REED ELSEVIER: HIGHLIGHTS OF 2006 INTERIM RESULTS
27 JULY 2006

• Revenues up 8%, adjusted pre-tax profits up 14% and earnings per share up 16% at constant exchange rates

• Positive business progress

- Elsevier: Good subscription renewals and growing online sales
- LexisNexis: Strong growth in legal digital solutions, risk and international
- Harcourt Education: Encouraging success in US textbook adoptions; supplemental building; assessment underperformed

PARENT COMPANIES Reed Elsevier PLC Reed Elsevier NV

2006 £ 2005 £ Change % 2006 € 2005 € Change %
Change at constant currencies %

Reported earnings per share 8.6p 5.1p +69% €0.20 €0.13 +63% +71%
Adjusted earnings per share 14.2p 12.3p +15% €0.32 €0.27 +15% +16%

Dividend per share 4.1p 3.7p +11% €0.102 €0.092 +11%

Sir Crispin Davis, Chief Executive Officer of Reed Elsevier, commented:
"The first half of 2006 has seen a good financial performance and further encouraging progress in the development of our business in an increasingly digital environment. Trusted information, technology enabled, and increasingly integrated into customer workflows, is making our customers more effective professionally and making Reed Elsevier a more valued partner. The first half financial performance provides a good platform to meet our 2006 financial goals."


- Reed Business: Strong growth in online and Exhibitions; benefit from biennial show cycling
- Phasing of business this year benefits first half growth

• On track to meet 2006 financial targets

• Reed Elsevier PLC and Reed Elsevier NV dividend up 11%; total of £288m/€420m shares repurchased