REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 37 (i) Retained an interest in 191,550 shares (ii) Options lapsed unexercised during the year (iii) At date of resignation as a director (iv) Retained an interest in all of the shares (v) At date of appointment as a director The market price of a Reed Elsevier NV ordinary share during the year was in the range  € 8.13 to  € 12.03 and at 31 December 2003 was  € 9.85. DIRECTORS’ REMUNERATION REPORT Granted Exercised Market 1 January during the Option during the price at 31 December Exercisable Exercisable 2003 year price year exercise date 2003 from until G J A van de Aast – Executive Scheme35,866 € 14.87 35,866 1 Dec 2003 1 Dec 2010 35,148 € 14.75 35,148 23 Feb 2004 23 Feb 2011 40,699 € 13.94 40,699 22 Feb 2005 22 Feb 2012 58,191 € 9.34 58,191 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 12,057 Nil 12,057 21 Mar 2006 21 Mar 2006 – LTIP 358,658 € 14.87 358,658 1 Jan 2005 31 Dec 2005 Total 470,371 70,248 540,619 M H Armour – Executive Scheme 20,244 € 13.55 20,244 21 Feb 2003 19 Apr 2009 61,726 € 10.73 61,726 2 May 2003 2 May 2010 44,882 € 14.75 44,882 23 Feb 2004 23 Feb 2011 51,926 € 13.94 51,926 22 Feb 2005 22 Feb 2012 74,276 € 9.34 74,276 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 8,030 Nil 8,030 21 Mar 2006 21 Mar 2006 – LTIP 617,256 € 10.73 617,256 1 Jan 2005 31 Dec 2005 Total 796,034 82,306 878,340 C H L Davis – Executive Scheme 95,774 € 12.00 95,774 21 Feb 2003 1 Sept 2009 47,888 € 12.00 47,888 1 Sept 2003 1 Sept 2009 47,888 € 12.00 47,888 1 Sept 2004 1 Sept 2009 120,245 € 10.73 120,245 2 May 2003 2 May 2010 87,601 € 14.75 87,601 23 Feb 2004 23 Feb 2011 104,204 € 13.94 104,204 22 Feb 2005 22 Feb 2012 148,946 € 9.34 148,946 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 16,115 Nil 16,115 21 Mar 2006 21 Mar 2006 – LTIP 1,202,446 € 10.73 1,202,446 1 Jan 2005 31 Dec 2005 – Nil cost options 319,250 Nil 319,250 (i) € 10.42 – Total 2,025,296 165,061 319,250 1,871,107 D J Haank – Executive Scheme 30,000 (ii) € 15.25 – (resigned 18 June 10,926 (ii) € 17.07 – 2003) 10,925 € 13.55 10,925$^{(iii)}$19 Apr 1999 19 Apr 2009 35,949 (ii) € 10.73 – 36,426 (ii) € 14.75 – 41,993 (ii) € 13.94 – 66,381 (ii) € 9.34 – – 2002 Bonus investment plan 14,332 (ii) Nil – – LTIP 359,485 (ii) € 10.73 – Total 525,704 80,713 10,925 A Prozes – Executive Scheme 131,062 € 13.60 131,062 9 Aug 2003 9 Aug 2010 59,714 € 14.75 59,714 23 Feb 2004 23 Feb 2011 72,783 € 13.94 72,783 22 Feb 2005 22 Feb 2012 94,086 € 9.34 94,086 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 14,552 Nil 14,552 21 Mar 2006 21 Mar 2006 – LTIP 655,310 € 13.60 655,310 1 Jan 2005 31 Dec 2005 – Nil cost options 14,040 Nil 14,040 (iv) € 9.95 – Total 932,909 108,638 14,040 1,027,507 P Tierney – Executive Scheme 282,258 (v) € 9.34 282,258 21 Feb 2006 21 Feb 2013 – LTIP 940,860 (v) € 9.34 940,860 1 Jan 2005 31 Dec 2005 Total 1,223,118 1,223,118 (b) Options over shares in Reed Elsevier NV