21st Apr 2006 16:15
Reed Elsevier PLC21 April 2006 ISSUED ON BEHALF OF REED ELSEVIER PLC AND REED ELSEVIER NV 20 April 2006 Interests of directors or other persons discharging managerial responsibilities Following approval of amendments to the Rules of the Reed Elsevier Group plcLong Term Incentive Share Option Scheme ("LTIS") by shareholders of ReedElsevier PLC and Reed Elsevier NV, at their respective Annual General Meetingson 18/19 April 2006, Reed Elsevier Group plc made an award of conditional sharesto the directors noted below on 19 April 2006. Director No. of Reed Elsevier No. of Reed Elsevier NV Vesting Date PLC nil cost nil cost conditional conditional shares shares awarded awardedG J A van de Aast 70,364 46,332 2009M H Armour 75,075 49,434 2009C H L Davis 144,550 95,181 2009E Engstrom 82,092 54,055 2009A Prozes 83,656 55,085 2009P Tierney 80,528 53,025 2009 The above awards will vest in 2009, subject to the achievement of 10% per annumaveraged compound growth in adjusted earnings per share (EPS) at constantcurrencies of Reed Elsevier PLC and Reed Elsevier NV and the achievement ofmedian total shareholder return (TSR) against a comparator group of eighteenmedia companies, over the three year performance period 2006-2008. The actualnumber of conditional shares that will vest will be determined by theRemuneration Committee, and in accordance with the Rules of the Scheme, byreference to the actual EPS and TSR performance over the three year performanceperiod. No awards will vest if EPS is below 8% per annum. If EPS is 12% perannum and above and TSR is upper quartile and above, 189% of the award willvest. Full details of the performance conditions, together with information concerningthe comparator group against which the TSR ranking will be measured, iscontained in the respective Notice of Annual General Meeting 2006, sent toshareholders of Reed Elsevier PLC and Reed Elsevier NV, a copy of which isavailable on the Reed Elsevier website www.reedelsevier.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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