REED ELSEVIER PLC > NOTES TO THE FINANCIAL STATEMENTS Principal subsidiary undertaking 23 The principal subsidiary undertaking is: Reed Holding BV owns 4,679,249 shares of a separate class in Reed Elsevier NV, giving Reed Elsevier PLC a 5.8% indirect equity interest in Reed Elsevier NV. % holding Reed Holding BV Incorporated in the Netherlands 41 ordinary shares 100% Sara Burgerhartstraat 25 1055 KV Amsterdam, The Netherlands REED ELSEVIER ANNUAL REPORTS & FINANCIAL STATEMENTS 2003 87