1. UBS Media Week Conference 2003

2. Strong Asset Base Global No. 1 $2.1bn Part Global No. 2 $2.2bn Part Global No. 1 $2.2bn US, UK, Common- wealth No. 2/3 $1.6bn 2002 revenues

3. Largest Global Professional Publisher $8.1 Reed Elsevier $7.8Thomson $7.0Pearson $5.8Reuters $4.1WoltersKluwer $1.3 UBM$1.3Dun&Bst 2002 revenues ($ bn) $4.8McGraw-Hill $4.5VNU

4. Positive Fundamentals Sustained long term growth markets Sustained long term growth markets Strong number 1 or 2 position globally in each sector Strong number 1 or 2 position globally in each sector Leadership brands and premium content Leadership brands and premium content Targeted single mindedly at professional users Targeted single mindedly at professional users Strong cashflow based on subscription model Strong cashflow based on subscription model

5. Balanced Portfolio 2002 Revenues $8.1 billion Science & Medical 26% Legal 27% Business 27% Education 20% Science & Medical 38% Legal 25% Business 21% Education 16% 2002 Adjusted Operating Profit $1.8 billion

6. Clear and Consistent Strategy Focus on four core businesses Optimise operations/ cost efficiency Substantially increased investment Powerful marketing/sales programmes Demonstrably superior products Infill acquisitions/ alliances UpgradeorganisationeffectivenessUpgradeorganisationeffectiveness Strengthen global portfolio

7. Investment for Future Revenue Growth 375 390420 1998 1998 115 85 $ million 1999 1999 2000200120022003E2004E420+ 470+

8. Key Objectives Maximise above market organic growth from four core businesses Maximise above market organic growth from four core businesses Execute and deliver on all strategic milestones Execute and deliver on all strategic milestones Improve operating margin further through increased efficiency Improve operating margin further through increased efficiency Deliver long term double digit earnings growth Deliver long term double digit earnings growth

9. Elsevier: Leadership in Science Journals and Health Sciences

10. 1,300 academic journals 1,300 academic journals #1 journals publisher 5m articles in digital archive 5m articles in digital archive 300,000 new articles per annum 300,000 new articles per annum Leading content ScienceDirect ScienceDirect Over 10 million users Over 10 million users Leading online database 8,000 clinical reference works 8,000 clinical reference works 500 journals 500 journals #1 healthcare publisher MDConsult – used by over 1,500 hospitals worldwide MDConsult – used by over 1,500 hospitals worldwide Leading online services Elsevier Science & Technology (2002 revenues: $1.2bn) Health Sciences (2002 revenues: $0.9bn)

11. Elsevier: Growth Momentum Strong front list publishing Strong front list publishing Expand digital collections and electronic services Expand digital collections and electronic services Enhanced navigation and delivery Enhanced navigation and delivery Superior products Focused branding and customer relationships Focused branding and customer relationships Optimum electronic pricing strategies Optimum electronic pricing strategies Enhance sales force effectiveness Enhance sales force effectiveness Powerful sales & marketing Complete product rationalisation Complete product rationalisation Standardisation of production Standardisation of production Enhanced systems effectiveness Enhanced systems effectiveness Cost efficiency Global expansion Acquisition of national health publishers Acquisition of national health publishers Product geocloning Product geocloning Widening distribution Widening distribution

12. Elsevier: ScienceDirect: Expanding Content Full text articles (millions) Full text articles (millions)1.22000 1.82001 3.32002 2003*5.0 * At 31 October

13. Elsevier: ScienceDirect: Increasing Usage Article downloads (millions) Article downloads (millions)161999 282000 502001 862002 2003*150 * 12 months to 31 October

14. Elsevier: Growth Initiatives Specialist Online Services Navigational Services Specialist MD- Consult Services Book Series/MRW Online International Healthcare Medical PDA Services EVOLVE Medical Education Expanding Backfiles Expanding Medical Book Programme Interactive Medical Courseware Expanding Freedom Collecions

15. LexisNexis: Leading Global Legal/News & Business Publisher

16. LexisNexis #2 US Legal publisher #2 US Legal publisher #1 Canadian online Legal publisher #1 Canadian online Legal publisher North America #1 UK Legal publisher #1 UK Legal publisher Leading positions in France and Italy Leading positions in France and Italy Expanding presence in Germany and central Europe Expanding presence in Germany and central Europe Europe #1 Legal publisher in: #1 Legal publisher in: Hong Kong, Singapore, Malaysia, Australia, New Zealand and South Africa Hong Kong, Singapore, Malaysia, Australia, New Zealand and South Africa Leading Latin American Legal publisher Leading Latin American Legal publisher Asia/ROW 2002 Revenues: $2.2 billion

17. LexisNexis: Growth Momentum More content: dockets, codes, summaries More content: dockets, codes, summaries More functionality: e-filing, e-discovery, company dossier, risk solutions More functionality: e-filing, e-discovery, company dossier, risk solutions More customisation: small law, litigation support, Total Search More customisation: small law, litigation support, Total Search Superior products Focus on market segmentation Focus on market segmentation Maintain strong law schools programme Maintain strong law schools programme Enhanced sales force effectiveness Enhanced sales force effectiveness Powerful sales & marketing Margin improvement programme Margin improvement programme Operational/fulfilment improvements Operational/fulfilment improvements Cost efficiency Global expansion Rollout of global delivery platform Rollout of global delivery platform Priority countries penetrated/targeted Priority countries penetrated/targeted

18. LexisNexis: US Legal Online Usage Growing Growth in commercial searches Growth in commercial searches+22% +17% +31%1999200220012000 2003* 2003*+20% * To 30 June

19. LexisNexis: Optimising Cost Efficiency Operating margin Operating margin24.9%1999 20.1%2001 19.7%2000 2003* 2003*c.22.5% *Full Year Estimate 200221.3%

20. LexisNexis: Growth Initiatives Navigation Improvements Improved Company Dossier Annotated Codes Leading Risk Solution Application E-Access E-Discovery Court Docket / e-Filing Global Platform Customisation: small law, litigation support Business Intelligence Solutions Knowledge Management State by State Customisation

21. Harcourt Education: Leading Educational Publisher

22. Harcourt Education Leading position in K-6 Leading position in K-6 Harcourt School 2002 Revenues: $1.6 billion Leading position in 6-12 Leading position in 6-12 Holt Reinhart Winston Major supplemental publisher Major supplemental publisher Harcourt Supplemental Leader in schools and clinical test preparation Leader in schools and clinical test preparation Harcourt Assessment Leader in UK primary and secondary Leader in UK primary and secondary Harcourt International

23. Harcourt Education: US Market Attractive long term growth market Attractive long term growth market Strong federal and state commitment Strong federal and state commitment Short term market weakness in 2003/2004 Short term market weakness in 2003/2004 –Low point in adoption cycle –State budget pressures Return to strong growth 2005 / 2006 Return to strong growth 2005 / 2006 Rapid assessment market growth Rapid assessment market growth

24. Harcourt Education: Growth Momentum Proven programme development process Proven programme development process Expansion across curriculum range Expansion across curriculum range Building online products: e-learning, e-testing, e-professional development Building online products: e-learning, e-testing, e-professional development Superior products Market research embedded in development and sales process Market research embedded in development and sales process Strengthened Open Territories sales force Strengthened Open Territories sales force Powerful sales & marketing Greater focus on organisational efficiency Greater focus on organisational efficiency Further supply chain savings targeted Further supply chain savings targeted Cost efficiency Global expansion Product transfer across markets Product transfer across markets Acquisition potential Acquisition potential

25. Outperform US Education Market* Growth % 3138 Harcourt US Education Growth % Note: * US Education Market represent total K-12 textbook sales as reported by Association of American Publishers (AAP). Harcourt Education: Market Outperformance 33411 - 5 0 12 9 19981999200020012002

26. Harcourt Education: Growth Initiatives New State Testing Wins Market Leading Adoption Programmes Texas STARgate Alzheimer Quicktest Online HRW Basal Stanford 10 WPPSI III E-Professional Training Classroom Based Interim Assessment

27. Business: Leading Global Business to Business Publisher

28. Reed Business #1 trade magazine and information publisher #1 trade magazine and information publisher United States 2002 Revenues: $2.2 billion #1 trade magazine and information publisher #1 trade magazine and information publisher United Kingdom #1 trade magazine and information publisher #1 trade magazine and information publisher Netherlands Largest global organiser of exhibitions Largest global organiser of exhibitions Exhibitions

29. Reed Business: Growth Momentum Constant product improvement Constant product improvement New online services New online services Superior products Disciplined customer feedback programmes Disciplined customer feedback programmes Market segmentation and yield management Market segmentation and yield management Enhanced sales force effectiveness Enhanced sales force effectiveness Powerful sales & marketing Further supply chain savings Further supply chain savings US margin improvement programme US margin improvement programme Cost efficiency Global expansion Leverage global markets Leverage global markets Geocloning of titles and shows Geocloning of titles and shows Selective acquisitions Selective acquisitions

30. Reed Business: Online Revenue Growth $57m $95m $115m $22m20022001200019992003*$150m * Full year estimate

31. Reed Business: Growth Initiatives Totaljobs.com KellySearch 20 New Exhibitions Launched Variety Franchise RCD Connect 14 Magazines Relaunched Data Services Online Directories Marketing Alliances

32. 2003 Outlook On track to deliver above market revenue and double digit adjusted eps growth On track to deliver above market revenue and double digit adjusted eps growth Overall Sales growth acceleration in second half; success of ScienceDirect; strong medical book programme Sales growth acceleration in second half; success of ScienceDirect; strong medical book programme Elsevier Leading share of K-12; adoptions trough and state budget pressures; loss of California testing contract Leading share of K-12; adoptions trough and state budget pressures; loss of California testing contract Harcourt LexisNexis Continued investment stimulating above market revenue growth in slower markets; strong risk solutions Continued investment stimulating above market revenue growth in slower markets; strong risk solutions Difficult advertising markets; partly offset by online growth, share gains and improving yields; exhibitions resilient Difficult advertising markets; partly offset by online growth, share gains and improving yields; exhibitions resilient Reed Business

33. 2004/2005 Outlook 2004 targets: 2004 targets: –Above market revenue growth –Mid to high single digit EPS growth* after $50+m expansion of investment to drive longer term revenue growth 2005 and beyond: 2005 and beyond: –Stronger market growth from improved economic conditions –Strong growth in US schools adoptions –Above market revenue and double digit EPS growth* *adjusted EPS (stated before amortisation of goodwill and intangible assets and exceptional items) at constant currencies

34. Reed Elsevier Sustained long term growth markets Sustained long term growth markets Powerful combination of leadership positions, quality assets and consistent strategies Powerful combination of leadership positions, quality assets and consistent strategies Powerful focus on investment, product, sales, marketing and costs Powerful focus on investment, product, sales, marketing and costs Continued good business momentum in challenging climate Continued good business momentum in challenging climate Firmly on track for above market revenue and double digit adjusted earnings* growth in 2003 Firmly on track for above market revenue and double digit adjusted earnings* growth in 2003 Strong performance going forward; potential for improvement as economic conditions improve Strong performance going forward; potential for improvement as economic conditions improve *constant currency

35. UBS Media Week Conference 2003