INDEPENDENT AUDITORS’ STATEMENT TO THE MEMBERS OF REED ELSEVIER PLC AND SHAREHOLDERS OF REED ELSEVIER NV
We have examined the summary financial statements of the Reed Elsevier combined businesses, and of Reed Elsevier PLC and Reed Elsevier NV which comprise the summary profit and loss accounts, summary cash flow statements, summary balance sheets, and reconciliation of reported to adjusted figures and additionally in respect of Reed Elsevier PLC, the summary statement of total recognised gains and losses, reconciliation of shareholders’ funds, dividend note and remuneration report, and, in respect of Reed Elsevier NV, the reconciliation of shareholders’ funds, dividend note and remuneration report.

Our work has been undertaken so that we might state to the members of Reed Elsevier PLC and shareholders of Reed Elsevier NV those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by applicable law, we do not accept or assume responsibility to anyone other than Reed Elsevier PLC and Reed Elsevier NV and the members of Reed Elsevier PLC and shareholders of Reed Elsevier NV as a body, for our audit work, for this report, for our audit report, or for the opinions we have formed.

Respective responsibilities of directors and auditors
The directors of Reed Elsevier PLC and Reed Elsevier NV are responsible for preparing the Annual Review and Summary Financial Statements. Our responsibility is to report to you our opinion on the consistency of the summary financial statements within the Annual Review and Summary Financial Statements with the full annual financial statements, directors’ reports and directors’ remuneration report, and in respect of Reed Elsevier PLC, its compliance with the relevant requirements of Section 251 of the Companies Act 1985 and regulations made thereunder. We also read the other information contained in the Annual Review and Summary Financial Statements and consider the implications for our report if we become aware of any apparent mis-statements or material inconsistencies with the summary financial statements.

Basis of opinion
We conducted our work in accordance with Bulletin 1999/6 ‘The auditors’ statement on the summary financial statement’ issued by the United Kingdom Auditing Practices Board.

Opinion
In our opinion, the summary financial statements are consistent with the full financial statements of the Reed Elsevier combined businesses and with the full financial statements, directors’ reports and directors’ remuneration report of Reed Elsevier PLC and Reed Elsevier NV for the year ended 31 December 2002 and, in respect of Reed Elsevier PLC, comply with the relevant requirements of Section 251 of the Companies Act 1985, and the regulations made thereunder.

Deloitte & Touche
Chartered Accountants and Registered Auditors
London
19 February 2003

Deloitte & Touche
Accountants
Amsterdam
19 February 2003

The auditors’ reports on the annual accounts of Reed Elsevier PLC and Reed Elsevier NV for the years ended 31 December 2002 and 2001 were unqualified. The auditors’ report on the annual accounts of Reed Elsevier PLC did not contain any statement under s237(2) or s237(3) of the UK Companies Act (regarding inadequate accounting records or returns, accounts not agreeing with records and returns, and failure to obtain necessary information and explanations).

An audit does not provide assurance on the maintenance and integrity of the website, including controls used to achieve this, and in particular on whether any changes may have occurred to the financial statements since first published. These matters are the responsibility of the directors but no control procedures can provide absolute assurance in this area.

Legislation in the United Kingdom and the Netherlands governing the preparation and dissemination of financial statements differs from legislation in other jurisdictions.