DIRECTORS’ REMUNERATION REPORT The increase in the transfer value of the directors’ pensions, after deduction of contributions, is shown below: £ € 2003 2002 2003 2002 G J de Boer-Kruyt 15,758 13,522 22,850 21,500 J F Brock 43,448 35,849 63,000 57,000 M W Elliott (from 8 April 2003) 36,742 – 53,276 – C J A van Lede (from 8 April 2003) 36,897 – 53,500 – R J Nelissen (until 8 April 2003)  10,172 (i) 35,849 14,750 (i) 57,000 S Perrick (until 8 April 2003) 10,172 35,849 14,750 57,000 D E Reid (from 8 April 2003) 36,742 – 53,276 – Lord Sharman 48,544 35,849 70,388 57,000 R W H Stomberg 49,655 35,849 72,000 57,000 M Tabaksblat 193,103 176,101 280,000 280,000 D G C Webster (until 9 April 2002) – 8,962 – 14,250 Total 481,233 377,830 697,790 600,750 € Transfer value of increase in Increase in accrued annual Transfer value transfer value Accrued Increase in pension during of accrued Transfer value of during the annual Increase in accrued annual the period pension accrued pension period (net of pension accrued annual pension during (net of inflation Directors’ 31 December 31 December directors’ 31 December pension during the period and directors’ contributions 2002 2003 contributions) 2003 the period (net of inflation) contributions) G J A van de Aast 4,288 303,790 483,623 202,294 55,020 19,952 18,934 162,145 M H Armour 4,288 1,648,277 1,998,920 491,488 202,936 33,089 28,176 273,247 C H L Davis 4,288 2,829,540 3,985,853 1,401,167 279,905 76,883 70,996 1,006,705 D J Haank (resigned 18 June 2003) 16,241 2,152,822 2,792,578 623,515 262,460 29,025 22,255 220,551 A Prozes – – – – – – – – P Tierney – – 1,922,292 1,922,292 183,132 183,132 183,132 1,922,292 £ Transfer value of increase in Increase in accrued annual Transfer value Transfer value transfer Increase in pension during of accrued of accrued value during Accrued annual Increase in accrued annual the period Age pension pension the period pension accrued annual pension during (net of inflation 31 December Directors 31 December 31 December (net of directors’ 31 December pension during the period and directors’ 2003 contributions 2002 2003 contributions) 2003 the period (net of inflation) contributions) G J A van de Aast 46 2,957 191,063 333,533 139,513 37,945 13,760 13,058 111,824 M H Armour 49 2,957 1,036,652 1,378,566 338,957 139,956 22,820 19,432 188,446 C H L Davis 54 2,957 1,779,585 2,748,864 966,322 193,038 53,023 48,963 694,279 D J Haank (resigned 18 June 2003) 50 11,201 1,484,705 1,925,916 430,010 181,007 20,017 15,348 152,104 A Prozes  57 – – – – – – – – P Tierney 58 – – 1,325,718 1,325,718 126,298 126,298 126,298 1,325,718 Transfer values have been calculated in accordance with the guidance note "GN11" published by the UK Institute of Actuaries and Faculty of Actuaries. The transfer value in respect of individual directors represents a liability in respect of directors’ pensions entitlement, and is not an amount paid or payable to the director. (d) Individual emoluments of non-executive directors (i) R J Nelissen has served as chairman of the supervisory board of Elsevier Reed Finance BV throughout the year. During the period 9 April to 31 December 2003 he received fees of £7,758/ € 11,250 in such capacity. 34 REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003