Details of options held by directors in the ordinary shares of Reed Elsevier PLC and Reed Elsevier NV during the period are shown below. There have been no changes in the options held by directors over Reed Elsevier PLC and Reed Elsevier NV ordinary shares since 31 December 2003. DIRECTORS’ REMUNERATION REPORT 36 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 (a) Over shares in Reed Elsevier PLC 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 Scheme 50,940 638.00p 50,940 1 Dec 2003 1 Dec 2010 49,317 659.00p 49,317 23 Feb 2004 23 Feb 2011 58,000 600.00p 58,000 22 Feb 2005 22 Feb 2012 81,728 451.50p 81,728 21 Feb 2006 21 Feb 2013 – LTIP 509,404 638.00p 509,404 1 Jan 2005 31 Dec 2005 Total 667,661 81,728 749,389 M H Armour – Executive Scheme 39,600 400.75p 39,600 26 Apr 1998 26 Apr 2005 30,000 585.25p 30,000 23 Apr 1999 23 Apr 2006 52,000 565.75p 52,000 21 Apr 2000 21 Apr 2007 66,900 523.00p 66,900 17 Aug 2001 17 Aug 2008 33,600 537.50p 33,600 21 Feb 2003 19 Apr 2009 88,202 436.50p 88,202 2 May 2003 2 May 2010 62,974 659.00p 62,974 23 Feb 2004 23 Feb 2011 74,000 600.00p 74,000 22 Feb 2005 22 Feb 2012 104,319 451.50p 104,319 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 11,327 Nil 11,327 21 Mar 2006 21 Mar 2006 – LTIP 882,016 436.50p 882,016 1 Jan 2005 31 Dec 2005 – SAYE Scheme 3,924 430.00p 3,924 1 Aug 2004 31 Jan 2005 Total 1,333,216 115,646 1,448,862 C H L Davis – Executive Scheme 160,599 467.00p 160,599 21 Feb 2003 1 Sept 2009 80,300 467.00p 80,300 1 Sept 2003 1 Sept 2009 80,300 467.00p 80,300 1 Sept 2004 1 Sept 2009 171,821 436.50p 171,821 2 May 2003 2 May 2010 122,914 659.00p 122,914 23 Feb 2004 23 Feb 2011 148,500 600.00p 148,500 22 Feb 2005 22 Feb 2012 209,192 451.50p 209,192 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 22,731 Nil 22,731 21 Mar 2006 21 Mar 2006 – LTIP 1,718,213 436.50p 1,718,213 1 Jan 2005 31 Dec 2005 – Nil cost options 535,332 Nil 535,332 (i) 498.00p – – SAYE Scheme 5,019 336.20p 5,019 1 Aug 2005 31 Jan 2006 Total 3,022,998 231,923 535,332 2,719,589 D J Haank – Executive Scheme 18,498 (ii) 677.25p – (resigned 18 June 18,497 537.50p 18,497$^{(iii)}$19 Apr 1999 19 Apr 2009 2003) 51,368 436.50p 51,368 525.00p – 51,110 (ii) 659.00p – 59,843 (ii) 600.00p – 93,231 (ii) 451.50p – – LTIP 513,680 (ii) 436.50p – Total 712,996 93,231 51,368 18,497 A Prozes – Executive Scheme 188,281 566.00p 188,281 9 Aug 2003 9 Aug 2010 83,785 659.00p 83,785 23 Feb 2004 23 Feb 2011 103,722 600.00p 103,722 22 Feb 2005 22 Feb 2012 132,142 451.50p 132,142 21 Feb 2006 21 Feb 2013 – 2002 Bonus investment plan 20,040 Nil 20,040 21 Mar 2006 21 Mar 2006 – LTIP 941,406 566.00p 941,406 1 Jan 2005 31 Dec 2005 – Nil cost options 20,170 Nil 20,170 (iv) 492.00p – Total 1,337,364 152,182 20,170 1,469,376 P Tierney – Executive Scheme 396,426 (v) 451.50p 396,426 21 Feb 2006 21 Feb 2013 – LTIP 1,321,420 (v) 451.50p 1,321,420 1 Jan 2008 31 Dec 2008 Total 1,717,846 1,717,846 (i) Retained an interest in 321,200 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 middle market price of a Reed Elsevier PLC ordinary share during the year was in the range 392p to 552p and at 31 December 2003 was 467.25p.