ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV

4 March 2014

Director/PDMR Shareholdings

Reed Elsevier announces that it today received notification of the following transactions in the securities of Reed Elsevier by Erik Engstrom, Director, and Ian Fraser and Henry Udow, PDMRs:

(a) Reed Elsevier Group plc Bonus Investment Plan 2010 (“BIP”)

Vesting of matching shares

In connection with the vesting on 28 February 2014 of the share awards granted in May 2011 under BIP, the table below shows the total numbers of shares which vested and the numbers of shares actually released to Erik Engstrom, Ian Fraser and Henry Udow after taking account of shares withheld to meet personal tax and national insurance obligations.

No. of Reed

No. of Reed

No. of Reed

No. of Reed

Elsevier PLC

Elsevier NV

Elsevier PLC

Elsevier NV

ordinary

ordinary

ordinary

ordinary

shares/ADRs* vested

shares/ADRs* vested

shares/ADRs*

shares/ADRs*

released

released

Director

Erik Engstrom

55,364

*

29,342

*

PDMR

Ian Fraser

8,097

39,346

4,291

20,853

Henry Udow

37,758

20,011

9,224

*

4,888

*

*Denotes vesting/release of ADRs. Each Reed Elsevier NV ADR represents 2 Reed Elsevier NV ordinary shares. Each Reed Elsevier PLC ADR represents 4 Reed Elsevier PLC ordinary shares.

The closing market price of each security on the date of vesting was £9.155 per Reed Elsevier PLC ordinary share, €15.88 per Reed Elsevier NV ordinary share, $61.48 per Reed Elsevier PLC ADR and $43.67 per Reed Elsevier NV ADR.

(b) Reed Elsevier Group plc Long Term Incentive Plan (“LTIP”)

Vesting of performance shares

In connection with the vesting on 28 February 2014 of the share awards granted in May 2011 under LTIP, the table below shows the total numbers of shares which vested and the numbers of shares actually released to Ian Fraser and Henry Udow after taking account of shares withheld to meet personal tax and national insurance obligations.

	No. of Reed	No. of Reed		No. of Reed		No. of Reed
	Elsevier PLC	Elsevier NV		Elsevier PLC		Elsevier NV
	ordinary shares	ordinary shares		ordinary shares		ordinary shares
	vested	vested		released		released
PDMR
Ian Fraser	49,214		32,876		26,083		17,424
Henry Udow	47,209		31,536		25,020		16,714

The closing market price of each security on the date of vesting was £9.155 per Reed Elsevier PLC ordinary share and €15.88 per Reed Elsevier NV ordinary share.

(c) Reed Elsevier Group plc Executive Share Option Scheme (“ESOS”): Exercise of Options

The following options to acquire Reed Elsevier ordinary shares were exercised by Erik Engstrom on 4 March 2014.

	Date of grant	Plan name	No. of Reed Elsevier PLC ordinary shares		No. of Reed Elsevier NV ordinary shares		Option price per share
Director
Erik Engstrom	13 March 2006	ESOS		178,895			£5.305
	13 March 2006	ESOS				120,198	€11.470

(d) Sale of shares

On 4 March 2014, Erik Engstrom and Ian Fraser sold the following securities set out below.

	No. of Reed Elsevier PLC ordinary shares/ADRs* sold		Price per Reed Elsevier PLC ordinary shares/ADRs**	No. of Reed Elsevier NV ordinary shares/ADRs* sold		Price per Reed Elsevier NV ordinary shares/ADRs**
Director
Erik Engstrom		174,895	£9.138158		119,198	€15.7552
					28,342*	$43.3972**
PDMR
Ian Fraser		26,083	£9.05		38,277	€15.64

*Denotes sale of ADRs. Each Reed Elsevier NV ADR represents 2 Reed Elsevier NV ordinary shares.
** Denotes price per ADR

Following these transactions, the current interests of Erik Engstrom in the share capital of Reed Elsevier PLC and Reed Elsevier NV are:

Reed Elsevier PLC
Reed Elsevier NV 118,552 ordinary shares
516,765 ordinary shares

- ENDS -

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+44 20 7166 5724

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+44 20 7166 5751