growth sectors and emerging markets, and continued to invest in technology and innovation. Within Reed Business Information, we reshaped the portfolio, significantly reduced costs, and invested behind the successful data services business, including in early January this year the acquisition of a majority share
in the leading petrochemical and energy information service CBI China.
Going forward we will continue to focus on creating value for our customers, in each business unit and across Reed Elsevier. As we go into 2011, most of our markets are stable or improving and we are building on the actions taken
in 2010 to strengthen the business further. Overall, we expect a gradual recovery and a continued improvement in performance.”
�� Elsevier (46% of adjusted operating profits)
• Revenue growth +2%, adjusted operating profit +4%, at constant currency
• Subscription renewals for 2010 as expected; good growth in demand for electronic solutions
• Academic and government budgets remain constrained in many markets; geographic and customer variations
• Good progress on launching new content sets and innovative tools
�� LexisNexis (38% of adjusted operating profits)
• Revenue growth +1%, adjusted operating profit ‐12%, at constant currency
• Good growth in Risk; strong insurance performance and return to growth in more cyclical markets
• Legal markets stabilising; new sales higher; renewals reflect low levels of legal activity and employment
• Initial introductions of legal segment specific solutions and content sets; increased spending on new product development and sales & marketing
�� Reed Exhibitions (10% of adjusted operating profits)
• Revenue growth +9%, adjusted operating profit +4%, at constant currency
• Positive impact from biennial show cycling (+11% on revenues)
• Annual shows returned to revenue growth in second half; forward bookings encouraging
• New launches stepped up significantly

�� Reed Business Information (6% of adjusted operating profits)
• Revenue ‐20% (‐2% underlying), adjusted operating profit flat (+4% underlying), at constant currency
• Good growth in data services and online marketing solutions
• Sale and closure of non‐core assets; cost base restructured
�� Strong cash generation and improved financial position
• Conversion of adjusted operating profit into cash at 98%
• Free cash flow of £1,023m (after restructuring spend) before dividends
• Net debt at 31 December 2010 £3.5bn ($5.4bn; €4.0bn)
• Net debt/adjusted ebitda: 1.9x (2.5x pensions and lease adjusted)
Parent company earnings per share and dividends
�� Adjusted earnings per share ‐5% to 43.4p for Reed Elsevier PLC and ‐1% to €0.78 for Reed Elsevier NV; ‐6% at constant currencies. (Equity placing in July 2009 had 4% dilutive effect on adjusted earnings per share.)
�� Reported earnings per share +58% to 27.3p for Reed Elsevier PLC and +62% to €0.51 for Reed Elsevier NV; principally reflects no intangible asset and goodwill impairment and lower exceptional restructuring charges (in
2010, exceptional restructuring charges in Reed Business Information only).
�� Reed Elsevier PLC final dividend flat at 15.0p; equalised Reed Elsevier NV dividend +3% to €0.303. Total dividends for 2010 unchanged at 20.4p for Reed Elsevier PLC and +3% to €0.412 for Reed Elsevier NV.
(Difference in growth rates in the equalised dividends reflects changes in the euro:sterling exchange rate since prior year dividend announcement dates.)

Outlook
As we go into 2011, most of our markets are stable or improving and we are building on the actions taken in 2010 to strengthen the business further. Overall, we expect a gradual recovery and a continued improvement in
performance.
�� Elsevier: Going into 2011, the budget environment remains constrained in many markets but with variations by geography and customer. The customer by customer subscription renewal process for 2011 is well
progressed. Good demand growth for electronic tools is continuing. Another year of modest growth is expected.
�� LexisNexis Risk Solutions: Good growth is expected to continue in insurance with high transactional activity and increasing sales of data and analytics. A strong pipeline of product initiatives continues across the Risk
Solutions businesses.
�� LexisNexis Legal & Professional: While law firms, corporations and governments remain cautious in their spending, new sales are higher and the environment is more stable. Revenue recovery is expected to be gradual, with the adjusted operating margin broadly flat in 2011.
�� Reed Exhibitions: The outlook is encouraging, with momentum building in annual shows and significant launch activity continuing. 2011 will see the net cycling out of biennial shows, particularly impacting the first half.
�� Reed Business Information: Data services and online marketing solutions are seeing continued good growth.
Portfolio changes and improving markets are also expected to benefit 2011.