This online annual review and summary financial statements contains the Reed Elsevier Annual Review & Summary Financial Statements 2002 for the Reed Elsevier combined businesses and for Reed Elsevier PLC and Reed Elsevier NV. For a full understanding of the results and affairs of the businesses, this document should be read in conjunction with the more detailed separate document, Reed Elsevier Annual Reports & Financial Statements 2002.

Complete versions of both the Reed Elsevier Annual Review & Summary Financial Statements 2002 and Reed Elsevier Annual Reports & Financial Statements 2002 documents are available for download.

The information contained in this online annual review and summary financial statements is identical to that in the printed document. However, some of the formatting has been changed for the sake of clarity.

FORWARD LOOKING STATEMENTS
The Reed Elsevier Annual Review and Summary Financial Statements contain forward looking statements within the meaning of Section 27A of the Securities Act 1933, as amended, and Section 21E of the Securities Exchange Act 1934, as amended. These statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward looking statements. The terms ‘expect’, ‘should be’, ‘will be’, and similar expressions identify forward looking statements. Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in Reed Elsevier’s markets; exchange rate fluctuations; customers’ acceptance of its products and services; the actions of competitors; legislative, fiscal and regulatory developments; changes in law and legal interpretation affecting Reed Elsevier’s intellectual property rights; and the impact of technological change.