ADDITIONAL INFORMATION FOR US INVESTORS > REED ELSEVIER NV Summary financial information in US dollars Basis of preparation The summary financial information is a simple translation of the Reed Elsevier NV group financial statements into US dollars at the stated rates of exchange. The financial information provided below is prepared under UK GAAP as used in the preparation of the Reed Elsevier NV statutory financial statements. It does not represent a restatement under US GAAP which would be different in some significant respects. 2003 2002 Profit and loss  0.890 1.060 Balance sheet 0.798 0.956 Exchange rates for translation of euros ( € :$1) Group profit and loss account For the year ended 31 December 2003 2003 2002 US$m US$m Profit attributable to 50% interest in Reed Elsevier combined businesses Adjusted profit attributable 607 511 Amortisation of goodwill and intangible assets (365) (383) Exceptional items 30 8 272 136 2003 2002 US$m US$m Earnings per American Depositary Share based on 50% interest in Reed Elsevier combined businesses Adjusted $1.55 $1.30 Basic  $0.70 $0.34 Net dividend per American Depositary Share $0.67 $0.57 Data per American Depositary Share Group balance sheet As at 31 December 2003 2003 2002 US$m US$m Shareholders’ funds 2,165 2,111 Adjusted earnings per American Depositary Share is based on Reed Elsevier NV’s 50% share of the adjusted profit attributable of the Reed Elsevier combined businesses, which excludes amortisation of goodwill and intangible assets and exceptional items. Adjusted figures are described in note 8 to the Reed Elsevier NV statutory financial statements. Reed Elsevier NV shares are quoted on the New York Stock Exchange and trading is in the form of American Depositary Shares (“ADSs”), evidenced by American Depositary Receipts (“ADRs”), representing two Reed Elsevier NV ordinary shares of € 0.06 each. (CUSIP No. 758204101; trading symbol, ENL; Bank of New York is the ADS Depositary.) REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 113