October 15-31, 2004 Edition

Reed Elsevier Maintains

Performance Targets

Despite Sagging Stocks

LONDON/10/12/2004—Reed Elsevier, the Anglo-Dutch publisher reaffirmed its 2004 financial targets on Tuesday, despite sagging stock prices.

The company reiterated the position it reported August 5 for interim results, saying that “Reed Elsevier continues to target above market revenue growth and mid to high single digit growth in adjusted earnings per share at constant currencies for 2004.”

Reed Elsevier, the world’s largest publisher of scientific journals, also owns Publishers Weekly and the Hollywood trade magazine Variety. The company’s shares declined 2.6 percent to 488 pence in London and 2.4 percent to 10.36 euros in Amsterdam, in modest trading.